Promised X, delivered Y — and Ford's electric business is still delivering losses. Ford's Q1 2026 Form 10-Q reports its Model e segment with revenue of $1,242 million and an EBIT loss of $849 million, an EBIT margin of -68.4%. A year earlier the segment ran a -63.1% margin, so the loss rate as a share of revenue actually widened, not narrowed, in this comparison.
Ford's segment structure is what makes this readable. Unlike automakers that bury EV economics inside a blended automotive line, Ford reports Model e (electric), Ford Blue (combustion), and Ford Pro (commercial) separately. That choice means an analyst can see the EV segment's revenue and EBIT in isolation, and the isolation is unflattering: roughly $0.68 of EBIT loss for every $1.00 of Model e revenue this quarter.
The interesting number is buried, as ever. A -68.4% EBIT margin on a small revenue base is a business still paying for capacity and engineering ahead of volume. The forward question a markets desk should track is the trajectory of the loss in dollars and as a margin, quarter over quarter — and whether Ford continues to fund the segment at this rate or pulls back, as several peers have signaled.
Context from the annual filing sharpens it: Ford's FY2025 10-K notes a Corporate Other EBIT loss of $838 million for the year, a separate line, which underscores that Model e is not the only drag a reader has to net against the profitable Blue and Pro segments. Reading Ford means reading the segments against each other, not the consolidated total alone.
The Model e revenue and EBIT figures sit in Ford's Q1 2026 10-Q segment tables, with the annual context in the 10-K, both surfaced via EdgarBeast. For an earnings desk, -68.4% is the entry that defines Ford's EV quarter.