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PR Newswire | 22. Juli 2025, 06:30

GM releases 2025 second-quarter results

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DETROIT, July 22, 2025

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

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

5,220

8,297

2,816

4,799

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

101

—

52,159

51,729

107

—

51,904

Goodwill and intangible assets, net

3,141

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

1,420

—

10,631

9,340

1,323

(2,359)

8,346

Total non-current assets

92,204

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

—

(561)

1,687

2,413

—

(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

—

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

—

6,085

5,772

—

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

—

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

56,675

40,203

(2,647)

15,916

53,472

Accumulated other comprehensive
loss

(9,535)

—

(1,397)

—

(10,932)

(9,744)

(3)

(1,506)

—

(11,253)

Total stockholders' equity

51,581

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