Ford Motor Company

Automotive liquidity finished 2025 with nearly $29 billion in cash and about $50 billion in total liquidity, providing a cushion for investment and dividends during the EV reset. Ford Credit carries large matched debt typical of captive finance units, while automotive debt is far smaller and manageable relative to liquidity.

The 2025 GAAP loss was driven by special items and impairments rather than cash insolvency, but the business remains capital‑intensive with planned 2026 capex of $9.5–$10.5 billion. Tariff and supply shocks (e.g., aluminum supply fire) emphasize the need for elevated liquidity.

Overall balance‑sheet resilience is good, though not bulletproof in a deep downturn.