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Ford posts better-than-expected profit and sales, but lowers its full-year earnings outlook

Ford shares seesawed in after-hours trading as investors digested the Q3 report.

10/23/25 3:25PM

When Ford’s Detroit rival GM reported its third-quarter earnings this week, investors cheered its results, propelling the stock to an all-time high and its second-best daily gain on record.

Suffice it to say: Ford’s third quarter had big shoes to fill. It delivered, at least in part, posting beats on earnings and revenue, but it also cut its profit outlook for the year. Shares were up 2.7% after-hours.

Ford posted adjusted earnings of $0.45 per share, beating the $0.35 per share analysts polled by FactSet expected.

Overall revenue came in at $50.5 billion, beating Wall Street’s $47 billion estimate. The figure represents a nearly 10% jump from the same quarter last year.

Looking ahead, Ford said it expects lower full-year earnings before interest and taxes. The company issued a new range of between $6 billion and $6.5 billion, down from its prior guidance of between $6.5 billion and $7.5 billion. Ford’s EBIT has been at least $10 billion for the past four years, but tariffs have dinged this year’s results.

The automaker also reduced its full-year net tariff impact forecast to $1 billion, down from $2 billion. In Q3, the company said it faced a tariff impact of $700 million, below its $800 million hit in the second quarter.

Ford’s record-shattering year of safety recalls continued in Q3. As of October 23, Ford has issued 127 safety recalls in 2025, 50 more than the previous annual record by any automaker.

Like its rivals including Tesla and GM, Ford posted strong EV sales in Q3 as customers flocked to scoop up the expiring $7,500 tax credit. Earlier this month, the automaker said it sold 30,612 EVs on the quarter, a Q3 record. About two-thirds of those sales were Mustang Mach-Es.

Despite the surge, Ford reported that its electric vehicles unit lost $1.41 billion in the quarter, a deeper loss than the same period last year.

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Southwest shares closed up 19% on Thursday, their biggest daily gain in nearly half a century.

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Good results? Doesn’t matter. Good guidance? Doesn’t matter. Spending a ton to augment your business with AI? You’d better believe it doesn’t matter.

This earnings season, investors have decided that AI is enough of a long-term threat to the earnings power of software companies that the past three months or the next 12 are, at best, the calm before the storm. And heaven help management teams that didn’t offer strong results or a positive outlook.

The slow burn in software stocks has erupted into an all-out bonfire on Thursday, fueled by traders finding any excuse to sell Microsoft and ServiceNow after both reported robust quarterly results. The follow-through is weighing on the likes of Atlassian, Workday, Salesforce, Datadog, and Intuit. Put it all together and iShares Expanded Tech Software ETF is poised for its worst day since the Friday following the Rose Garden reciprocal tariff announcements in April 2025.

Here’s how an assortment of software companies have done on the session after reporting earnings:

Are there babies being thrown out with the bathwater here? Maybe. Probably, even!

But it likely won’t inspire too much confidence to learn that the last time the S&P 500 Software & Services industry group was down at least 20% over a 63-session stretch while the SPDR S&P 500 ETF was positive happened to be June 12, 2000.

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Joby plunges after announcing plans to raise $1 billion in convertible bonds and stock

Shares of air taxi maker Joby Aviation are down more than 14% in premarket trading after the company announced a $1 billion capital raise after the bell Wednesday.

Joby, which in December said it would invest in equipment, facilities, and employees to double its aircraft production output by 2027, is offering convertible senior notes due 2032.

According to reporting by Bloomberg, the notes are being offered with an up to 30% conversion premium. Bloomberg reports that the company is pricing its share offering between $11.35 and $11.75, representing up to a 15% discount on the stock as of Wednesday’s close.

Joby ended its third quarter with $978.1 million in cash and cash equivalents, down slightly from its second quarter. Its shares have risen 62% over the past 12 months, compared to a more than 14% loss for its rival Archer Aviation in the same stretch.

Ford posts better-than-expected profit and sales, but lowers its full-year earnings outlook

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