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Cost Improvement, Ford Pro Growth Fuel Solid Q3 Results;

Ford+ Sets Up Long-term Value Creation
• Ford reports third quarter revenue of $46 billion; net income of $0.9 billion, including a
previously announced $1 billion electric vehicle-related charge; adjusted EBIT of
$2.6 billion
• Ford Pro revenue increases 13%; Ford Pro Intelligence paid software subscriptions up
30% to nearly 630,000 users
• Company declares fourth-quarter regular dividend of 15 cents per share
• Full-year 2024 adjusted EBIT now expected to be about $10 billion

DEARBORN, Mich., Oct. 28, 2024 – Ford reported third-quarter 2024 results that indicate the
long-term value creation made possible by a winning lineup of internal combustion, hybrid and
electric vehicles for retail and commercial customers combined with an advantaged strategy and
global footprint.

“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,”
said Ford President and CEO Jim Farley. “We have made strategic decisions and taken the
tough actions to create advantages for Ford versus the competition in key areas like Ford Pro,
international operations, software and next-generation electric vehicles. Importantly, over time,
we have significant financial upside as we bend the curve on cost and quality, a key focus of our
team.”

Company Key Metrics Summary

Third Quarter First Nine Months
2023 2024 H / (L) 2023 2024 H / (L)
Wholesale Units (000) 1,086 1,095 9 3,261 3,282 21

GAAP
Cash Flows from Op. Activities ($B) $ 4.6 $ 5.5 $ 0.9 $ 12.4 $ 12.4 $ (0.0)
Revenue ($B) 43.8 46.2 2.4 130.2 136.8 6.6
Net Income / (Loss) ($B) 1.2 0.9 (0.3) 4.9 4.1 (0.8)
Net Income / (Loss) Margin (%) 2.7 % 1.9 % (0.8) ppts 3.7 % 3.0 % (0.8) ppts
EPS (Diluted) $ 0.30 $ 0.22 $ (0.08) $ 1.21 $ 1.01 $ (0.20)

Non-GAAP
Company Adj. Free Cash Flow ($B) $ 1.2 $ 3.2 $ 2.0 $ 4.8 $ 5.9 $ 1.1
Company Adj. EBIT ($B) 2.2 2.6 0.4 9.4 8.1 (1.3)
Company Adj. EBIT Margin (%) 5.0 % 5.5 % 0.5 ppts 7.2 % 5.9 % (1.3) ppts
Adjusted EPS (Diluted) $ 0.39 $ 0.49 $ 0.10 $ 1.73 $ 1.46 $ (0.27)
Adjusted ROIC (Trailing Four Qtrs) 15.1 % 11.4 % (3.7) ppts

1
Ford’s third-quarter revenue was $46 billion, up 5% from the same period a year ago. This
marks the company’s 10th consecutive quarter of year-over-year revenue growth, benefits of a
fresh and compelling product lineup that offers freedom of choice to both retail and commercial
customers.

Company net income was $0.9 billion, down $0.3 billion from third-quarter 2023, due largely to
a previously announced $1 billion electric vehicle-related charge that was part of actions taken
to deliver a profitable, capital-efficient and growing electric vehicle business.

Adjusted earnings before interest and taxes, or EBIT, was $2.6 billion, a $352 million
improvement year-over-year. The improvement was driven by higher volume and favorable mix,
offset partially by electric vehicle pricing pressure and adverse exchange; overall costs were
lower in the quarter.

“We are remaking the company with Ford+ into a higher-growth, higher-margin, more capital-
efficient and more durable business,” said Ford Vice Chair and CFO John Lawler. “The work we
have done over the past few years to restructure our global business -- and tailor our product
lineup to segments where we know our customers best -- is driving continued growth and
generating stronger and more consistent cash flow.”

Cash flow from operations in the third quarter was $5.5 billion, and adjusted free cash flow was
$3.2 billion. At quarter-end, Ford had nearly $28 billion in cash and $46 billion in liquidity,
providing considerable flexibility in a dynamic environment.

The company also declared a fourth-quarter regular dividend of 15 cents per share, payable on
December 2 to shareholders of record at the close of business on November 7.

Business Segment Highlights

In the third quarter, Ford Pro generated $1.8 billion in EBIT – with a margin of 11.6% – on
revenue of $15.7 billion, a 13% increase from the same period a year ago. The segment’s
consistent delivery of year-over-year revenue growth has been fueled by a fresh product lineup
and robust demand for Super Duty trucks and Transit vans.

Paid subscriptions to Ford Pro Intelligence were up 30% in the quarter to nearly 630,000 – and
repair orders fulfilled by the company’s fleet of about 2,400 mobile service vehicles grew by
70%, underscoring the huge customer demand for digital and remote experiences.

Third-quarter revenue for Ford Blue was up 3% to $26.2 billion, despite a 2% decline in global
wholesales due to discontinued low margin ICE passenger vehicles.

North America volume grew by 8% driven by newly launched trucks and SUVs that helped grow
Ford’s market share in the U.S. during the quarter by 40 bps to 12.6%. Ford Blue EBIT of
$1.6 billion and margin of 6.2% were both down year-over-year, due to adverse exchange and
higher manufacturing costs, offset partially by lower warranty expense and higher net pricing.

Global hybrid vehicle sales increased 30% in the quarter, and the company’s hybrid mix remains
on pace to approach 9% by year end, up over 2 points year-over-year, with more products on
the way. Ford commanded 77% of the U.S. hybrid truck market during the quarter, with hybrid
truck sales up 42% in the third quarter.

2
 Ford Blue Ford Model e Ford Pro
Q3 2024 Results
H / (L) Q3 2023
Wholesales (000) 721 32 342
YoY (2) % (11) % 9 %
Revenue ($B) $ 26.2 $ 1.2 $ 15.7
YoY 3 % (33) % 13 %
EBIT ($M) $ 1,627 $ (1,224) $ 1,814
YoY (91) 105 160
EBIT Margin (%) 6.2 % (104.4) % 11.6 %
YoY (0.5) ppts (28.8) ppts (0.4) ppts

First Nine Months 2024 Results

H / (L) First Nine Months 2023
Wholesales (000) 2,088 68 1,125
YoY (3) % (17) % 11 %
Revenue ($B) $ 74.7 $ 2.4 $ 50.7
YoY (1) % (43) % 19 %
EBIT ($M) $ 3,703 $ (3,687) $ 7,386
YoY (2,946) (556) 1,975
EBIT Margin (%) 5.0 % (151.3) % 14.6 %
YoY (3.8) ppts (78.5) ppts 1.9 ppts
The quarter included strong truck sales as well as the launch of the all-new Ford Explorer and
Lincoln Aviator in the U.S., with more refreshed and derivative products on the way, like the
Maverick pickup and Bronco Sport SUV in Q4 and the new Expedition and Navigator in early
2025.

Ford Model e reported an EBIT loss of $1.2 billion. The $500 million of year-over-year cost
improvements were offset by expected industrywide pricing pressure. The segment continues to
improve its profit trajectory, achieving almost $1 billion in cost improvements year-to-date.

Ford continues to remove barriers to EV adoption by offering customers greater access to

charging both at home, through the Ford Power Promise, and on the road through a growing
charger network. And the nearly 3,000 Ford dealers now able to sell electric vehicles are a
competitive advantage as Ford reaches new customers in areas of the U.S. that might
otherwise be slow to adopt electric vehicles.

Ford Credit reported third-quarter earnings before taxes (EBT) of $544 million, an increase of
$186 million year-over-year.

Full-Year 2024 Outlook

Ford now expects adjusted EBIT of about $10 billion with adjusted free cash flow between
$7.5 billion and $8.5 billion. Capital expenditures are expected to be between $8 - $8.5 billion.

Full-year EBIT for Ford Pro is now expected to be about $9 billion, Ford Blue about $5 billion,
and Model e a full-year loss of about $5 billion. Earnings before taxes from Ford Credit are now
expected to be about $1.6 billion.

Ford plans to report fourth-quarter 2024 financial results following the close of market on Feb. 5,
2025.
###

3
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping
build a better world, where every person is free to move and pursue their dreams. The company’s Ford+
plan for growth and value creation combines existing strengths, new capabilities and always-on
relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops
and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and
Lincoln luxury vehicles, along with connected services. The company does that through three customer-
centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model
e, inventing breakthrough electric vehicles along with embedded software that defines exceptional digital
experiences for all customers; and Ford Pro, helping commercial customers transform and expand their
businesses with vehicles and services tailored to their needs. Additionally, Ford provides financial
services through Ford Motor Credit Company. Ford employs about 174,000 people worldwide. More
information about the company and its products and services is available at corporate.ford.com.

Contacts: Media Equity Investment Fixed Income Shareholder

Community Investment Inquiries
Community
Ian Thibodeau Lynn Antipas Tyson Jessica Vila- Goulding 1.800.555.5259 or
1.313.268.6056 1.914.485.1150 1.313.248.3896 1.313.845.8540
ithibode@ford.com ltyson4@ford.com jvila5@ford.com stockinf@ford.com

4
Conference Call Details
Ford Motor Company (NYSE: F) and Ford Motor Credit Company released their third-quarter 2024
financial results at 4:05 p.m. ET on Monday, October 28. Following the release, at 5:00 p.m. ET, Jim
Farley, Ford president and chief executive officer; John Lawler, Ford vice chair and chief financial officer;
and other members of the Ford senior leadership team will host a conference call to discuss the results in
the context of the company’s ambitious Ford+ plan for growth and value creation. The presentation and
supporting materials will be available at shareholder.ford.com. Representatives of the investment
community will be able to ask questions on the call.

Ford Third-Quarter Earnings Call: Monday, October 28, at 5:00 p.m. ET

Listen Only Dial In: 1-805-309-0220
International Dial In Lines: Click here
Conference ID: 9261965#
Webcast: Click here

Replay
Available after 8:00 p.m. ET on Monday, October 28, and through Monday, November 4
Webcast: Click here

The following applies to the information throughout this release:

• See tables later in this release for the nature and amount of special items, and reconciliations of
the non-GAAP financial measures designated as “adjusted” to the most comparable financial
measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).
• Wholesale unit and production volumes include Ford and Lincoln brand vehicles produced and
sold by Ford or our unconsolidated affiliates and Jiangling Motors Corporation (“JMC”) brand
vehicles produced and sold in China by our unconsolidated affiliate. Revenue does not include
vehicles produced and sold by our unconsolidated affiliates. Wholesales and revenue exclude
transactions between the Ford Blue, Ford Model e and Ford Pro business segments. See
materials supporting the October 28, 2024, conference call at shareholder.ford.com for further
discussion of wholesale unit volumes.

Cautionary Note on Forward-Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on expectations, forecasts, and assumptions by our management and involve a number of
risks, uncertainties, and other factors that could cause actual results to differ materially from those stated,
including, without limitation:

• Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s
production schedule and specifications, and a shortage of or inability to acquire key components
or raw materials, such as lithium, cobalt, nickel, graphite, and manganese, can disrupt Ford’s
production of vehicles;
• To facilitate access to the raw materials and other components necessary for the production of
electric vehicles, Ford has entered into and may, in the future, enter into multi-year commitments
to raw material and other suppliers that subject Ford to risks associated with lower future demand
for such items as well as costs that fluctuate and are difficult to accurately forecast;
• Ford’s long-term competitiveness depends on the successful execution of Ford+;

5
• Ford’s vehicles could be affected by defects that result in recall campaigns, increased warranty
costs, or delays in new model launches, and the time it takes to improve the quality of our
vehicles and services could continue to have an adverse effect on our business;
• Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint
ventures, acquisitions, divestitures, or business strategies;
• Ford may not realize the anticipated benefits of restructuring actions and such actions may cause
Ford to incur significant charges, disrupt our operations, or harm our reputation;
• Operational information systems, security systems, vehicles, and services could be affected by
cybersecurity incidents, ransomware attacks, and other disruptions and impact Ford and Ford
Credit as well as their suppliers and dealers;
• Ford’s production, as well as Ford’s suppliers’ production, and/or the ability to deliver products to
consumers could be disrupted by labor issues, public health issues, natural or man-made
disasters, adverse effects of climate change, financial distress, production difficulties, capacity
limitations, or other factors;
• Failure to develop and deploy secure digital services that appeal to customers could have a
negative impact on Ford’s business;
• Ford’s ability to maintain a competitive cost structure could be affected by labor or other
constraints;
• Ford’s ability to attract, develop, grow, and reward talent is critical to its success and
competitiveness;
• Ford’s new and existing products and digital, software, and physical services are subject to
market acceptance and face significant competition from existing and new entrants in the
automotive and digital and software services industries, and its reputation may be harmed if it is
unable to achieve the initiatives it has announced;
• Ford’s results are dependent on sales of larger, more profitable vehicles, particularly in the United
States;
• With a global footprint and supply chain, Ford’s results and operations could be adversely
affected by economic or geopolitical developments, including protectionist trade policies such as
tariffs, or other events;
• Industry sales volume can be volatile and could decline if there is a financial crisis, recession,
public health emergency, or significant geopolitical event;
• Ford may face increased price competition or a reduction in demand for its products resulting
from industry excess capacity, currency fluctuations, competitive actions, or other factors,
particularly for electric vehicles;
• Inflationary pressure and fluctuations in commodity and energy prices, foreign currency exchange
rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable
securities, can have a significant effect on results;
• Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at
competitive rates or in sufficient amounts could be affected by credit rating downgrades, market
volatility, market disruption, regulatory requirements, or other factors;
• The impact of government incentives on Ford’s business could be significant, and Ford’s receipt
of government incentives could be subject to reduction, termination, or clawback;
• Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual
values, or higher-than-expected return volumes for leased vehicles;
• Economic and demographic experience for pension and OPEB plans (e.g., discount rates or
investment returns) could be worse than Ford has assumed;
• Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial
condition;
• Ford and Ford Credit could experience unusual or significant litigation, governmental
investigations, or adverse publicity arising out of alleged defects in products, services, perceived
environmental impacts, or otherwise;

6
 • Ford may need to substantially modify its product plans and facilities to comply with safety,
emissions, fuel economy, autonomous driving technology, environmental, and other regulations;
• Ford and Ford Credit could be affected by the continued development of more stringent privacy,
data use, data protection, and artificial intelligence laws and regulations as well as consumers’
heightened expectations to safeguard their personal information; and
• Ford Credit could be subject to new or increased credit regulations, consumer protection
regulations, or other regulations.

We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking
statements will prove accurate, or that any projection will be realized. It is to be expected that there may
be differences between projected and actual results. Our forward-looking statements speak only as of
the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any
forward-looking statement, whether as a result of new information, future events, or otherwise. For
additional discussion, see “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2023, as updated by our subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.

7
 FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended September 30,
2023 2024 2023 2024
Third Quarter First Nine Months
(unaudited)
Revenues
Company excluding Ford Credit $ 41,176 $ 43,069 $ 122,688 $ 127,770
Ford Credit 2,625 3,127 7,541 9,011
Total revenues 43,801 46,196 130,229 136,781

Costs and expenses

Cost of sales 37,548 40,168 109,688 117,133
Selling, administrative, and other expenses 2,671 2,456 7,927 7,510
Ford Credit interest, operating, and other expenses 2,453 2,692 6,911 8,150
Total costs and expenses 42,672 45,316 124,526 132,793
Operating income/(loss) 1,129 880 5,703 3,988
Interest expense on Company debt excluding Ford Credit 324 272 936 820
Other income/(loss), net 319 114 798 1,240
Equity in net income/(loss) of affiliated companies 263 147 269 511
Income/(Loss) before income taxes 1,387 869 5,834 4,919
Provision for/(Benefit from) income taxes 214 (27) 982 856
Net income/(loss) 1,173 896 4,852 4,063
Less: Income/(Loss) attributable to noncontrolling interests (26) 4 (21) 8
Net income/(loss) attributable to Ford Motor Company $ 1,199 $ 892 $ 4,873 $ 4,055

EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
Basic income/(loss) $ 0.30 $ 0.22 $ 1.22 $ 1.02
Diluted income/(loss) 0.30 0.22 1.21 1.01

Weighted-average shares used in computation of earnings/(loss) per share

Basic shares 4,004 3,976 3,999 3,980
Diluted shares 4,050 4,018 4,040 4,020

8
 FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, September 30,
2023 2024
(unaudited)
ASSETS
Cash and cash equivalents $ 24,862 $ 23,449
Marketable securities 15,309 13,456
Ford Credit finance receivables, net of allowance for credit losses of $256 and $247 46,425 49,340
Trade and other receivables, less allowances of $64 and $73 15,601 16,469
Inventories 15,651 18,025
Other assets 3,633 4,360
Total current assets 121,481 125,099
Ford Credit finance receivables, net of allowance for credit losses of $626 and 615 55,650 59,889
Net investment in operating leases 21,384 22,389
Net property 40,821 41,169
Equity in net assets of affiliated companies 5,548 8,029
Deferred income taxes 16,985 17,216
Other assets 11,441 13,256
Total assets $ 273,310 $ 287,047

LIABILITIES
Payables $ 25,992 $ 27,424
Other liabilities and deferred revenue 25,870 28,048
Debt payable within one year
Company excluding Ford Credit 477 1,526
Ford Credit 49,192 52,038
Total current liabilities 101,531 109,036
Other liabilities and deferred revenue 28,414 28,977
Long-term debt
Company excluding Ford Credit 19,467 19,071
Ford Credit 80,095 84,623
Deferred income taxes 1,005 1,001
Total liabilities 230,512 242,708

EQUITY
Common Stock, par value $0.01 per share (4,110 million shares issued of 6 billion authorized) 41 41
Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) 1 1
Capital in excess of par value of stock 23,128 23,397
Retained earnings 31,029 32,525
Accumulated other comprehensive income/(loss) (9,042) (8,989)
Treasury stock (2,384) (2,660)
Total equity attributable to Ford Motor Company 42,773 44,315
Equity attributable to noncontrolling interests 25 24
Total equity 42,798 44,339
Total liabilities and equity $ 273,310 $ 287,047

9
 FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended September 30,
2023 2024
First Nine Months
(unaudited)
Cash flows from operating activities
Net income/(loss) $ 4,852 $ 4,063
Depreciation and tooling amortization 5,678 5,636
Other amortization (853) (1,219)
Provision for credit and insurance losses 349 433
Pension and other postretirement employee benefits (“OPEB”) expense/(income) 1,026 689
Equity method investment dividends received in excess of (earnings)/losses and impairments (71) (216)
Foreign currency adjustments (99) 296
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments 187 25
Stock compensation 350 404
Provision for/(Benefit from) deferred income taxes (45) (329)
Decrease/(Increase) in finance receivables (wholesale and other) (1,234) (2,739)
Decrease/(Increase) in accounts receivable and other assets (2,965) (2,046)
Decrease/(Increase) in inventory (4,229) (2,338)
Increase/(Decrease) in accounts payable and accrued and other liabilities 9,195 9,386
Other 285 350
Net cash provided by/(used in) operating activities 12,426 12,395

Cash flows from investing activities

Capital spending (5,941) (6,186)
Acquisitions of finance receivables and operating leases (40,162) (44,942)
Collections of finance receivables and operating leases 33,726 33,855
Purchases of marketable securities and other investments (5,899) (8,501)
Sales and maturities of marketable securities and other investments 10,384 10,611
Settlements of derivatives (207) (174)
Capital contributions to equity method investments (1,615) (2,200)
Other (505) 28
Net cash provided by/(used in) investing activities (10,219) (17,509)

Cash flows from financing activities

Cash payments for dividends and dividend equivalents (4,394) (2,522)
Purchases of common stock — (276)
Net changes in short-term debt (942) (1,233)
Proceeds from issuance of long-term debt 36,582 43,579
Payments of long-term debt (31,819) (35,563)
Other (226) (290)
Net cash provided by/(used in) financing activities (799) 3,695

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (114) 35

Net increase/(decrease) in cash, cash equivalents, and restricted cash $ 1,294 $ (1,384)

Cash, cash equivalents, and restricted cash at beginning of period $ 25,340 $ 25,110
Net increase/(decrease) in cash, cash equivalents, and restricted cash 1,294 (1,384)
Cash, cash equivalents, and restricted cash at end of period $ 26,634 $ 23,726

10
SUPPLEMENTAL INFORMATION

The tables below provide supplemental consolidating financial information. Company excluding Ford Credit includes
our Ford Blue, Ford Model e, Ford Pro, and Ford Next reportable segments, Corporate Other, Interest on Debt, and
Special Items. Eliminations, where presented, primarily represent eliminations of intersegment transactions and deferred
tax netting.

Selected Income Statement Information. The following table provides supplemental income statement information
(in millions):

For the period ended September 30, 2024

Third Quarter
Company excluding
Ford Credit Ford Credit Consolidated
Revenues $ 43,069 $ 3,127 $ 46,196
Total costs and expenses 42,624 2,692 45,316
Operating income/(loss) 445 435 880
Interest expense on Company debt excluding Ford Credit 272 — 272
Other income/(loss), net 15 99 114
Equity in net income/(loss) of affiliated companies 137 10 147
Income/(Loss) before income taxes 325 544 869
Provision for/(Benefit from) income taxes (78) 51 (27)
Net income/(loss) 403 493 896
Less: Income/(Loss) attributable to noncontrolling interests 4 — 4
Net income/(loss) attributable to Ford Motor Company $ 399 $ 493 $ 892

For the period ended September 30, 2024

First Nine Months
Company excluding
Ford Credit Ford Credit Consolidated
Revenues $ 127,770 $ 9,011 $ 136,781
Total costs and expenses 124,643 8,150 132,793
Operating income/(loss) 3,127 861 3,988
Interest expense on Company debt excluding Ford Credit 820 — 820
Other income/(loss), net 916 324 1,240
Equity in net income/(loss) of affiliated companies 483 28 511
Income/(Loss) before income taxes 3,706 1,213 4,919
Provision for/(Benefit from) income taxes 625 231 856
Net income/(loss) 3,081 982 4,063
Less: Income/(Loss) attributable to noncontrolling interests 8 — 8
Net income/(loss) attributable to Ford Motor Company $ 3,073 $ 982 $ 4,055

11
 Selected Balance Sheet Information. The following tables provide supplemental balance sheet information
(in millions):
September 30, 2024
Company
excluding
Assets Ford Credit Ford Credit Eliminations Consolidated
Cash and cash equivalents $ 14,978 $ 8,471 $ — $ 23,449
Marketable securities 12,729 727 — 13,456
Ford Credit finance receivables, net — 49,340 — 49,340
Trade and other receivables, net 5,812 10,657 — 16,469
Inventories 18,025 — — 18,025
Other assets 3,147 1,213 — 4,360
Receivable from other segments 897 2,275 (3,172) —
Total current assets 55,588 72,683 (3,172) 125,099

Ford Credit finance receivables, net — 59,889 — 59,889

Net investment in operating leases 1,229 21,160 — 22,389
Net property 40,863 306 — 41,169
Equity in net assets of affiliated companies 7,890 139 — 8,029
Deferred income taxes 17,024 189 3 17,216
Other assets 11,218 2,038 — 13,256
Receivable from other segments 79 12 (91) —
Total assets $ 133,891 $ 156,416 $ (3,260) $ 287,047

Liabilities
Payables $ 26,501 $ 923 $ — $ 27,424
Other liabilities and deferred revenue 25,358 2,690 — 28,048
Debt payable within one year 1,526 52,038 — 53,564
Payable to other segments 3,090 82 (3,172) —
Total current liabilities 56,475 55,733 (3,172) 109,036

Other liabilities and deferred revenue 27,393 1,584 — 28,977

Long-term debt 19,071 84,623 — 103,694
Deferred income taxes 630 368 3 1,001
Payable to other segments 12 79 (91) —
Total liabilities $ 103,581 $ 142,387 $ (3,260) $ 242,708

12
 Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions):

For the period ended September 30, 2024

First Nine Months
Company excluding
Cash flows from operating activities Ford Credit Ford Credit Eliminations Consolidated
Net income/(loss) $ 3,081 $ 982 $ — $ 4,063
Depreciation and tooling amortization 3,780 1,856 — 5,636
Other amortization 36 (1,255) — (1,219)
Provision for credit and insurance losses 7 426 — 433
Pension and OPEB expense/(income) 689 — — 689
Equity method investment dividends received in excess of
(earnings)/losses and impairments (198) (18) — (216)
Foreign currency adjustments 395 (99) — 296
Net realized and unrealized (gains)/losses on cash equivalents,
marketable securities, and other investments 44 (19) — 25
Stock compensation 390 14 — 404
Provision for/(Benefit from) deferred income taxes (357) 28 — (329)
Decrease/(Increase) in finance receivables (wholesale and other) — (2,739) — (2,739)
Decrease/(Increase) in intersegment receivables/payables 367 (367) — —
Decrease/(Increase) in accounts receivable and other assets (1,722) (324) — (2,046)
Decrease/(Increase) in inventory (2,338) — — (2,338)
Increase/(Decrease) in accounts payable and accrued and other liabilities 8,977 409 — 9,386
Other 243 107 — 350
Interest supplements and residual value support to Ford Credit (4,161) 4,161 — —
Net cash provided by/(used in) operating activities $ 9,233 $ 3,162 $ — $ 12,395

Cash flows from investing activities

Capital spending $ (6,121) $ (65) $ — $ (6,186)
Acquisitions of finance receivables and operating leases — (44,942) — (44,942)
Collections of finance receivables and operating leases — 33,855 — 33,855
Purchases of marketable and other investments (8,333) (168) — (8,501)
Sales and maturities of marketable securities and other investments 10,362 249 — 10,611
Settlements of derivatives 227 (401) — (174)
Capital contributions to equity method investments (2,200) — — (2,200)
Other 28 — — 28
Investing activity (to)/from other segments 325 4 (329) —
Net cash provided by/(used in) investing activities $ (5,712) $ (11,468) $ (329) $ (17,509)

Cash flows from financing activities

Cash payments for dividends and dividend equivalents $ (2,522) $ — $ — $ (2,522)
Purchases of common stock (276) — — (276)
Net changes in short-term debt 287 (1,520) — (1,233)
Proceeds from issuance of long-term debt 106 43,473 — 43,579
Payments of long-term debt (110) (35,453) — (35,563)
Other (173) (117) — (290)
Financing activity to/(from) other segments (4) (325) 329 —
Net cash provided by/(used in) financing activities $ (2,692) $ 6,058 $ 329 $ 3,695

Effect of exchange rate changes on cash, cash equivalents, and

restricted cash $ 3 $ 32 $ — $ 35

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Non-GAAP Financial Measures That Supplement GAAP Measures

We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and
segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental
information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these
non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-
period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used
by other companies due to possible differences in method and in items or events being adjusted.
• Company Adjusted EBIT (Most Comparable GAAP Measure: Net income / (Loss) attributable to Ford) – Earnings
Before Interest and Taxes (EBIT) excludes interest on debt (excl. Ford Credit Debt), taxes and pre-tax special items. This non-
GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and
improves comparability of our period-over-period results. Our management ordinarily excludes special items from its review of
the results of the operating segments for purposes of measuring segment profitability and allocating resources. Pretax special
items consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity
securities, (iii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from
our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items
that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance
for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially
significant special items that have not yet occurred and are difficult to predict with reasonable certainty, including gains and
losses on pension and OPEB remeasurements and on investments in equity securities.
• Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income / (Loss) Margin) – Company
Adjusted EBIT Margin is Company Adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to
management and investors because it allows users to evaluate our operating results aligned with industry reporting.
• Adjusted Earnings / (Loss) Per Share (Most Comparable GAAP Measure: Earnings / (Loss) Per Share) – Measure of
Company’s diluted net earnings / (loss) per share adjusted for impact of pre-tax special items (described above), tax special
items and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate
performance of our business excluding items not indicative of earnings from ongoing operating activities. When we provide
guidance for adjusted earnings / (loss) per share, we do not provide guidance on an earnings / (loss) per share basis because
the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with
reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses.
• Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate
excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate
which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax
rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant
special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including
pension and OPEB remeasurement gains and losses.
• Company Adjusted Free Cash Flow (FCF) (Most Comparable GAAP Measure: Net Cash Provided By / (Used In)
Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The
measure contains elements management considers operating activities, including Company excluding Ford Credit capital
spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for
funded pension contributions, restructuring actions, and other items that are considered operating cash flows under GAAP.
This measure is useful to management and investors because it is consistent with management’s assessment of the
Company’s operating cash flow performance. When we provide guidance for Company Adjusted FCF, we do not provide
guidance for net cash provided by / (used in) operating activities because the GAAP measure will include items that are
difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign
currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash
flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate
could have a significant impact to our net cash provided by / (used in) our operating activities.
• Adjusted ROIC – Calculated as the sum of adjusted net operating profit / (loss) after-cash tax from the last four quarters,
divided by the average invested capital over the last four quarters. This calculation provides management and investors with
useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented.
Adjusted net operating profit / (loss) after-cash tax measures operating results less special items, interest on debt (excl. Ford
Credit Debt), and certain pension / OPEB costs. Average invested capital is the sum of average balance sheet equity, debt
(excl. Ford Credit Debt), and net pension / OPEB liability.

Note: Calculated results may not sum due to rounding

14
Net Income / (Loss) Reconciliation to Adjusted EBIT ($M)

Third Quarter First Nine Months Memo:

2023 2024 2023 2024 FY 2023

Net Income / (Loss) Attributable to Ford (GAAP) $ 1,199 $ 892 $ 4,873 $ 4,055 $ 4,347
Income / (Loss) Attributable to Noncontrolling Interests (26) 4 (21) 8 (18)
Net Income / (Loss) $ 1,173 $ 896 $ 4,852 $ 4,063 $ 4,329
Less: (Provision For) / Benefit From Income Taxes (214) 27 (982) (856) 362
Income / (Loss) Before Income Taxes $ 1,387 $ 869 $ 5,834 $ 4,919 $ 3,967
Less: Special Items Pre-Tax (487) (1,409) (2,593) (2,331) (5,147)
Income / (Loss) Before Special Items Pre-Tax $ 1,874 $ 2,278 $ 8,427 $ 7,250 $ 9,114
Less: Interest on Debt (324) (272) (936) (820) (1,302)
Adjusted EBIT (Non-GAAP) $ 2,198 $ 2,550 $ 9,363 $ 8,070 $10,416

Memo:
Revenue ($B) $ 43.8 $ 46.2 $ 130.2 $ 136.8 $ 176.2
Net Income / (Loss) Margin (GAAP) (%) 2.7 % 1.9 % 3.7 % 3.0 % 2.5 %
Adjusted EBIT Margin (Non-GAAP) (%) 5.0 % 5.5 % 7.2 % 5.9 % 5.9 %

Earnings / (Loss) Per Share Reconciliation To Adjusted Earnings / (Loss) Per Share

Third Quarter First Nine Months

2023 2024 2023 2024
Diluted After-Tax Results ($M)
Diluted After-Tax Results (GAAP) $ 1,199 $ 892 $ 4,873 $ 4,055
Less: Impact of Pre-Tax and Tax Special Items (a) (376) (1,066) (2,098) (1,798)
Adjusted Net Income / (Loss) – Diluted (Non-GAAP) $ 1,575 $ 1,958 $ 6,971 $ 5,853

Basic and Diluted Shares (M)

Basic Shares (Average Shares Outstanding) 4,004 3,976 3,999 3,980
Net Dilutive Options, Unvested Restricted Stock Units, Unvested
Restricted Stock Shares, and Convertible Debt 46 42 41 40
Diluted Shares 4,050 4,018 4,040 4,020

Earnings / (Loss) Per Share – Diluted (GAAP) $ 0.30 $ 0.22 $ 1.21 $ 1.01
Less: Net Impact of Adjustments (0.09) (0.27) (0.52) (0.45)
Adjusted Earnings Per Share – Diluted (Non-GAAP) $ 0.39 $ 0.49 $ 1.73 $ 1.46

a. Includes adjustment for noncontrolling interest in the third quarter and first nine months of 2023

15
Effective Tax Rate Reconciliation To Adjusted Effective Tax Rate

2024 Memo:
First Nine
Q3 Full Year 2023
Months

Pre-Tax Results ($M)

Income / (Loss) Before Income Taxes (GAAP) $ 869 $ 4,919 $ 3,967
Less: Impact of Special Items (1,409) (2,331) (5,147)
Adjusted Earnings Before Taxes (Non-GAAP) $ 2,278 $ 7,250 $ 9,114

Taxes ($M)
(Provision For) / Benefit From Income Taxes (GAAP) (a) $ 27 $ (856) $ 362
Less: Impact of Special Items (b) 343 533 1,273
Adjusted (Provision For) / Benefit From Income Taxes (Non-GAAP) $ (316) $ (1,389) $ (911)

Tax Rate (%)

Effective Tax Rate (GAAP) (3.1)% 17.4 % (9.1)%
Adjusted Effective Tax Rate (Non-GAAP) 13.9 % 19.2 % 10.0 %

a. Full Year 2023 reflects benefits from U.S. research tax credits and legal entity restructuring within our leasing operations and China
b. Full Year 2023 reflects benefits from China legal entity restructuring

Net Cash Provided By / (Used In) Operating Activities Reconciliation To Company Adjusted Free Cash Flow ($M)

2023 2024 First Nine Months

Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024
Net Cash Provided By / (Used In) Operating
Activities (GAAP) $ 2,800 $ 5,035 $ 4,591 $ 2,492 $ 1,385 $ 5,508 $ 5,502 $12,426 $12,395

Less: Items Not Included in Company

Adjusted Free Cash Flows
Ford Credit Operating Cash Flows 626 581 1,800 (1,827) 1,181 685 1,296 3,007 3,162
Funded Pension Contributions (125) (109) (190) (168) (550) (83) (334) (424) (967)
Restructuring (Including Separations)
(a) (81) (118) (297) (529) (176) (289) (226) (496) (691)
Ford Credit Tax Payments / (Refunds)
Under Tax Sharing Agreement (5) — — 174 (33) — — (5) (33)
Other, Net (140) (73) (151) 604 (b) (608) (c) 4 14 (364) (590)

Add: Items Included in Company Adjusted

Free Cash Flows
Company Excluding Ford Credit
Capital Spending (1,760) (1,927) (2,191) (2,274) (2,073) (2,078) (1,970) (5,878) (6,121)
Ford Credit Distributions — — — — — 150 175 — 325
Settlement of Derivatives (72) 92 (13) — 23 (26) 230 7 227
Company Adjusted Free Cash Flow
(Non-GAAP) $ 693 $ 2,919 $ 1,225 $ 1,964 $ (479) $ 3,237 $ 3,187 $ 4,837 $ 5,945

a. Restructuring excludes cash flows reported in investing activities

b. Includes timing differences with a joint venture and currency impacts
c. Includes $(365)M settlement of Transit Connect customs matter

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Adjusted ROIC ($B)

Four Quarters Four Quarters

Ending Q3 2023 Ending Q3 2024
Adjusted Net Operating Profit / (Loss) After Cash Tax
Net Income / (Loss) Attributable to Ford $ 6.2 $ 3.5
Add: Noncontrolling Interest (0.3) 0.0
Less: Income Tax (0.9) 0.5
Add: Cash Tax (1.1) (1.3)
Less: Interest on Debt (1.3) (1.2)
Less: Total Pension / OPEB Income / (Cost) (1.2) (2.7)
Add: Pension / OPEB Service Costs (0.7) (0.6)
Net Operating Profit / (Loss) After Cash Tax $ 7.5 $ 5.1
Less: Special Items (excl. Pension / OPEB) Pre-Tax (2.7) (2.8)
Adj. Net Operating Profit / (Loss) After Cash Tax $ 10.2 $ 8.0

Invested Capital
Equity $ 44.3 $ 44.3
Debt (excl. Ford Credit) 19.8 20.6
Net Pension and OPEB Liability 4.6 5.9
Invested Capital (End of Period) $ 68.6 $ 70.8
Average Invested Capital $ 67.5 $ 69.7

ROIC (a) 11.1 % 7.4 %

Adjusted ROIC (Non-GAAP) (b) 15.1 % 11.4 %

a. Calculated as the sum of net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested capital over
the last four quarters
b. Calculated as the sum of adjusted net operating profit / (loss) after cash tax from the last four quarters, divided by the average invested
capital over the last four quarters

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Special Items ($B)

Third Quarter First Nine Months

2023 2024 2023 2024
Restructuring (by Geography)
Europe $ (0.0) $ (0.1) $ (0.5) $ (0.7)
North America Hourly Buyouts — — — (0.3)
China (0.1) — (0.9) —
Other 0.0 — (0.1) —
Subtotal Restructuring $ (0.1) $ (0.1) $ (1.5) $ (0.9)

Other Items
EV Program Cancellation $ — $ (1.0) $ — $ (1.0)
Transit Connect Customs Matter (0.1) — (0.4) —
Extended Oakville Assembly Plant Changeover — — — (0.2)
EV Program Dispute — 0.0 — 0.0
Other (including Gains / (Losses) on Investments) (0.0) (0.0) (0.2) 0.0
Subtotal Other Items $ (0.1) $ (1.0) $ (0.6) $ (1.2)

Pension and OPEB Gain / (Loss)

Pension and OPEB Remeasurement $ (0.2) $ (0.2) $ (0.4) $ 0.0
Pension Settlements, Curtailments and Separations
Costs (0.1) (0.2) (0.2) (0.2)
Subtotal Pension and OPEB Gain / (Loss) $ (0.2) $ (0.3) $ (0.6) $ (0.2)

Total EBIT Special Items $ (0.5) $ (1.4) $ (2.6) $ (2.3)

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 FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions)
For the periods ended September 30,
2023 2024 2023 2024
Third Quarter First Nine Months
(unaudited)
Financing revenue
Operating leases $ 1,017 $ 1,065 $ 3,095 $ 3,112
Retail financing 1,104 1,458 3,046 4,113
Dealer financing 617 724 1,721 2,170
Other financing 36 44 94 127
Total financing revenue 2,774 3,291 7,956 9,522
Depreciation on vehicles subject to operating leases (576) (600) (1,690) (1,823)
Interest expense (1,653) (1,878) (4,575) (5,623)
Net financing margin 545 813 1,691 2,076
Other revenue
Insurance premiums earned 29 42 84 120
Fee based revenue and other 25 30 99 110
Total financing margin and other revenue 599 885 1,874 2,306
Expenses
Operating expenses 340 336 1,000 1,022
Provision for credit losses 74 99 191 282
Insurance expenses 14 17 54 144
Total expenses 428 452 1,245 1,448

Other income/(loss), net 187 111 413 355

Income before income taxes 358 544 1,042 1,213

Provision for/(Benefit from) income taxes 119 51 277 231
Net income $ 239 $ 493 $ 765 $ 982

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 FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, September 30,
2023 2024
(unaudited)
ASSETS
Cash and cash equivalents $ 10,658 $ 8,471
Marketable securities 789 727
Finance receivables, net
Retail installment contracts, dealer financing, and other financing 105,476 112,817
Finance leases 7,347 8,230
Total finance receivables, net of allowance for credit losses of $882 and $862 112,823 121,047
Net investment in operating leases 20,332 21,160
Notes and accounts receivable from affiliated companies 845 981
Derivative financial instruments 818 1,388
Other assets 2,940 3,282
Total assets $ 149,205 $ 157,056

LIABILITIES
Accounts payable
Customer deposits, dealer reserves, and other $ 899 $ 923
Affiliated companies 693 692
Total accounts payable 1,592 1,615
Debt 129,287 136,661
Deferred income taxes 337 368
Derivative financial instruments 2,141 1,712
Other liabilities 2,459 2,670
Total liabilities 135,816 143,026

SHAREHOLDER’S INTEREST
Shareholder’s interest 5,166 5,166
Accumulated other comprehensive income/(loss) (829) (845)
Retained earnings 9,052 9,709
Total shareholder’s interest 13,389 14,030
Total liabilities and shareholder’s interest $ 149,205 $ 157,056

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 FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended September 30,
2023 2024
First Nine Months
(unaudited)
Cash flows from operating activities
Net income $ 765 $ 982
Provision for credit losses 191 282
Depreciation and amortization 2,133 2,291
Amortization of upfront interest supplements (1,305) (1,746)
Net change in deferred income taxes (2) 28
Net change in other assets (605) (365)
Net change in other liabilities 449 365
All other operating activities (62) 195
Net cash provided by/(used in) operating activities 1,564 2,032

Cash flows from investing activities

Purchases of finance receivables (30,919) (32,952)
Principal collections of finance receivables 27,336 28,629
Purchases of operating lease vehicles (7,021) (8,533)
Proceeds from termination of operating lease vehicles 6,740 5,669
Net change in wholesale receivables and other short-duration receivables (1,129) (2,770)
Purchases of marketable securities and other investments (1,918) (168)
Proceeds from sales and maturities of marketable securities and other investments 1,979 249
Settlements of derivatives (214) (401)
All other investing activities (58) (61)
Net cash provided by/(used in) investing activities (5,204) (10,338)

Cash flows from financing activities

Proceeds from issuances of long-term debt 36,582 43,473
Payments of long-term debt (31,663) (35,453)
Net change in short-term debt (885) (1,520)
Cash distributions to parent — (325)
All other financing activities (109) (117)
Net cash provided by/(used in) financing activities 3,925 6,058

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (30) 32

Net increase/(decrease) in cash, cash equivalents and restricted cash $ 255 $ (2,216)

Cash, cash equivalents, and restricted cash at beginning of period $ 10,520 $ 10,795
Net increase/(decrease) in cash, cash equivalents, and restricted cash 255 (2,216)
Cash, cash equivalents, and restricted cash at end of period $ 10,775 $ 8,579

21