Ford vs Stellantis: Revenue, Profit and Business Model
Ford reported $187.3B of revenue in FY2025 and a net loss of $8.2B. Stellantis reported ~$173.5B of revenue in FY2025 and a net loss of ~$25.2B.
Latest financial snapshot
Ford
- Latest revenue
- $187.3B (FY2025)
- Net income
- -$8.2B
- Net margin
- -4.4%
- Revenue growth
- +2.4% a year, FY2016–FY2025
Stellantis
- Latest revenue
- ~$173.5B (FY2025)
- Net income
- ~-$25.2B
- Net margin
- -14.5%
- Revenue growth
- +0.7% a year, FY2021–FY2025
Financial summary
Ford
Ford's numbers show a profitable truck and fleet business funding an expensive EV reset. FY2025 revenue rose 1.2% to $187.267B, but Ford posted an $8.162B net loss as Model e lost $4.806B at EBIT and the company took charges tied to its December 2025 decision to cancel some EV programs. Ford Pro earned $6.843B of EBIT. In Q2 2026, revenue fell 4% to $48.3B on lower wholesale volumes and aluminum shortages linked to supplier Novelis, and the $1.3B net loss included $3.6B of charges for exiting the BlueOval SK battery joint venture. Adjusted EBIT still rose 17% to $2.5B, adjusted free cash flow was $2.1B, and liquidity exceeded $43B.
Stellantis
Stellantis grew net revenues from ~$169 billion (EUR 149.4 billion) in 2021 to a peak of ~$214 billion (EUR 189.5 billion) in 2023, when net profit reached ~$21 billion (EUR 18.6 billion). Revenues then fell to ~$177 billion (EUR 156.9 billion) in 2024 and ~$173 billion (EUR 153.5 billion) in 2025, and 2025 ended with a ~$25.2 billion (EUR 22.3 billion) net loss after large charges linked to resetting its EV and product plans. Results improved in 2026: Q1 net revenues rose 6% to ~$43.1 billion (EUR 38.1 billion) with ~$452 million (EUR 0.4 billion) of net profit, and Q2 net revenues rose 13% to ~$49.2 billion (EUR 43.5 billion), with North America up 32%. Industrial available liquidity was ~$49.8 billion (EUR 44.1 billion) at June 30, 2026. Guidance for 2026 calls for mid-single-digit revenue growth and a low-single-digit adjusted operating margin.
Revenue and profit by year
Ford
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $187.3B | -$8.2B | -4.4% | +1.2% | Source |
| FY2024 | $185B | $5.9B | 3.2% | +5.0% | Source |
| FY2023 | $176.2B | $4.3B | 2.5% | +11.5% | Source |
| FY2022 | $158.1B | -$2B | -1.3% | +15.9% | Source |
| FY2021 | $136.3B | $17.9B | 13.2% | +7.2% | Source |
| FY2020 | $127.1B | -$1.3B | -1.0% | -18.4% | Source |
| FY2019 | $155.9B | $84M | 0.1% | -2.8% | Source |
| FY2018 | $160.3B | $3.7B | 2.3% | +2.3% | Source |
| FY2017 | $156.8B | $7.8B | 4.9% | +3.3% | Source |
| FY2016 | $151.8B | $4.6B | 3.0% | — | Source |
Stellantis
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$173.5B | ~-$25.2B | -14.5% | -2.1% | Source |
| FY2024 | ~$177.3B | ~$6.2B | 3.5% | -17.2% | Source |
| FY2023 | ~$214.2B | ~$21B | 9.8% | +5.5% | Source |
| FY2022 | ~$202.9B | ~$19B | 9.3% | +20.2% | Source |
| FY2021 | ~$168.8B | ~$16.1B | 9.5% | — | Source |
Where the revenue comes from
Ford
- Ford Blue~54%
Combustion and hybrid Ford and Lincoln retail vehicles generated $101.019B of FY2025 revenue.
- Ford Pro~35%
Commercial vehicles, fleet services, telematics, charging, and related customer relationships generated $66.286B of FY2025 revenue.
- Ford Model e~4%
Electric vehicles, EV technologies, and related software generated $6.670B of FY2025 revenue while remaining loss-making.
- Ford Credit and Other~7%
Vehicle financing, leasing, and other corporate activities complete Ford's consolidated revenue base.
Stellantis
- New vehicle sales
- Parts and service
- Light commercial vehicles
- Leasing and mobility services
- Captive and partner financing
- Software and connected services
Business model and strategy
Ford
How it makes money
Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Ford Blue sells gas and hybrid retail vehicles such as the F-150, Bronco, Explorer, and Maverick ($101.0B of FY2025 revenue).
Growth strategy
After its December 2025 EV reset, Ford is concentrating capital on trucks, hybrids, and higher-margin services rather than large first-generation battery-electric programs.
Competitive advantage
Ford's clearest moat is the F-Series truck franchise, the best-selling pickup line in the U.S. every year since 1977, combined with Ford Pro's position in commercial vans and Super Duty trucks. Fleet customers buy vehicles, service, parts, telematics, and financing from one supplier, and Ford's upfitter, dealer, and mobile-service network is hard for EV startups or importers to replicate.
Stellantis
How it makes money
Stellantis makes money mainly by building and selling cars, SUVs, pickups and vans through franchised dealers in more than 130 markets. North America (Jeep, Ram, Dodge, Chrysler) has historically produced the largest share of profit. Enlarged Europe (Peugeot, Opel, Citroen, Fiat) supplies volume and leads in light commercial vehicles, while South America, led by Fiat and Jeep in Brazil, is consistently profitable.
Growth strategy
Under FaSTLAne 2030, presented at the May 21, 2026 investor day, Stellantis plans to invest more than $67.8 billion (EUR 60 billion) over five years and launch more than 60 new vehicles.
Competitive advantage
Stellantis's main advantages are brand breadth and regional scale. Jeep and Ram give it strong positions in high-margin US SUVs and pickups, Fiat leads the Brazilian market, and the group is a top seller of vans in Europe. Shared STLA platforms and common purchasing spread engineering costs across 14 brands. The flip side is that this model depends heavily on US profitability, which fell sharply in 2024 and 2025.
Questions about Ford vs Stellantis
Which company has higher revenue — Ford Motor Company or Stellantis N.V.?
Ford Motor Company reported $187.3B (FY2025), while Stellantis N.V. reported ~$173.5B (FY2025). By last reported revenue, Ford Motor Company is the larger business, with Stellantis N.V. reporting a smaller revenue base.
What is the market cap of Ford Motor Company vs Stellantis N.V.?
Ford Motor Company's market capitalisation stands at $48.0B, while Stellantis N.V.'s is $12.8B. Ford Motor Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Stellantis N.V..
Which is more financially efficient — Ford Motor Company or Stellantis N.V.?
Ford Motor Company generates $1.11M / employee in revenue per employee, while Stellantis N.V. generates $671k / employee. Ford Motor Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Ford Motor Company and Stellantis N.V. make money?
Ford Motor Company and Stellantis N.V. generate revenue in fundamentally different ways. Ford Motor Company: Ford designs, builds, and sells vehicles through roughly 9,000 independent Ford and Lincoln dealers worldwide and reports three operating segments plus Ford Credit. Stellantis N.V.: Stellantis makes money mainly by building and selling cars, SUVs, pickups and vans through franchised dealers in more than 130 markets.
Which company is valued higher relative to revenue — Ford Motor Company or Stellantis N.V.?
On a price-to-sales (P/S) basis, Ford Motor Company trades at 0.3x P/S and Stellantis N.V. at 0.1x P/S. Ford Motor Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Stellantis N.V.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Ford Motor Company bigger than Stellantis N.V.?
By last reported revenue, Ford Motor Company ($187.3B (FY2025)) is the larger company compared to Stellantis N.V. (~$173.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Ford vs Stellantis overview