Ford Motor Company (F) earnings for the first quarter of 2026

Detroit – ford motor It raised its 2026 guidance on Wednesday after beating Wall Street expectations for the first quarter and announced a $1.3 billion tariff recall after the U.S. Supreme Court ruled that some of President Donald Trump’s tariffs were illegal.

Ford stock rose more than 6% in after-hours trading.

Here’s how the company performed in the first quarter compared to average estimates compiled by LSEG:

• EPS: 66 cents were revised versus 19 cents expected
• Car revenue: $39.82 billion compared to $38.82 billion expected

First-quarter results significantly outperformed Ford’s performance from a year earlier, although wholesale units declined 4% during the time period. Its total revenues rose 6% to $43.3 billion, and its adjusted earnings before interest and taxes more than tripled from $1 billion to $3.5 billion. Net income jumped to $2.5 billion, or 63 cents per share, from $500 million, or 12 cents per share, the previous year.

Automakers typically exclude “special items” or one-time charges from their adjusted financial results to provide investors with a clearer picture of their underlying, ongoing business operations. Excluding special items but including reimbursement for tariffs, Ford earned 66 cents per share.

The company’s updated full-year 2026 guidance includes adjusted earnings before interest and taxes of $8.5 billion to $10.5 billion, up from $8 billion to $10 billion. It maintained adjusted free cash flow of between $5 billion and $6 billion and capital expenditures of between $9.5 billion and $10.5 billion.

Ford noted that the guidance does not include the potential effects of the ongoing conflict in the Middle East or the significant decline in the US economy.

Ford Chief Financial Officer Cherry House said the increase in profits was not due to payment of customs duties. The company has not yet received that refund, but said it helps offset an expected $1 billion additional increase in commodity costs, especially aluminum, for this year.

“The rest of the outperformance came from strong product mix in net pricing and growth in software and physical services,” House said during a media call on Wednesday. Even with the one-time benefit level, the core business came in about $2.2 billion ahead of expectations.

Ford has already forecast an additional $1 billion increase in commodity costs amid rising prices, as it sources aluminum from various suppliers in the wake of fires that affected production at one of Novelis’s main aluminum plants last year in New York. The automaker said the supplier is not expected to start operating again until between May and September.

House said the company decided to reserve the tariff refund during the first quarter because that is when the Supreme Court decision was issued. Trump told CNBC last week that he would “gratefully remember” American companies that do not seek a tariff rollback.

House said the company did not raise its auto free cash flow guidance along with earnings forecasts due to uncertainty about the tariff recovery process and its timing.

Wall Street analysts had largely expected the International Emergency Economic Powers Act tariff benefit, but the exact amount Ford would receive is unknown. It is part of $160 billion in potential refunds expected to be returned to companies after the Supreme Court ruled the fees illegal in February in a 6-3 decision.

On a business unit basis, Ford’s traditional “blue” operations led the way for the company with earnings of $1.9 billion during the quarter, followed by earnings from its “professional” business of about $1.7 billion.

Ford’s Model E electric vehicle business narrowed its losses from $849 million a year ago to $777 million during the first quarter of this year. This smaller loss corresponds to a 70% decline in year-over-year EV sales in the first quarter.

Ford’s results come a day behind its crosstown rival GM It raised its 2026 guidance and significantly beat Wall Street’s first-quarter earnings expectations. GM announced a benefit of about $500 million from the US Supreme Court’s IEEPA decision.