Ford Raises 2026 Guidance After Tariff Refund

Ford Motor Company raised its 2026 guidance on April 29 after reporting first-quarter results and booking a one-time tariff refund that materially offset higher commodity and tariff costs, prompting an increase to its full-year adjusted EBIT outlook.

First-Quarter Results and Outlook

Ford reported first-quarter 2026 revenue of $43.3 billion, a 6% increase year over year. Adjusted EBIT, a proxy for operating profit, rose to $3.5 billion, while net income climbed to $2.5 billion from $0.5 billion a year earlier. Adjusted earnings per share were $0.66, well above the Zacks consensus of $0.20. The company declared a $0.15-per-share dividend for the second quarter.

Tariff Refund and Guidance Drivers

Ford recorded a one-time $1.3 billion refund related to tariffs paid between March 2025 and February 2026 following a Supreme Court ruling that invalidated certain IEEPA tariffs. The company included this benefit in its first-quarter results, which helped offset rising cost pressures.

The company raised its full-year adjusted EBIT guidance to a range of $8.5 billion to $10.5 billion, up from $8.0 billion to $10.0 billion. This outlook assumes about $2.0 billion in commodity headwinds, an increase of $1.0 billion from the prior estimate, roughly $1.0 billion in tariff impacts excluding the IEEPA benefit, a $1.0 billion incremental investment in its Model e electric vehicle unit, and a recovery from Novelis.

Ford also set full-year adjusted free cash flow targets between $5.0 billion and $6.0 billion and capital spending of $9.5 billion to $10.5 billion, which includes $1.5 billion allocated to Ford Energy. The company expects Model e unit losses of $4.0 billion to $4.5 billion, roughly flat with 2025.