Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026 - S&P Global Ratings’ Credit Research

Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026

Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026 - S&P Global Ratings’ Credit Research
Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026
Published Feb 12, 2026
3 pages (1586 words) — Published Feb 12, 2026
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Abstract:

This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Feb. 12, 2026--S&P Global Ratings today said that higher commodity costs, elevated warranty spending, and incremental investment in Ford Motor Co.?s (BBB-/Negative/--) energy storage system business and its Universal electric vehicle (EV) platform will keep its execution risk elevated. This comes even as volumes recover from the Novelis fire and net tariff-related costs contract to a $1 billion headwind for 2026 from $2 billion in 2025. Ford achieved about $1.5 billion of cost savings in 2025 and we expect modest ongoing improvements in 2026. Its EBITDA margins in 2025 were just below 5% (per our estimates, pending finalization of S&P Global Ratings? adjustments). In 2026, we expect margins

  
Brief Excerpt:

...February 12, 2026 This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Feb. 12, 2026--S&P Global Ratings today said that higher commodity costs, elevated warranty spending, and incremental investment in Ford Motor Co.'s (###-/Negative/--) energy storage system business and its Universal electric vehicle (EV) platform will keep its execution risk elevated. This comes even as volumes recover from the Novelis fire and net tariff-related costs contract to a $1 billion headwind for 2026 from $2 billion in 2025. Ford achieved about $1.5 billion of cost savings in 2025 and we expect modest ongoing improvements in 2026. Its EBITDA margins in 2025 were just below 5% (per our estimates, pending finalization of S&P Global Ratings' adjustments). In 2026, we expect margins to recover to 5.0%-5.5% (excluding EV restructuring charges 6.5%- 7.0%), with negative S&P Global Ratings-adjusted free cash flow of at least $3 billion as the company pays out the majority of the EV and...

  
Report Type:

Bulletin

Ticker
F
Issuer
Ford Motor Co.
GICS
Automobile Manufacturers (25102010)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026" Feb 12, 2026. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ford-Motor-Co-s-Margin-Recovery-Pushed-To-Later-In-2026-3516585>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: Ford Motor Co.?s Margin Recovery Pushed To Later In 2026 Feb 12, 2026. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Ford-Motor-Co-s-Margin-Recovery-Pushed-To-Later-In-2026-3516585>
  
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