GM releases 2025 financial results and 2026 guidance; Board declares dividend at 20% higher quarterly rate, and approves new $6.0 billion share repurchase authorization

DETROIT, Jan. 27, 2026 /PRNewswire/ -- General Motors (NYSE: GM) today reported full-year 2025 net income attributable to stockholders of $2.7 billion and EBIT-adjusted of $12.7 billion. Fourth-quarter 2025 net income attributable to stockholders was a loss of $3.3 billion and EBIT-adjusted was $2.8 billion.

Fourth-quarter net income was reduced by more than $7.2 billion in special charges driven primarily by a realignment of electric vehicle capacity and investments to adjust to expected declines in consumer demand for EVs, and in response to U.S. Government policy changes including the termination of consumer incentives and the reduction in the stringency of emissions regulations.

The chart below summarizes GM's 2025 financial guidance and 2025 results, as well as the company's 2026 guidance, which is for a year of strong financial performance.

Final 2025 Guidance

2025 Results

2026 Guidance

Net income attributable to stockholders

$7.7 billion - $8.3 billion

$2.7 billion

$10.3 billion - $11.7 billion

EBIT-adjusted

$12.0 billion - $13.0 billion

$12.7 billion

$13.0 billion - $15.0 billion

Automotive operating cash flow

$19.2 billion - $21.2 billion

$18.7 billion

$19.0 billion - $23.0 billion

Adjusted automotive free cash flow

$10.0 billion - $11.0 billion

$10.6 billion

$9.0 billion - $11.0 billion

EPS-diluted

$8.30 - $9.05

$3.27

$11.00 - $13.00

EPS-diluted-adjusted

$9.75 - $10.50

$10.60

$11.00 - $13.00

GM's 2026 financial guidance also includes anticipated capital spending of $10.0 billion - $12.0 billion, inclusive of the company's battery cell manufacturing joint ventures.

Higher quarterly dividend rate and share repurchase authorization

GM announced today that its Board of Directors has approved a $0.03 per share increase in the quarterly common stock dividend rate to $0.18 per share. GM declared a quarterly cash dividend on the company's outstanding common stock at the new rate of $0.18 per share, payable March 19, 2026 to holders of common stock at the close of trading on March 6, 2026.

The company also announced that its Board has approved a new $6.0 billion share repurchase authorization.

"For several years now, GM's strong brands and winning vehicles, as well as our technology-driven services and operating discipline, have delivered consistently strong cash generation. This has allowed us to execute all phases of our capital allocation strategy, from investing in the business and our people, to maintaining a strong balance sheet and returning capital to shareholders," said Mary Barra, Chair and CEO. "We believe that formula is sustainable, which is why we're increasing our dividend and planning future share repurchases."

The share repurchase program, which has no expiration date, will be executed in accordance with applicable securities laws and regulations and may be suspended or discontinued at any time at the company's discretion.

As of December 31, 2025, the company had 904 million shares outstanding, down from 995 million at the end of 2024, and 1.2 billion at the end of 2023.

An overview of quarterly and yearly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

Results Overview

Three Months Ended

$M except per share amounts

December 31,

2025

December 31,

2024

Change

% Change

Revenue

$ 45,287

$ 47,702

$ (2,415)

(5.1) %

Net income (loss) attributable to stockholders

$ (3,310)

$ (2,961)

$ (349)

(11.8) %

EBIT-adjusted

$ 2,843

$ 2,509

$ 334

13.3 %

Net income margin

(7.3) %

(6.2) %

(1.1) ppts

(17.7) %

EBIT-adjusted margin

6.3 %

5.3 %

1.0 ppts

18.9 %

Automotive operating cash flow

$ 5,606

$ 4,765

$ 841

17.6 %

Adjusted automotive free cash flow

$ 2,755

$ 1,823

$ 933

51.2 %

EPS-diluted(a)

$ (3.60)

$ (1.64)

$ (1.96)

n.m.

EPS-diluted-adjusted

$ 2.51

$ 1.92

$ 0.58

30.4 %

GMNA EBIT-adjusted

$ 2,244

$ 2,274

$ (30)

(1.3) %

GMNA EBIT-adjusted margin

6.1 %

5.8 %

0.3 ppts

5.2 %

GMI EBIT-adjusted

$ 278

$ 221

$ 56

25.4 %

China equity income (loss)

$ (513)

$ (4,060)

$ 3,547

87.4 %

GM Financial EBT-adjusted

$ 609

$ 719

$ (109)

(15.2) %

__________

(a) n.m. = not meaningful

Years Ended

$M except per share amounts

December 31,

2025

December 31,

2024

Change

% Change

Revenue

$ 185,019

$ 187,442

$ (2,422)

(1.3) %

Net income attributable to stockholders

$ 2,697

$ 6,008

$ (3,311)

(55.1) %

EBIT-adjusted

$ 12,747

$ 14,934

$ (2,187)

(14.6) %

Net income margin

1.5 %

3.2 %

(1.7) ppts

(53.1) %

EBIT-adjusted margin

6.9 %

8.0 %

(1.1) ppts

(13.8) %

Automotive operating cash flow

$ 18,733

$ 23,939

$ (5,206)

(21.7) %

Adjusted automotive free cash flow

$ 10,595

$ 14,045

$ (3,450)

(24.6) %

EPS-diluted

$ 3.27

$ 6.37

$ (3.10)

(48.7) %

EPS-diluted-adjusted

$ 10.60

$ —

— %

GMNA EBIT-adjusted

$ 10,452

$ 14,528

$ (4,077)

(28.1) %

GMNA EBIT-adjusted margin

6.8 %

9.2 %

(2.4) ppts

(26.1) %

GMI EBIT-adjusted(a)

$ 737

$ 303

$ 434

n.m.

China equity income (loss)

$ (316)

$ (4,407)

$ 4,091

92.8 %

GM Financial EBT-adjusted

$ 2,802

$ 2,965

$ (163)

(5.5) %

__________

(a) n.m. = not meaningful

General Motors (NYSE: GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Final 2025 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending

December 31, 2025

Net income attributable to stockholders

$ 7.7-8.3

Income tax expense

1.8-2.2

Automotive interest income, net

(0.1)

Adjustments(a)

2.6

EBIT-adjusted

$ 12.0-13.0

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending

December 31, 2025

Net automotive cash provided by operating activities

$ 19.2-21.2

Less: Capital expenditures

10.0-11.0

Adjustments(a)

0.8

Adjusted automotive free cash flow

$ 10.0-11.0

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

Year Ending

December 31, 2025

Diluted earnings per common share

$ 8.30-9.05

Adjustments(a)

1.45

EPS-diluted-adjusted

$ 9.75-10.50

__________

(a)

Adjustments as of September 30, 2025. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 for full details. We do not consider the potential future impact of adjustments on our expected financial results.

2026 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending

December 31, 2026

Net income attributable to stockholders

$ 10.3-11.7

Income tax expense

2.6-3.2

Automotive interest expense, net

0.1

EBIT-adjusted(a)

$ 13.0-15.0

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending

December 31, 2026

Net automotive cash provided by operating activities

$ 19.0-23.0

Less: Capital expenditures

10.0-12.0

Adjusted automotive free cash flow(a)

$ 9.0-11.0

__________

(a) We do not consider the potential future impact of adjustments on our expected financial results.

General Motors Company and Subsidiaries 1

Combining Income Statement Information

(In millions) (Unaudited)

Year Ended December 31, 2025

Year Ended December 31, 2024

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Combined

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Combined

Net sales and revenue

Automotive

$ 167,970

$ 1

$ —

$ 167,971

$ 171,605

$ 257

$ —

$ (256)

$ 171,606

GM Financial

—

17,060

(12)

17,048

—

15,875

(40)

15,836

Total net sales and revenue

167,970

17,060

(12)

185,019

171,605

257

15,875

(296)

187,442

Costs and expenses

Automotive and other cost of

sales

158,968

163

—

(3)

159,128

148,501

2,566

—

(3)

151,065

GM Financial interest,

operating, and other

expenses

—

14,296

(1)

14,295

—

12,974

(1)

12,972

Automotive and other selling,

general, and administrative

expense

8,580

111

—

(4)

8,687

9,898

727

—

(4)

10,621

Total costs and expenses

167,548

274

14,296

(8)

182,110

158,399

3,293

12,974

(8)

174,658

Operating income (loss)

422

(273)

2,764

(4)

2,909

13,206

(3,036)

2,902

(288)

12,784

Automotive interest expense

724

—

(27)

727

845

189

—

(189)

846

Interest income and other non-

operating income, net

1,557

(1)

(23)

1,535

1,124

(1)

1,257

Equity income (loss)

(639)

—

(600)

(4,419)

—

(256)

—

(4,675)

Income (loss) before income

taxes

617

(301)

2,802

—

3,117

9,065

(3,191)

2,645

—

8,519

Income tax expense (benefit)

338

2,556

Net income (loss)

2,780

5,963

Net loss (income) attributable to

noncontrolling interests

(83)

Net income (loss) attributable

to stockholders

$ 2,697

$ 6,008

Net income (loss) attributable

to common stockholders

$ 3,180

$ 7,189

__________

1 Certain columns and rows may not add due to rounding.

Basic and Diluted Earnings per Share

(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

Three Months Ended

Years Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Basic earnings per share

Net income (loss) attributable to stockholders

$ (3,310)

$ (2,961)

$ 2,697

$ 6,008

Adjustments(a)

(20)

1,236

483

1,181

Net income (loss) attributable to common stockholders

$ (3,330)

$ (1,725)

$ 3,180

$ 7,189

Weighted-average common shares outstanding

925

1,055

955

1,115

Basic earnings per common share

$ (3.60)

$ (1.64)

$ 3.33

$ 6.45

Diluted earnings per share

Net income (loss) attributable to common stockholders –

diluted

$ (3,330)

$ (1,725)

$ 3,180

$ 7,189

Weighted-average common shares outstanding – diluted

925

1,055

973

1,129

Diluted earnings per common share

$ (3.60)

$ (1.64)

$ 3.27

$ 6.37

Potentially dilutive securities(b)

—

__________

(a)

Includes returns from preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders of $593 million in the year ended December 31, 2025 and $1.2 billion in the three months and year ended December 31, 2024.

(b)

Potentially dilutive securities attributable to outstanding stock options, restricted stock units, and performance stock units at December 31, 2025 and 2024 were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.

General Motors Company and Subsidiaries 1

Combining Balance Sheet Information

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

December 31, 2025

December 31, 2024

Automotive

Cruise

GM Financial

Reclassifications/

Eliminations

Combined

Automotive

Cruise

GM Financial

Reclassifications/

Eliminations

Combined

ASSETS

Current Assets

Cash and cash equivalents

$ 15,062

$ 56

$ 5,826

$ —

$ 20,945

$ 14,470

$ 308

$ 5,094

$ —

$ 19,872

Marketable debt securities

6,685

—

6,724

7,265

—

7,265

Accounts and notes receivable, net(a)

12,199

1,506

(727)

13,054

11,498

1,988

(681)

12,827

GM Financial receivables, net(d)

—

45,661

(395)

45,266

—

46,760

(398)

46,362

Inventories

14,472

—

(5)

14,467

14,569

—

(5)

14,564

Other current assets

3,167

5,130

8,312

2,816

4,799

7,655

Total current assets

51,585

141

58,162

(1,120)

108,767

50,618

369

58,640

(1,082)

108,545

Non-current Assets

GM Financial receivables, net(c)

—

44,384

—

44,384

—

46,750

(276)

46,474

Equity in net assets of nonconsolidated

affiliates

4,564

—

1,117

—

5,681

5,896

—

1,206

—

7,102

Property, net

51,458

126

—

51,683

51,729

107

—

51,904

Goodwill and intangible assets, net

3,018

—

1,348

—

4,366

2,642

570

1,339

—

4,551

Equipment on operating leases, net

—

33,686

—

33,686

—

31,586

—

31,586

Deferred income taxes

24,446

—

(1,486)

—

22,960

21,149

1,899

(1,795)

—

21,254

Other assets(b)

8,226

1,483

—

9,756

9,340

1,323

(2,359)

8,346

Total non-current assets

91,712

147

80,658

—

172,517

90,756

2,579

80,516

(2,635)

171,216

Total Assets

$ 143,297

$ 288

$ 138,820

$ (1,120)

$ 281,284

$ 141,374

$ 2,948

$ 139,156

$ (3,717)

$ 279,761

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally trade)(a)

$ 24,075

$ 1

$ 491

$ (649)

$ 23,919

$ 25,446

$ 200

$ 714

$ (681)

$ 25,680

Short-term debt and current portion of

long-term debt

Automotive(a)(d)

1,120

—

(471)

656

2,413

—

(279)

2,141

GM Financial

—

35,012

—

35,012

—

37,291

—

37,291

Cruise(d)

—

119

—

(119)

—

Accrued liabilities

28,956

4,744

—

33,754

24,949

548

5,661

(4)

31,154

Total current liabilities

54,151

40,248

(1,120)

93,342

52,808

874

43,666

(1,082)

96,265

Non-current Liabilities

Long-term debt

Automotive(b)

15,522

—

15,591

13,288

2,397

—

(2,359)

13,327

GM Financial

—

79,018

—

79,018

—

76,973

—

76,973

Cruise(c)

—

276

—

(276)

—

Postretirement benefits other than

pensions

4,025

—

4,025

3,990

—

3,990

Pensions

4,977

—

4,988

5,772

—

5,779

Other liabilities

17,495

281

3,375

—

21,151

14,635

297

2,904

—

17,836

Total non-current liabilities

42,019

351

82,404

—

124,775

37,686

2,970

79,885

(2,635)

117,906

Total Liabilities

96,170

414

122,652

(1,120)

218,116

90,494

3,844

123,551

(3,717)

214,171

Equity

Common stock, $0.01 par value

—

Additional paid-in capital(e)

18,086

1,842

1,077

(1,076)

19,928

19,632

1,187

1,196

(1,172)

20,843

Retained earnings

37,024

(1,968)

16,467

51,524

40,203

(2,647)

15,916

53,472

Accumulated other comprehensive loss

(8,966)

—

(1,377)

—

(10,343)

(9,744)

(3)

(1,506)

—

(11,253)

Total stockholders' equity

46,153

(126)

16,167

(1,075)

61,119

50,100

(1,464)

15,606

(1,170)

63,072

Noncontrolling interests(e)

974

—

1,075

2,049

780

568

—

1,170

2,518

Total Equity

47,127

(126)

16,167

—

63,168

50,880

(896)

15,606

—

65,590

Total Liabilities and Equity

$ 143,297

$ 288

$ 138,820

$ (1,120)

$ 281,284

$ 141,374

$ 2,948

$ 139,156

$ (3,717)

$ 279,761

__________

(a)

Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.2 billion due from GM Financial and Cruise at December 31, 2024.

(b)

Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring, and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.

(c)

Eliminations primarily related to intercompany loans due from Cruise to GM Financial.

(d)

Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.

(e)

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

General Motors Company and Subsidiaries 1

Combining Cash Flow Information

(In millions) (Unaudited)

Year Ended December 31, 2025

Year Ended December 31, 2024

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Combined

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$ 1,081

$ (302)

$ 2,000

$ —

$ 2,780

$ 6,637

$ (2,535)

$ 1,862

$ —

$ 5,963

Depreciation and impairment of Equipment on

operating leases, net

—

4,942

—

4,942

—

4,844

—

4,844

Depreciation, amortization and impairment

charges on Property, net

9,584

—

9,646

6,549

958

—

7,545

Foreign currency remeasurement and

transaction (gains) losses

353

—

363

(314)

—

(7)

—

(321)

Undistributed earnings and impairment of

nonconsolidated affiliates, net

1,662

—

123

—

1,785

3,708

—

411

—

4,118

Pension contributions and OPEB payments

(537)

—

(1)

—

(539)

(1,517)

—

(1,518)

Pension and OPEB (income) expense, net

—

Provision (benefit) for deferred taxes

(1,715)

—

466

—

(1,249)

966

(656)

1,059

—

1,368

Change in other operating assets and

liabilities(a)

5,748

(557)

1,243

2,623

9,056

4,978

693

(896)

(6,304)

(1,529)

Other operating activities(c)

2,532

(144)

(840)

(1,495)

2,846

(693)

(883)

(1,703)

(433)

Net cash provided by (used in) operating

activities

18,733

(973)

7,979

1,128

26,867

23,939

(2,233)

6,429

(8,006)

20,129

Cash flows from investing activities

Expenditures for property

(9,241)

(10)

(51)

—

(9,303)

(10,711)

(7)

(24)

(88)

(10,830)

Available-for-sale marketable securities,

acquisitions

(2,303)

—

(37)

—

(2,339)

(3,986)

—

(3,986)

Available-for-sale marketable securities,

liquidations

3,010

—

3,012

4,331

—

4,331

Purchases of finance receivables(a)

—

(36,752)

(36,745)

—

(42,792)

6,444

(36,348)

Principal collections and recoveries on finance

receivable(a)(b)

—

38,004

(2,894)

35,109

—

31,783

31,784

Proceeds from sale of finance receivables

—

2,005

—

2,005

—

Purchases of leased vehicles

—

(15,793)

—

(15,793)

—

(15,279)

—

(15,279)

Proceeds from termination of leased vehicles

—

10,095

—

10,095

—

10,892

—

10,892

Other investing activities(b)

(3,229)

—

1,054

(2,175)

(2,448)

—

1,365

(1,081)

Net cash provided by (used in) investing

activities

(11,763)

(10)

(2,527)

(1,834)

(16,134)

(12,813)

(7)

(15,418)

7,721

(20,517)

Cash flows from financing activities

Net increase (decrease) in short-term debt

(11)

—

(301)

—

(312)

—

112

—

128

Proceeds from issuance of debt (original

maturities greater than three months)(b)

2,078

723

41,135

(746)

43,191

1,118

53,398

(1,165)

53,435

Payments on debt (original maturities greater

than three months)

(1,923)

(6)

(43,662)

—

(45,591)

(919)

(8)

(42,478)

(43,399)

Payments to purchase common stock

(6,012)

—

(6,012)

(7,064)

—

(7,064)

Issuance (redemption) of subsidiary stock(b)

—

(29)

—

255

—

(356)

(101)

Dividends paid(c)

(538)

—

(1,599)

1,480

(657)

(534)

—

(1,919)

1,800

(653)

Other financing activities

(42)

—

(138)

—

(180)

(82)

(161)

(164)

—

(407)

Net cash provided by (used in) financing

activities

(6,449)

717

(4,563)

705

(9,590)

(8,501)

1,204

8,950

285

1,938

Effect of exchange rate changes on cash, cash

equivalents, and restricted cash

103

—

177

(374)

—

(128)

—

(503)

Net increase (decrease) in cash, cash

equivalents, and restricted cash

624

(266)

962

—

1,320

2,251

(1,037)

(167)

—

1,047

Cash, cash equivalents, and restricted cash at

beginning of period

14,561

322

8,081

—

22,964

12,310

1,359

8,249

—

21,917

Cash, cash equivalents, and restricted cash at

end of period

$ 15,185

$ 56

$ 9,043

$ —

$ 24,284

$ 14,561

$ 322

$ 8,081

$ —

$ 22,964

__________

(a)

Includes eliminations of $2.6 billion and $6.4 billion in the years ended December 31, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)

Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the years ended December 31, 2025 and 2024.

(c)

Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2025 and 2024.

Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

The following tables summarize key financial information (dollars in millions):

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Total

Three Months Ended December 31, 2025

Net sales and revenue

$ 36,893

$ 4,029

$ 65

$ (1)

$ 40,986

$ —

$ 4,304

$ (3)

$ 45,287

Expenditures for property

$ 2,958

$ 183

$ 47

$ —

$ 3,188

$ 8

$ 25

$ —

$ 3,220

Depreciation and amortization

$ 1,556

$ 119

$ 4

$ —

$ 1,679

$ —

$ 1,275

$ —

$ 2,954

Impairment charges

$ 1,527

$ 20

$ —

$ 1,547

$ —

$ 1,547

Equity income (loss)(a)(b)

$ 89

$ (514)

$ (77)

$ —

$ (502)

$ —

$ 2

$ —

$ (500)

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Total

Three Months Ended December 31, 2024

Net sales and revenue

$ 39,528

$ 3,994

$ 76

$ —

$ 43,598

$ 181

$ 4,114

$ (191)

$ 47,702

Expenditures for property

$ 3,046

$ 157

$ 12

$ —

$ 3,215

$ 2

$ 8

$ 7

$ 3,233

Depreciation and amortization

$ 1,548

$ 103

$ 27

$ —

$ 1,678

$ 7

$ 1,221

$ —

$ 2,905

Impairment charges

$ —

$ 328

$ —

$ 328

Equity income (loss)(a)(b)

$ 190

$ (4,057)

$ —

$ (3,867)

$ —

$ (311)

$ —

$ (4,178)

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Total

Year Ended December 31, 2025

Net sales and revenue

$ 154,317

$ 13,427

$ 227

$ (1)

$ 167,970

$ 1

$ 17,060

$ (12)

$ 185,019

Expenditures for property

$ 8,687

$ 457

$ 97

$ —

$ 9,241

$ 10

$ 51

$ —

$ 9,303

Depreciation and amortization

$ 6,489

$ 466

$ 43

$ —

$ 6,999

$ 5

$ 4,976

$ —

$ 11,980

Impairment charges

$ 2,571

$ 38

$ —

$ 2,609

$ —

$ 2,609

Equity income (loss)(a)(b)

$ 558

$ (306)

$ (108)

$ —

$ 145

$ —

$ 39

$ —

$ 184

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

Financial

Reclassifications/

Eliminations

Total

Year Ended December 31, 2024

Net sales and revenue

$ 157,509

$ 13,890

$ 206

$ —

$ 171,605

$ 257

$ 15,875

$ (296)

$ 187,442

Expenditures for property

$ 10,266

$ 415

$ 30

$ —

$ 10,711

$ 7

$ 24

$ 88

$ 10,830

Depreciation and amortization

$ 5,963

$ 506

$ 80

$ —

$ 6,548

$ 25

$ 4,883

$ —

$ 11,456

Impairment charges

$ —

$ 933

$ —

$ 934

Equity income (loss)(a)(b)

$ 955

$ (4,400)

$ —

$ (3,445)

$ —

$ (256)

$ —

$ (3,701)

__________

(a)

Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $(0.5) billion and $(0.3) billion in the three months and year ended December 31, 2025 and $(4.1) billion and $(4.4) billion in the three months and year ended December 31, 2024.

(b)

Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles. Equity income (loss) related to Ultium Cells Holdings LLC was $319 million and $186 million in the three months ended December 31, 2025 and 2024 and $784 million and $975 million in the years ended December 31, 2025 and 2024.

General Motors Company and Subsidiaries

Supplemental Material 1

(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

General Motors Company and Subsidiaries

Supplemental Material 1

(Unaudited)

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

Three Months Ended

Years Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Net income (loss) attributable to stockholders(a)

$ (3,310)

$ (2,961)

$ 2,697

$ 6,008

Income tax expense

(989)

318

338

2,556

Automotive interest expense

167

215

727

846

Automotive interest income

(242)

(279)

(854)

(967)

Adjustments

EV strategic realignment(b)

5,992

—

7,914

—

China restructuring actions(c)

702

4,010

842

4,010

Legal matters(d)

357

—

657

—

Cruise restructuring(e)

133

520

223

1,103

Separation costs(f)

—

200

GMI exit costs(g)

150

Headquarters relocation(h)

Buick dealer strategy(i)

—

643

—

964

Total adjustments

7,217

5,217

9,839

6,491

EBIT-adjusted

2,843

2,509

12,747

14,934

Operating segments

GM North America (GMNA)

2,244

2,274

10,452

14,528

GM International (GMI)

278

221

737

303

Cruise

—

(418)

(273)

(1,701)

GM Financial(j)

609

719

2,802

2,965

Total operating segments

3,131

2,796

13,718

16,095

Corporate and eliminations(k)

(288)

(287)

(972)

(1,161)

EBIT-adjusted

$ 2,843

$ 2,509

$ 12,747

$ 14,934

__________

(a)

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

(b)

These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint. These adjustments include $0.3 billion that was recorded in the three months ended June 30, 2025 associated with Ultium's strategic realignment.

(c)

These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(d)

These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product and an indemnification charge for a European-wide Takata Corporation related recall.

(e)

These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin, and the voluntary pausing in 2023 of Cruise's driverless, supervised, and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.

(f)

These adjustments were excluded because they relate to employee separation charges including the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.

(g)

These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Colombia and Ecuador and an asset sale resulting from our strategic decision in 2020 to exit India.

(h)

These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.

(i)

These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick's EV strategy.

(j)

GM Financial amounts represent EBT-adjusted.

(k)

GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

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

Three Months Ended

Years Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted earnings (loss) per common share

$ (3,330)

$ (3.60)

$ (1,725)

$ (1.64)

$ 3,180

$ 3.27

$ 7,189

$ 6.37

Impact of including dilutive securities(a)

0.09

0.03

—

Adjustments(b)

7,217

7.60

5,217

4.85

9,839

10.12

6,491

5.75

Tax effect on adjustments(c)

(1,509)

(1.59)

(187)

(0.17)

(2,115)

(2.17)

(477)

(0.42)

Return from preferred shareholders(d)

—

(1,239)

(1.15)

(593)

(0.61)

(1,239)

(1.10)

EPS-diluted-adjusted

$ 2,378

$ 2.51

$ 2,066

$ 1.92

$ 10,311

$ 10.60

$ 11,963

$ 10.60

__________

(a)

Represents the dilutive effect of awards under stock incentive plans. Refer to the table below for the effect on weighted-average common shares outstanding — diluted-adjusted.

(b)

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(c)

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(d)

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the year ended December 31, 2025 and the three months and year ended December 31, 2024.

The following table reconciles weighted-average common shares outstanding — diluted to weighted-average common shares outstanding — diluted-adjusted used in the calculation of EPS-diluted-adjusted (shares in millions):

Three Months Ended

Years Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Weighted-average common shares outstanding — diluted

925

1,055

973

1,129

Dilutive effect of awards under stock incentive plans

—

Weighted-average common shares outstanding — diluted-adjusted

949

1,075

973

1,129

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

Years Ended December 31,

2025

2024

Income before

income taxes

Income tax

expense

Effective

tax rate

Income before

income taxes

Income tax

expense

Effective

tax rate

Effective tax rate

$ 3,117

$ 338

10.8 %

$ 8,519

$ 2,556

30.0 %

Adjustments(a)

9,839

2,115

6,564

477

ETR-adjusted

$ 12,956

$ 2,453

18.9 %

$ 15,083

$ 3,033

20.1 %

__________

(a)

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):

Years Ended December 31,

2025

2024

Net income attributable to stockholders

$ 2.7

$ 6.0

Average equity(a)

$ 64.6

$ 68.9

ROE

4.2 %

8.7 %

__________

(a)

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

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

Years Ended December 31,

2025

2024

EBIT-adjusted(a)

$ 12.7

$ 14.9

Average equity(b)

$ 64.6

$ 68.9

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.2

16.1

Add: Average automotive net pension and OPEB liability

8.5

9.4

Less: Average automotive net income tax asset

(23.2)

(22.7)

ROIC-adjusted average net assets

$ 66.0

$ 71.8

ROIC-adjusted

19.3 %

20.8 %

__________

(a)

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

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

Three Months Ended

Years Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Net automotive cash provided by operating activities

$ 5,606

$ 4,765

$ 18,733

$ 23,939

Less: Capital expenditures

(3,188)

(3,215)

(9,241)

(10,711)

Add: Buick dealer strategy

154

718

530

Add: EV strategic realignment

401

—

401

—

Add: China restructuring actions

207

—

217

—

Add: Separation costs

—

139

221

Add: GMI exit costs

—

Less: Ultium strategic realignment

(281)

—

(384)

—

Adjusted automotive free cash flow

$ 2,755

$ 1,823

$ 10,595

$ 14,045

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors, as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the year ended December 31, 2025, 27.5% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Three Months Ended

Years Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

GMNA

780

876

3,296

3,464

GMI

157

163

503

547

Total

937

1,039

3,799

4,010

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on GM's percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by GM's dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.

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

Three Months Ended

Years Ended

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Industry

Market Share

Industry

Market Share

Industry

Market Share

Industry

Market Share

North America

United States

4,097

703

17.2 %

4,329

755

17.4 %

16,631

2,853

17.2 %

16,356

2,705

16.5 %

Other

1,020

124

12.2 %

1,020

134

13.2 %

4,027

507

12.6 %

3,904

510

13.1 %

Total North America

5,117

827

16.2 %

5,349

889

16.6 %

20,658

3,361

16.3 %

20,260

3,215

15.9 %

Asia/Pacific, Middle

East, and Africa

China(a)

7,079

521

7.4 %

8,284

599

7.2 %

26,412

1,880

7.1 %

26,408

1,839

7.0 %

Other

5,701

169

3.0 %

5,610

139

2.5 %

22,368

538

2.4 %

21,876

522

2.4 %

Total Asia/Pacific,

Middle East, and

Africa

12,780

690

5.4 %

13,894

738

5.3 %

48,780

2,418

5.0 %

48,284

2,360

4.9 %

South America

Brazil

779

10.8 %

776

11.9 %

2,688

276

10.3 %

2,634

315

12.0 %

Other

411

7.7 %

356

7.7 %

1,679

126

7.5 %

1,347

109

8.1 %

Total South America

1,190

116

9.7 %

1,132

119

10.5 %

4,367

403

9.2 %

3,981

424

10.7 %

Total in GM markets

19,087

1,633

8.6 %

20,375

1,747

8.6 %

73,805

6,182

8.4 %

72,524

6,000

8.3 %

Total Europe

4,312

—

— %

4,224

— %

16,925

— %

16,765

— %

Total Worldwide(b)

23,399

1,633

7.0 %

24,599

1,747

7.1 %

90,730

6,184

6.8 %

89,289

6,003

6.7 %

United States

Cars

637

2.1 %

739

5.0 %

2,719

2.1 %

2,946

178

6.0 %

Trucks

1,178

402

34.1 %

1,199

396

33.1 %

4,592

1,517

33.0 %

4,336

1,383

31.9 %

Crossovers

2,282

288

12.6 %

2,392

322

13.5 %

9,320

1,280

13.7 %

9,074

1,144

12.6 %

Total United States

4,097

703

17.2 %

4,329

755

17.4 %

16,631

2,853

17.2 %

16,356

2,705

16.5 %

China(a)

SGMS

131

152

512

524

SGMW

390

447

1,368

1,315

Total

7,079

521

7.4 %

8,284

599

7.2 %

26,412

1,880

7.1 %

26,408

1,839

7.0 %

__________

(a)

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b)

Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):

Three Months Ended

Years Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

GMNA

170

168

667

615

GMI

150

127

427

401

Total fleet sales

320

295

1,094

1,016

Fleet sales as a percentage of total vehicle sales

19.6 %

16.9 %

17.7 %

16.9 %

North America capacity two-shift utilization

104.7 %

103.5 %

113.7 %

105.7 %

SOURCE General Motors