“capital expenditures of about $9 billion.”

In context

“ally strong, providing us with invaluable flexibility, including the ability to invest through an economic downturn and continue to fund growth in areas like Ford Pro, while some competitors may be forced to pull back. This strength, combined with a consistent free cash flow generation is the foundation that allows us to consistently return capital to our shareholders. In accordance with our commitment to return 40% to 50% of trailing adjusted free cash flow. Today, we announced the declaration of our third quarter regular dividend of $0.15 per share payable on September 2 to shareholders of record on August 11. So let us turn to our 2025 outlook. For the full year, we expect company adjusted EBIT of $6.5 billion to $7.5 billion, adjusted free cash flow of $3.5 billion to $4.5 billion and capital expenditures of about $9 billion. Our updated guidance reflects a strong underlying first half performance across our 3 automotive segments and Ford Credit including our continued improvement in costs. Our full year outlook assumes a net tariff headwind of about $2 billion, reflecting approximately $3 billion of adverse gross adjusted EBIT impact, offset partially by $1 billion of recovery actions, primarily market factors. U.S. industry sales of 16 million to 16.5 million units, industry pricing to be about flat and lastly, a net cost improvement target of $1 billion, excluding the impact of tariffs. Given the potential range of outcomes related to how the net tariff headwind will play out by segment, we're only providing a total company outlook for the remainder of the year. In summary, our business transformation is we”