Quarterly guidance

Quarterly guidance
No quarterly guidance was given.

Annual guidance

EBIT-adjusted
$14.5 billion to $15.5 billion
EPS diluted adjusted
$12.75 to $13.75
Capital expenditures
Lower half of $10 billion to $12 billion range
Adjusted automotive free cash flow
$11.5 billion to $12.5 billion

Outlook

Commodity and logistics costs
Management expects a $2 billion headwind for 2027 if recent incremental commodity inflation since July is annualized.
Full-size truck production
Production is expected to be roughly flat in 2027 compared to 2026, with incremental capacity for growth arriving in 2028.
Software and services
Realized revenue is expected to exceed $3 billion in 2026, with deferred revenue approaching $7.5 billion by year-end.
EV profitability
Losses are expected to be reduced by $1 billion to $1.5 billion for the full year 2026, with further improvement expected in 2027.
U.S. market
The total industry SAAR is expected to be in the mid-16 million unit range for the full year 2026.
Tax rate
The effective tax rate for the full year is expected to be 20% to 21%.