GM Financial Reports Full Year and Fourth Quarter 2025 Operating Results
FORT WORTH, Texas--( BUSINESS WIRE)--GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced net income of $460 million for the quarter ended December 31, 2025, compared to $589 million for the quarter ended September 30, 2025, and $215 million for the quarter ended December 31, 2024. Net income for the year ended December 31, 2025 was $2.1 billion, compared to $1.9 billion for the year ended December 31, 2024.
The Company recorded a $320 million impairment charge in the quarter ended December 31, 2024 to write down its SAIC-GMAC equity investment to its fair value. Net income adjusted for this impairment was $535 million for the quarter ended December 31, 2024 and $2.2 billion for the year ended December 31, 2024.
Retail loan originations were $8.4 billion for the quarter ended December 31, 2025, compared to $8.8 billion for the quarter ended September 30, 2025, and $10.6 billion for the quarter ended December 31, 2024. Retail loan originations for the year ended December 31, 2025 were $36.3 billion, compared to $37.0 billion for the year ended December 31, 2024. The outstanding balance of retail finance receivables was $75.4 billion at December 31, 2025, compared to $75.9 billion at September 30, 2025 and $76.1 billion at December 31, 2024.
Operating lease originations were $4.2 billion for the quarter ended December 31, 2025, compared to $5.0 billion for the quarter ended September 30, 2025 and $4.9 billion for the quarter ended December 31, 2024. Operating lease originations for the year ended December 31, 2025 were $19.6 billion, compared to $19.1 billion for the year ended December 31, 2024. Leased vehicles, net was $33.7 billion at December 31, 2025, compared to $33.6 billion at September 30, 2025 and $31.6 billion at December 31, 2024.
The outstanding balance of commercial finance receivables was $17.4 billion at December 31, 2025, compared to $17.1 billion at September 30, 2025 and $19.9 billion at December 31, 2024.
Retail finance receivables 31-60 days delinquent were 2.7% of the portfolio at December 31, 2025 and 2.5% at December 31, 2024. Accounts more than 60 days delinquent were 1.1% of the portfolio at December 31, 2025 and 0.9% at December 31, 2024.
Annualized net charge-offs were 1.5% of average retail finance receivables for the quarter ended December 31, 2025 and 1.3% for the quarter ended December 31, 2024. For the year ended December 31, 2025, retail net charge-offs were 1.3%, compared to 1.2% for the year ended December 31, 2024.
The Company had total available liquidity of $35.8 billion at December 31, 2025, consisting of $5.9 billion of cash, cash equivalents and marketable debt securities, $25.9 billion of borrowing capacity under secured credit facilities, $1.0 billion of borrowing capacity under committed unsecured credit facilities, $1.0 billion of borrowing capacity under the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity under the GM Revolving 364-Day Credit Facility.
About GM Financial
General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company’s results of operations for the quarter and full year ended December 31, 2025 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.
General Motors Financial Company, Inc.
Condensed Consolidated Statements of Income
(Unaudited, in millions)
Three Months Ended December 31,
Years Ended December 31,
2025
2024
2025
2024
Revenue
Finance charge income
$
2,041
$
2,042
$
8,173
$
7,669
Leased vehicle income
1,990
1,866
7,800
7,297
Other income
273
206
1,086
909
Total revenue
4,304
4,114
17,059
15,875
Costs and expenses
Operating expenses
625
387
2,206
1,802
Leased vehicle expenses
1,185
1,067
4,391
4,113
Provision for loan losses
281
353
1,207
1,029
Interest expense
1,606
1,598
6,492
6,030
Total costs and expenses
3,697
3,405
14,296
12,974
Equity income (loss)
2
9
39
64
Impairment of investment in nonconsolidated affiliate
—
(320
)
—
(320
)
Income (loss) before income taxes
609
399
2,802
2,645
Income tax expense (benefit)
149
184
744
784
Net income (loss)
460
215
2,058
1,860
Less: cumulative dividends on preferred stock
30
30
119
119
Net income (loss) attributable to common shareholder
$
430
$
185
$
1,940
$
1,742
Amounts may not add due to rounding.
Condensed Consolidated Balance Sheets
(Unaudited, in millions)
December 31, 2025
December 31, 2024
ASSETS
Cash and cash equivalents
$
5,826
$
5,094
Finance receivables, net of allowance for loan losses of $2,725 and $2,458
90,045
93,510
Leased vehicles, net
33,686
31,586
Goodwill and intangible assets
1,177
1,169
Equity in net assets of nonconsolidated affiliates
1,117
1,206
Related party receivables
515
473
Other assets
8,110
7,992
Total assets
$
140,477
$
141,030
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Secured debt
$
46,904
$
49,573
Unsecured debt
67,127
64,691
Deferred income
2,494
2,389
Related party payables
136
106
Other liabilities
8,004
9,079
Total liabilities
124,664
125,838
Total shareholders' equity
15,813
15,193
Total liabilities and shareholders' equity
$
140,477
$
141,030
Amounts may not add due to rounding.
Operational and Financial Data
(Unaudited, Dollars in millions)
Amounts may not add due to rounding
Three Months Ended December 31,
Years Ended December 31,
Reconciliation for Net Income - Adjusted
2025
2024
2025
2024
Net income
$
460
$
215
$
2,802
$
1,860
Adjustment - impairment charge
—
320
—
320
Net income - adjusted
$
460
$
535
$
2,802
$
2,181
Three Months Ended December 31,
Years Ended December 31,
Originations
2025
2024
2025
2024
Retail finance receivables originations
$
8,404
$
10,637
$
36,314
$
36,960
Lease originations
4,229
4,943
19,567
19,089
Total originations
$
12,633
$
15,580
$
55,881
$
56,049
Three Months Ended December 31,
Years Ended December 31,
Average Earning Assets
2025
2024
2025
2024
Average retail finance receivables
$
75,610
$
75,318
$
76,717
$
73,917
Average commercial finance receivables
17,334
19,609
17,203
16,704
Average finance receivables
92,944
94,927
93,920
90,621
Average leased vehicles, net
33,662
31,288
32,925
30,641
Average earning assets
$
126,606
$
126,215
$
126,844
$
121,262
Ending Earning Assets
December 31, 2025
December 31, 2024
Retail finance receivables
$
75,404
$
76,066
Commercial finance receivables
17,365
19,901
Leased vehicles, net
33,686
31,586
Ending earning assets
$
126,456
$
127,554
Finance Receivables
December 31, 2025
December 31, 2024
Retail
Retail finance receivables
$
75,404
$
76,066
Less: allowance for loan losses
(2,656
)
(2,400
)
Total retail finance receivables, net
72,748
73,667
Commercial
Commercial finance receivables
17,365
19,901
Less: allowance for loan losses
(68
)
(58
)
Total commercial finance receivables, net
17,297
19,843
Total finance receivables, net
$
90,045
$
93,510
Allowance for Loan Losses
December 31, 2025
December 31, 2024
Allowance for loan losses as a percentage of retail finance receivables
3.5
%
3.2
%
Allowance for loan losses as a percentage of commercial finance receivables
0.4
%
0.3
%
Delinquencies
December 31, 2025
December 31, 2024
Loan delinquency as a percentage of retail finance receivables:
31 - 60 days
2.7
%
2.5
%
Greater than 60 days
1.1
0.9
Total
3.7
%
3.4
%
Three Months Ended December 31,
Years Ended December 31,
Charge-offs and Recoveries
2025
2024
2025
2024
Charge-offs
$
537
$
499
$
1,998
$
1,754
Less: recoveries
(257
)
(249
)
(1,035
)
(901
)
Net charge-offs
$
280
$
250
$
963
$
853
Net charge-offs as an annualized percentage of average retail finance receivables
1.5
%
1.3
%
1.3
%
1.2
%
Three Months Ended December 31,
Years Ended December 31,
Operating Expenses
2025
2024
2025
2024
Operating expenses as an annualized percentage of average earning assets
2.0
%
1.2
%
1.7
%
1.5
%