Ford Motor Company (F) Cash Flow Statement
Where F’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $21.28B +38.0% vs 2024
- Capital expenditures
- $8.81B 4.7% of revenue
- Free cash flow
- $12.47B 6.7% margin
- Returned to shareholders
- $2.99B 24% of free cash flow
- Change in cash
- $560.0M cash at year-end $23.75B
Cash from operations
$21.28B
Capital expenditures
−$8.81B
Investments (net)
+$163.0M
Acquisitions & other
−$9.40B
Dividends
−$2.99B
Other financing
−$255.0M
Currency & other
+$571.0M
Change in cash
$560.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
F operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
F cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $19.79B2016 | $21.28B2025 | +0.8%/yr | |
| Capital expenditures | $6.99B2016 | $8.81B2025 | +2.6%/yr | |
| Free cash flow | $12.80B2016 | $12.47B2025 | −0.3%/yr | |
| Free cash flow margin | 8.4%2016 | 6.7%2025 | −1.8 pts | |
| Operating cash flow / net income | 4.302016 | 2.622024 | −1.68 | |
| Stock-based compensation | $210.0M2016 | $510.0M2025 | +10.4%/yr | |
| Dividends paid | $3.38B2016 | $2.99B2025 | −1.3%/yr | |
| Share buybacks (net) | $145.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 4.6%2016 | 4.7%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
F cash flow by activity
OperatingInvestingFinancingChange in cash
F net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
F cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$8.16B | $5.89B | $4.35B | −$2.15B | $17.91B | −$1.28B | $84.0M | $3.69B | $7.63B | $4.61B |
| Depreciation & amortization | $7.83B | $5.87B | $6.52B | $6.49B | $5.96B | $7.46B | $8.49B | $8.31B | $8.45B | $8.72B |
| Stock-based compensation | $510.0M | $511.0M | $460.0M | $336.0M | $305.0M | $199.0M | $228.0M | $191.0M | $246.0M | $210.0M |
| Change in working capital | $13.22B | $1.66B | $1.16B | −$7.05B | $4.70B | $19.00B | $6.20B | $1.31B | $1.99B | $1.49B |
| Other non-cash items | $7.88B | $1.50B | $2.42B | $9.23B | −$13.09B | −$1.11B | $2.63B | $1.52B | −$217.0M | $4.77B |
| Cash from operating activities | $21.28B | $15.42B | $14.92B | $6.85B | $15.79B | $24.27B | $17.64B | $15.02B | $18.10B | $19.79B |
| Investing activities | ||||||||||
| Capital expenditures | −$8.81B | −$8.68B | −$8.24B | −$6.87B | −$6.23B | −$5.74B | −$7.63B | −$7.79B | −$7.05B | −$6.99B |
| Investments (net) | $163.0M | −$24.37B | −$15.19B | $2.21B | $9.33B | −$13.37B | −$6.05B | −$11.69B | −$14.61B | −$16.35B |
| Acquisitions & other investing | −$9.40B | $8.68B | $5.80B | $312.0M | −$354.0M | $494.0M | −$38.0M | $3.21B | $2.27B | −$2.01B |
| Cash from investing activities | −$18.05B | −$24.37B | −$17.63B | −$4.35B | $2.75B | −$18.61B | −$13.72B | −$16.26B | −$19.39B | −$25.35B |
| Financing activities | ||||||||||
| Dividends paid | −$2.99B | −$3.12B | −$5.00B | −$2.01B | −$403.0M | −$596.0M | −$2.39B | −$2.90B | −$2.58B | −$3.38B |
| Share repurchases & issuance (net) | $0 | −$426.0M | −$335.0M | −$484.0M | $0 | $0 | −$237.0M | −$164.0M | −$131.0M | −$145.0M |
| Net borrowing (repayment) | $39.0M | $11.36B | $8.15B | $5.28B | −$22.99B | $3.10B | −$277.0M | $3.14B | $6.26B | $11.03B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$255.0M | −$327.0M | −$241.0M | −$271.0M | −$105.0M | −$184.0M | −$226.0M | −$192.0M | −$151.0M | −$49.0M |
| Cash from financing activities | −$3.21B | $7.49B | $2.58B | $2.51B | −$23.50B | $2.31B | −$3.13B | −$122.0M | $3.39B | $7.46B |
| Summary | ||||||||||
| Net change in cash | $560.0M | −$1.92B | −$230.0M | $4.60B | −$5.20B | $8.19B | $834.0M | −$1.73B | $2.59B | $1.63B |
| Cash at end of period | $23.75B | $23.19B | $25.11B | $25.34B | $20.74B | $25.93B | $17.74B | $16.91B | $18.49B | $15.90B |
| Free cash flow | $12.47B | $6.74B | $6.68B | −$13.0M | $9.56B | $18.53B | $10.01B | $7.24B | $11.05B | $12.80B |
| Free cash flow margin | 6.7% | 3.6% | 3.8% | −0.0% | 7.0% | 14.6% | 6.4% | 4.5% | 7.0% | 8.4% |
| Capex / revenue | 4.7% | 4.7% | 4.7% | 4.3% | 4.6% | 4.5% | 4.9% | 4.9% | 4.5% | 4.6% |
| Operating cash flow / net income | — | 2.62 | 3.43 | — | 0.88 | — | 209.99 | 4.07 | 2.37 | 4.30 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.32B | $2.55B | −$11.05B | $2.45B | −$29.0M | $473.0M | $1.84B | $892.0M | $1.83B | $1.33B | −$523.0M | $1.17B |
| Depreciation & amortization | $1.43B | $1.88B | $9.79B | $1.52B | $1.43B | $1.38B | $1.45B | $1.39B | $1.52B | $1.50B | $1.70B | $1.60B |
| Stock-based compensation | $101.0M | $110.0M | $101.0M | $134.0M | $154.0M | $121.0M | $107.0M | $129.0M | $149.0M | $126.0M | $110.0M | $112.0M |
| Change in working capital | $1.76B | −$4.11B | $3.95B | $3.82B | $3.77B | $1.48B | −$518.0M | $2.31B | $1.70B | −$1.75B | $396.0M | $1.25B |
| Other non-cash items | $2.37B | $882.0M | $1.10B | −$521.0M | $990.0M | $225.0M | $150.0M | $780.0M | $304.0M | $168.0M | $811.0M | $449.0M |
| Cash from operating activities | $4.34B | $1.32B | $3.88B | $7.40B | $6.32B | $3.68B | $3.03B | $5.50B | $5.51B | $1.39B | $2.49B | $4.59B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.38B | −$2.38B | −$2.78B | −$2.12B | −$2.09B | −$1.82B | −$2.50B | −$1.99B | −$2.10B | −$2.09B | −$2.29B | −$2.21B |
| Investments (net) | $108.0M | $2.27B | $203.0M | −$7.38B | −$3.22B | $210.0M | −$6.86B | −$5.59B | −$6.04B | −$5.88B | −$7.41B | −$4.06B |
| Acquisitions & other investing | −$973.0M | −$668.0M | −$5.08B | $2.12B | $2.09B | $1.82B | $2.50B | $1.99B | $2.10B | $2.09B | $2.29B | −$3.94B |
| Cash from investing activities | −$3.25B | −$771.0M | −$7.66B | −$7.38B | −$3.22B | $210.0M | −$6.86B | −$5.59B | −$6.04B | −$5.88B | −$7.41B | −$10.22B |
| Financing activities | ||||||||||||
| Dividends paid | −$599.0M | −$607.0M | −$599.0M | −$597.0M | −$597.0M | −$1.20B | −$596.0M | −$597.0M | −$599.0M | −$1.33B | −$601.0M | −$600.0M |
| Share repurchases & issuance (net) | $0 | −$311.0M | $0 | $0 | $0 | $0 | −$150.0M | −$32.0M | −$244.0M | $0 | −$335.0M | $0 |
| Net borrowing (repayment) | $443.0M | −$5.10B | $1.01B | $4.50B | −$661.0M | −$4.81B | $4.57B | $3.98B | — | — | — | $291.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$42.0M | −$156.0M | −$55.0M | −$54.0M | −$30.0M | −$116.0M | −$37.0M | −$36.0M | $1.69B | $868.0M | $4.32B | −$29.0M |
| Cash from financing activities | −$198.0M | −$6.17B | $353.0M | $3.85B | −$1.29B | −$6.12B | $3.79B | $3.31B | $842.0M | −$458.0M | $3.38B | −$338.0M |
| Summary | ||||||||||||
| Net change in cash | $893.0M | −$5.75B | −$3.33B | $3.77B | $2.17B | −$2.11B | −$536.0M | $3.50B | $240.0M | −$5.14B | −$1.52B | $11.0M |
| Cash at end of period | $18.90B | $18.00B | $23.75B | $26.79B | $23.25B | $21.08B | $23.19B | $23.73B | $19.95B | $19.72B | $25.11B | $26.63B |
| Free cash flow | $1.96B | −$1.06B | $1.10B | $5.28B | $4.23B | $1.86B | $530.0M | $3.51B | $3.41B | −$709.0M | $197.0M | $2.38B |
| Free cash flow margin | 4.1% | −2.5% | 2.4% | 10.4% | 8.4% | 4.6% | 1.1% | 7.6% | 7.1% | −1.7% | 0.4% | 5.4% |
| Capex / revenue | 4.9% | 5.5% | 6.1% | 4.2% | 4.2% | 4.5% | 5.2% | 4.3% | 4.4% | 4.9% | 5.0% | 5.1% |
| Operating cash flow / net income | — | 0.52 | — | 3.02 | — | 7.78 | 1.65 | 6.17 | 3.00 | 1.04 | — | 3.91 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
F cash generation
In fiscal 2025 (ended December 31, 2025), Ford generated $21.3 billion of cash from operations (up 38.0%) and spent $8.8 billion on capital expenditures, leaving free cash flow of $12.5 billion, 6.7% of revenue. It returned $3.0 billion to shareholders through dividends ($3.0 billion) and net share buybacks ($0). Cash and equivalents rose by $560.0 million over the year.
Related: F income statement, F balance sheet, F dividend history. See the F stock overview for the latest quote and news.
F cash flow FAQ
What is Ford's free cash flow?
Ford's free cash flow was $12.5 billion in fiscal 2025: $21.3 billion of operating cash flow minus $8.8 billion of capital expenditures It was $6.7 billion a year earlier..
How much cash does Ford generate from operations?
Ford generated $21.3 billion of cash from operating activities in fiscal 2025.
How much does Ford spend on capital expenditures?
Ford spent $8.8 billion on capital expenditures in fiscal 2025, 4.7% of revenue, compared with $8.7 billion the year before.
How much does Ford pay in dividends?
Ford paid $3.0 billion in dividends in fiscal 2025, 24.0% of free cash flow.