Ford Q1 net income +441% to $2.5B on $1.3B tariff benefit; exits BOSK JV, cuts EV programs

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

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  Net income rose to $2.5B from $471M (Q1 2025) but operating income only reached $2.3B — the $2.1B net-income gain came from below-the-line items, primarily a $1.3B IEEPA tariff reimbursement recognized in Q1 2026, not from operational improvement.

  MD&A: Q1 Results verify on EDGAR →
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  Ford is exiting the BOSK battery joint venture (SK On partnership) via a December 2025 disposition agreement, expecting $3.5B in pre-tax charges in Q2 2026 as liabilities assumed exceed asset values; the company also cancelled three planned EVs and ended F-150 Lightning production, with up to $4B in future charges.

  Notes: BOSK JV; MD&A: EV Programs view on EDGAR →
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  Fires at major aluminum supplier Novelis (September and November 2025) disrupted production; Ford expects partial recovery in H2 2026 but faces $1.5B–$2.0B in temporary costs including tariffs on alternative sourcing.

  MD&A: Novelis Disruption verify on EDGAR →