Ford Tops GM on Revenue in Five of the Last Eight Quarters

Ford Motor Company posted higher revenue than General Motors in five of the last eight comparable quarters, with the gap between the two Detroit automakers staying narrow across most of that period, according to a Nasdaq comparison published September 27, 2026.

Ford Motor Company (F) has edged out General Motors (GM) on quarterly revenue in five of the last eight comparable quarters, according to a comparison published by Nasdaq Markets. The more telling detail is not the scoreboard but the spread: across most of the period examined, the numerical difference between the two companies' top lines stayed relatively narrow.

That is a useful corrective to the way the two Detroit rivals are usually framed. On revenue, they are close to interchangeable in scale. Five wins out of eight works out to roughly 62.5% of the observed quarters — a majority, but not a rout, and the kind of split that can flip on a single quarter of fleet deliveries or an incentive push.

Why a narrow revenue gap tells you less than it looks

Revenue in the auto business is a function of units shipped and average transaction price, and both companies sell into largely the same North American market with overlapping product sets: full-size pickups, body-on-frame SUVs, a commercial fleet business, and an electric vehicle line that neither has yet scaled to the profitability it originally promised.

When two manufacturers of similar size compete in the same segments with similar pricing discipline, revenue converges almost by construction. What separates them shows up further down the income statement — in warranty costs, in the drag or lift from electric programs, in how much of the top line comes from high-margin commercial and service work versus retail unit sales, and in how each company finances its captive lending arm.

So a five-of-eight revenue edge is a data point, not a verdict. Investors who treat the top line as the scoreboard in this particular matchup are measuring the one dimension on which the two firms are most alike.

What the market said at the last close

The share prices carry a different message than the revenue comparison does. At the most recent close, on Friday, September 25, 2026 at 20:00 GMT, Ford last traded at 12.71, up 0.87% from a prior close of 12.60, within a session range of 12.53 to 12.81. General Motors closed at 82.63, up 2.56% from 80.57, with a day range of 80.88 to 83.50.

GM's move that session was nearly three times the size of Ford's in percentage terms, and it outpaced all three major benchmarks. The S&P 500, via SPY, closed at $771.35, up 0.54%. The Nasdaq 100 proxy QQQ finished at $744.50, up 0.46%. The Dow 30 tracker DIA ended at $517.49, up 0.94% — the strongest of the three, and still well short of GM's single-session gain.

Ford's 0.87% advance, by contrast, landed roughly in line with the Dow and ahead of the two broader indexes. Neither move on its own is a trend. But the divergence is a reminder that the market prices these two companies on expectations about earnings quality and capital returns, not on which one booked more revenue last quarter.

The questions the revenue race does not answer

Several things determine whether a revenue lead is worth anything, and the quarter-by-quarter comparison does not speak to any of them:

• Where the revenue comes from. Commercial and fleet business, parts, and service contracts carry different economics from retail unit sales. Two companies with identical revenue can have very different earnings depending on that mix.
• What the electric programs cost. Both automakers have poured capital into EV platforms and battery capacity. Revenue from those units flatters the top line whether or not the vehicles contribute profit.
• Warranty and recall exposure. Quality costs hit operating income without touching revenue at all, and they can swing a quarter more than a pricing move does.
• The captive finance arms. Both companies run lending operations whose results move with interest rates and used-vehicle values, on a cycle that is only loosely related to how many trucks the parent sold.

Any one of those can turn a revenue win into an earnings loss. That is why the persistent narrowness of the revenue gap is arguably the most interesting fact in the comparison: it strips out the top line as a differentiator and pushes the whole argument down to cost structure.

What to watch from here

The practical test is whether Ford's five-of-eight edge widens, narrows, or reverses over the next several reporting periods — and, more importantly, whether either company can convert scale into a durable margin gap rather than a rotating quarterly advantage.

Three things are worth tracking. First, whether the quarterly winner keeps alternating; a genuine structural lead would show up as consecutive quarters, not a split decision. Second, whether the revenue gap stays inside the narrow band described in the comparison or starts to open, which would signal a real divergence in volume or pricing power. Third, whether the stocks keep moving on different drivers, as they did at the last close, where GM outran Ford and every major benchmark on the day.

For now, the honest read on the revenue race is that it is close to a tie dressed up as a contest. Five of eight is an edge. It is not a moat. The comparison establishes that Ford and General Motors are the same size; it leaves entirely open the question of which one is the better business.

Key facts

• Ford (F) last close: 12.71, +0.87%, as of Sept. 25, 2026, 20:00 GMT
• General Motors (GM) last close: 82.63, +2.56%, as of Sept. 25, 2026, 20:00 GMT
• Revenue head-to-head: Ford ahead in 5 of the last 8 comparable quarters
• Size of the gap: Narrow through most of the observed period

Frequently asked questions

How often has Ford beaten General Motors on quarterly revenue?

Ford posted higher revenue than General Motors in five of the last eight comparable quarters, according to a comparison published by Nasdaq Markets on September 27, 2026. That works out to a majority of the observed periods, but the comparison also notes that the numerical difference between the two companies stayed relatively narrow through most of that time frame.

Does a revenue lead mean Ford is more profitable than GM?

No. Revenue measures the top line only. Profitability depends on the mix of commercial versus retail sales, the cost of electric vehicle programs, warranty and recall expenses, and the performance of each company's captive finance arm. Two automakers with nearly identical revenue can report very different operating income, so the revenue comparison does not settle the profitability question.

Where did Ford and GM shares last close?

At the most recent close on Friday, September 25, 2026 at 20:00 GMT, Ford last traded at 12.71, up 0.87% from a prior close of 12.60, with a session range of 12.53 to 12.81. General Motors closed at 82.63, up 2.56% from a prior close of 80.57, with a day range of 80.88 to 83.50.

How did the two stocks compare with the broad market that session?

GM's 2.56% gain outpaced all three major benchmark trackers at that close: SPY, tracking the S&P 500, finished at $771.35, up 0.54%; QQQ, tracking the Nasdaq 100, closed at $744.50, up 0.46%; and DIA, tracking the Dow 30, ended at $517.49, up 0.94%. Ford's 0.87% advance was roughly in line with DIA.

Why do Ford and General Motors report such similar revenue?

Both sell into largely the same North American market with overlapping product lines — full-size pickups, body-on-frame SUVs, commercial fleet vehicles and electric models. Revenue is essentially units shipped multiplied by average transaction price, so two manufacturers of similar scale competing in the same segments with comparable pricing tend to converge on the top line.

What would signal a real divergence between the two automakers?

Consecutive quarterly revenue wins rather than an alternating split would suggest a structural lead rather than a rotating advantage. A widening of the currently narrow revenue gap would point to a genuine difference in volume or pricing power. Beyond revenue, a sustained gap in operating margin would be the more meaningful separator between the two businesses.

Sources

• Ford Motor Company vs. General Motors: A Close Revenue Race — Nasdaq Markets