Earnings Season Overview - Earnings season is gaining momentum with major companies like Tesla, Netflix, General Motors, and Ford reporting results this week [1][3] - As of October 17, 12% of S&P 500 companies have reported, with analysts expecting an 8.5% increase in earnings per share for Q3, marking the ninth consecutive quarter of positive earnings growth, although a slowdown from the 12% growth in Q2 [1][2] Sector Representation - A diverse range of sectors will be represented in the earnings reports, including airlines, toy manufacturers, and telecom providers, with consumer companies like Procter & Gamble and Deckers Outdoors expected to provide insights on consumer spending [4][5] Notable Earnings Reports - American Express reported earnings that exceeded expectations, driven by strong demand for its Platinum card [7] - Coca-Cola's stock rose after it reported earnings above estimates despite a challenging environment [8] - General Motors' stock increased following positive full-year guidance and improved tariff exposure in Q3 [9] - Northrop Grumman raised its annual profit forecast due to heightened demand for defense products amid geopolitical tensions [10] - Elevance Health surpassed quarterly profit estimates as medical costs remained stable [11] Financial Sector Insights - Zions Bancorporation's stock rose after the CEO reassured investors about limited charge-offs, reporting a diluted earnings per share of $1.48, beating estimates [13][17] - Truist reported a net income increase to $1.3 billion, exceeding analyst expectations, with broad-based loan growth [25] - Fifth Third Bank reported a 7% year-over-year increase in net interest income, with earnings per share growing 17% annually [29] Technology Sector Highlights - Taiwan Semiconductor Manufacturing Company (TSMC) reported a 39% year-over-year profit surge and raised its 2025 revenue outlook, benefiting from strong demand for AI-related technologies [42][43] Market Trends - Bank of America noted that 76% of S&P 500 companies reporting so far have exceeded earnings expectations, indicating a trend of more positive surprises than usual [19][20]

General Motors stock rose more than 15% on Tuesday after the company reported third-quarter results that beat Wall Street estimates senseless on both revenue and profit —even as net income dropped hard vs. last year. What’s behind investors' enthusiasm? News that the company can, apparently, keep trucking through tariffs and the slings and arrows of the EV market. GM’s all-electric efforts weighed on profits, and tariffs brought down margins in their all-important North American market—GM’s white-hot prof ...

1.10月21日(周二)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.08%，标普500指数期货涨0.03%，纳指期货 跌0.05%。 | = US 30 | 46,743.90 | 46,784.30 | 46,618.00 | +37.30 | +0.08% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6.737.30 | 6.747.80 | 6.726.40 | +2.20 | +0.03% | | 트 US Tech 100 | 25,128.60 | 25,204.30 | 25,090.10 | -12.40 | -0.05% | 2.截至发稿，德国DAX指数涨0.17%，英国富时100指数涨0.30%，法国CAC40指数涨0.55%，欧洲斯托克50指数涨0.26%。 | 德国DAX30 | 24,333.47 | 24,342.47 | 24,200.51 | +42.28 | +0.17% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 9,432.20 | 9 ...

Core Viewpoint - General Motors reported strong financial performance for Q3 2025, with significant increases in revenue and profitability, leading to an upward revision of annual performance expectations [2][3][5]. Financial Performance - Q3 2025 net revenue reached $48.6 billion, with a net profit of $1.3 billion [2][3]. - Adjusted EBIT was $3.4 billion, resulting in an adjusted EBIT margin of 6.9% [3]. - Adjusted diluted earnings per share were $2.80, with adjusted automotive cash flow at $4.2 billion [3]. Updated Annual Financial Expectations - Projected net profit for the year is between $7.7 billion and $8.3 billion [5]. - Adjusted EBIT is expected to be in the range of $12 billion to $13 billion [5]. - Automotive cash flow is forecasted to be between $19.2 billion and $21.2 billion, with adjusted automotive cash flow expected between $10 billion and $11 billion [5]. - Adjusted diluted earnings per share are anticipated to be between $8.30 and $9.05, with adjusted diluted earnings per share expected between $9.75 and $10.50 [5]. Market Performance - In the U.S. market, General Motors achieved a sales increase of 8% year-over-year, maintaining a market share of 17.4% in traditional fuel vehicles [7]. - The company leads the full-size SUV and full-size pickup segments with market shares of 60% and 41%, respectively [7]. - In the electric vehicle market, General Motors holds a 16.5% market share, ranking second in sales, with Chevrolet being the second-largest brand in the EV market [7]. Software and Services Growth - General Motors generated approximately $2 billion in confirmed revenue from software and services, with deferred revenue reaching about $5 billion, a year-over-year increase of over 90% [8]. - The active user base for the Super Cruise system is expected to exceed 600,000 by the end of the year [8]. Performance in China - General Motors has achieved profitability in China for four consecutive quarters, with year-over-year growth in both sales and market share [9]. - The company has seen continuous growth in sales of new energy vehicles and battery electric vehicles (BEVs) for ten consecutive quarters [9]. - The launch of the Buick Electra L7 and the upcoming flagship MPV Buick GL8, both based on local innovations, are part of the strategy to enhance product offerings in the new energy sector [9].

Core Insights - General Motors (GM) is implementing a multi-faceted strategy to enhance profitability, which includes reducing tariff exposure, improving electric vehicle (EV) profitability, and expanding software services, leading to an increased profit guidance of $12 billion to $13 billion, up from $10 billion to $12.5 billion [3] Software Services - GM's software services, including OnStar and Super Cruise, have generated nearly $2 billion in revenue this year, with OnStar subscribers increasing by 34% year-over-year and Super Cruise customers nearly doubling [4] - The company anticipates robust double-digit revenue growth through the end of the decade, with growth margins around 70% [4] Production Strategy - GM is increasing domestic production to mitigate tariff impacts and to produce more full-sized gas-powered trucks and SUVs for the U.S. market, as the company reassesses its EV strategies in light of potential changes in emissions standards by the EPA [5] - The company expects internal combustion engine (ICE) volumes to remain high for an extended period, with plans to retool its Lake Orion, Michigan plant to produce new Cadillac Escalade and full-size pickup trucks by early 2027 [6] Financial Performance - GM reported a 57% year-over-year decline in Q3 net income, primarily due to $1.1 billion in tariff costs and a revised EV production strategy amid cooling demand [7] - Despite the quarterly setback, GM's CEO expects that actions to improve manufacturing capacity and EV battery production will restore EBIT margins to historical levels of 8% to 10% [7]

Core Insights - General Motors (GM) exceeded third-quarter earnings and revenue expectations, leading to a surge in stock price [1] - GM's Q3 earnings per share (EPS) fell by 5% to $2.80, while revenue decreased by less than 1% to $48.59 billion [1] - The company raised its guidance and reduced the expected tariff impact for 2025, indicating a positive outlook [1] Financial Performance - Q3 EPS: $2.80, down 5% year-over-year [1] - Q3 Revenue: $48.59 billion, a decline of less than 1% [1] - Analysts had anticipated higher earnings prior to the announcement, suggesting a positive surprise [1]

Market Overview - US stock index futures showed mixed movements with Dow futures up 0.08% and S&P 500 futures up 0.03%, while Nasdaq futures fell 0.05% [1] - European indices also experienced gains, with Germany's DAX up 0.17%, UK's FTSE 100 up 0.30%, France's CAC40 up 0.55%, and the Euro Stoxx 50 up 0.26% [2][3] - WTI crude oil rose by 0.79% to $57.47 per barrel, and Brent crude oil increased by 0.67% to $61.42 per barrel [3][4] Market Sentiment - The recent rebound in US stocks is attributed to short covering rather than genuine investor confidence, indicating a potential "false prosperity" [5] - Concerns about the US credit market tightening could lead to forced selling by pension funds, which may trigger a significant market downturn [5] - Allianz's chief economist noted that the current AI investment boom is a "rational bubble" that could help the US outperform global markets [5] Federal Reserve Insights - Wall Street analysts predict that the Federal Reserve may announce the end of its balance sheet reduction plan in the upcoming meeting, which could stabilize monetary policy [6] - Recent market fluctuations have led to increased use of the Fed's repurchase agreement tool, indicating liquidity concerns [6] Individual Company Performance - General Motors (GM) reported Q3 revenue of $48.59 billion, exceeding expectations of $45.26 billion, and raised its full-year EPS guidance to $9.75-$10.50 [7][8] - Coca-Cola (KO) posted Q3 revenue of $12.46 billion, surpassing the expected $12.41 billion, and reaffirmed its 2025 guidance [8] - GE Aerospace's Q3 revenue increased by 24% to $12.18 billion, driven by strong performance in its commercial engine business [8] - Zion Bank's Q3 profit exceeded expectations, with revenue of $872 million, indicating that credit pressure in regional banks may be isolated incidents [8] - DocGo's stock surged nearly 27% following its acquisition of virtual healthcare platform SteadyMD [8] Upcoming Earnings Reports - Notable earnings reports expected include Netflix, Texas Instruments, and Alliance West Bank on Wednesday morning, and Barclays, Teck Resources, and AT&T before market open [10]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - AlphaVest Acquisition Corp (ATMV) is up 71% at $14.24 [3] - BranchOut Food Inc. (BOF) is up 44% at $3.04 [3] - rYojbaba Co., Ltd. (RYOJ) is up 35% at $5.14 [3] - GSI Technology, Inc. (GSIT) is up 25% at $16.24 [3] - Jowell Global Ltd. (JWEL) is up 18% at $2.02 [3] - General Motors Company (GM) is up 9% at $63.68 [3] - Crown Holdings, Inc. (CCK) is up 8% at $103.00 [3] - Spero Therapeutics, Inc. (SPRO) is up 8% at $2.49 [3] - Sunrun Inc. (RUN) is up 6% at $21.90 [3] - Foxx Development Holdings Inc. (FOXX) is up 5% at $4.50 [3] Premarket Losers - Neuphoria Therapeutics Inc. (NEUP) is down 66% at $5.19 [4] - New Era Energy & Digital, Inc. (NUAI) is down 9% at $5.09 [4] - Odyssey Marine Exploration, Inc. (OMEX) is down 8% at $3.28 [4] - Carbon Revolution Public Limited Company (CREV) is down 7% at $4.86 [4] - Coeur Mining, Inc. (CDE) is down 7% at $20.38 [4] - Hecla Mining Company (HL) is down 6% at $13.50 [4] - Verrica Pharmaceuticals Inc. (VRCA) is down 6% at $4.12 [4] - Sensei Biotherapeutics, Inc. (SNSE) is down 5% at $10.06 [4] - Whitehawk Therapeutics, Inc. (WHWK) is down 5% at $2.52 [4] - Greenidge Generation Holdings Inc. (GREE) is down 5% at $2.07 [4]

[Executive Summary & Guidance](index=1&type=section&id=Executive%20Summary%20%26%20Guidance) This section summarizes General Motors' third-quarter 2025 financial results and updated full-year guidance [Third-Quarter 2025 Financial Highlights](index=1&type=section&id=Third-Quarter%202025%20Financial%20Highlights) General Motors reported its third-quarter 2025 financial results, with **revenue of $48.6 billion**, **net income attributable to stockholders of $1.3 billion**, and **EBIT-adjusted of $3.4 billion** Third-Quarter 2025 Financial Highlights | Metric | Amount (Billions) | | :-------------------------------- | :---------------- | | Revenue | $48.6 | | Net income attributable to stockholders | $1.3 | | EBIT-adjusted | $3.4 | [Full-Year 2025 Guidance Update](index=1&type=section&id=Full-Year%202025%20Guidance%20Update) GM updated its full-year 2025 earnings guidance, revising EBIT-adjusted and adjusted automotive free cash flow upwards, while narrowing the range for net income attributable to stockholders and EPS-diluted Full-Year 2025 Guidance Update | Metric | 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 - $10.00 | [Conference Call Information](index=1&type=section&id=Conference%20Call%20Information) GM's Chair and CEO Mary Barra and CFO Paul Jacobson hosted a conference call for the investment community to discuss the third-quarter results - Conference call for investors and analysts was held at **8:30 a.m. ET on October 21, 2025**[3](index=3&type=chunk) - Audio replay will be available on the GM Investor Relations website[5](index=5&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) This section details General Motors' consolidated financial performance, covering income statement, balance sheet, and cash flow information [Results Overview (GAAP)](index=2&type=section&id=Results%20Overview%20%28GAAP%29) A comparative overview of key financial metrics for the three months ended September 30, 2025, shows significant declines in net income, EBIT-adjusted, and EPS-diluted compared to the prior year Results Overview (GAAP) | Metric | Sep 30, 2025 ($M) | Sep 30, 2024 ($M) | Change ($M) | % 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)% | | GMI EBIT-adjusted | 226 | 42 | 184 | n.m. | | China equity income (loss) | 80 | (137) | 217 | n.m. | | GM Financial EBT-adjusted | 804 | 687 | 117 | 17.0 % | [Combining Income Statement Information](index=5&type=section&id=Combining%20Income%20Statement%20Information) This section details General Motors' income statement performance for the three and nine months ended September 30, 2025, compared to the prior year [Three Months Ended September 30, 2025 vs 2024](index=5&type=section&id=Three%20Months%20Ended%20September%2030%2C%202025%20vs%202024) For the third quarter of 2025, combined total net sales and revenue slightly decreased by **0.3% to $48.6 billion**, with Automotive revenue at **$44.3 billion** and GM Financial revenue at **$4.3 billion**. Operating income saw a significant decline to **$1.1 billion** from **$3.7 billion** in the prior year Three Months Ended September 30, 2025 vs 2024 | Metric | Sep 30, 2025 ($M) | Sep 30, 2024 ($M) | | :-------------------------------- | :------------------ | :------------------ | | Total net sales and revenue | 48,591 | 48,757 | | Total costs and expenses | 47,515 | 45,105 | | Operating income (loss) | 1,076 | 3,651 | | Income (loss) before income taxes | 1,419 | 3,717 | | Net income (loss) attributable to stockholders | 1,327 | 3,056 | [Nine Months Ended September 30, 2025 vs 2024](index=6&type=section&id=Nine%20Months%20Ended%20September%2030%2C%202025%20vs%202024) For the nine months ended September 30, 2025, combined total net sales and revenue remained stable at **$139.7 billion**. Operating income decreased to **$6.6 billion** from **$11.3 billion** in the prior year, and net income attributable to stockholders declined to **$6.0 billion** from **$9.0 billion** Nine Months Ended September 30, 2025 vs 2024 | Metric | Sep 30, 2025 ($M) | Sep 30, 2024 ($M) | | :-------------------------------- | :------------------ | :------------------ | | Total net sales and revenue | 139,732 | 139,740 | | Total costs and expenses | 133,177 | 128,478 | | Operating income (loss) | 6,555 | 11,262 | | Income (loss) before income taxes | 7,366 | 11,076 | | Net income (loss) attributable to stockholders | 6,007 | 8,969 | [Basic and Diluted Earnings per Share](index=7&type=section&id=Basic%20and%20Diluted%20Earnings%20per%20Share) Basic and diluted EPS for Q3 2025 were **$1.37** and **$1.35** respectively, significantly lower than Q3 2024. Year-to-date EPS also saw a decline, with diluted EPS at **$6.64** for the nine months ended September 30, 2025, compared to **$7.77** in the prior year Basic and Diluted Earnings per Share | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Basic earnings per common share | $1.37 | $2.71 | $6.75 | $7.85 | | Diluted earnings per common share | $1.35 | $2.68 | $6.64 | $7.77 | - Potentially dilutive securities were excluded from diluted EPS computation due to their antidilutive effect[18](index=18&type=chunk) [Combining Balance Sheet Information](index=8&type=section&id=Combining%20Balance%20Sheet%20Information) Total assets increased to **$288.2 billion** as of September 30, 2025, from **$279.8 billion** at December 31, 2024, driven by increases in current assets and non-current assets across segments. Total liabilities also increased to **$219.8 billion** from **$214.2 billion** Combining Balance Sheet Information | Metric | Sep 30, 2025 ($M) | Dec 31, 2024 ($M) | | :-------------------------------- | :------------------ | :------------------ | | Total Assets | 288,168 | 279,761 | | Total Liabilities | 219,766 | 214,171 | | Total Equity | 68,402 | 65,590 | [Combining Cash Flow Information](index=11&type=section&id=Combining%20Cash%20Flow%20Information) Net cash provided by operating activities for the nine months ended September 30, 2025, was **$20.1 billion**, an increase from **$16.0 billion** in the prior year. Net cash used in investing activities increased to **$12.5 billion**, while net cash used in financing activities decreased to **$4.6 billion** Combining Cash Flow Information | Cash Flow Activity | Nine Months Ended Sep 30, 2025 ($M) | Nine Months Ended Sep 30, 2024 ($M) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities | 20,072 | 15,989 | | Net cash provided by (used in) investing activities | (12,473) | (14,004) | | Net cash provided by (used in) financing activities | (4,591) | 2,963 | | Net increase (decrease) in cash, cash equivalents and restricted cash | 3,246 | 4,798 | | Cash, cash equivalents and restricted cash at end of period | 26,210 | 26,715 | [Segment-Level Key Financial Information](index=13&type=section&id=Segment-Level%20Key%20Financial%20Information) This section details General Motors' financial performance across its key operating segments: GMNA, GMI, Cruise, and GM Financial [Segment Performance Summary](index=13&type=section&id=Segment%20Performance%20Summary) GMNA's net sales and revenue slightly decreased in Q3 2025 but increased year-to-date. GMI's net sales and revenue increased in both Q3 and YTD periods. Cruise continued to show operating losses, while GM Financial demonstrated growth in net sales and revenue Segment Performance Summary **Three Months Ended September 30:** | Metric | GMNA ($M) | GMI ($M) | Cruise ($M) | GM Financial ($M) | Total ($M) | | :-------------------------- | :---------- | :--------- | :---------- | :---------------- | :--------- | | Net sales and revenue (2025) | 40,551 | 3,645 | — | 4,337 | 48,591 | | Net sales and revenue (2024) | 41,157 | 3,517 | 26 | 4,031 | 48,757 | | Impairment charges (2025) | 1,044 | — | — | — | 1,044 | | Equity income (loss) (2025) | 214 | 83 | — | 9 | 290 | | Equity income (loss) (2024) | 309 | (132) | — | 10 | 187 | **Nine Months Ended September 30:** | Metric | GMNA ($M) | GMI ($M) | Cruise ($M) | GM Financial ($M) | Total ($M) | | :-------------------------- | :---------- | :--------- | :---------- | :---------------- | :--------- | | Net sales and revenue (2025) | 117,424 | 9,398 | 1 | 12,756 | 139,732 | | Net sales and revenue (2024) | 117,981 | 9,897 | 76 | 11,761 | 139,740 | | Impairment charges (2025) | 1,044 | 18 | — | — | 1,063 | | Impairment charges (2024) | — | — | 605 | — | 605 | | Equity income (loss) (2025) | 469 | 208 | — | 37 | 684 | | Equity income (loss) (2024) | 766 | (343) | — | 55 | 477 | - Automotive China joint ventures (JVs) equity income was **$80 million** in Q3 2025, a significant improvement from a loss of **$(137) million** in Q3 2024[33](index=33&type=chunk) - Equity earnings related to Ultium Cells Holdings LLC were **$213 million** in Q3 2025, down from **$309 million** in Q3 2024[34](index=34&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines and reconciles General Motors' non-GAAP financial measures, clarifying their calculation and purpose in performance assessment [Non-GAAP Measures Definitions](index=14&type=section&id=Non-GAAP%20Measures%20Definitions) This section defines and explains the purpose and calculation methodology for various non-GAAP financial measures used by GM, including EBIT-adjusted, EPS-diluted-adjusted, ETR-adjusted, ROIC-adjusted, and adjusted automotive free cash flow, emphasizing their use for operational and financial decision-making and performance assessment - Non-GAAP measures are used for operational and financial decision making, to assess Company and segment business performance, and to understand operating trends without regard to items not considered core operating performance[35](index=35&type=chunk)[36](index=36&type=chunk) - EBIT-adjusted excludes automotive interest income, automotive interest expense, income taxes, and certain additional adjustments not considered part of core operations[37](index=37&type=chunk) - Adjusted automotive free cash flow measures the liquidity of automotive operations and performance against capital allocation programs[41](index=41&type=chunk) [EBIT-Adjusted Reconciliation](index=15&type=section&id=EBIT-Adjusted%20Reconciliation) The reconciliation from Net income attributable to stockholders to EBIT-adjusted for Q3 2025 shows a decrease to **$3.4 billion** from **$4.1 billion** in Q3 2024, primarily due to significant adjustments related to EV strategic realignment and OnStar Smart Driver investigations EBIT-Adjusted Reconciliation | Metric | Three Months Ended Sep 30, 2025 ($M) | Three Months Ended Sep 30, 2024 ($M) | Nine Months Ended Sep 30, 2025 ($M) | Nine Months Ended Sep 30, 2024 ($M) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Net income attributable to stockholders | 1,327 | 3,056 | 6,007 | 8,969 | | Income tax expense (benefit) | 127 | 709 | 1,326 | 2,238 | | Automotive interest expense | 209 | 206 | 560 | 631 | | Automotive interest income | (220) | (274) | (611) | (688) | | Total adjustments | 1,933 | 417 | 2,622 | 1,274 | | EBIT-adjusted | 3,376 | 4,115 | 9,903 | 12,424 | - Key adjustments in Q3 2025 included **$1,592 million** for EV strategic realignment and **$300 million** for OnStar Smart Driver investigations and litigation[43](index=43&type=chunk)[44](index=44&type=chunk) [EPS-Diluted-Adjusted Reconciliation](index=16&type=section&id=EPS-Diluted-Adjusted%20Reconciliation) EPS-diluted-adjusted for Q3 2025 was **$2.80**, a slight decrease from **$2.96** in Q3 2024. The reconciliation includes adjustments and their tax effects, as well as a return from preferred shareholders in the nine-month period EPS-Diluted-Adjusted Reconciliation | Metric | Three Months Ended Sep 30, 2025 (Per Share) | Three Months Ended Sep 30, 2024 (Per Share) | Nine Months Ended Sep 30, 2025 (Per Share) | Nine Months Ended Sep 30, 2024 (Per Share) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Diluted earnings per common share | $1.35 | $2.68 | $6.64 | $7.77 | | Adjustments | 2.01 | 0.37 | 2.67 | 1.11 | | Tax effect on adjustments | (0.56) | (0.08) | (0.62) | (0.25) | | Return from preferred shareholders | — | — | (0.60) | — | | EPS-diluted-adjusted | $2.80 | $2.96 | $8.09 | $8.63 | - The nine-month period for 2025 included a **$(593) million** return from preferred shareholders related to the redemption of Cruise preferred shares[51](index=51&type=chunk)[52](index=52&type=chunk) [ETR-Adjusted Reconciliation](index=16&type=section&id=ETR-Adjusted%20Reconciliation) The effective tax rate for Q3 2025 was **8.9%**, while the ETR-adjusted was **19.8%**. For the nine months ended September 30, 2025, the ETR-adjusted was **19.3%** ETR-Adjusted Reconciliation | Metric | Three Months Ended Sep 30, 2025 (Effective Tax Rate) | Three Months Ended Sep 30, 2024 (Effective Tax Rate) | Nine Months Ended Sep 30, 2025 (Effective Tax Rate) | Nine Months Ended Sep 30, 2024 (Effective Tax Rate) | | :-------------------------------- | :--------------------------------------------------- | :--------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Effective tax rate | 8.9 % | 19.1 % | 18.0 % | 20.2 % | | ETR-adjusted | 19.8 % | 19.5 % | 19.3 % | 20.4 % | [Return on Equity (ROE) Calculation](index=16&type=section&id=Return%20on%20Equity%20%28ROE%29%20Calculation) ROE for the four quarters ended September 30, 2025, was **4.7%**, a significant decrease from **15.9%** in the prior year, primarily due to lower net income attributable to stockholders Return on Equity (ROE) Calculation | Metric | Four Quarters Ended Sep 30, 2025 ($B) | Four Quarters Ended Sep 30, 2024 ($B) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Net income attributable to stockholders | $3.0 | $11.1 | | Average equity | $65.2 | $69.5 | | ROE | 4.7 % | 15.9 % | [ROIC-Adjusted Calculation](index=17&type=section&id=ROIC-Adjusted%20Calculation) ROIC-adjusted for the four quarters ended September 30, 2025, was **18.5%**, slightly down from **19.4%** in the prior year, reflecting a decrease in EBIT-adjusted ROIC-Adjusted Calculation | Metric | Four Quarters Ended Sep 30, 2025 ($B) | Four Quarters Ended Sep 30, 2024 ($B) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | EBIT-adjusted | $12.4 | $14.2 | | ROIC-adjusted average net assets | $67.1 | $73.0 | | ROIC-adjusted | 18.5 % | 19.4 % | [Adjusted Automotive Free Cash Flow Reconciliation](index=17&type=section&id=Adjusted%20Automotive%20Free%20Cash%20Flow%20Reconciliation) Adjusted automotive free cash flow for Q3 2025 was **$4.2 billion**, down from **$5.8 billion** in Q3 2024. Year-to-date, it was **$7.8 billion**, a decrease from **$12.2 billion** in the prior year Adjusted Automotive Free Cash Flow Reconciliation | Metric | Three Months Ended Sep 30, 2025 ($M) | Three Months Ended Sep 30, 2024 ($M) | Nine Months Ended Sep 30, 2025 ($M) | Nine Months Ended Sep 30, 2024 ($M) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Net automotive cash provided by operating activities | 6,070 | 7,863 | 13,127 | 19,174 | | Less: Capital expenditures | (2,113) | (2,229) | (6,054) | (7,495) | | Add: Buick dealer strategy | 243 | 100 | 708 | 376 | | Add: Restructuring actions | — | 74 | 139 | 74 | | Add: GMI plant wind down | — | 26 | 12 | 35 | | Add: China restructuring actions | 1 | — | 10 | — | | Less: Ultium strategic realignment | — | — | (103) | — | | Add: Employee separation costs | — | — | — | 58 | | Adjusted automotive free cash flow | $4,201 | $5,834 | $7,840 | $12,222 | [Vehicle Sales and Market Share](index=18&type=section&id=Vehicle%20Sales%20and%20Market%20Share) This section details General Motors' wholesale and total vehicle sales, including market share performance across various regions [Wholesale Vehicle Sales](index=18&type=section&id=Wholesale%20Vehicle%20Sales) Total wholesale vehicle sales for Q3 2025 were **977 thousand units**, a **5.4% decrease** from Q3 2024. Year-to-date wholesale sales also decreased by **3.7% to 2,862 thousand units** Wholesale Vehicle Sales | Region | Three Months Ended Sep 30, 2025 (Thousands) | Three Months Ended Sep 30, 2024 (Thousands) | Nine Months Ended Sep 30, 2025 (Thousands) | Nine Months Ended Sep 30, 2024 (Thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | GMNA | 840 | 893 | 2,516 | 2,588 | | GMI | 137 | 140 | 346 | 383 | | Total | 977 | 1,033 | 2,862 | 2,971 | - **26.4%** of GM's wholesale vehicle sales volume in the nine months ended September 30, 2025, was generated outside the U.S.[60](index=60&type=chunk) [Total Vehicle Sales and Market Share by Region](index=19&type=section&id=Total%20Vehicle%20Sales%20and%20Market%20Share%20by%20Region) GM's total worldwide vehicle sales increased to **1,564 thousand units** in Q3 2025, up from **1,477 thousand** in Q3 2024, with market share increasing to **6.9%**. US market share increased to **17.0%** in Q3 2025, and China sales also saw an increase Total Vehicle Sales and Market Share by Region **Three Months Ended September 30, 2025:** | Region | Industry (Thousands) | GM (Thousands) | Market Share | | :-------------------------------- | :------------------- | :------------- | :----------- | | Total North America | 5,202 | 837 | 16.1 % | | Total Asia/Pacific, Middle East and Africa | 12,499 | 619 | 5.0 % | | Total South America | 1,166 | 107 | 9.2 % | | Total Worldwide | 22,751 | 1,564 | 6.9 % | | United States (Total) | 4,187 | 710 | 17.0 % | | China (Total) | 6,901 | 469 | 6.8 % | **Nine Months Ended September 30, 2025:** | Region | Industry (Thousands) | GM (Thousands) | Market Share | | :-------------------------------- | :------------------- | :------------- | :----------- | | Total North America | 15,523 | 2,534 | 16.3 % | | Total Asia/Pacific, Middle East and Africa | 35,903 | 1,729 | 4.8 % | | Total South America | 3,176 | 287 | 9.0 % | | Total Worldwide | 67,095 | 4,552 | 6.8 % | | United States (Total) | 12,516 | 2,150 | 17.2 % | | China (Total) | 19,299 | 1,359 | 7.0 % | [Fleet Sales and Capacity Utilization](index=19&type=section&id=Fleet%20Sales%20and%20Capacity%20Utilization) Total fleet sales increased to **254 thousand units** in Q3 2025, representing **16.3%** of total vehicle sales. North America capacity two-shift utilization improved to **118.3%** in Q3 2025, up from **109.1%** in Q3 2024 Fleet Sales and Capacity Utilization | Metric | Three Months Ended Sep 30, 2025 (Thousands) | Three Months Ended Sep 30, 2024 (Thousands) | Nine Months Ended Sep 30, 2025 (Thousands) | Nine Months Ended Sep 30, 2024 (Thousands) | | :-------------------------------- | :------------------------------------------ | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Total fleet sales | 254 | 234 | 767 | 721 | | Fleet 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 % | [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) This section provides an overview of General Motors' business, contact information, and disclosures regarding forward-looking statements [Company Overview](index=3&type=section&id=Company%20Overview) General Motors is a global transportation company focused on building safer, smarter, and lower-emission cars, trucks, and SUVs, offering a broad portfolio of gasoline-powered and electric vehicles under its Buick, Cadillac, Chevrolet, and GMC brands - GM is driving the future of transportation with advanced technology for safer, smarter, and lower emission vehicles[8](index=8&type=chunk) - GM's brands include Buick, Cadillac, Chevrolet, and GMC, offering both gasoline-powered vehicles and a wide range of EVs[8](index=8&type=chunk) [Contacts and Forward-Looking Statements](index=3&type=section&id=Contacts%20and%20Forward-Looking%20Statements) This section provides contact information for GM Communications and Investor Relations, along with a cautionary note regarding forward-looking statements, highlighting the inherent risks and uncertainties that could cause actual results to differ materially from projections - Contact information for GM Communications (Jim Cain, David Caldwell) and GM Investor Relations (Ashish Kohli, CFA) is provided[9](index=9&type=chunk) - The press release includes forward-looking statements based on current judgment and assumptions, but actual results may differ materially due to various factors described in SEC filings[9](index=9&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, and GM undertakes no obligation to update them[9](index=9&type=chunk)

Company Performance - General Motors' quarterly earnings results are discussed [1] Industry Trends & Outlook - The impact of tariffs on General Motors is examined [1] - The state of the company's EV (Electric Vehicle) business is analyzed [1] - General Motors' production outlook is provided [1]