General Motors (NYSE: GM) today reported third-quarter 2025 revenue of $48.6 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.4 billion.
GM is also updating its 2025 full-year earnings guidance:
Updated 2025 guidance Previous 2025 guidanceNet income attributable to stockholders $7.7 billion – $8.3 billion $7.7 billion – $9.5 billionEBIT-adjusted $12.0 billion – $13.0 billion $10.0 billion – $12.5 billionAutomotive operating cash flow $19.2 billion – $21.2 billion $17.0 billion – $20.5 billionAdjusted automotive free cash flow $10.0 billion – $11.0 billion $7.5 billion – $10.0 billionEPS-diluted $8.30 – $9.05 $8.22 – $9.97EPS-diluted-adjusted $9.75 – $10.50 $8.25 – $10.00
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for theinvestment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
— 1-800-857-9821 (U.S.)
— 1-517-308-9481 (international/caller-paid)
— Conference call passcode: General Motors
— An audio replay will be available on the GM Investor Relations website in the Events section.
Results Overview
Three Months Ended($M) except per share amounts September 30, September 30, Change % Change 2025 2024Revenue $ 48,591 $ 48,757 $ (166) (0.3)%Net income attributable to stockholders $ 1,327 $ 3,056 $ (1,729) (56.6)%EBIT-adjusted $ 3,376 $ 4,115 $ (739) (18.0)%Net income margin 2.7% 6.3% (3.6) ppts (57.1)%EBIT-adjusted margin 6.9% 8.4% (1.5) ppts (17.9)%Automotive operating cash flow $ 6,070 $ 7,863 $ (1,793) (22.8)%Adjusted automotive free cash flow $ 4,201 $ 5,834 $ (1,633) (28.0)%EPS-diluted $ 1.35 $ 2.68 $ (1.33) (49.6)%EPS-diluted-adjusted $ 2.80 $ 2.96 $ (0.16) (5.4)%GMNA EBIT-adjusted $ 2,506 $ 3,982 $ (1,476) (37.1)%GMNA EBIT-adjusted margin 6.2% 9.7% (3.5) ppts (36.1)%GMI EBIT-adjusted(a) $ 226 $ 42 $ 184 n.m.China equity income (loss)(a) $ 80 $ (137) $ 217 n.m.GM Financial EBT-adjusted $ 804 $ 687 $ 117 17.0%
(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 Updated PreviousNet income attributable to stockholders $ 7.7-8.3 $ 7.7-9.5Income tax expense 1.8-2.2 1.6-2.3Automotive interest income, net (0.1) (0.0)Adjustments(a) 2.6 0.7EBIT-adjusted $ 12.0-13.0 $ 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 Updated PreviousDiluted earnings per common share $ 8.30-9.05 $ 8.22-9.97Adjustments(a) 1.45 0.03EPS-diluted-adjusted $ 9.75-10.50 $ 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 Updated PreviousNet automotive cash provided by operating activities $ 19.2-21.2 $ 17.0-20.5Less: Capital expenditures 10.0-11.0 10.0-11.0Adjustments 0.8 0.5Adjusted automotive free cash flow(a) $ 10.0-11.0 $ 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 Subsidiaries1Combining Income Statement Information(In millions) (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined Financial /Eliminations Financial /EliminationsNet sales and revenueAutomotive $ 44,256 $ – $ – $ – $ 44,256 $ 44,735 $ 26 $ – $ (26) $ 44,735GM Financial – – 4,337 (2) 4,335 – – 4,031 (10) 4,021Total net sales and revenue 44,256 – 4,337 (2) 48,591 44,735 26 4,031 (36) 48,757Costs and expensesAutomotive and other cost of 41,937 – – (1) 41,936 38,768 240 – (1) 39,007salesGM Financial interest, – – 3,542 – 3,542 – – 3,354 – 3,353operating and otherexpensesAutomotive and other selling, 2,038 – – (1) 2,037 2,544 203 – (1) 2,745general andadministrative expenseTotal costs and expenses 43,975 – 3,542 (2) 47,515 41,312 442 3,354 (2) 45,105Operating income (loss) 281 – 795 – 1,076 3,424 (417) 678 (33) 3,651Automotive interest expense 206 – – 3 209 206 30 – (30) 206Interest income and other non- 473 – – 3 475 379 11 – 4 394operating income, netEquity income (loss) 68 – 9 – 77 (132) – 10 – (122)Income (loss) before income $ 615 $ – $ 804 $ – $ 1,419 $ 3,465 $ (435) $ 687 $ – $ 3,717taxesIncome tax expense (benefit) 127 709Net income (loss) 1,293 3,008Net loss (income) attributable 35 48to noncontrolling interestsNet income (loss) $ 1,327 $ 3,056attributable tostockholdersNet income (loss) $ 1,297 $ 3,029attributable to commonstockholders Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined Financial /Eliminations Financial /EliminationsNet sales and revenueAutomotive $ 126,985 $ 1 $ – $ – $ 126,986 $ 128,007 $ 76 $ – $ (76) $ 128,008GM Financial – – 12,756 (9) 12,747 – – 11,761 (29) 11,732Total net sales and revenue 126,985 1 12,756 (9) 139,732 128,007 76 11,761 (105) 139,740Costs and expensesAutomotive and other cost of 116,255 163 – (2) 116,416 109,958 1,662 – (2) 111,618salesGM Financial interest, – – 10,599 – 10,600 – – 9,569 (1) 9,568operating and otherexpensesAutomotive and other selling, 6,054 111 – (3) 6,161 6,813 482 – (3) 7,292general and administrativeexpenseTotal costs and expenses 122,309 274 10,599 (5) 133,177 116,771 2,144 9,569 (5) 128,478Operating income (loss) 4,676 (273) 2,156 (4) 6,555 11,237 (2,067) 2,192 (100) 11,262Automotive interest expense 557 30 – (27) 560 631 158 – (158) 631Interest income and other non- 1,174 2 (1) (23) 1,151 785 29 (1) (58) 756operating income, netEquity income (loss) 182 – 37 – 219 (366) – 55 – (311)Income (loss) before income $ 5,474 $ (301) $ 2,193 $ – $ 7,366 $ 11,026 $ (2,196) $ 2,246 $ – $ 11,076taxesIncome tax expense (benefit) 1,326 2,238Net income (loss) 6,040 8,837Net loss (income) attributable (33) 132to noncontrolling interestsNet income (loss) $ 6,007 $ 8,969attributable tostockholdersNet income (loss) $ 6,510 $ 8,914attributable to commonstockholders
1 Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries1Basic 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 Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024Basic earnings per shareNet income (loss) attributable to stockholders $ 1,327 $ 3,056 $ 6,007 $ 8,969Adjustments(a) (30) (27) 503 (55)Net income (loss) attributable to common stockholders $ 1,297 $ 3,029 $ 6,510 $ 8,914Weighted-average common shares outstanding 944 1,116 965 1,136Basic earnings per common share $ 1.37 $ 2.71 $ 6.75 $ 7.85Diluted earnings per shareNet income (loss) attributable to common stockholders – $ 1,297 $ 3,029 $ 6,510 $ 8,914dilutedWeighted-average common shares outstanding – diluted 964 1,131 980 1,147Diluted earnings per common share $ 1.35 $ 2.68 $ 6.64 $ 7.77Potentially dilutive securities(b) – 6 – 6
(a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.(b) Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2025 and 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 Subsidiaries1Combining Balance Sheet Information(In millions, except per share amounts) (Unaudited) September 30, 2025 December 31, 2024 Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined Financial /Eliminations Financial /EliminationsASSETSCurrent AssetsCash and cash equivalents $ 15,019 $ 72 $ 7,820 $ – $ 22,910 $ 14,470 $ 308 $ 5,094 $ – $ 19,872Marketable debt securities 6,771 – 21 – 6,792 7,265 – – – 7,265Accounts and notes receivable, net(a) 16,276 76 1,782 (1,009) 17,125 11,498 22 1,988 (681) 12,827GM Financial receivables, net(d) – – 44,902 (381) 44,521 – – 46,760 (398) 46,362Inventories 15,322 – – (4) 15,318 14,569 – – (5) 14,564Other current assets 2,844 11 5,109 5 7,970 2,816 38 4,799 2 7,655Total current assets 56,233 159 59,634 (1,390) 114,636 50,618 369 58,640 (1,082) 108,545Non-current AssetsGM Financial receivables, net(c) – – 45,300 – 45,300 – – 46,750 (276) 46,474Equity in net assets of 5,178 – 1,095 – 6,272 5,896 – 1,206 – 7,102nonconsolidated affiliatesProperty, net 51,731 97 110 – 51,938 51,729 69 107 – 51,904Goodwill and intangible assets, net 3,104 1 1,348 – 4,452 2,642 570 1,339 – 4,551Equipment on operating leases, net – – 33,609 – 33,609 – – 31,586 – 31,586Deferred income taxes 22,940 – (1,270) – 21,669 21,149 1,899 (1,795) – 21,254Other assets(b) 8,789 52 1,451 – 10,292 9,340 41 1,323 (2,359) 8,346Total non-current assets 91,740 150 81,642 – 173,532 90,756 2,579 80,516 (2,635) 171,216Total Assets $ 147,973 $ 309 $ 141,276 $ (1,390) $ 288,168 $ 141,374 $ 2,948 $ 139,156 $ (3,717) $ 279,761LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable (principally $ 27,543 $ 5 $ 703 $ (933) $ 27,317 $ 25,446 $ 200 $ 714 $ (681) $ 25,680trade)(a)Short-term debt and current portion oflong-term debtAutomotive(a)(d) 873 7 – (457) 424 2,413 7 – (279) 2,141GM Financial – – 36,053 – 36,053 – – 37,291 – 37,291Cruise(d) – – – – – – 119 – (119) -Accrued liabilities 24,730 130 4,641 – 29,501 24,949 548 5,661 (4) 31,154Total current liabilities 53,146 142 41,397 (1,390) 93,295 52,808 874 43,666 (1,082) 96,265Non-current LiabilitiesLong-term debtAutomotive(b) 15,619 71 – – 15,690 13,288 2,397 – (2,359) 13,327GM Financial – – 80,336 – 80,336 – – 76,973 – 76,973Cruise(c) – – – – – – 276 – (276) -Postretirement benefits other than 3,947 – – – 3,947 3,990 – – – 3,990pensionsPensions 5,976 – 9 – 5,985 5,772 – 7 – 5,779Other liabilities 16,914 292 3,306 – 20,512 14,635 297 2,904 – 17,836Total non-current liabilities 42,458 363 83,651 – 126,471 37,686 2,970 79,885 (2,635) 117,906Total Liabilities 95,604 505 125,048 (1,390) 219,766 90,494 3,844 123,551 (3,717) 214,171EquityCommon stock, $0.01 par value 9 – – – 9 10 – – – 10Additional paid-in capital(e) 18,477 1,794 1,137 (1,112) 20,295 19,632 1,187 1,196 (1,172) 20,843Retained earnings 42,355 (1,990) 16,495 1 56,862 40,203 (2,647) 15,916 1 53,472Accumulated other comprehensive (9,389) – (1,403) – (10,792) (9,744) (3) (1,506) – (11,253)lossTotal stockholders' equity 51,453 (196) 16,228 (1,111) 66,374 50,100 (1,464) 15,606 (1,170) 63,072Noncontrolling interests(e) 917 – – 1,111 2,028 780 568 – 1,170 2,518Total Equity 52,369 (196) 16,228 – 68,402 50,880 (896) 15,606 – 65,590Total Liabilities and Equity $ 147,973 $ 309 $ 141,276 $ (1,390) $ 288,168 $ 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 $0.3 billion primarily due from GM Financial; and Cruise accounts receivable of $0.1 billion due from Automotive at September 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 Subsidiaries1Combining Cash Flow Information(In millions) (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined Financial /Eliminations Financial /EliminationsCash flows from operating activitiesNet income (loss) $ 4,732 $ (302) $ 1,610 $ – $ 6,040 $ 8,944 $ (1,743) $ 1,637 $ – $ 8,837Depreciation and impairment of – – 3,675 – 3,675 – – 3,633 – 3,633Equipment on operating leases, netDepreciation, amortization and 6,375 12 25 – 6,412 4,871 623 29 – 5,523impairment charges on Property, netForeign currency remeasurement and 276 – 9 – 285 (231) – 2 – (228)transaction (gains) lossesUndistributed earnings of 433 – (37) – 396 (232) – (55) – (287)nonconsolidated affiliates, netPension contributions and OPEB (432) – (1) – (433) (815) – – – (815)paymentsPension and OPEB income, net 21 – 1 – 23 49 – 1 – 50Provision (benefit) for deferred taxes (64) – 191 – 127 970 (455) 881 – 1,396Change in other operating assets and 1,787 (511) 594 1,678 3,548 5,618 (175) (1,014) (6,549) (2,120)liabilities(a)(c)Net cash provided by (used in) 13,127 (800) 6,067 1,678 20,072 19,174 (1,750) 5,114 (6,549) 15,989operating activitiesCash flows from investing activitiesExpenditures for property (6,054) (2) (27) – (6,083) (7,495) (4) (16) (81) (7,597)Available-for-sale marketable (1,768) – (17) – (1,785) (3,467) – – – (3,467)securities, acquisitionsAvailable-for-sale marketable 2,398 – – – 2,398 2,757 – – – 2,757securities, liquidationsPurchases of finance receivables(a) – – (28,246) (5) (28,251) – – (31,222) 5,358 (25,864)Principal collections and recoveries on – – 29,539 (3,016) 26,524 – – 23,524 1 23,526finance receivables(a)(b)Proceeds from sale of finance receivables – – 2,005 – 2,005 – – – – -Purchases of leased vehicles – – (12,609) – (12,609) – – (11,243) – (11,243)Proceeds from termination of leased – – 7,780 – 7,780 – – 8,627 – 8,627vehiclesOther investing activities(b) (3,353) – 1 901 (2,451) (1,999) – 1 1,256 (742)Net cash provided by (used in) (8,777) (2) (1,574) (2,120) (12,473) (10,204) (4) (10,329) 6,535 (14,004)investing activitiesCash flows from financing activitiesNet increase (decrease) in short-term (10) – 23 – 13 (1) – 87 – 85debtProceeds from issuance of debt 2,019 555 35,103 (555) 37,122 64 1,044 38,142 (1,087) 38,163(original maturities greater thanthree months)(b)Payments on debt (original maturities (1,862) (4) (35,502) (24) (37,391) (128) (7) (31,882) 6 (32,012)greater than three months)Payment to purchase common stock (3,512) – – – (3,512) (2,378) – – – (2,378)Issuance (redemption) of subsidiary – – – (29) (29) – 255 – (255) -stock(b)Dividends paid(c) (401) – (1,169) 1,050 (519) (408) – (1,469) 1,350 (526)Other financing activities (160) – (114) – (274) (65) (162) (142) – (369)Net cash provided by (used in) (3,926) 551 (1,658) 442 (4,591) (2,916) 1,130 4,735 14 2,963financing activitiesEffect of exchange rate changes on 163 1 73 – 237 (84) – (67) – (151)cash, cash equivalents andrestricted cashNet increase (decrease) in cash, cash 588 (250) 2,909 – 3,246 5,969 (625) (547) – 4,798equivalents and restricted cashCash, cash equivalents and restricted 14,561 322 8,081 – 22,964 12,310 1,359 8,249 – 21,917cash at beginning of periodCash, cash equivalents and restricted $ 15,148 $ 72 $ 10,990 $ – $ 26,210 $ 18,279 $ 734 $ 7,702 $ – $ 26,715cash at end of period
(a) Includes eliminations of $2.7 billion and $5.3 billion in the nine months ended September 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 nine months ended September 30, 2025 and 2024.(c) Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2025 and 2024.Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.
General Motors Company and Subsidiaries1The following tables summarize key financial information (dollars in millions): GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications Total Automotive Financial /EliminationsThree Months Ended September 30, 2025Net sales and revenue $ 40,551 $ 3,645 $ 60 $ – $ 44,256 $ – $ 4,337 $ (2) $ 48,591Expenditures for property $ 2,011 $ 92 $ 11 $ – $ 2,113 $ – $ 17 $ – $ 2,130Depreciation and amortization $ 1,703 $ 114 $ 4 $ – $ 1,821 $ – $ 1,245 $ – $ 3,066Impairment charges $ 1,044 $ – $ – $ – $ 1,044 $ – $ – $ – $ 1,044Equity income (loss)(a)(b) $ 214 $ 83 $ (16) $ – $ 281 $ – $ 9 $ – $ 290 GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications Total Automotive Financial /EliminationsThree Months Ended September 30, 2024Net sales and revenue $ 41,157 $ 3,517 $ 62 $ – $ 44,735 $ 26 $ 4,031 $ (36) $ 48,757Expenditures for property $ 2,128 $ 91 $ 10 $ – $ 2,229 $ 3 $ 6 $ 8 $ 2,245Depreciation and amortization $ 1,491 $ 131 $ 27 $ – $ 1,650 $ 6 $ 1,217 $ – $ 2,873Impairment charges $ – $ – $ – $ – $ – $ – $ – $ – $ -Equity income (loss)(a)(b) $ 309 $ (132) $ – $ – $ 177 $ – $ 10 $ – $ 187 GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications Total Automotive Financial /EliminationsNine Months Ended September 30, 2025Net sales and revenue $ 117,424 $ 9,398 $ 163 $ – $ 126,985 $ 1 $ 12,756 $ (9) $ 139,732Expenditures for property $ 5,729 $ 274 $ 50 $ – $ 6,054 $ 2 $ 27 $ – $ 6,083Depreciation and amortization $ 4,933 $ 347 $ 39 $ – $ 5,319 $ 5 $ 3,701 $ – $ 9,026Impairment charges $ 1,044 $ 18 $ – $ – $ 1,063 $ – $ – $ – $ 1,063Equity income (loss)(a)(b) $ 469 $ 208 $ (30) $ – $ 647 $ – $ 37 $ – $ 684 GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications Total Automotive Financial /EliminationsNine Months Ended September 30, 2024Net sales and revenue $ 117,981 $ 9,897 $ 130 $ – $ 128,007 $ 76 $ 11,761 $ (105) $ 139,740Expenditures for property $ 7,220 $ 258 $ 18 $ – $ 7,495 $ 4 $ 16 $ 81 $ 7,597Depreciation and amortization $ 4,415 $ 403 $ 53 $ – $ 4,871 $ 18 $ 3,662 $ – $ 8,551Impairment charges $ – $ – $ – $ – $ – $ 605 $ – $ – $ 605Equity income (loss)(a)(b) $ 766 $ (343) $ – $ – $ 423 $ – $ 55 $ – $ 477
(a) Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $80 million and $197 million in the three and nine months ended September 30, 2025 and $(137) million and $(347) million in the three and nine months ended September 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 $213 million and $465 million in the three and nine months ended September 30, 2025 and $309 million and $788 million in the three and nine months ended September 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 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 andother 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 Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024Net income attributable to stockholders(a) $ 1,327 $ 3,056 $ 6,007 $ 8,969Income tax expense (benefit) 127 709 1,326 2,238Automotive interest expense 209 206 560 631Automotive interest income (220) (274) (611) (688)AdjustmentsEV strategic realignment(b) 1,592 – 1,592 -OnStar Smart Driver(c) 300 – 300 -Cruise restructuring(d) 25 – 90 583Headquarters relocation(e) 16 34 50 34Ultium strategic realignment(f) – – 330 -China restructuring actions(g) – – 140 -Restructuring actions(h) – 190 87 190GMI plant wind down(i) – 43 33 146Buick dealer strategy(j) – 150 – 321Total adjustments 1,933 417 2,622 1,274EBIT-adjusted 3,376 4,115 9,903 12,424Operating segmentsGM North America (GMNA) 2,506 3,982 8,207 12,254GM International (GMI) 226 42 460 82Cruise – (383) (273) (1,284)GM Financial(k) 804 687 2,193 2,246Total operating segments 3,536 4,327 10,587 13,299Corporate and eliminations(l) (160) (213) (684) (874)EBIT-adjusted $ 3,376 $ 4,115 $ 9,903 $ 12,424
(a) Net of net loss (income) attributable to noncontrolling interests.(b) These adjustments were excluded because they relate to our planned strategic realignment of our EV capacity and manufacturing footprint to expected consumer demand.(c) These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product.(d) 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.(e) These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.(f) 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.(g) 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.(h) These adjustments were excluded because they relate to employee separation charges.(i) These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.(j) 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.(k) GM Financial amounts represent EBT-adjusted.(l) 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 Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Amount Per Share Amount Per Share Amount Per Share Amount Per ShareDiluted earnings per common share $ 1,297 $ 1.35 $ 3,029 $ 2.68 $ 6,510 $ 6.64 $ 8,914 $ 7.77Adjustments(a) 1,933 2.01 417 0.37 2,622 2.67 1,274 1.11Tax effect on adjustments(b) (536) (0.56) (96) (0.08) (606) (0.62) (290) (0.25)Return from preferred shareholders(c) – – – – (593) (0.60) – -EPS-diluted-adjusted $ 2,694 $ 2.80 $ 3,350 $ 2.96 $ 7,933 $ 8.09 $ 9,898 $ 8.63
(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 nine months ended September 30, 2025.
The following table reconciles our effective tax rate toETR-adjusted (dollars in millions):
Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Income Income Effective Income Income Effective Income Income Effective Income Income Effective before tax tax rate before tax tax rate before tax tax rate before tax tax rate income expense income expense income expense income expense taxes (benefit) taxes (benefit) taxes (benefit) taxes (benefit)Effective tax rate $ 1,419 $ 127 8.9% $ 3,717 $ 709 19.1% $ 7,366 $ 1,326 18.0% $ 11,076 $ 2,238 20.2%Adjustments(a) 1,933 536 418 96 2,622 606 1,342 290ETR-adjusted $ 3,352 $ 663 19.8% $ 4,135 $ 805 19.5% $ 9,988 $ 1,932 19.3% $ 12,418 $ 2,528 20.4%
(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 September 30, 2025 September 30, 2024Net income attributable to stockholders $ 3.0 $ 11.1Average equity(a) $ 65.2 $ 69.5ROE 4.7% 15.9%
(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 ofROIC-adjusted (dollars in billions):
Four Quarters Ended September 30, 2025 September 30, 2024EBIT-adjusted(a) $ 12.4 $ 14.2Average equity(b) $ 65.2 $ 69.5Add: Average automotive debt and interest liabilities (excluding finance leases) 16.1 16.3Add: Average automotive net pension & OPEB liability 8.7 9.8Less: Average automotive and other net income tax asset (22.9) (22.7)ROIC-adjusted average net assets $ 67.1 $ 73.0ROIC-adjusted 18.5% 19.4%
(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 Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024Net automotive cash provided by operating activities $ 6,070 $ 7,863 $ 13,127 $ 19,174Less: Capital expenditures (2,113) (2,229) (6,054) (7,495)Add: Buick dealer strategy 243 100 708 376Add: Restructuring actions – 74 139 74Add: GMI plant wind down – 26 12 35Add: China restructuring actions 1 – 10 -Less: Ultium strategic realignment – – (103) -Add: Employee separation costs – – – 58Adjusted automotive free cash flow $ 4,201 $ 5,834 $ 7,840 $ 12,222
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 nine months ended September 30, 2025, 26.4% 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 Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024GMNA 840 893 2,516 2,588GMI 137 140 346 383Total 977 1,033 2,862 2,971
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'srelated competitive position by geographic region (vehicles in thousands):
Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Industry GM Market Industry GM Market Industry GM Market Industry GM Market Share Share Share ShareNorth AmericaUnited States 4,187 710 17.0% 4,000 660 16.5% 12,516 2,150 17.2% 12,026 1,950 16.2%Other 1,015 127 12.5% 985 130 13.2% 3,008 384 12.8% 2,884 376 13.0%Total North America 5,202 837 16.1% 4,985 790 15.8% 15,523 2,534 16.3% 14,910 2,326 15.6%Asia/Pacific, Middle Eastand AfricaChina(a) 6,901 469 6.8% 6,585 426 6.5% 19,299 1,359 7.0% 18,123 1,240 6.8%Other 5,598 150 2.7% 5,536 150 2.7% 16,603 369 2.2% 16,310 382 2.3%Total Asia/Pacific, Middle 12,499 619 5.0% 12,121 576 4.8% 35,903 1,729 4.8% 34,433 1,622 4.7%East and AfricaSouth AmericaBrazil 711 72 10.1% 715 82 11.4% 1,910 192 10.0% 1,858 223 12.0%Other 455 35 7.7% 365 28 7.7% 1,266 95 7.5% 991 82 8.3%Total South America 1,166 107 9.2% 1,079 110 10.3% 3,176 287 9.0% 2,849 305 10.7%Total in GM markets 18,868 1,563 8.3% 18,185 1,476 8.1% 54,602 4,549 8.3% 52,193 4,253 8.1%Total Europe 3,883 1 -% 3,724 1 -% 12,493 2 -% 12,541 2 -%Total Worldwide(b) 22,751 1,564 6.9% 21,910 1,477 6.7% 67,095 4,552 6.8% 64,734 4,255 6.6%United StatesCars 658 12 1.8% 731 38 5.2% 2,080 44 2.1% 2,207 141 6.4%Trucks 1,143 369 32.3% 1,093 337 30.9% 3,417 1,115 32.6% 3,137 987 31.5%Crossovers 2,387 330 13.8% 2,176 284 13.1% 7,018 992 14.1% 6,683 822 12.3%Total United States 4,187 710 17.0% 4,000 660 16.5% 12,516 2,150 17.2% 12,026 1,950 16.2%China(a)SGMS 130 98 381 372SGMW 339 329 978 868Total 6,901 469 6.8% 6,585 426 6.5% 19,299 1,359 7.0% 18,123 1,240 6.8%
(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 Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024GMNA 148 127 498 447GMI 106 107 269 274Total fleet sales 254 234 767 721Fleet sales as a percentage of total vehicle sales 16.3% 15.9% 16.9% 17.0%North America capacity two-shift utilization 118.3% 109.1% 115.1% 106.4%
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