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

Rhea-AI Summary

General Motors (NYSE: GM) reported full-year 2025 net income attributable to stockholders of $2.7 billion and EBIT-adjusted $12.7 billion, with fourth-quarter 2025 net income a loss of $3.3 billion and EBIT-adjusted of $2.8 billion. Fourth-quarter results included >$7.2 billion of special charges tied to EV capacity realignment and policy changes. GM provided 2026 guidance calling for $10.3–11.7 billion net income, $13.0–15.0 billion EBIT-adjusted, and capex of $10.0–12.0 billion. The Board raised the quarterly dividend 20% to $0.18 per share and approved a new $6.0 billion share repurchase authorization. Shares outstanding were 904 million as of Dec 31, 2025.

Positive

• Quarterly dividend increased 20% to $0.18 per share
• New $6.0 billion share repurchase authorization approved
• 2026 net income guidance of $10.3–11.7 billion
• 2026 EBIT-adjusted guidance of $13.0–15.0 billion
• Adjusted automotive free cash flow of $10.6 billion in 2025

Negative

• Q4 2025 net loss of $3.3 billion
• More than $7.2 billion of special charges in Q4 2025
• 2025 net income down 55% YoY to $2.7 billion
• Automotive operating cash flow down 21.7% YoY to $18.7 billion

Market Reaction

+8.10% $85.86 1.7x vol

15m delay 45 alerts

+8.10% Since News

$85.86 Last Price

$82.41 $87.19 Day Range

+$6.00B Valuation Impact

$80.10B Market Cap

1.7x Rel. Volume

Following this news, GM has gained 8.10%, reflecting a notable positive market reaction. Our momentum scanner has triggered 45 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $85.86. This price movement has added approximately $6.00B to the company's valuation. Trading volume is above average at 1.7x the average, suggesting increased trading activity.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

2025 net income: $2.7 billion 2025 EBIT-adjusted: $12.7 billion Q4 2025 net loss: $3.3 billion +5 more

8 metrics

2025 net income $2.7 billion Full-year 2025 net income attributable to stockholders

2025 EBIT-adjusted $12.7 billion Full-year 2025 EBIT-adjusted result vs prior guidance range

Q4 2025 net loss $3.3 billion Fourth-quarter 2025 net income attributable to stockholders

Special charges More than $7.2 billion Q4 2025 EV capacity realignment and policy-driven charges

Quarterly dividend $0.18 per share New rate, 20% higher than prior quarterly dividend

Share repurchase $6.0 billion New share repurchase authorization with no expiration date

2025 EPS-diluted $3.27 Full-year 2025 diluted EPS

2026 EPS guidance $11.00–$13.00 2026 EPS-diluted and EPS-diluted-adjusted guidance range

Market Reality Check

Price: $79.43 Vol: Volume 10,835,549 is 1.41...

normal vol

$79.43 Last Close

Volume Volume 10,835,549 is 1.41x the 20-day average of 7,691,313, indicating elevated pre-news activity. normal

Technical Price at $79.43 is trading above the 200-day MA of $60.26 and 6.75% below the 52-week high.

Peers on Argus

GM slipped 0.31% with elevated volume, while key peers like F, HMC, and STLA fel...

GM slipped 0.31% with elevated volume, while key peers like F, HMC, and STLA fell between 0.76–1.02%. RACE was modestly lower and LI gained 0.89%, pointing to stock-specific positioning rather than a uniform auto-sector move.

Historical Context

4 past events · Latest: Oct 21 (Positive)

Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Oct 21	Earnings and guidance	Positive	+14.9%	Q3 2025 beat on EBIT-adjusted and raised full-year 2025 guidance ranges.
Oct 20	Dividend declaration	Positive	-0.7%	Announced $0.15 quarterly dividend with slightly negative next-day price move.
Sep 25	CSR donation	Positive	+1.1%	BrightDrop EV van donation and multimillion-dollar support for American Red Cross.
Sep 9	EV charging buildout	Positive	-0.3%	Expansion to 200+ fast-charging locations and ~850 stalls across nearly 40 states.

Pattern Detected

Recent GM headlines skew positive, but price reactions have been mixed, with strong rallies on upbeat earnings/guidance and occasional pullbacks or flat trading on dividends and strategic partnerships.

Recent Company History

Over the past few months, GM news has centered on financial performance, capital returns, and strategic EV initiatives. On Oct 21, 2025, Q3 results with raised 2025 guidance saw a +14.86% move. A dividend declaration on Oct 20, 2025 and EV charging expansion on Sep 9, 2025 drew muted to slightly negative reactions. Philanthropic and partnership updates in September saw modest gains, underscoring selective investor enthusiasm.

Market Pulse Summary

The stock is up +8.1% following this news. A strong positive reaction aligns with the combination of...

Analysis

The stock is up +8.1% following this news. A strong positive reaction aligns with the combination of robust 2026 guidance and stepped-up capital returns. GM delivered $12.7 billion in 2025 EBIT-adjusted and introduced a $6.0 billion buyback plus a 20% dividend increase to $0.18. However, sizeable 2025 special charges of over $7.2 billion and prior-year net income declines highlight execution and demand risks that could temper longer-term enthusiasm.

Key Terms

form 10-k, form 10-q

2 terms

form 10-k regulatory

"many of which are described in our most recent Annual Report on Form 10-K and our other filings"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

form 10-q regulatory

"See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 for full details."

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

AI-generated analysis. Not financial advice.

DETROIT, Jan. 27, 2026 /PRNewswire/ -- 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 Guidance	2025 Results	2026 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. 

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.

Results Overview

	Three Months Ended
$M except per share amounts	December 31, 2025	December 31, 2024	Change	% 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 margin	6.3 %	5.3 %	1.0 ppts	18.9 %
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 margin	6.1 %	5.8 %	0.3 ppts	5.2 %
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 amounts	December 31, 2025	December 31, 2024	Change	% 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 margin	1.5 %	3.2 %	(1.7) ppts	(53.1) %
EBIT-adjusted margin	6.9 %	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 margin	6.8 %	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

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.

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.

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 expense	1.8-2.2
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 expenditures	10.0-11.0
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.

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 expense	2.6-3.2
Automotive interest expense, net	0.1
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 expenditures	10.0-12.0
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.

 

General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
	Year Ended December 31, 2025										Year Ended December 31, 2024
	Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined
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    sales	158,968		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    expense	8,580		111		—		(4)		8,687		9,898		727		—		(4)		10,621
Total costs and expenses	167,548		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 expense	724		30		—		(27)		727		845		189		—		(189)		846
Interest income and other non-    operating income, net	1,557		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    taxes	617		(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.

 

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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 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 outstanding	925		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 – diluted	925		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.

 

General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
	December 31, 2025										December 31, 2024
	Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined
ASSETS
Current Assets
Cash and cash equivalents	$ 15,062		$     56		$     5,826		$              —		$  20,945		$ 14,470		$   308		$     5,094		$              —		$  19,872
Marketable debt securities	6,685		—		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 assets	3,167		9		5,130		6		8,312		2,816		38		4,799		2		7,655
Total current assets	51,585		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      affiliates	4,564		—		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 taxes	24,446		—		(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 assets	91,712		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 liabilities	28,956		54		4,744		—		33,754		24,949		548		5,661		(4)		31,154
Total current liabilities	54,151		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      pensions	4,025		—		—		—		4,025		3,990		—		—		—		3,990
Pensions	4,977		—		11		—		4,988		5,772		—		7		—		5,779
Other liabilities	17,495		281		3,375		—		21,151		14,635		297		2,904		—		17,836
Total non-current liabilities	42,019		351		82,404		—		124,775		37,686		2,970		79,885		(2,635)		117,906
Total Liabilities	96,170		414		122,652		(1,120)		218,116		90,494		3,844		123,551		(3,717)		214,171
Equity
Common stock, $0.01 par value	9		—		—		—		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 earnings	37,024		(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' equity	46,153		(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 Equity	47,127		(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.

 

General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
	Year Ended December 31, 2025										Year Ended December 31, 2024
	Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Combined
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, net	9,584		29		34		—		9,646		6,549		958		38		—		7,545
Foreign currency remeasurement and      transaction (gains) losses	353		—		10		—		363		(314)		—		(7)		—		(321)
Undistributed earnings and impairment of      nonconsolidated affiliates, net	1,662		—		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, net	27		—		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    activities	18,733		(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,      liquidations	3,010		—		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 cash	103		1		73		—		177		(374)		—		(128)		—		(503)
Net increase (decrease) in cash, cash      equivalents, and restricted cash	624		(266)		962		—		1,320		2,251		(1,037)		(167)		—		1,047
Cash, cash equivalents, and restricted cash at      beginning of period	14,561		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.

 

The following tables summarize key financial information (dollars in millions):
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
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)
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
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)
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
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
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
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.

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.

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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 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 expense	167		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 adjustments	7,217		5,217		9,839		6,491
EBIT-adjusted	2,843		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 segments	3,131		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.

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):

	Three Months Ended								Years Ended
	December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per 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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Weighted-average common shares outstanding — diluted	925		1,055		973		1,129
Dilutive effect of awards under stock incentive plans	24		20		—		—
Weighted-average common shares outstanding — diluted-adjusted	949		1,075		973		1,129

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):

	Years Ended December 31,
	2025						2024
	Income before income taxes		Income tax expense		Effective tax rate		Income before income taxes		Income tax expense		Effective 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,
	2025		2024
Net income attributable to stockholders	$          2.7		$          6.0
Average equity(a)	$        64.6		$        68.9
ROE	4.2 %		8.7 %

__________
(a)	Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions):

	Years Ended December 31,
	2025		2024
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 liability	8.5		9.4
Less: Average automotive net income tax asset	(23.2)		(22.7)
ROIC-adjusted average net assets	$        66.0		$        71.8
ROIC-adjusted	19.3 %		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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 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 strategy	10		154		718		530
Add: EV strategic realignment	401		—		401		—
Add: China restructuring actions	207		—		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

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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
GMNA	780		876		3,296		3,464
GMI	157		163		503		547
Total	937		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.

 The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

	Three Months Ended												Years Ended
	December 31, 2025						December 31, 2024						December 31, 2025						December 31, 2024
	Industry		GM		Market Share		Industry		GM		Market Share		Industry		GM		Market Share		Industry		GM		Market Share
North America
United States	4,097		703		17.2 %		4,329		755		17.4 %		16,631		2,853		17.2 %		16,356		2,705		16.5 %
Other	1,020		124		12.2 %		1,020		134		13.2 %		4,027		507		12.6 %		3,904		510		13.1 %
Total North America	5,117		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 %
Other	5,701		169		3.0 %		5,610		139		2.5 %		22,368		538		2.4 %		21,876		522		2.4 %
Total Asia/Pacific,      Middle East, and      Africa	12,780		690		5.4 %		13,894		738		5.3 %		48,780		2,418		5.0 %		48,284		2,360		4.9 %
South America
Brazil	779		84		10.8 %		776		92		11.9 %		2,688		276		10.3 %		2,634		315		12.0 %
Other	411		32		7.7 %		356		27		7.7 %		1,679		126		7.5 %		1,347		109		8.1 %
Total South America	1,190		116		9.7 %		1,132		119		10.5 %		4,367		403		9.2 %		3,981		424		10.7 %
Total in GM markets	19,087		1,633		8.6 %		20,375		1,747		8.6 %		73,805		6,182		8.4 %		72,524		6,000		8.3 %
Total Europe	4,312		—		— %		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
Cars	637		13		2.1 %		739		37		5.0 %		2,719		57		2.1 %		2,946		178		6.0 %
Trucks	1,178		402		34.1 %		1,199		396		33.1 %		4,592		1,517		33.0 %		4,336		1,383		31.9 %
Crossovers	2,282		288		12.6 %		2,392		322		13.5 %		9,320		1,280		13.7 %		9,074		1,144		12.6 %
Total United States	4,097		703		17.2 %		4,329		755		17.4 %		16,631		2,853		17.2 %		16,356		2,705		16.5 %
China(a)
SGMS			131						152						512						524
SGMW			390						447						1,368						1,315
Total	7,079		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 Ended				Years Ended
	December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2024
GMNA	170		168		667		615
GMI	150		127		427		401
Total fleet sales	320		295		1,094		1,016
Fleet sales as a percentage of total vehicle sales	19.6 %		16.9 %		17.7 %		16.9 %
North America capacity two-shift utilization	104.7 %		103.5 %		113.7 %		105.7 %

 

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SOURCE General Motors

FAQ

What did GM (NYSE: GM) report for full-year 2025 net income?

GM reported full-year 2025 net income attributable to stockholders of $2.7 billion.

How much did GM raise its quarterly dividend and when is it payable?

The Board raised the quarterly dividend 20% to $0.18 per share, payable on March 19, 2026 to holders of record on March 6, 2026.

What is GM's 2026 net income and EBIT-adjusted guidance?

GM guided 2026 net income of $10.3–11.7 billion and EBIT-adjusted of $13.0–15.0 billion.

How large is GM's new share repurchase authorization announced Jan. 27, 2026?

The Board approved a new $6.0 billion share repurchase authorization with no expiration date.

What drove GM's fourth-quarter 2025 special charges?

Q4 special charges of more than $7.2 billion were driven primarily by EV capacity realignment and related investments, and U.S. policy changes.

How did GM's automotive cash flow and free cash flow perform in 2025?

Automotive operating cash flow was $18.7 billion (down 21.7% YoY) and adjusted automotive free cash flow was $10.6 billion in 2025.