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News



For Release: Tuesday, January 27, 2026, at 6:30 a.m. ET

GM releases 2025 financial results and 2026 guidance; Board declares dividend at 20% higher quarterly rate, and approves new $6.0 billion share repurchase authorization

DETROIT – General Motors (NYSE: GM) today reported full-year 2025 net income attributable to stockholders of $2.7 billion and EBIT-adjusted of $12.7 billion. Fourth-quarter 2025 net income attributable to stockholders was a loss of $3.3 billion and EBIT-adjusted was $2.8 billion.

Fourth-quarter net income was reduced by more than $7.2 billion in special charges driven primarily by a realignment of electric vehicle capacity and investments to adjust to expected declines in consumer demand for EVs, and in response to U.S. Government policy changes including the termination of consumer incentives and the reduction in the stringency of emissions regulations.

The chart below summarizes GM's 2025 financial guidance and 2025 results, as well as the company's 2026 guidance, which is for a year of strong financial performance.
Final 2025 Guidance2025 Results2026 Guidance
Net income attributable to stockholders$7.7 billion - $8.3 billion$2.7 billion$10.3 billion - $11.7 billion
EBIT-adjusted$12.0 billion - $13.0 billion$12.7 billion$13.0 billion - $15.0 billion
Automotive operating cash flow$19.2 billion - $21.2 billion$18.7 billion$19.0 billion - $23.0 billion
Adjusted automotive free cash flow$10.0 billion - $11.0 billion$10.6 billion$9.0 billion - $11.0 billion
EPS-diluted$8.30 - $9.05$3.27$11.00 - $13.00
EPS-diluted-adjusted$9.75 - $10.50$10.60$11.00 - $13.00

GM's 2026 financial guidance also includes anticipated capital spending of $10.0 billion - $12.0 billion, inclusive of the company's battery cell manufacturing joint ventures.

Higher quarterly dividend rate and share repurchase authorization
GM announced today that its Board of Directors has approved a $0.03 per share increase in the quarterly common stock dividend rate to $0.18 per share. GM declared a quarterly cash dividend on the company’s outstanding common stock at the new rate of $0.18 per share, payable March 19, 2026 to holders of common stock at the close of trading on March 6, 2026.
The company also announced that its Board has approved a new $6.0 billion share repurchase authorization.
“For several years now, GM’s strong brands and winning vehicles, as well as our technology-driven services and operating discipline, have delivered consistently strong cash generation. This has allowed us to execute all phases of our capital allocation strategy, from investing in the business and our people, to maintaining a strong balance sheet and returning capital to shareholders,” said Mary Barra, Chair and CEO. “We believe that formula is sustainable, which is why we’re increasing our dividend and planning future share repurchases.”
The share repurchase program, which has no expiration date, will be executed in accordance with applicable securities laws and regulations and may be suspended or discontinued at any time at the company's discretion.
As of December 31, 2025, the company had 904 million shares outstanding, down from 995 million at the end of 2024, and 1.2 billion at the end of 2023.








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An overview of quarterly and yearly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:
•1-800-857-9821 (U.S.)
•1-517-308-9481 (international/caller-paid)
•Conference call passcode: General Motors
•An audio replay will be available on the GM Investor Relations website in the Events section.








2

Results Overview
Three Months Ended
$M except per share amountsDecember 31, 2025December 31, 2024Change% Change
Revenue$45,287 $47,702 $(2,415)(5.1)%
Net income (loss) attributable to stockholders$(3,310)$(2,961)$(349)(11.8)%
EBIT-adjusted$2,843 $2,509 $334 13.3 %
Net income margin(7.3)%(6.2)%(1.1) ppts(17.7)%
EBIT-adjusted margin6.3 %5.3 %1.0 ppts18.9 %
Automotive operating cash flow$5,606 $4,765 $841 17.6 %
Adjusted automotive free cash flow$2,755 $1,823 $933 51.2 %
EPS-diluted(a)
$(3.60)$(1.64)$(1.96)n.m.
EPS-diluted-adjusted$2.51 $1.92 $0.58 30.4 %
GMNA EBIT-adjusted$2,244 $2,274 $(30)(1.3)%
GMNA EBIT-adjusted margin6.1 %5.8 %0.3 ppts5.2 %
GMI EBIT-adjusted$278 $221 $56 25.4 %
China equity income (loss)$(513)$(4,060)$3,547 87.4 %
GM Financial EBT-adjusted$609 $719 $(109)(15.2)%
__________
(a)n.m. = not meaningful



Years Ended
$M except per share amountsDecember 31, 2025December 31, 2024Change% Change
Revenue$185,019 $187,442 $(2,422)(1.3)%
Net income attributable to stockholders$2,697 $6,008 $(3,311)(55.1)%
EBIT-adjusted$12,747 $14,934 $(2,187)(14.6)%
Net income margin1.5 %3.2 %(1.7) ppts(53.1)%
EBIT-adjusted margin6.9 %8.0 %(1.1) ppts(13.8)%
Automotive operating cash flow$18,733 $23,939 $(5,206)(21.7)%
Adjusted automotive free cash flow$10,595 $14,045 $(3,450)(24.6)%
EPS-diluted$3.27 $6.37 $(3.10)(48.7)%
EPS-diluted-adjusted$10.60 $10.60 $— — %
GMNA EBIT-adjusted$10,452 $14,528 $(4,077)(28.1)%
GMNA EBIT-adjusted margin6.8 %9.2 %(2.4) ppts(26.1)%
GMI EBIT-adjusted(a)$737 $303 $434 n.m.
China equity income (loss)$(316)$(4,407)$4,091 92.8 %
GM Financial EBT-adjusted$2,802 $2,965 $(163)(5.5)%
__________
(a)n.m. = not meaningful






3

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com
Ashish Kohli, CFA
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.







4

Final 2025 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
Year Ending
December 31, 2025
Net income attributable to stockholders$ 7.7-8.3
Income tax expense1.8-2.2
Automotive interest income, net(0.1)
Adjustments(a)2.6 
EBIT-adjusted$ 12.0-13.0


The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):
Year Ending
December 31, 2025
Net automotive cash provided by operating activities$ 19.2-21.2
Less: Capital expenditures10.0-11.0
Adjustments(a)0.8
Adjusted automotive free cash flow$ 10.0-11.0


The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:
Year Ending
December 31, 2025
Diluted earnings per common share$ 8.30-9.05
Adjustments(a)1.45
EPS-diluted-adjusted$ 9.75-10.50
__________
(a)Adjustments as of September 30, 2025. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 for full details. We do not consider the potential future impact of adjustments on our expected financial results.










5

2026 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
Year Ending
December 31, 2026
Net income attributable to stockholders$ 10.3-11.7
Income tax expense2.6-3.2
Automotive interest expense, net0.1 
EBIT-adjusted(a)$ 13.0-15.0


The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):
Year Ending
December 31, 2026
Net automotive cash provided by operating activities$ 19.0-23.0
Less: Capital expenditures10.0-12.0
Adjusted automotive free cash flow(a)$ 9.0-11.0
__________
(a)We do not consider the potential future impact of adjustments on our expected financial results.






6

General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Year Ended December 31, 2025Year Ended December 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$167,970 $1 $— $— $167,971 $171,605 $257 $— $(256)$171,606 
GM Financial— — 17,060 (12)17,048 — — 15,875 (40)15,836 
Total net sales and revenue 167,970 1 17,060 (12)185,019 171,605 257 15,875 (296)187,442 
Costs and expenses
Automotive and other cost of sales158,968 163 — (3)159,128 148,501 2,566 — (3)151,065 
GM Financial interest, operating, and other expenses— — 14,296 (1)14,295 — — 12,974 (1)12,972 
Automotive and other selling, general, and administrative expense8,580 111 — (4)8,687 9,898 727 — (4)10,621 
Total costs and expenses167,548 274 14,296 (8)182,110 158,399 3,293 12,974 (8)174,658 
Operating income (loss)422 (273)2,764 (4)2,909 13,206 (3,036)2,902 (288)12,784 
Automotive interest expense724 30 — (27)727 845 189 — (189)846 
Interest income and other non-operating income, net1,557 2 (1)(23)1,535 1,124 35 (1)99 1,257 
Equity income (loss)(639)— 39 — (600)(4,419)— (256)— (4,675)
Income (loss) before income taxes617 (301)2,802 — 3,117 9,065 (3,191)2,645 — 8,519 
Income tax expense (benefit)338 2,556 
Net income (loss)2,780 5,963 
Net loss (income) attributable to noncontrolling interests(83)45 
Net income (loss) attributable to stockholders$2,697 $6,008 
Net income (loss) attributable to common stockholders$3,180 $7,189 
















__________

1 Certain columns and rows may not add due to rounding.






7

General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Basic earnings per share
Net income (loss) attributable to stockholders$(3,310)$(2,961)$2,697 $6,008 
Adjustments(a)(20)1,236 483 1,181 
Net income (loss) attributable to common stockholders$(3,330)$(1,725)$3,180 $7,189 
Weighted-average common shares outstanding925 1,055 955 1,115 
Basic earnings per common share$(3.60)$(1.64)$3.33 $6.45 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$(3,330)$(1,725)$3,180 $7,189 
Weighted-average common shares outstanding – diluted925 1,055 973 1,129 
Diluted earnings per common share$(3.60)$(1.64)$3.27 $6.37 
Potentially dilutive securities(b)30 36 — — 
__________    
(a)Includes returns from preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders of $593 million in the year ended December 31, 2025 and $1.2 billion in the three months and year ended December 31, 2024.
(b)Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance stock units at December 31, 2025 and 2024 were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.






8

General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
December 31, 2025December 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$15,062 $56 $5,826 $— $20,945 $14,470 $308 $5,094 $— $19,872 
Marketable debt securities6,685 — 39 — 6,724 7,265 — — — 7,265 
Accounts and notes receivable, net(a)12,199 76 1,506 (727)13,054 11,498 22 1,988 (681)12,827 
GM Financial receivables, net(d)— — 45,661 (395)45,266 — — 46,760 (398)46,362 
Inventories 14,472 — — (5)14,467 14,569 — — (5)14,564 
Other current assets3,167 9 5,130 6 8,312 2,816 38 4,799 2 7,655 
Total current assets51,585 141 58,162 (1,120)108,767 50,618 369 58,640 (1,082)108,545 
Non-current Assets
GM Financial receivables, net(c)— — 44,384 — 44,384 — — 46,750 (276)46,474 
Equity in net assets of nonconsolidated affiliates4,564 — 1,117 — 5,681 5,896 — 1,206 — 7,102 
Property, net 51,458 99 126 — 51,683 51,729 69 107 — 51,904 
Goodwill and intangible assets, net 3,018 — 1,348 — 4,366 2,642 570 1,339 — 4,551 
Equipment on operating leases, net— — 33,686 — 33,686 — — 31,586 — 31,586 
Deferred income taxes24,446 — (1,486)— 22,960 21,149 1,899 (1,795)— 21,254 
Other assets(b)8,226 47 1,483 — 9,756 9,340 41 1,323 (2,359)8,346 
Total non-current assets91,712 147 80,658 — 172,517 90,756 2,579 80,516 (2,635)171,216 
Total Assets$143,297 $288 $138,820 $(1,120)$281,284 $141,374 $2,948 $139,156 $(3,717)$279,761 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$24,075 $1 $491 $(649)$23,919 $25,446 $200 $714 $(681)$25,680 
Short-term debt and current portion of long-term debt
Automotive(a)(d)1,120 7 — (471)656 2,413 7 — (279)2,141 
GM Financial— — 35,012 — 35,012 — — 37,291 — 37,291 
Cruise(d)— — — — — — 119 — (119)— 
Accrued liabilities28,956 54 4,744 — 33,754 24,949 548 5,661 (4)31,154 
Total current liabilities54,151 63 40,248 (1,120)93,342 52,808 874 43,666 (1,082)96,265 
Non-current Liabilities
Long-term debt
Automotive(b)15,522 70 — — 15,591 13,288 2,397 — (2,359)13,327 
GM Financial — — 79,018 — 79,018 — — 76,973 — 76,973 
Cruise(c)— — — — — — 276 — (276)— 
Postretirement benefits other than pensions4,025 — — — 4,025 3,990 — — — 3,990 
Pensions 4,977 — 11 — 4,988 5,772 — 7 — 5,779 
Other liabilities17,495 281 3,375 — 21,151 14,635 297 2,904 — 17,836 
Total non-current liabilities42,019 351 82,404 — 124,775 37,686 2,970 79,885 (2,635)117,906 
Total Liabilities96,170 414 122,652 (1,120)218,116 90,494 3,844 123,551 (3,717)214,171 
Equity
Common stock, $0.01 par value9 — — — 9 10 — — — 10 
Additional paid-in capital(e)18,086 1,842 1,077 (1,076)19,928 19,632 1,187 1,196 (1,172)20,843 
Retained earnings37,024 (1,968)16,467 1 51,524 40,203 (2,647)15,916 1 53,472 
Accumulated other comprehensive loss(8,966)— (1,377)— (10,343)(9,744)(3)(1,506)— (11,253)
Total stockholders’ equity46,153 (126)16,167 (1,075)61,119 50,100 (1,464)15,606 (1,170)63,072 
Noncontrolling interests(e)974 — — 1,075 2,049 780 568 — 1,170 2,518 
Total Equity47,127 (126)16,167 — 63,168 50,880 (896)15,606 — 65,590 
Total Liabilities and Equity$143,297 $288 $138,820 $(1,120)$281,284 $141,374 $2,948 $139,156 $(3,717)$279,761 
__________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.2 billion due from GM Financial and Cruise at December 31, 2024.
(b)Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring, and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.
(c)Eliminations primarily related to intercompany loans due from Cruise to GM Financial.
(d)Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.
(e)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.






9

General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Year Ended December 31, 2025Year Ended December 31, 2024
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$1,081 $(302)$2,000 $— $2,780 $6,637 $(2,535)$1,862 $— $5,963 
Depreciation and impairment of Equipment on operating leases, net— — 4,942 — 4,942 — — 4,844 — 4,844 
Depreciation, amortization and impairment charges on Property, net9,584 29 34 — 9,646 6,549 958 38 — 7,545 
Foreign currency remeasurement and transaction (gains) losses353 — 10 — 363 (314)— (7)— (321)
Undistributed earnings and impairment of nonconsolidated affiliates, net1,662 — 123 — 1,785 3,708 — 411 — 4,118 
Pension contributions and OPEB payments(537)— (1)— (539)(1,517)— — — (1,518)
Pension and OPEB (income) expense, net27 — 2 — 29 88 — 2 — 89 
Provision (benefit) for deferred taxes(1,715)— 466 — (1,249)966 (656)1,059 — 1,368 
Change in other operating assets and liabilities(a)5,748 (557)1,243 2,623 9,056 4,978 693 (896)(6,304)(1,529)
Other operating activities(c)2,532 (144)(840)(1,495)54 2,846 (693)(883)(1,703)(433)
Net cash provided by (used in) operating activities18,733 (973)7,979 1,128 26,867 23,939 (2,233)6,429 (8,006)20,129 
Cash flows from investing activities
Expenditures for property(9,241)(10)(51)— (9,303)(10,711)(7)(24)(88)(10,830)
Available-for-sale marketable securities, acquisitions(2,303)— (37)— (2,339)(3,986)— — — (3,986)
Available-for-sale marketable securities, liquidations3,010 — 2 — 3,012 4,331 — — — 4,331 
Purchases of finance receivables(a)— — (36,752)7 (36,745)— — (42,792)6,444 (36,348)
Principal collections and recoveries on finance receivable(a)(b)— — 38,004 (2,894)35,109 — — 31,783 1 31,784 
Proceeds from sale of finance receivables— — 2,005 — 2,005 — — — — — 
Purchases of leased vehicles— — (15,793)— (15,793)— — (15,279)— (15,279)
Proceeds from termination of leased vehicles— — 10,095 — 10,095 — — 10,892 — 10,892 
Other investing activities(b)(3,229)— — 1,054 (2,175)(2,448)— 2 1,365 (1,081)
Net cash provided by (used in) investing activities(11,763)(10)(2,527)(1,834)(16,134)(12,813)(7)(15,418)7,721 (20,517)
Cash flows from financing activities
Net increase (decrease) in short-term debt(11)— (301)— (312)16 — 112 — 128 
Proceeds from issuance of debt (original maturities greater than three months)(b)2,078 723 41,135 (746)43,191 83 1,118 53,398 (1,165)53,435 
Payments on debt (original maturities greater than three months)(1,923)(6)(43,662)— (45,591)(919)(8)(42,478)6 (43,399)
Payments to purchase common stock(6,012)— — — (6,012)(7,064)— — — (7,064)
Issuance (redemption) of subsidiary stock(b)— — — (29)(29)— 255 — (356)(101)
Dividends paid(c)(538)— (1,599)1,480 (657)(534)— (1,919)1,800 (653)
Other financing activities(42)— (138)— (180)(82)(161)(164)— (407)
Net cash provided by (used in) financing activities(6,449)717 (4,563)705 (9,590)(8,501)1,204 8,950 285 1,938 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash103 1 73 — 177 (374)— (128)— (503)
Net increase (decrease) in cash, cash equivalents, and restricted cash624 (266)962 — 1,320 2,251 (1,037)(167)— 1,047 
Cash, cash equivalents, and restricted cash at beginning of period14,561 322 8,081 — 22,964 12,310 1,359 8,249 — 21,917 
Cash, cash equivalents, and restricted cash at end of period$15,185 $56 $9,043 $— $24,284 $14,561 $322 $8,081 $— $22,964 
__________
(a)Includes eliminations of $2.6 billion and $6.4 billion in the years ended December 31, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the years ended December 31, 2025 and 2024.
(c)Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2025 and 2024.
Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.







10

General Motors Company and Subsidiaries1
The following tables summarize key financial information (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended December 31, 2025
Net sales and revenue$36,893 $4,029 $65 $(1)$40,986 $— $4,304 $(3)$45,287 
Expenditures for property$2,958 $183 $47 $— $3,188 $8 $25 $— $3,220 
Depreciation and amortization$1,556 $119 $4 $— $1,679 $— $1,275 $— $2,954 
Impairment charges$1,527 $20 $— $— $1,547 $— $— $— $1,547 
Equity income (loss)(a)(b)$89 $(514)$(77)$— $(502)$— $2 $— $(500)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended December 31, 2024
Net sales and revenue$39,528 $3,994 $76 $— $43,598 $181 $4,114 $(191)$47,702 
Expenditures for property$3,046 $157 $12 $— $3,215 $2 $8 $7 $3,233 
Depreciation and amortization$1,548 $103 $27 $— $1,678 $7 $1,221 $— $2,905 
Impairment charges$— $— $— $— $— $328 $— $— $328 
Equity income (loss)(a)(b)$190 $(4,057)$— $— $(3,867)$— $(311)$— $(4,178)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Year Ended December 31, 2025
Net sales and revenue$154,317 $13,427 $227 $(1)$167,970 $1 $17,060 $(12)$185,019 
Expenditures for property$8,687 $457 $97 $— $9,241 $10 $51 $— $9,303 
Depreciation and amortization$6,489 $466 $43 $— $6,999 $5 $4,976 $— $11,980 
Impairment charges$2,571 $38 $— $— $2,609 $— $— $— $2,609 
Equity income (loss)(a)(b)$558 $(306)$(108)$— $145 $— $39 $— $184 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Year Ended December 31, 2024
Net sales and revenue$157,509 $13,890 $206 $— $171,605 $257 $15,875 $(296)$187,442 
Expenditures for property$10,266 $415 $30 $— $10,711 $7 $24 $88 $10,830 
Depreciation and amortization$5,963 $506 $80 $— $6,548 $25 $4,883 $— $11,456 
Impairment charges$— $— $— $— $— $933 $— $— $934 
Equity income (loss)(a)(b)$955 $(4,400)$— $— $(3,445)$— $(256)$— $(3,701)
__________
(a)Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $(0.5) billion and $(0.3) billion in the three months and year ended December 31, 2025 and $(4.1) billion and $(4.4) billion in the three months and year ended December 31, 2024.
(b)Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity income (loss) related to Ultium Cells Holdings LLC was $319 million and $186 million in the three months ended December 31, 2025 and 2024 and $784 million and $975 million in the years ended December 31, 2025 and 2024.







11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.










12


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Net income (loss) attributable to stockholders(a)$(3,310)$(2,961)$2,697 $6,008 
Income tax expense(989)318 338 2,556 
Automotive interest expense167 215 727 846 
Automotive interest income(242)(279)(854)(967)
Adjustments
EV strategic realignment(b)5,992 — 7,914 — 
China restructuring actions(c)702 4,010 842 4,010 
Legal matters(d)357 — 657 — 
Cruise restructuring(e)133 520 223 1,103 
Separation costs(f)— 10 87 200 
GMI exit costs(g)28 4 61 150 
Headquarters relocation(h)5 30 55 64 
Buick dealer strategy(i)— 643 — 964 
Total adjustments7,217 5,217 9,839 6,491 
EBIT-adjusted2,843 2,509 12,747 14,934 
Operating segments
GM North America (GMNA)2,244 2,274 10,452 14,528 
GM International (GMI)278 221 737 303 
Cruise— (418)(273)(1,701)
GM Financial(j)609 719 2,802 2,965 
Total operating segments3,131 2,796 13,718 16,095 
Corporate and eliminations(k)(288)(287)(972)(1,161)
EBIT-adjusted$2,843 $2,509 $12,747 $14,934 
__________
(a)Net of net loss (income) attributable to noncontrolling interests.
(b)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint. These adjustments include $0.3 billion that was recorded in the three months ended June 30, 2025 associated with Ultium's strategic realignment.
(c)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.
(d)These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product and an indemnification charge for a European-wide Takata Corporation related recall.
(e)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin, and the voluntary pausing in 2023 of Cruise's driverless, supervised, and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.
(f)These adjustments were excluded because they relate to employee separation charges including the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
(g)These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Colombia and Ecuador and an asset sale resulting from our strategic decision in 2020 to exit India.
(h)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.
(i)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.
(j)GM Financial amounts represent EBT-adjusted.
(k)GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.







13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings (loss) per common share$(3,330)$(3.60)$(1,725)$(1.64)$3,180 $3.27 $7,189 $6.37 
Impact of including dilutive securities(a)0.09 0.03 — — 
Adjustments(b)7,217 7.60 5,217 4.85 9,839 10.12 6,491 5.75 
Tax effect on adjustments(c)(1,509)(1.59)(187)(0.17)(2,115)(2.17)(477)(0.42)
Return from preferred shareholders(d)— — (1,239)(1.15)(593)(0.61)(1,239)(1.10)
EPS-diluted-adjusted$2,378 $2.51 $2,066 $1.92 $10,311 $10.60 $11,963 $10.60 
__________
(a)Represents the dilutive effect of awards under stock incentive plans. Refer to the table below for the effect on weighted-average common shares outstanding — diluted-adjusted.
(b)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(c)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(d)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the year ended December 31, 2025 and the three months and year ended December 31, 2024.

The following table reconciles weighted-average common shares outstanding — diluted to weighted-average common shares outstanding — diluted-adjusted used in the calculation of EPS-diluted-adjusted (shares in millions):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Weighted-average common shares outstanding — diluted9251,0559731,129
Dilutive effect of awards under stock incentive plans24 20 — — 
Weighted-average common shares outstanding — diluted-adjusted949 1,075 973 1,129 

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Years Ended December 31,
20252024
Income before income taxesIncome tax expenseEffective tax rateIncome before income taxesIncome tax expenseEffective tax rate
Effective tax rate$3,117 $338 10.8 %$8,519 $2,556 30.0 %
Adjustments(a)9,839 2,115 6,564 477 
ETR-adjusted$12,956 $2,453 18.9 %$15,083 $3,033 20.1 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.


We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Years Ended December 31,
20252024
Net income attributable to stockholders$2.7 $6.0 
Average equity(a)$64.6 $68.9 
ROE4.2 %8.7 %
__________
(a)    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.







14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Years Ended December 31,
20252024
EBIT-adjusted(a)$12.7 $14.9 
Average equity(b)$64.6 $68.9 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.2 16.1 
Add: Average automotive net pension and OPEB liability8.5 9.4 
Less: Average automotive net income tax asset(23.2)(22.7)
ROIC-adjusted average net assets$66.0 $71.8 
ROIC-adjusted19.3 %20.8 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Net automotive cash provided by operating activities$5,606 $4,765 $18,733 $23,939 
Less: Capital expenditures(3,188)(3,215)(9,241)(10,711)
Add: Buick dealer strategy10 154 718 530 
Add: EV strategic realignment401 — 401 — 
Add: China restructuring actions207 — 217 — 
Add: Separation costs— 89 139 221 
Add: GMI exit costs— 30 12 65 
Less: Ultium strategic realignment(281)— (384)— 
Adjusted automotive free cash flow$2,755 $1,823 $10,595 $14,045 







15


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2025, 27.5% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
GMNA780 876 3,296 3,464 
GMI157 163 503 547 
Total937 1,039 3,799 4,010 

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on GM's percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.







16


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months EndedYears Ended
 December 31, 2025December 31, 2024December 31, 2025December 31, 2024
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,097 703 17.2 %4,329 755 17.4 %16,631 2,853 17.2 %16,356 2,705 16.5 %
Other1,020 124 12.2 %1,020 134 13.2 %4,027 507 12.6 %3,904 510 13.1 %
Total North America5,117 827 16.2 %5,349 889 16.6 %20,658 3,361 16.3 %20,260 3,215 15.9 %
Asia/Pacific, Middle East, and Africa
China(a)7,079 521 7.4 %8,284 599 7.2 %26,412 1,880 7.1 %26,408 1,839 7.0 %
Other5,701 169 3.0 %5,610 139 2.5 %22,368 538 2.4 %21,876 522 2.4 %
Total Asia/Pacific, Middle East, and Africa12,780 690 5.4 %13,894 738 5.3 %48,780 2,418 5.0 %48,284 2,360 4.9 %
South America
Brazil779 84 10.8 %776 92 11.9 %2,688 276 10.3 %2,634 315 12.0 %
Other411 32 7.7 %356 27 7.7 %1,679 126 7.5 %1,347 109 8.1 %
Total South America1,190 116 9.7 %1,132 119 10.5 %4,367 403 9.2 %3,981 424 10.7 %
Total in GM markets19,087 1,633 8.6 %20,375 1,747 8.6 %73,805 6,182 8.4 %72,524 6,000 8.3 %
Total Europe4,312 — — %4,224 1 — %16,925 2 — %16,765 2 — %
Total Worldwide(b)23,399 1,633 7.0 %24,599 1,747 7.1 %90,730 6,184 6.8 %89,289 6,003 6.7 %
United States
Cars637 13 2.1 %739 37 5.0 %2,719 57 2.1 %2,946 178 6.0 %
Trucks1,178 402 34.1 %1,199 396 33.1 %4,592 1,517 33.0 %4,336 1,383 31.9 %
Crossovers2,282 288 12.6 %2,392 322 13.5 %9,320 1,280 13.7 %9,074 1,144 12.6 %
Total United States4,097 703 17.2 %4,329 755 17.4 %16,631 2,853 17.2 %16,356 2,705 16.5 %
China(a)
SGMS131 152 512 524 
SGMW390 447 1,368 1,315 
Total7,079 521 7.4 %8,284 599 7.2 %26,412 1,880 7.1 %26,408 1,839 7.0 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months EndedYears Ended
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
GMNA170 168 667 615 
GMI150 127 427 401 
Total fleet sales320 295 1,094 1,016 
Fleet sales as a percentage of total vehicle sales19.6 %16.9 %17.7 %16.9 %
North America capacity two-shift utilization104.7 %103.5 %113.7 %105.7 %






17