GM(GM) - 2025 Q4 - Annual Results

Financial Performance - General Motors reported a full-year 2025 net income attributable to stockholders of $2.7 billion, down 55.1% from $6.0 billion in 2024[4][11]. - The fourth-quarter 2025 net income was a loss of $3.3 billion, impacted by over $7.2 billion in special charges related to electric vehicle capacity realignment[2][11]. - GM's 2026 guidance projects net income attributable to stockholders between $10.3 billion and $11.7 billion, indicating a significant recovery[4][18]. - The company achieved EBIT-adjusted of $12.7 billion in 2025, with a 2026 guidance range of $13.0 billion to $15.0 billion[4][18]. - Automotive operating cash flow for 2025 was $18.7 billion, with a projected range of $19.0 billion to $23.0 billion for 2026[4][18]. - The company reported a revenue of $185.0 billion for 2025, a decrease of 1.3% from $187.4 billion in 2024[11]. - Operating income for 2025 was $2.91 billion, down from $12.78 billion in 2024, representing a decrease of 77.2%[21]. - Net income attributable to stockholders for 2025 was $2.70 billion, a decrease of 55.1% from $6.01 billion in 2024[24]. - Basic earnings per common share for the year ended December 31, 2025, were $3.33, down from $6.45 in 2024, a decline of 48.8%[24]. - The company reported total costs and expenses of $182.11 billion for 2025, an increase of 4.3% from $174.66 billion in 2024[21]. Cash Flow and Investments - Adjusted automotive free cash flow for 2025 was $10.6 billion, with a guidance range of $9.0 billion to $11.0 billion for 2026[4][18]. - Cash flows from operating activities increased to $26,867 million in 2025, compared to $20,129 million in 2024, reflecting a growth of approximately 33.5%[34]. - The company reported expenditures for property of $9,303 million in 2025, down from $10,830 million in 2024, indicating a reduction of about 14.1%[34]. - The net cash provided by (used in) investing activities was $(16,134) million in 2025, compared to $(20,517) million in 2024, showing an improvement of approximately 21.1%[34]. - The net cash provided by (used in) financing activities was $(9,590) million in 2025, a decrease from $(8,501) million in 2024, indicating a worsening of about 12.8%[34]. Shareholder Returns - GM announced a quarterly dividend increase of 20% to $0.18 per share, payable on March 19, 2026[5][6]. - A new $6.0 billion share repurchase authorization was approved, reflecting GM's commitment to returning capital to shareholders[6]. Assets and Liabilities - Total current assets increased to $108.767 billion in 2025 from $108.545 billion in 2024, reflecting a growth of 0.2%[28]. - Total liabilities rose to $218.116 billion in 2025, up from $214.171 billion in 2024, indicating an increase of 1.4%[28]. - Total stockholders' equity decreased to $61.119 billion in 2025 from $63.072 billion in 2024, a decline of 3.1%[28]. - Cash and cash equivalents increased to $20.945 billion in 2025 from $19.872 billion in 2024, a growth of 5.4%[28]. - Long-term debt for Automotive increased to $15.591 billion in 2025 from $13.327 billion in 2024, a rise of 16.9%[28]. Market Performance - GM's wholesale vehicle sales volume was 3,799 thousand units, a decrease from 4,010 thousand units in 2024, representing a decline of 5.3%[65]. - Total vehicle sales in North America for the year ended December 31, 2025, were 3,361 thousand units, an increase from 3,215 thousand units in 2024, reflecting a growth of 4.5%[67]. - GM's total vehicle sales worldwide for the year ended December 31, 2025, were 6,182 thousand units, compared to 6,003 thousand units in 2024, reflecting a growth of 3.0%[67]. - GM's market share in the United States for the three months ended December 31, 2025, was 17.2%, slightly down from 17.4% in the same period of 2024[67]. Operational Metrics - The company recognized depreciation, amortization, and impairment charges on property of $9,646 million in 2025, up from $7,545 million in 2024, representing an increase of approximately 28.0%[34]. - The effective tax rate for the year ended December 31, 2025, was 18.9%, compared to 20.1% in 2024[59]. - GM North America reported EBIT of $2.2 billion for the three months ended December 31, 2025, slightly down from $2.3 billion in 2024[56]. - The return on equity (ROE) for the year ended December 31, 2025, was 4.2%, a decrease from 8.7% in 2024[60].