GM(GM) - 2025 Q3 - Quarterly Results

Executive Summary & Guidance This section summarizes General Motors' third-quarter 2025 financial results and updated full-year guidance Third-Quarter 2025 Financial Highlights 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 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 - $10.00 | Conference Call Information GM's Chair and CEO Mary Barra and CFO Paul Jacobson hosted a conference call for the investment community to discuss the third-quarter results - Conference call for investors and analysts was held at 8:30 a.m. ET on October 21, 2025[3] - Audio replay will be available on the GM Investor Relations website[5] Consolidated Financial Results This section details General Motors' consolidated financial performance, covering income statement, balance sheet, and cash flow information Results Overview (GAAP) A comparative overview of key financial metrics for the three months ended September 30, 2025, shows significant declines in net income, EBIT-adjusted, and EPS-diluted compared to the prior year Results Overview (GAAP) | Metric | Sep 30, 2025 ($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 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 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 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 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] Combining Balance Sheet Information 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 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 ($M) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Net cash provided by (used in) operating activities | 20,072 | 15,989 | | Net cash provided by (used in) investing activities | (12,473) | (14,004) | | Net cash provided by (used in) financing activities | (4,591) | 2,963 | | Net increase (decrease) in cash, cash equivalents and restricted cash | 3,246 | 4,798 | | Cash, cash equivalents and restricted cash at end of period | 26,210 | 26,715 | Segment-Level Key Financial Information This section details General Motors' financial performance across its key operating segments: GMNA, GMI, Cruise, and GM Financial Segment Performance Summary GMNA's net sales and revenue slightly decreased in Q3 2025 but increased year-to-date. GMI's net sales and revenue increased in both Q3 and YTD periods. Cruise continued to show operating losses, while GM Financial demonstrated growth in net sales and revenue Segment Performance Summary Three Months Ended September 30: | Metric | GMNA ($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] - Equity earnings related to Ultium Cells Holdings LLC were $213 million in Q3 2025, down from $309 million in Q3 2024[34] Non-GAAP Financial Measures and Reconciliations This section defines and reconciles General Motors' non-GAAP financial measures, clarifying their calculation and purpose in performance assessment Non-GAAP Measures Definitions 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][36] - EBIT-adjusted excludes automotive interest income, automotive interest expense, income taxes, and certain additional adjustments not considered part of core operations[37] - Adjusted automotive free cash flow measures the liquidity of automotive operations and performance against capital allocation programs[41] EBIT-Adjusted Reconciliation 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][44] EPS-Diluted-Adjusted Reconciliation 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 $(593) million return from preferred shareholders related to the redemption of Cruise preferred shares[51][52] ETR-Adjusted Reconciliation The effective tax rate for Q3 2025 was 8.9%, while the ETR-adjusted was 19.8%. For the nine months ended September 30, 2025, the ETR-adjusted was 19.3% ETR-Adjusted Reconciliation | Metric | Three Months Ended Sep 30, 2025 (Effective Tax Rate) | Three Months Ended Sep 30, 2024 (Effective Tax Rate) | Nine Months Ended Sep 30, 2025 (Effective Tax Rate) | Nine Months Ended Sep 30, 2024 (Effective Tax Rate) | | :-------------------------------- | :--------------------------------------------------- | :--------------------------------------------------- | :------------------------------------------------- | :------------------------------------------------- | | Effective tax rate | 8.9 % | 19.1 % | 18.0 % | 20.2 % | | ETR-adjusted | 19.8 % | 19.5 % | 19.3 % | 20.4 % | Return on Equity (ROE) Calculation ROE for the four quarters ended September 30, 2025, was 4.7%, a significant decrease from 15.9% in the prior year, primarily due to lower net income attributable to stockholders Return on Equity (ROE) Calculation | Metric | Four Quarters Ended Sep 30, 2025 ($B) | Four Quarters Ended Sep 30, 2024 ($B) | | :-------------------------------- | :------------------------------------ | :------------------------------------ | | Net income attributable to stockholders | $3.0 | $11.1 | | Average equity | $65.2 | $69.5 | | ROE | 4.7 % | 15.9 % | ROIC-Adjusted Calculation ROIC-adjusted for the four quarters ended September 30, 2025, was 18.5%, slightly down from 19.4% in the prior year, reflecting a decrease in EBIT-adjusted ROIC-Adjusted Calculation | Metric | Four Quarters Ended Sep 30, 2025 ($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 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 This section details General Motors' wholesale and total vehicle sales, including market share performance across various regions Wholesale Vehicle Sales 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] Total Vehicle Sales and Market Share by Region 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 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 This section provides an overview of General Motors' business, contact information, and disclosures regarding forward-looking statements Company Overview 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] - GM's brands include Buick, Cadillac, Chevrolet, and GMC, offering both gasoline-powered vehicles and a wide range of EVs[8] Contacts and Forward-Looking Statements 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] - 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] - Readers are cautioned not to place undue reliance on forward-looking statements, and GM undertakes no obligation to update them[9]