Ford Posts Its Worst Quarterly Loss Since the Great Recession — But Wall Street Isn't Flinching
Ford Motor Company reported an $11.1 billion net loss in the fourth quarter of 2025, its worst quarterly result since the 2008 financial crisis. The staggering figure was driven by $15.5 billion in special charges related to a sweeping pullback from its all-electric vehicle strategy, compounded by $900 million in unexpected tariff costs that blindsided the company in the final weeks of the quarter. On a full-year basis, Ford posted a net loss of $8.2 billion — its deepest annual loss in nearly two decades. Yet in a market moment that reveals just how deeply investors have internalized the chaos of trade policy and EV transition economics, Ford's stock barely budged. Shares were up 0.7% on Wednesday, trading at $13.67, as Wall Street looked past the headline carnage and focused on what Ford says is coming next: adjusted EBIT of $8 billion to $10 billion in 2026, a meaningful jump from $6.8 billion last year. The disconnect between the reported loss and the market's muted reaction tells a story about what matters to auto investors right now — and what they've already priced in. The results, filed with the SEC on February 10 and detailed in Ford's earnings call, paint a picture of an automaker navigating a historically complex operating environment: tariffs that shifted under its feet, a supplier fire that cost $2 billion, and an EV business still hemorrhaging cash at a rate that would sink most companies. Understanding how Ford got here — and whether its 2026 optimism is justified — requires pulling apart each of these threads.