GM releases 2025 third-quarter results

Updated 2025 guidance

Previous 2025 guidance

Net income attributable to stockholders

$7.7 billion - $8.3 billion

$7.7 billion - $9.5 billion

EBIT-adjusted

$12.0 billion - $13.0 billion

$10.0 billion - $12.5 billion

Automotive operating cash flow

$19.2 billion - $21.2 billion

$17.0 billion - $20.5 billion

Adjusted automotive free cash flow

$10.0 billion - $11.0 billion

$7.5 billion - $10.0 billion

EPS-diluted

$8.30 - $9.05

$8.22 - $9.97

EPS-diluted-adjusted

$9.75 - $10.50

$8.25 - $10.00

Three Months Ended

($M) except per share amounts

September 30,
2025

September 30,
2024

Change

% Change

Revenue

$     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

Year Ending December 31, 2025

Updated

Previous

Net income attributable to stockholders

$ 7.7-8.3

$ 7.7-9.5

Income tax expense

1.8-2.2

1.6-2.3

Automotive interest income, net

(0.1)

(0.0)

Adjustments(a)

2.6

0.7

EBIT-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.

Year Ending December 31, 2025

Updated

Previous

Diluted earnings per common share

$ 8.30-9.05

$ 8.22-9.97

Adjustments(a)

1.45

0.03

EPS-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.

Year Ending December 31, 2025

Updated

Previous

Net automotive cash provided by operating activities

$ 19.2-21.2

$ 17.0-20.5

Less: Capital expenditures

10.0-11.0

10.0-11.0

Adjustments

0.8

0.5

Adjusted 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 Subsidiaries¹

Combining Income Statement Information

(In millions) (Unaudited)

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 44,256

$      —

$               —

$                —

$    44,256

$   44,735

$        26

$               —

$              (26)

$     44,735

GM Financial

—

—

4,337

(2)

4,335

—

—

4,031

(10)

4,021

Total net sales and revenue

44,256

—

4,337

(2)

48,591

44,735

26

4,031

(36)

48,757

Costs and expenses

Automotive and other cost of
     sales

41,937

—

—

(1)

41,936

38,768

240

—

(1)

39,007

GM Financial interest,
     operating and other
     expenses

—

—

3,542

—

3,542

—

—

3,354

—

3,353

Automotive and other selling,
     general and
     administrative expense

2,038

—

—

(1)

2,037

2,544

203

—

(1)

2,745

Total costs and expenses

43,975

—

3,542

(2)

47,515

41,312

442

3,354

(2)

45,105

   Operating income (loss)

281

—

795

—

1,076

3,424

(417)

678

(33)

3,651

Automotive interest expense

206

—

—

3

209

206

30

—

(30)

206

Interest income and other non-
     operating income, net

473

—

—

3

475

379

11

—

4

394

Equity income (loss)

68

—

9

—

77

(132)

—

10

—

(122)

Income (loss) before income
     taxes

$      615

$      —

$             804

$                —

$      1,419

$     3,465

$     (435)

$             687

$                —

$       3,717

Income tax expense (benefit)

127

709

Net income (loss)

1,293

3,008

Net loss (income) attributable
     to noncontrolling interests

35

48

Net income (loss)
     attributable to
     stockholders

$      1,327

$      3,056

Net income (loss)
     attributable to common 
     stockholders

$      1,297

$       3,029

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$  126,985

$        1

$               —

$               —

$  126,986

$  128,007

$        76

$               —

$              (76)

$   128,008

GM Financial

—

—

12,756

(9)

12,747

—

—

11,761

(29)

11,732

Total net sales and revenue

126,985

1

12,756

(9)

139,732

128,007

76

11,761

(105)

139,740

Costs and expenses

Automotive and other cost of
     sales

116,255

163

—

(2)

116,416

109,958

1,662

—

(2)

111,618

GM Financial interest,
     operating and other
     expenses

—

—

10,599

—

10,600

—

—

9,569

(1)

9,568

Automotive and other selling,
     general and administrative
     expense

6,054

111

—

(3)

6,161

6,813

482

—

(3)

7,292

Total costs and expenses

122,309

274

10,599

(5)

133,177

116,771

2,144

9,569

(5)

128,478

   Operating income (loss)

4,676

(273)

2,156

(4)

6,555

11,237

(2,067)

2,192

(100)

11,262

Automotive interest expense

557

30

—

(27)

560

631

158

—

(158)

631

Interest income and other non-
     operating income, net

1,174

2

(1)

(23)

1,151

785

29

(1)

(58)

756

Equity income (loss)

182

—

37

—

219

(366)

—

55

—

(311)

Income (loss) before income
     taxes

$   5,474

$   (301)

$          2,193

$                —

$      7,366

$    11,026

$  (2,196)

$          2,246

$                —

$     11,076

Income tax expense (benefit)

1,326

2,238

Net income (loss)

6,040

8,837

Net loss (income) attributable
     to noncontrolling interests

(33)

132

Net income (loss)
     attributable to
     stockholders

$      6,007

$       8,969

Net income (loss)
     attributable to common
     stockholders

$      6,510

$       8,914

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

Nine Months Ended

September 30,
2025

September 30,
2024

September 30,
2025

September 30,
2024

Basic earnings per share

Net income (loss) attributable to stockholders

$               1,327

$               3,056

$               6,007

$               8,969

Adjustments(a)

(30)

(27)

503

(55)

Net income (loss) attributable to common stockholders

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding

944

1,116

965

1,136

Basic earnings per common share

$                 1.37

$                 2.71

$                 6.75

$                 7.85

Diluted earnings per share

Net income (loss) attributable to common stockholders –
     diluted

$               1,297

$               3,029

$               6,510

$               8,914

Weighted-average common shares outstanding – diluted

964

1,131

980

1,147

Diluted earnings per common share

$                 1.35

$                 2.68

$                 6.64

$                 7.77

Potentially 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 Subsidiaries¹

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)

September 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

$   15,019

$      72

$      7,820

$                 —

$   22,910

$   14,470

$    308

$      5,094

$                 —

$   19,872

Marketable debt securities

6,771

—

21

—

6,792

7,265

—

—

—

7,265

Accounts and notes receivable, net(a)

16,276

76

1,782

(1,009)

17,125

11,498

22

1,988

(681)

12,827

GM Financial receivables, net(d)

—

—

44,902

(381)

44,521

—

—

46,760

(398)

46,362

Inventories

15,322

—

—

(4)

15,318

14,569

—

—

(5)

14,564

Other current assets

2,844

11

5,109

5

7,970

2,816

38

4,799

2

7,655

Total current assets

56,233

159

59,634

(1,390)

114,636

50,618

369

58,640

(1,082)

108,545

Non-current Assets

GM Financial receivables, net(c)

—

—

45,300

—

45,300

—

—

46,750

(276)

46,474

Equity in net assets of
     nonconsolidated affiliates

5,178

—

1,095

—

6,272

5,896

—

1,206

—

7,102

Property, net

51,731

97

110

—

51,938

51,729

69

107

—

51,904

Goodwill and intangible assets, net

3,104

1

1,348

—

4,452

2,642

570

1,339

—

4,551

Equipment on operating leases, net

—

—

33,609

—

33,609

—

—

31,586

—

31,586

Deferred income taxes

22,940

—

(1,270)

—

21,669

21,149

1,899

(1,795)

—

21,254

Other assets(b)

8,789

52

1,451

—

10,292

9,340

41

1,323

(2,359)

8,346

Total non-current assets

91,740

150

81,642

—

173,532

90,756

2,579

80,516

(2,635)

171,216

Total Assets

$ 147,973

$    309

$  141,276

$           (1,390)

$ 288,168

$ 141,374

$ 2,948

$  139,156

$           (3,717)

$ 279,761

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally
     trade)(a)

$   27,543

$        5

$         703

$              (933)

$   27,317

$   25,446

$    200

$         714

$              (681)

$   25,680

Short-term debt and current portion of
     long-term debt

Automotive(a)(d)

873

7

—

(457)

424

2,413

7

—

(279)

2,141

GM Financial

—

—

36,053

—

36,053

—

—

37,291

—

37,291

Cruise(d)

—

—

—

—

—

—

119

—

(119)

—

Accrued liabilities

24,730

130

4,641

—

29,501

24,949

548

5,661

(4)

31,154

Total current liabilities

53,146

142

41,397

(1,390)

93,295

52,808

874

43,666

(1,082)

96,265

Non-current Liabilities

Long-term debt

Automotive(b)

15,619

71

—

—

15,690

13,288

2,397

—

(2,359)

13,327

GM Financial

—

—

80,336

—

80,336

—

—

76,973

—

76,973

Cruise(c)

—

—

—

—

—

—

276

—

(276)

—

Postretirement benefits other than
     pensions

3,947

—

—

—

3,947

3,990

—

—

—

3,990

Pensions

5,976

—

9

—

5,985

5,772

—

7

—

5,779

Other liabilities

16,914

292

3,306

—

20,512

14,635

297

2,904

—

17,836

Total non-current liabilities

42,458

363

83,651

—

126,471

37,686

2,970

79,885

(2,635)

117,906

Total Liabilities

95,604

505

125,048

(1,390)

219,766

90,494

3,844

123,551

(3,717)

214,171

Equity

  Common stock, $0.01 par value

9

—

—

—

9

10

—

—

—

10

  Additional paid-in capital(e)

18,477

1,794

1,137

(1,112)

20,295

19,632

1,187

1,196

(1,172)

20,843

  Retained earnings

42,355

(1,990)

16,495

1

56,862

40,203

(2,647)

15,916

1

53,472

  Accumulated other comprehensive
       loss

(9,389)

—

(1,403)

—

(10,792)

(9,744)

(3)

(1,506)

—

(11,253)

  Total stockholders' equity

51,453

(196)

16,228

(1,111)

66,374

50,100

(1,464)

15,606

(1,170)

63,072

  Noncontrolling interests(e)

917

—

—

1,111

2,028

780

568

—

1,170

2,518

Total Equity

52,369

(196)

16,228

—

68,402

50,880

(896)

15,606

—

65,590

Total 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.

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