Ford q2 earnings are due as analysts watch truck output and costs

Ford q2 earnings are scheduled for release after U.S. markets close Tuesday, with analysts expecting lower automotive revenue and adjusted profit from a year earlier. Consensus estimates compiled by LSEG call for adjusted earnings of 35 cents a share and automotive revenue of $45.86 billion.

Those forecasts imply a 2.3% decline in automotive revenue from the second quarter of 2025 and a two-cent drop in adjusted earnings per share. Ford executives are due to discuss the results on a conference call at 5 p.m. ET.

What is Wall Street expecting from Ford q2 earnings?

Analysts surveyed by LSEG expect Ford to report adjusted earnings per share of 35 cents and automotive revenue of $45.86 billion. Automotive revenue measures Ford’s vehicle business, while total revenue also includes Ford Credit, the company’s financing arm.

Ford’s year-earlier quarter provides the comparison point for investors. In the second quarter of 2025, the company reported automotive revenue of $46.94 billion, adjusted earnings before interest and taxes of $2.14 billion and a net loss of $36 million. Total revenue, including Ford Credit, was $50.18 billion.

Adjusted earnings figures strip out certain items to give investors a view of operating performance, while adjusted EBIT measures profit before interest and taxes after company-defined adjustments. Investors use those measures to compare periods, though net income remains the standard accounting bottom line.

Costs, guidance and truck production are in focus

Beyond the headline earnings numbers, investors are watching whether Ford changes its 2026 outlook. The company raised its guidance in April, citing expected tariff refunds, and projected adjusted EBIT of $8.5 billion to $10.5 billion, adjusted free cash flow of $5 billion to $6 billion and capital expenditures of $9.5 billion to $10.5 billion.

Warranty expenses and commodity costs are also expected to draw attention. For automakers, warranty costs can weigh on margins when repair obligations rise, while commodity prices affect the cost of steel, aluminum and other materials used in vehicle production.

Production of Ford’s F-Series trucks is another point of focus. Output has been constrained since last year by problems at an aluminum supplier, according to CNBC. Novelis, which supplies aluminum used in Ford’s F-150 line, restarted production last month at a New York plant after two fires had stopped operations.

The F-Series is central to Ford’s North American business, so supply interruptions can affect volume, revenue mix and profitability. Investors will be looking for any update from management on whether production has normalized and how much disruption remains in the second half of the year.

Jefferies upgrades Ford and GM before results

Jefferies upgraded Ford and General Motors shares to buy from hold ahead of Ford’s results. Analyst Philippe Houchois said Ford appeared positioned to regain momentum, with the second quarter likely representing the low point.

Houchois wrote that volume should improve as production recovers from the Novelis disruption. He also said that, with U.S. market conditions healthy, Ford management could raise guidance when it reports second-quarter results.

The earnings release will give investors a fresh read on demand, manufacturing constraints and cost pressure across a U.S. auto market still affected by tariffs, supplier disruptions and elevated capital spending.

This story draws on original reporting from CNBC.