GM releases 2025 second-quarter results

Rhea-AI Summary

General Motors (NYSE: GM) reported Q2 2025 financial results showing mixed performance. Revenue decreased 1.8% to $47.1 billion, while net income fell 35.4% to $1.9 billion. EBIT-adjusted declined 31.6% to $3.0 billion, with margins contracting to 6.4% from 9.3% year-over-year.

The company's North American operations (GMNA) saw significant declines, with EBIT-adjusted dropping 45.5% to $2.4 billion. However, GM International operations improved, and China equity income turned positive at $71 million compared to a loss last year. GM Financial's EBT-adjusted decreased 14.4% to $704 million.

Despite the quarterly performance, GM maintained its full-year 2025 guidance, projecting net income of $7.7-9.5 billion and EBIT-adjusted of $10.0-12.5 billion.

Positive

• Maintained full-year 2025 financial guidance despite challenges
• GMI operations turned profitable with EBIT-adjusted of $204M
• China operations recovered to $71M profit from previous year's loss
• Strong automotive operating cash flow of $4.7B
• Solid cash position with $22.4B in cash and cash equivalents

Negative

• Revenue declined 1.8% year-over-year to $47.1B
• Net income dropped 35.4% to $1.9B
• EBIT-adjusted margin contracted to 6.4% from 9.3%
• GMNA EBIT-adjusted fell 45.5% to $2.4B
• Adjusted automotive free cash flow decreased 46.6% to $2.8B

Insights

Financial Analyst

GM's Q2 shows significant profit decline across all key metrics despite maintaining full-year guidance.

GM's Q2 2025 results reveal a concerning trend of margin compression and profit deterioration. Revenue declined 1.8% to $47.1 billion, but more alarmingly, net income plummeted 35.4% to $1.9 billion. The EBIT-adjusted figure fell 31.6% to $3.0 billion, with margins contracting by 290 basis points to 6.4%.

The North American market, GM's traditional profit engine, showed substantial weakness with EBIT-adjusted dropping 45.5% to $2.4 billion and margins contracting nearly 500 basis points to 6.1%. This suggests pricing pressure, higher costs, or unfavorable product mix affecting the core business.

Cash generation deteriorated significantly, with adjusted automotive free cash flow down 46.6% to $2.8 billion, indicating weaker operational efficiency. The EPS decline of 25.1% to $1.91 was somewhat mitigated by share repurchases, as evidenced by the lower share count.

The bright spot came from international operations, particularly China, which swung from a $104 million loss to $71 million in equity income. While GM Financial also saw profitability decline by 14.4%, its performance was relatively better than automotive operations.

Despite these significant declines, management maintained full-year guidance of $10.0-12.5 billion in EBIT-adjusted and $7.5-10.0 billion in adjusted automotive free cash flow. This implies a substantial second-half improvement to offset first-half weakness, raising questions about the achievability of these targets given current trends.

DETROIT, July 22, 2025 /PRNewswire/ -- General Motors (NYSE: GM) today reported second-quarter 2025 revenue of $47.1 billion, net income attributable to stockholders of $1.9 billion, and EBIT-adjusted of $3.0 billion. GM's full-year financial guidance is unchanged.

An overview of quarterly 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. 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	June 30, 2025	June 30, 2024	Change	% Change
Revenue	$    47,122	$     47,969	$          (847)	(1.8) %
Net income attributable to stockholders	$      1,895	$       2,933	$       (1,038)	(35.4) %
EBIT-adjusted	$      3,037	$       4,438	$       (1,401)	(31.6) %
Net income margin	4.0 %	6.1 %	(2.1) ppts	(34.4) %
EBIT-adjusted margin	6.4 %	9.3 %	(2.9) ppts	(31.2) %
Automotive operating cash flow	$      4,653	$       7,713	$       (3,060)	(39.7) %
Adjusted automotive free cash flow	$      2,827	$       5,297	$       (2,470)	(46.6) %
EPS-diluted	$        1.91	$         2.55	$         (0.64)	(25.1) %
EPS-diluted-adjusted	$        2.53	$         3.06	$         (0.53)	(17.3) %
GMNA EBIT-adjusted	$      2,415	$       4,433	$       (2,018)	(45.5) %
GMNA EBIT-adjusted margin	6.1 %	10.9 %	(4.8) ppts	(44.0) %
GMI EBIT-adjusted(a)	$         204	$            50	$           154	n.m.
China equity income (loss)(a)	$           71	$         (104)	$           175	n.m.
GM Financial EBT-adjusted	$         704	$          822	$          (118)	(14.4) %
‌
__________
(a)      n.m. = not meaningful

‌
	Six Months Ended
($M) except per share amounts	June 30, 2025	June 30, 2024	Change	% Change
Revenue	$     91,141	$     90,983	$           158	0.2 %
Net income attributable to stockholders	$       4,680	$       5,913	$       (1,233)	(20.9) %
EBIT-adjusted	$       6,527	$       8,310	$       (1,783)	(21.5) %
Net income margin	5.1 %	6.5 %	(1.4) ppts	(21.5) %
EBIT-adjusted margin	7.2 %	9.1 %	(1.9) ppts	(20.9) %
Automotive operating cash flow	$       7,057	$      11,311	$       (4,254)	(37.6) %
Adjusted automotive free cash flow	$       3,639	$       6,388	$       (2,749)	(43.0) %
EPS-diluted	$         5.28	$         5.10	$          0.18	3.5 %
EPS-diluted-adjusted	$         5.31	$         5.68	$         (0.37)	(6.5) %
GMNA EBIT-adjusted	$       5,702	$       8,273	$       (2,571)	(31.1) %
GMNA EBIT-adjusted margin	7.4 %	10.8 %	(3.4) ppts	(31.5) %
GMI EBIT-adjusted(a)	$          234	$           40	$           194	n.m.
China equity income (loss)(a)	$          116	$        (210)	$           326	n.m.
GM Financial EBT-adjusted	$       1,389	$      1,559	$          (170)	(10.9) %
‌
__________
(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.

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	$ 7.7-9.5
Income tax expense	1.6-2.3
Automotive interest income, net	(0.0)
Adjustments(a)	0.7
EBIT-adjusted	$ 10.0-12.5
‌
‌__________
‌(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected      financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

	Year Ending December 31, 2025
Diluted earnings per common share	$ 8.22-9.97
Adjustments(a)	0.03
EPS-diluted-adjusted	$ 8.25-10.00
‌
__________
(a) Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not  include the potential impact of future adjustments related to special items.

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	$ 17.0-20.5
Less: Capital expenditures	10.0-11.0
Adjustments	0.5
Adjusted automotive free cash flow(a)	$ 7.5-10.0
‌
__________
(a) These expected financial results do not include the potential impact of future adjustments related to special items.

 

General Motors Company and Subsidiaries1 Combining Income Statement Information (In millions) (Unaudited)
	Three Months Ended June 30, 2025										Three Months Ended June 30, 2024
	Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined
Net sales and revenue
Automotive	$ 42,869		$      —		$     —		$                —		$ 42,869		$ 44,060		$      25		$     —		$              (25)		$ 44,060
GM Financial	—		—		4,255		(2)		4,253		—		—		3,918		(10)		3,908
Total net sales and revenue	42,869		—		4,255		(2)		47,122		44,060		25		3,918		(35)		47,969
Costs and expenses
Automotive and other cost of      sales	39,289		—		—		(1)		39,289		37,592		1,023		—		—		38,615
GM Financial interest,      operating and other      expenses	—		—		3,567		—		3,567		—		—		3,109		—		3,109
Automotive and other selling,      general and      administrative expense	2,141		—		—		(2)		2,139		2,234		138		—		(1)		2,372
Total costs and expenses	41,431		—		3,567		(2)		44,995		39,827		1,161		3,109		(2)		44,096
Operating income (loss)	1,438		—		688		—		2,127		4,233		(1,136)		809		(33)		3,873
Automotive interest expense	199		—		—		(1)		198		206		112		—		(112)		206
Interest income and other non-      operating income, net	367		—		—		(1)		366		133		6		—		(79)		60
Equity income (loss)	64		—		16		—		80		(97)		—		14		—		(84)
Income (loss) before income      taxes	$   1,671		$      —		$   704		$                —		$   2,375		$   4,063		$  (1,242)		$   822		$                —		$   3,643
Income tax expense (benefit)									481										767
Net income (loss)									1,894										2,877
Net loss (income) attributable      to noncontrolling interests									1										57
Net income (loss)      attributable to      stockholders									$   1,895										$   2,933
Net income (loss)      attributable to common      stockholders									$   1,865										$   2,919

	Six Months Ended June 30, 2025										Six Months Ended June 30, 2024
	Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined
Net sales and revenue
Automotive	$ 82,729		$        1		$     —		$               —		$ 82,730		$ 83,272		$      51		$     —		$              (50)		$ 83,273
GM Financial	—		—		8,419		(7)		8,412		—		—		7,730		(19)		7,710
Total net sales and revenue	82,729		1		8,419		(7)		91,141		83,272		51		7,730		(69)		90,983
Costs and expenses
Automotive and other cost of      sales	74,318		163		—		(1)		74,480		71,189		1,422		—		(1)		72,611
GM Financial interest,      operating and other      expenses	—		—		7,058		—		7,058		—		—		6,215		(1)		6,215
Automotive and other selling,      general and administrative      expense	4,016		111		—		(2)		4,124		4,269		279		—		(1)		4,547
Total costs and expenses	78,334		274		7,058		(4)		85,662		75,459		1,701		6,215		(3)		83,372
Operating income (loss)	4,395		(273)		1,361		(4)		5,479		7,813		(1,650)		1,514		(66)		7,611
Automotive interest expense	351		30		—		(30)		350		425		128		—		(128)		425
Interest income and other non-      operating income, net	701		2		—		(26)		676		406		18		—		(62)		362
Equity income (loss)	114		—		28		—		142		(234)		—		45		—		(189)
Income (loss) before income      taxes	$   4,859		$  (301)		$  1,389		$                —		$   5,946		$   7,561		$  (1,761)		$  1,559		$                —		$   7,359
Income tax expense (benefit)									1,199										1,529
Net income (loss)									4,747										5,830
Net loss (income) attributable      to noncontrolling interests									(68)										83
Net income (loss)      attributable to      stockholders									$   4,680										$   5,913
Net income (loss)      attributable to common      stockholders									$   5,224										$   5,889
‌
________
1 Certain columns and rows may not add due to rounding.

 

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 Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Basic earnings per share
Net income (loss) attributable to stockholders	$               1,895		$               2,933		$               4,680		$               5,913
Adjustments(a)	(30)		(15)		544		(24)
Net income (loss) attributable to common stockholders	$               1,865		$               2,919		$               5,224		$               5,889
Weighted-average common shares outstanding	963		1,136		976		1,145
Basic earnings per common share	$                 1.94		$                 2.57		$                 5.35		$                 5.14
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted	$               1,865		$               2,919		$               5,224		$               5,889
Weighted-average common shares outstanding – diluted	976		1,147		989		1,155
Diluted earnings per common share	$                 1.91		$                 2.55		$                 5.28		$                 5.10
Potentially dilutive securities(b)	6		4		6		4
__________
(a)    Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest         holders in the six months ended June 30, 2025.
(b)    Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at June         30, 2025 and stock options and RSUs at June 30, 2024, were excluded from the computation of diluted earnings per share (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)
	June 30, 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	$   13,891		$      87		$  8,403		$                 —		$   22,381		$   14,470		$    308		$  5,094		$                 —		$   19,872
Marketable debt securities	6,958		—		—		—		6,958		7,265		—		—		—		7,265
Accounts and notes receivable, net(a)	15,817		237		1,678		(1,010)		16,722		11,498		22		1,988		(681)		12,827
GM Financial receivables, net(d)	—		—		44,797		(324)		44,473		—		—		46,760		(398)		46,362
Inventories	15,459		—		—		(5)		15,454		14,569		—		—		(5)		14,564
Other current assets	3,055		18		5,220		5		8,297		2,816		38		4,799		2		7,655
Total current assets	55,180		342		60,098		(1,335)		114,285		50,618		369		58,640		(1,082)		108,545
Non-current Assets
GM Financial receivables, net(c)	—		—		47,043		—		47,043		—		—		46,750		(276)		46,474
Equity in net assets of      nonconsolidated affiliates	4,846		—		1,257		—		6,103		5,896		—		1,206		—		7,102
Property, net	51,995		64		101		—		52,159		51,729		69		107		—		51,904
Goodwill and intangible assets, net	3,141		1		1,346		—		4,488		2,642		570		1,339		—		4,551
Equipment on operating leases, net	—		—		33,196		—		33,196		—		—		31,586		—		31,586
Deferred income taxes	23,045		—		(1,567)		—		21,478		21,149		1,899		(1,795)		—		21,254
Other assets(b)	9,176		35		1,420		—		10,631		9,340		41		1,323		(2,359)		8,346
Total non-current assets	92,204		99		82,796		—		175,099		90,756		2,579		80,516		(2,635)		171,216
Total Assets	$ 147,384		$    441		$  142,893		$           (1,335)		$ 289,384		$ 141,374		$ 2,948		$  139,156		$           (3,717)		$ 279,761
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable      (principally trade)(a)	$   27,356		$       2		$     493		$             (774)		$   27,077		$   25,446		$    200		$     714		$             (681)		$   25,680
Short-term debt and current portion of      long-term debt
Automotive(a)(d)	2,243		4		—		(561)		1,687		2,413		7		—		(279)		2,141
GM Financial	—		—		36,627		—		36,627		—		—		37,291		—		37,291
Cruise(d)	—		—		—		—		—		—		119		—		(119)		—
Accrued liabilities	23,534		194		4,693		—		28,421		24,949		548		5,661		(4)		31,154
Total current liabilities	53,133		200		41,813		(1,335)		93,812		52,808		874		43,666		(1,082)		96,265
Non-current Liabilities
Long-term debt
Automotive(b)	15,475		38		—		—		15,512		13,288		2,397		—		(2,359)		13,327
GM Financial	—		—		81,905		—		81,905		—		—		76,973		—		76,973
Cruise(c)	—		—		—		—		—		—		276		—		(276)		—
Postretirement benefits other than      pensions	3,989		—		—		—		3,989		3,990		—		—		—		3,990
Pensions	6,077		—		8		—		6,085		5,772		—		7		—		5,779
Other liabilities	16,144		287		3,191		—		19,622		14,635		297		2,904		—		17,836
Total non-current liabilities	41,685		325		85,104		—		127,113		37,686		2,970		79,885		(2,635)		117,906
Total Liabilities	94,818		524		126,917		(1,335)		220,925		90,494		3,844		123,551		(3,717)		214,171
Equity
Common stock, $0.01 par value	10		—		—		—		10		10		—		—		—		10
Additional paid-in capital(e)	18,725		1,861		1,137		(1,112)		20,610		19,632		1,187		1,196		(1,172)		20,843
Retained earnings	42,382		(1,945)		16,236		1		56,675		40,203		(2,647)		15,916		1		53,472
Accumulated other comprehensive      loss	(9,535)		—		(1,397)		—		(10,932)		(9,744)		(3)		(1,506)		—		(11,253)
Total stockholders' equity	51,581		(83)		15,976		(1,111)		66,363		50,100		(1,464)		15,606		(1,170)		63,072
Noncontrolling interests(e)	985		—		—		1,111		2,096		780		568		—		1,170		2,518
Total Equity	52,566		(83)		15,976		—		68,459		50,880		(896)		15,606		—		65,590
Total Liabilities and Equity	$ 147,384		$    441		$  142,893		$           (1,335)		$ 289,384		$ 141,374		$ 2,948		$  139,156		$           (3,717)		$ 279,761
__________
(a)     Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.1 billion primarily due from GM Financial; and           Cruise accounts receivable of $0.2 billion due from Automotive at June 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts           receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.
(b)     Eliminations primarily related to convertible note issued by Cruise to Automotive 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 at December 31, 2024.
(c)     Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.
(d)     Eliminations primarily related to GM Financial accounts receivable 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)
‌
	Six Months Ended June 30, 2025										Six Months Ended June 30, 2024
	Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined		Automotive		Cruise		GM Financial		Reclassifications /Eliminations		Combined
Cash flows from operating activities
Net income (loss)	$    4,040		$  (302)		$  1,008		$                 —		$    4,747		$    6,051		$  (1,366)		$  1,145		$                 —		$    5,830
Depreciation and impairment of      Equipment on operating leases, net	—		—		2,438		—		2,438		—		—		2,425		—		2,425
Depreciation, amortization and      impairment charges on Property, net	3,511		9		17		—		3,537		3,221		617		20		—		3,859
Foreign currency remeasurement and      transaction (gains) losses	251		—		11		—		262		(145)		—		(3)		—		(148)
Undistributed earnings of      nonconsolidated affiliates, net	611		—		(28)		—		583		(55)		—		(45)		—		(101)
Pension contributions and OPEB      payments	(308)		—		(1)		—		(309)		(430)		—		—		—		(430)
Pension and OPEB income, net	31		—		1		—		32		29		—		1		—		30
Provision (benefit) for deferred taxes	(3)		—		208		—		205		1,234		(396)		289		—		1,127
Change in other operating assets and      liabilities(a)(c)	(1,077)		(432)		410		2,573		1,473		1,406		(145)		(617)		(4,107)		(3,464)
Net cash provided by (used in)      operating activities	7,057		(725)		4,065		2,573		12,969		11,311		(1,291)		3,214		(4,107)		9,128
Cash flows from investing activities
Expenditures for property	(3,940)		(2)		(10)		—		(3,953)		(5,267)		(2)		(10)		(73)		(5,352)
Available-for-sale marketable      securities, acquisitions	(1,248)		—		—		—		(1,248)		(2,232)		—		—		—		(2,232)
Available-for-sale marketable      securities, liquidations	1,719		—		—		—		1,719		1,535		—		—		—		1,535
Purchases of finance receivables(a)	—		—		(19,270)		(6)		(19,275)		—		—		(20,016)		3,377		(16,639)
Principal collections and recoveries on      finance receivables(a)(b)	—		—		20,902		(3,616)		17,286		—		—		15,577		1		15,578
Purchases of leased vehicles	—		—		(8,591)		—		(8,591)		—		—		(7,489)		—		(7,489)
Proceeds from termination of leased      vehicles	—		—		5,326		—		5,326		—		—		6,157		—		6,157
Other investing activities(b)	(3,320)		—		—		898		(2,422)		(1,693)		—		—		1,147		(546)
Net cash provided by (used in)      investing activities	(6,790)		(2)		(1,642)		(2,724)		(11,158)		(7,656)		(2)		(5,781)		4,452		(8,987)
Cash flows from financing activities
Net increase (decrease) in short-term      debt	(13)		—		41		—		29		(2)		—		296		—		294
Proceeds from issuance of debt      (original maturities greater than      three months)(b)	2,018		499		28,650		(499)		30,668		20		960		29,350		(960)		29,370
Payments on debt (original maturities      greater than three months)	(571)		(3)		(26,722)		(20)		(27,316)		(52)		(7)		(23,815)		(29)		(23,904)
Payment to purchase common stock	(2,012)		—		—		—		(2,012)		(1,346)		—		—		—		(1,346)
Issuance (redemption) of subsidiary stock(b)	—		—		—		(29)		(29)		—		255		—		(255)		—
Dividends paid(c)	(260)		—		(759)		700		(319)		(275)		—		(959)		900		(334)
Other financing activities	(227)		—		(95)		—		(322)		(14)		(163)		(112)		—		(288)
Net cash provided by (used in)      financing activities	(1,064)		496		1,115		152		699		(1,668)		1,046		4,760		(345)		3,793
Effect of exchange rate changes on      cash, cash equivalents and      restricted cash	261		1		64		—		327		(173)		—		(58)		—		(231)
Net increase (decrease) in cash, cash      equivalents and restricted cash	(536)		(230)		3,602		—		2,836		1,814		(247)		2,135		—		3,702
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	$   14,025		$      92		$ 11,683		$                 —		$   25,800		$   14,123		$ 1,112		$ 10,384		$                 —		$   25,620
‌‌
‌‌__________
‌‌(a)     Includes eliminations of $3.3 billion in the six months ended June 30, 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 six months ended June 30, 2025 and 2024.
‌‌(c)     Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2025 and 2024.
‌‌Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

 

General Motors Company and Subsidiaries1
‌
‌The following tables summarize key financial information by segment (dollars in millions):
‌
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
Three Months Ended June 30, 2025
Net sales and revenue	$ 39,486		$   3,326		$        57		$           —		$     42,869		$        —		$   4,255		$                  (2)		$   47,122
Expenditures for property	$   2,014		$       89		$        28		$           —		$       2,131		$        —		$          6		$                 —		$     2,137
Depreciation and amortization	$   1,642		$      131		$          9		$           —		$       1,782		$        —		$   1,243		$                  —		$     3,026
Impairment charges	$        —		$       18		$        —		$           —		$           18		$        —		$        —		$                  —		$         18
Equity income (loss)(a)(b)	$       12		$       77		$       (14)		$           —		$           75		$        —		$       16		$                  —		$         91
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
Three Months Ended June 30, 2024
Net sales and revenue	$ 40,725		$   3,298		$        37		$           —		$     44,060		$       25		$   3,918		$                (35)		$   47,969
Expenditures for property	$   2,461		$       74		$          4		$           —		$       2,539		$      (10)		$         6		$                 35		$     2,569
Depreciation and amortization	$   1,515		$      147		$        20		$           —		$       1,682		$         7		$   1,192		$                  —		$     2,880
Impairment charges	$        —		$        —		$        —		$           —		$            —		$      605		$        —		$                  —		$        605
Equity income (loss)(a)(b)	$      330		$    (103)		$        —		$           —		$          227		$        —		$       14		$                  —		$        240
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
Six Months Ended June 30, 2025
Net sales and revenue	$ 76,873		$   5,753		$      103		$           —		$     82,729		$         1		$   8,419		$                  (7)		$   91,141
Expenditures for property	$   3,719		$      182		$        39		$           —		$       3,940		$         2		$       10		$                  —		$     3,953
Depreciation and amortization	$   3,230		$      233		$        36		$           —		$       3,499		$         5		$   2,456		$                  —		$     5,959
Impairment charges	$        —		$       18		$        —		$           —		$           18		$        —		$        —		$                  —		$         18
Equity income (loss)(a)(b)	$      255		$      125		$       (14)		$           —		$          366		$        —		$       28		$                  —		$        394
	GMNA		GMI		Corporate		Eliminations		Total Automotive		Cruise		GM Financial		Reclassifications/ Eliminations		Total
Six Months Ended June 30, 2024
Net sales and revenue	$ 76,824		$   6,380		$        68		$           —		$     83,272		$       51		$   7,730		$                (69)		$   90,983
Expenditures for property	$   5,091		$      167		$          8		$           —		$       5,267		$         2		$       10		$                 73		$     5,352
Depreciation and amortization	$   2,924		$      272		$        25		$           —		$       3,221		$       12		$   2,445		$                  —		$     5,678
Impairment charges	$        —		$        —		$        —		$           —		$            —		$      605		$        —		$                  —		$        605
Equity income (loss)(a)(b)	$      457		$    (211)		$        —		$           —		$          245		$        —		$       45		$                  —		$        291
‌
‌__________
‌(a)     Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $71 million and $116 million in the three and six months ended June 30,           2025 and $(104) million and $(210) million in the three and six months ended June 30, 2024.
‌(b)     Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are 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 (EVs). Equity earnings related to Ultium Cells           Holdings LLC were $11 million and $252 million in the three and six months ended June 30, 2025 and $324 million and $479 million in the three and six months ended June 30, 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 (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 do not provide an expected effective tax rate 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.

The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net income attributable to stockholders(a)	$                   1,895		$                   2,933		$                   4,680		$                   5,913
Income tax expense (benefit)	481		767		1,199		1,529
Automotive interest expense	198		206		350		425
Automotive interest income	(200)		(229)		(391)		(414)
Adjustments
Ultium strategic realignment(b)	330		—		330		—
China restructuring actions(c)	140		—		140		—
Restructuring actions(d)	87		—		87		—
Cruise restructuring(e)	65		583		65		583
GMI plant wind down(f)	33		103		33		103
Headquarters relocation(g)	8		—		34		—
Buick dealer strategy(h)	—		75		—		171
Total adjustments	663		761		689		857
EBIT-adjusted	3,037		4,438		6,527		8,310
Operating segments
GM North America (GMNA)	2,415		4,433		5,702		8,273
GM International (GMI)	204		50		234		40
Cruise	—		(458)		(273)		(900)
GM Financial(i)	704		822		1,389		1,559
Total operating segments	3,323		4,847		7,051		8,971
Corporate and eliminations(j)	(286)		(409)		(524)		(662)
EBIT-adjusted	$                   3,037		$                   4,438		$                   6,527		$                   8,310

‌

__________

(a)    Net of net loss attributable to noncontrolling interests.

(b)    These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right          manufacturing and cell capabilities in place to meet EV demand and expected growth.

(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 employee separation charges.

(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 the wind down of our manufacturing operations in Colombia and Ecuador.

(g)   These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

(h)   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.

(i)     GM Financial amounts represent EBT-adjusted.

(j)     GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate         expenditures 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								Six Months Ended
	June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
	Amount		Per Share		Amount		Per Share		Amount		Per Share		Amount		Per Share
Diluted earnings per common share	$  1,865		$    1.91		$  2,919		$    2.55		$  5,224		$    5.28		$  5,889		$    5.10
Adjustments(a)	663		0.68		761		0.66		689		0.70		857		0.74
Tax effect on adjustments(b)	(64)		(0.07)		(170)		(0.15)		(70)		(0.07)		(194)		(0.17)
Return from preferred shareholders(c)	—		—		—		—		(593)		(0.60)		—		—
EPS-diluted-adjusted	$  2,464		$    2.53		$  3,510		$    3.06		$  5,250		$    5.31		$  6,552		$    5.68

‌
__________
(a)	Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)	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.
(c)	This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

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

	Three Months Ended												Six Months Ended
	June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
	Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate		Income before income taxes		Income tax expense (benefit)		Effective tax rate
Effective tax rate	$ 2,375		$   481		20.2 %		$  3,643		$   767		21.0 %		$ 5,946		$   1,199		20.2 %		$ 7,359		$ 1,529		20.8 %
Adjustments(a)	663		64				828		170				689		70				924		194
ETR-adjusted	$ 3,038		$   545		17.9 %		$  4,471		$   937		20.9 %		$ 6,635		$   1,269		19.1 %		$ 8,283		$ 1,723		20.8 %

__________

(a)    Refer to the reconciliation of Net income 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):

	Four Quarters Ended
	June 30, 2025		June 30, 2024
Net income attributable to stockholders	$                   4.8		$                 11.1
Average equity(a)	$                 66.8		$                 70.4
ROE	7.1 %		15.7 %
__________
(a)    Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):

	Four Quarters Ended
	June 30, 2025		June 30, 2024
EBIT-adjusted(a)	$                 13.2		$                 13.6
Average equity(b)	$                 66.8		$                 70.4
Add: Average automotive debt and interest liabilities (excluding finance leases)	16.2		16.2
Add: Average automotive net pension & OPEB liability	8.9		9.3
Less: Average automotive and other net income tax asset	(22.8)		(22.1)
ROIC-adjusted average net assets	$                 69.1		$                 73.8
ROIC-adjusted	19.0 %		18.5 %
__________
(a)    Refer to the reconciliation of Net income 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				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Net automotive cash provided by operating activities	$          4,653		$           7,713		$             7,057		$           11,311
Less: Capital expenditures	(2,131)		(2,539)		(3,940)		(5,267)
Add: Buick dealer strategy	305		114		465		276
Add: Restructuring actions	86		—		139		—
Add: GMI plant wind down	8		9		12		9
Add: China restructuring actions	9		—		9		—
Less: Ultium strategic realignment	(103)		—		(103)		—
Add: Employee separation costs	—		—		—		58
Adjusted automotive free cash flow	$           2,827		$           5,297		$              3,639		$              6,388

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 six months ended June 30, 2025, 25.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
GMNA	849		903		1,676		1,695
GMI	125		140		209		243
Total	974		1,043		1,885		1,938

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) sales of courtesy transportation vehicles (i.e., 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 our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, 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 our 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												Six Months Ended
	June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
	Industry		GM		Market Share		Industry		GM		Market Share		Industry		GM		Market Share		Industry		GM		Market Share
North America
United States	4,297		747		17.4 %		4,181		696		16.7 %		8,329		1,440		17.3 %		8,026		1,290		16.1 %
Other	1,051		131		12.5 %		1,007		131		13.0 %		1,991		257		12.9 %		1,899		246		13.0 %
Total North America	5,348		878		16.4 %		5,188		827		15.9 %		10,321		1,697		16.4 %		9,925		1,537		15.5 %
Asia/Pacific, Middle East      and Africa
China(a)	6,592		448		6.8 %		5,883		373		6.3 %		12,403		890		7.2 %		11,538		814		7.1 %
Other	5,277		118		2.2 %		5,234		120		2.3 %		10,908		220		2.0 %		10,734		233		2.2 %
Total Asia/Pacific, Middle      East and Africa	11,869		566		4.8 %		11,117		493		4.4 %		23,312		1,110		4.8 %		22,273		1,047		4.7 %
South America
Brazil	647		64		9.9 %		629		84		13.4 %		1,199		120		10.0 %		1,143		141		12.3 %
Other	411		31		7.6 %		318		27		8.4 %		811		60		7.4 %		627		54		8.6 %
Total South America	1,058		95		9.0 %		947		111		11.7 %		2,010		180		8.9 %		1,770		195		11.0 %
Total in GM markets	18,275		1,539		8.4 %		17,252		1,431		8.3 %		35,642		2,987		8.4 %		33,968		2,778		8.2 %
Total Europe	4,387		—		— %		4,486		1		— %		8,639		1		— %		8,855		1		— %
Total Worldwide(b)	22,662		1,539		6.8 %		21,738		1,432		6.6 %		44,281		2,988		6.7 %		42,823		2,779		6.5 %
United States
Cars	709		15		2.1 %		769		53		6.9 %		1,416		32		2.3 %		1,476		103		7.0 %
Trucks	1,226		401		32.8 %		1,112		359		32.3 %		2,279		746		32.7 %		2,044		650		31.8 %
Crossovers	2,362		330		14.0 %		2,300		284		12.4 %		4,634		662		14.3 %		4,507		538		11.9 %
Total United States	4,297		747		17.4 %		4,181		696		16.7 %		8,329		1,440		17.3 %		8,026		1,290		16.1 %
China(a)
SGMS			132						120						251						275
SGMW			315						253						639						539
Total	6,592		447		6.8 %		5,883		373		6.3 %		12,403		890		7.2 %		11,538		814		7.1 %

__________
(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, Syria and certain regions of Ukraine are 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				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
GMNA	178		179		350		320
GMI	96		98		164		166
Total fleet sales	274		277		514		486
Fleet sales as a percentage of total vehicle sales	17.8 %		19.3 %		17.2 %		17.5 %
‌
North America capacity two-shift utilization	117.6 %		108.1 %		113.5 %		105.1 %

 

View original content:https://www.prnewswire.com/news-releases/gm-releases-2025-second-quarter-results-302510508.html

SOURCE General Motors

FAQ

What were GM's Q2 2025 earnings results?

GM reported Q2 2025 revenue of $47.1 billion, net income of $1.9 billion, and EBIT-adjusted of $3.0 billion. Earnings per share were $1.91 on a diluted basis.

How did GM's North American operations perform in Q2 2025?

GM North America (GMNA) EBIT-adjusted declined 45.5% to $2.4 billion, with margins falling to 6.1% from 10.9% year-over-year.

What is GM's financial guidance for 2025?

GM maintained its full-year guidance with projected net income of $7.7-9.5 billion, EBIT-adjusted of $10.0-12.5 billion, and adjusted automotive free cash flow of $7.5-10.0 billion.

How did GM's China operations perform in Q2 2025?

GM's China operations showed improvement with equity income of $71 million, compared to a loss of $104 million in Q2 2024.

What was GM's cash position in Q2 2025?

GM reported $22.4 billion in cash and cash equivalents, with automotive operating cash flow of $4.7 billion and adjusted automotive free cash flow of $2.8 billion.