Ford’s own second-quarter 2026 investor earnings materials put a hard number on what building electric vehicles is currently costing the company: a full-year 2026 loss in its Model e division of roughly $4.0 billion, with guidance stretching to as much as $4.5 billion. Meanwhile, the unglamorous side of the business — gas and hybrid trucks and SUVs sold under the Ford Blue and Ford Pro banners — is generating billions in profit that’s effectively subsidizing the EV bet.

Key Points

• Ford’s Q2 2026 report guides full-year 2026 Model e loss to approximately $4.0 billion, within a stated range of $4.0 billion to $4.5 billion.
• Model e’s second-quarter loss alone was $919 million on just $1 billion of revenue — though that’s a 31% improvement year-over-year, according to Ford’s Q2 2026 earnings call transcript.
• Ford Blue (gas and hybrid) is now guided to $5.0 billion to $5.5 billion in full-year EBIT, up from a prior $4.5-5.0 billion range, after posting $1.1 billion in Q2 EBIT on $26.1 billion of revenue.
• Ford Pro (commercial vehicles, largely gas and hybrid) is guided to $7.0 billion to $7.5 billion in full-year EBIT.
• Ford already spent $3.6 billion in the first half of 2026 dissolving its BlueOvalSK battery joint venture with SK On, according to Ford Authority’s reporting on the disclosure.

The math is stark when you line it up. Ford Blue and Ford Pro are together projected to generate somewhere between $12 billion and $15 billion in operating profit this year — largely built on F-Series trucks, Broncos, Explorers, Transit vans and their hybrid variants. Model e is on pace to lose close to a third of that. It’s not a hypothetical anymore; it’s the plan Ford is telling its own shareholders to expect.

Ford’s chief financial officer, Sherry House, told investors on the earnings call that some of that ground is being clawed back. Losses are expected to be partially offset by roughly $600 million in savings as Ford’s second-generation EV components mature ahead of LFP battery production in Marshall, Michigan, and the launch of its Universal EV platform in Kentucky, offset in turn by about $400 million in startup costs for Ford’s new energy-storage business.

None of this has derailed Ford’s overall numbers — the company actually raised its full-year adjusted EBIT guidance to $10 billion to $11 billion, and adjusted free cash flow guidance to $6 billion to $7 billion, largely because Ford Blue’s truck-and-SUV business is running hotter than expected. But it underlines a pattern that’s now three years running at Ford: the profitable half of the company is carrying the unprofitable half, and the EV division isn’t projected to close that gap in 2026.

For buyers cross-shopping a gas-powered F-150 against an F-150 Lightning, the numbers explain a lot about why Ford keeps leaning harder on the trucks it already knows how to sell.