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General Motors Co

GM releases 2025 second-quarter results

DETROIT , July 22, 2025 /PRNewswire/ -- General Motors (NYSE: GM) today reported second-quarter 2025 revenue of $47.1 billion, net income attributable to stockholders of $1.9 billion, and EBIT-adjusted of $3.0 billion. GM's full-year financial guidance is unchanged.

An overview of quarterly 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. today to discuss these results.

Conference call details are as follows:

  • 1-800-857-9821 (U.S.)
  • 1-517-308-9481 (international/caller-paid)
  • Conference call passcode: General Motors
  • An audio replay will be available on the GM Investor Relations website in the Events section.

Results Overview


Three Months Ended



($M) except per share amounts

June 30, 2025

June 30, 2024

Change

% Change

Revenue

$    47,122

$     47,969

$          (847)

(1.8) %

Net income attributable to stockholders

$      1,895

$       2,933

$       (1,038)

(35.4) %

EBIT-adjusted

$      3,037

$       4,438

$       (1,401)

(31.6) %

Net income margin

4.0 %

6.1 %

(2.1) ppts

(34.4) %

EBIT-adjusted margin

6.4 %

9.3 %

(2.9) ppts

(31.2) %

Automotive operating cash flow

$      4,653

$       7,713

$       (3,060)

(39.7) %

Adjusted automotive free cash flow

$      2,827

$       5,297

$       (2,470)

(46.6) %

EPS-diluted

$        1.91

$         2.55

$         (0.64)

(25.1) %

EPS-diluted-adjusted

$        2.53

$         3.06

$         (0.53)

(17.3) %

GMNA EBIT-adjusted

$      2,415

$       4,433

$       (2,018)

(45.5) %

GMNA EBIT-adjusted margin

6.1 %

10.9 %

(4.8) ppts

(44.0) %

GMI EBIT-adjusted(a)

$         204

$            50

$           154

n.m.

China equity income (loss)(a)

$           71

$         (104)

$           175

n.m.

GM Financial EBT-adjusted

$         704

$          822

$          (118)

(14.4) %

‌

__________

(a)      n.m. = not meaningful

‌


Six Months Ended



($M) except per share amounts

June 30, 2025

June 30, 2024

Change

% Change

Revenue

$     91,141

$     90,983

$           158

0.2 %

Net income attributable to stockholders

$       4,680

$       5,913

$       (1,233)

(20.9) %

EBIT-adjusted

$       6,527

$       8,310

$       (1,783)

(21.5) %

Net income margin

5.1 %

6.5 %

(1.4) ppts

(21.5) %

EBIT-adjusted margin

7.2 %

9.1 %

(1.9) ppts

(20.9) %

Automotive operating cash flow

$       7,057

$      11,311

$       (4,254)

(37.6) %

Adjusted automotive free cash flow

$       3,639

$       6,388

$       (2,749)

(43.0) %

EPS-diluted

$         5.28

$         5.10

$          0.18

3.5 %

EPS-diluted-adjusted

$         5.31

$         5.68

$         (0.37)

(6.5) %

GMNA EBIT-adjusted

$       5,702

$       8,273

$       (2,571)

(31.1) %

GMNA EBIT-adjusted margin

7.4 %

10.8 %

(3.4) ppts

(31.5) %

GMI EBIT-adjusted(a)

$          234

$           40

$           194

n.m.

China equity income (loss)(a)

$          116

$        (210)

$           326

n.m.

GM Financial EBT-adjusted

$       1,389

$      1,559

$          (170)

(10.9) %

‌

__________

(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.

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

$ 7.7-9.5

Income tax expense

1.6-2.3

Automotive interest income, net

(0.0)

Adjustments(a)

0.7

EBIT-adjusted

$ 10.0-12.5

‌

‌__________

‌(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected
     financial results do not include the potential impact of future adjustments related to special items.

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

Year Ending December 31, 2025

Diluted earnings per common share

$ 8.22-9.97

Adjustments(a)

0.03

EPS-diluted-adjusted

$ 8.25-10.00

‌

__________

(a) Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not 
include the potential impact of future adjustments related to special items.

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

$ 17.0-20.5

Less: Capital expenditures

10.0-11.0

Adjustments

0.5

Adjusted automotive free cash flow(a)

$ 7.5-10.0

‌

__________

(a) These expected financial results do not include the potential impact of future adjustments related to special items.

 

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)



Three Months Ended June 30, 2025


Three Months Ended June 30, 2024


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined

Net sales and revenue




















Automotive

$ 42,869


$      —


$     —


$                —


$ 42,869


$ 44,060


$      25


$     —


$              (25)


$ 44,060

GM Financial

—


—


4,255


(2)


4,253


—


—


3,918


(10)


3,908

Total net sales and revenue

42,869


—


4,255


(2)


47,122


44,060


25


3,918


(35)


47,969

Costs and expenses




















Automotive and other cost of
     sales

39,289


—


—


(1)


39,289


37,592


1,023


—


—


38,615

GM Financial interest,
     operating and other
     expenses

—


—


3,567


—


3,567


—


—


3,109


—


3,109

Automotive and other selling,
     general and
     administrative expense

2,141


—


—


(2)


2,139


2,234


138


—


(1)


2,372

Total costs and expenses

41,431


—


3,567


(2)


44,995


39,827


1,161


3,109


(2)


44,096

Operating income (loss)

1,438


—


688


—


2,127


4,233


(1,136)


809


(33)


3,873

Automotive interest expense

199


—


—


(1)


198


206


112


—


(112)


206

Interest income and other non-
     operating income, net

367


—


—


(1)


366


133


6


—


(79)


60

Equity income (loss)

64


—


16


—


80


(97)


—


14


—


(84)

Income (loss) before income
     taxes

$   1,671


$      —


$   704


$                —


$   2,375


$   4,063


$  (1,242)


$   822


$                —


$   3,643

Income tax expense (benefit)









481










767

Net income (loss)









1,894










2,877

Net loss (income) attributable
     to noncontrolling interests









1










57

Net income (loss)
     attributable to
     stockholders









$   1,895










$   2,933





















Net income (loss)
     attributable to common
     stockholders









$   1,865










$   2,919






















Six Months Ended June 30, 2025


Six Months Ended June 30, 2024


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined

Net sales and revenue




















Automotive

$ 82,729


$        1


$     —


$               —


$ 82,730


$ 83,272


$      51


$     —


$              (50)


$ 83,273

GM Financial

—


—


8,419


(7)


8,412


—


—


7,730


(19)


7,710

Total net sales and revenue

82,729


1


8,419


(7)


91,141


83,272


51


7,730


(69)


90,983

Costs and expenses




















Automotive and other cost of
     sales

74,318


163


—


(1)


74,480


71,189


1,422


—


(1)


72,611

GM Financial interest,
     operating and other
     expenses

—


—


7,058


—


7,058


—


—


6,215


(1)


6,215

Automotive and other selling,
     general and administrative
     expense

4,016


111


—


(2)


4,124


4,269


279


—


(1)


4,547

Total costs and expenses

78,334


274


7,058


(4)


85,662


75,459


1,701


6,215


(3)


83,372

  Operating income (loss)

4,395


(273)


1,361


(4)


5,479


7,813


(1,650)


1,514


(66)


7,611

Automotive interest expense

351


30


—


(30)


350


425


128


—


(128)


425

Interest income and other non-
     operating income, net

701


2


—


(26)


676


406


18


—


(62)


362

Equity income (loss)

114


—


28


—


142


(234)


—


45


—


(189)

Income (loss) before income
     taxes

$   4,859


$  (301)


$  1,389


$                —


$   5,946


$   7,561


$  (1,761)


$  1,559


$                —


$   7,359

Income tax expense (benefit)









1,199










1,529

Net income (loss)









4,747










5,830

Net loss (income) attributable
     to noncontrolling interests









(68)










83

Net income (loss)
     attributable to
     stockholders









$   4,680










$   5,913





















Net income (loss)
     attributable to common
     stockholders









$   5,224










$   5,889

‌

________

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

 

General Motors Company and Subsidiaries1

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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

Basic earnings per share








Net income (loss) attributable to stockholders

$               1,895


$               2,933


$               4,680


$               5,913

Adjustments(a)

(30)


(15)


544


(24)

Net income (loss) attributable to common stockholders

$               1,865


$               2,919


$               5,224


$               5,889









Weighted-average common shares outstanding

963


1,136


976


1,145









Basic earnings per common share

$                 1.94


$                 2.57


$                 5.35


$                 5.14

Diluted earnings per share








Net income (loss) attributable to common stockholders – diluted

$               1,865


$               2,919


$               5,224


$               5,889









Weighted-average common shares outstanding – diluted

976


1,147


989


1,155









Diluted earnings per common share

$                 1.91


$                 2.55


$                 5.28


$                 5.10

Potentially dilutive securities(b)

6


4


6


4


__________

(a)    Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest
        holders in the six months ended June 30, 2025.

(b)    Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at June
        30, 2025 and stock options and RSUs at June 30, 2024, were excluded from the computation of diluted earnings per share (EPS) because
        the securities would have had an antidilutive effect.

 

‌

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

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



June 30, 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

$   13,891


$      87


$  8,403


$                 —


$   22,381


$   14,470


$    308


$  5,094


$                 —


$   19,872

Marketable debt securities

6,958


—


—


—


6,958


7,265


—


—


—


7,265

Accounts and notes receivable, net(a)

15,817


237


1,678


(1,010)


16,722


11,498


22


1,988


(681)


12,827

GM Financial receivables, net(d)

—


—


44,797


(324)


44,473


—


—


46,760


(398)


46,362

Inventories

15,459


—


—


(5)


15,454


14,569


—


—


(5)


14,564

Other current assets

3,055


18


5,220


5


8,297


2,816


38


4,799


2


7,655

Total current assets

55,180


342


60,098


(1,335)


114,285


50,618


369


58,640


(1,082)


108,545

Non-current Assets




















GM Financial receivables, net(c)

—


—


47,043


—


47,043


—


—


46,750


(276)


46,474

Equity in net assets of
     nonconsolidated affiliates

4,846


—


1,257


—


6,103


5,896


—


1,206


—


7,102

Property, net

51,995


64


101


—


52,159


51,729


69


107


—


51,904

Goodwill and intangible assets, net

3,141


1


1,346


—


4,488


2,642


570


1,339


—


4,551

Equipment on operating leases, net

—


—


33,196


—


33,196


—


—


31,586


—


31,586

Deferred income taxes

23,045


—


(1,567)


—


21,478


21,149


1,899


(1,795)


—


21,254

Other assets(b)

9,176


35


1,420


—


10,631


9,340


41


1,323


(2,359)


8,346

Total non-current assets

92,204


99


82,796


—


175,099


90,756


2,579


80,516


(2,635)


171,216

Total Assets

$ 147,384


$    441


$  142,893


$           (1,335)


$ 289,384


$ 141,374


$ 2,948


$  139,156


$           (3,717)


$ 279,761

          LIABILITIES AND EQUITY




















Current Liabilities




















Accounts payable
     (principally trade)(a)

$   27,356


$       2


$     493


$             (774)


$   27,077


$   25,446


$    200


$     714


$             (681)


$   25,680

Short-term debt and current portion of
     long-term debt




















Automotive(a)(d)

2,243


4


—


(561)


1,687


2,413


7


—


(279)


2,141

GM Financial

—


—


36,627


—


36,627


—


—


37,291


—


37,291

Cruise(d)

—


—


—


—


—


—


119


—


(119)


—

Accrued liabilities

23,534


194


4,693


—


28,421


24,949


548


5,661


(4)


31,154

Total current liabilities

53,133


200


41,813


(1,335)


93,812


52,808


874


43,666


(1,082)


96,265

Non-current Liabilities




















Long-term debt




















Automotive(b)

15,475


38


—


—


15,512


13,288


2,397


—


(2,359)


13,327

GM Financial

—


—


81,905


—


81,905


—


—


76,973


—


76,973

Cruise(c)

—


—


—


—


—


—


276


—


(276)


—

Postretirement benefits other than
     pensions

3,989


—


—


—


3,989


3,990


—


—


—


3,990

Pensions

6,077


—


8


—


6,085


5,772


—


7


—


5,779

Other liabilities

16,144


287


3,191


—


19,622


14,635


297


2,904


—


17,836

Total non-current liabilities

41,685


325


85,104


—


127,113


37,686


2,970


79,885


(2,635)


117,906

Total Liabilities

94,818


524


126,917


(1,335)


220,925


90,494


3,844


123,551


(3,717)


214,171

Equity




















Common stock, $0.01 par value

10


—


—


—


10


10


—


—


—


10

Additional paid-in capital(e)

18,725


1,861


1,137


(1,112)


20,610


19,632


1,187


1,196


(1,172)


20,843

Retained earnings

42,382


(1,945)


16,236


1


56,675


40,203


(2,647)


15,916


1


53,472

Accumulated other comprehensive
     loss

(9,535)


—


(1,397)


—


(10,932)


(9,744)


(3)


(1,506)


—


(11,253)

Total stockholders' equity

51,581


(83)


15,976


(1,111)


66,363


50,100


(1,464)


15,606


(1,170)


63,072

Noncontrolling interests(e)

985


—


—


1,111


2,096


780


568


—


1,170


2,518

Total Equity

52,566


(83)


15,976


—


68,459


50,880


(896)


15,606


—


65,590

Total Liabilities and Equity

$ 147,384


$    441


$  142,893


$           (1,335)


$ 289,384


$ 141,374


$ 2,948


$  139,156


$           (3,717)


$ 279,761


__________

(a)     Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.1 billion primarily due from GM Financial; and
          Cruise accounts receivable of $0.2 billion due from Automotive at June 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts
          receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.

(b)     Eliminations primarily related to convertible note issued by Cruise to Automotive 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 at December 31, 2024.

(c)     Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.

(d)     Eliminations primarily related to GM Financial accounts receivable 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 Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

‌


Six Months Ended June 30, 2025


Six Months Ended June 30, 2024


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined


Automotive


Cruise


GM
Financial


Reclassifications
/Eliminations


Combined

Cash flows from operating activities




















Net income (loss)

$    4,040


$  (302)


$  1,008


$                 —


$    4,747


$    6,051


$  (1,366)


$  1,145


$                 —


$    5,830

Depreciation and impairment of
     Equipment on operating leases, net

—


—


2,438


—


2,438


—


—


2,425


—


2,425

Depreciation, amortization and
     impairment charges on Property, net

3,511


9


17


—


3,537


3,221


617


20


—


3,859

Foreign currency remeasurement and
     transaction (gains) losses

251


—


11


—


262


(145)


—


(3)


—


(148)

Undistributed earnings of
     nonconsolidated affiliates, net

611


—


(28)


—


583


(55)


—


(45)


—


(101)

Pension contributions and OPEB
     payments

(308)


—


(1)


—


(309)


(430)


—


—


—


(430)

Pension and OPEB income, net

31


—


1


—


32


29


—


1


—


30

Provision (benefit) for deferred taxes

(3)


—


208


—


205


1,234


(396)


289


—


1,127

Change in other operating assets and
     liabilities(a)(c)

(1,077)


(432)


410


2,573


1,473


1,406


(145)


(617)


(4,107)


(3,464)

Net cash provided by (used in)
     operating activities

7,057


(725)


4,065


2,573


12,969


11,311


(1,291)


3,214


(4,107)


9,128

Cash flows from investing activities




















Expenditures for property

(3,940)


(2)


(10)


—


(3,953)


(5,267)


(2)


(10)


(73)


(5,352)

Available-for-sale marketable
     securities, acquisitions

(1,248)


—


—


—


(1,248)


(2,232)


—


—


—


(2,232)

Available-for-sale marketable
     securities, liquidations

1,719


—


—


—


1,719


1,535


—


—


—


1,535

Purchases of finance receivables(a)

—


—


(19,270)


(6)


(19,275)


—


—


(20,016)


3,377


(16,639)

Principal collections and recoveries on
     finance receivables(a)(b)

—


—


20,902


(3,616)


17,286


—


—


15,577


1


15,578

Purchases of leased vehicles

—


—


(8,591)


—


(8,591)


—


—


(7,489)


—


(7,489)

Proceeds from termination of leased
     vehicles

—


—


5,326


—


5,326


—


—


6,157


—


6,157

Other investing activities(b)

(3,320)


—


—


898


(2,422)


(1,693)


—


—


1,147


(546)

Net cash provided by (used in)
     investing activities

(6,790)


(2)


(1,642)


(2,724)


(11,158)


(7,656)


(2)


(5,781)


4,452


(8,987)

Cash flows from financing activities




















Net increase (decrease) in short-term
     debt

(13)


—


41


—


29


(2)


—


296


—


294

Proceeds from issuance of debt
     (original maturities greater than
     three months)(b)

2,018


499


28,650


(499)


30,668


20


960


29,350


(960)


29,370

Payments on debt (original maturities
     greater than three months)

(571)


(3)


(26,722)


(20)


(27,316)


(52)


(7)


(23,815)


(29)


(23,904)

Payment to purchase common stock

(2,012)


—


—


—


(2,012)


(1,346)


—


—


—


(1,346)

Issuance (redemption) of subsidiary
stock(b)

—


—


—


(29)


(29)


—


255


—


(255)


—

Dividends paid(c)

(260)


—


(759)


700


(319)


(275)


—


(959)


900


(334)

Other financing activities

(227)


—


(95)


—


(322)


(14)


(163)


(112)


—


(288)

Net cash provided by (used in)
     financing activities

(1,064)


496


1,115


152


699


(1,668)


1,046


4,760


(345)


3,793

Effect of exchange rate changes on
     cash, cash equivalents and
     restricted cash

261


1


64


—


327


(173)


—


(58)


—


(231)

Net increase (decrease) in cash, cash
     equivalents and restricted cash

(536)


(230)


3,602


—


2,836


1,814


(247)


2,135


—


3,702

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

$   14,025


$      92


$ 11,683


$                 —


$   25,800


$   14,123


$ 1,112


$ 10,384


$                 —


$   25,620

‌‌

‌‌__________

‌‌(a)     Includes eliminations of $3.3 billion in the six months ended June 30, 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 six months ended June 30, 2025 and 2024.

‌‌(c)     Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2025 and 2024.

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

 

General Motors Company and Subsidiaries1

‌

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

‌


GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Three Months Ended June 30, 2025


















Net sales and revenue

$ 39,486


$   3,326


$        57


$           —


$     42,869


$        —


$   4,255


$                  (2)


$   47,122

Expenditures for property

$   2,014


$       89


$        28


$           —


$       2,131


$        —


$          6


$                 —


$     2,137

Depreciation and amortization

$   1,642


$      131


$          9


$           —


$       1,782


$        —


$   1,243


$                  —


$     3,026

Impairment charges

$        —


$       18


$        —


$           —


$           18


$        —


$        —


$                  —


$         18

Equity income (loss)(a)(b)

$       12


$       77


$       (14)


$           —


$           75


$        —


$       16


$                  —


$         91




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Three Months Ended June 30, 2024


















Net sales and revenue

$ 40,725


$   3,298


$        37


$           —


$     44,060


$       25


$   3,918


$                (35)


$   47,969

Expenditures for property

$   2,461


$       74


$          4


$           —


$       2,539


$      (10)


$         6


$                 35


$     2,569

Depreciation and amortization

$   1,515


$      147


$        20


$           —


$       1,682


$         7


$   1,192


$                  —


$     2,880

Impairment charges

$        —


$        —


$        —


$           —


$            —


$      605


$        —


$                  —


$        605

Equity income (loss)(a)(b)

$      330


$    (103)


$        —


$           —


$          227


$        —


$       14


$                  —


$        240




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Six Months Ended June 30, 2025


















Net sales and revenue

$ 76,873


$   5,753


$      103


$           —


$     82,729


$         1


$   8,419


$                  (7)


$   91,141

Expenditures for property

$   3,719


$      182


$        39


$           —


$       3,940


$         2


$       10


$                  —


$     3,953

Depreciation and amortization

$   3,230


$      233


$        36


$           —


$       3,499


$         5


$   2,456


$                  —


$     5,959

Impairment charges

$        —


$       18


$        —


$           —


$           18


$        —


$        —


$                  —


$         18

Equity income (loss)(a)(b)

$      255


$      125


$       (14)


$           —


$          366


$        —


$       28


$                  —


$        394




















GMNA


GMI


Corporate


Eliminations


Total

Automotive


Cruise


GM

Financial


Reclassifications/
Eliminations


Total

Six Months Ended June 30, 2024


















Net sales and revenue

$ 76,824


$   6,380


$        68


$           —


$     83,272


$       51


$   7,730


$                (69)


$   90,983

Expenditures for property

$   5,091


$      167


$          8


$           —


$       5,267


$         2


$       10


$                 73


$     5,352

Depreciation and amortization

$   2,924


$      272


$        25


$           —


$       3,221


$       12


$   2,445


$                  —


$     5,678

Impairment charges

$        —


$        —


$        —


$           —


$            —


$      605


$        —


$                  —


$        605

Equity income (loss)(a)(b)

$      457


$    (211)


$        —


$           —


$          245


$        —


$       45


$                  —


$        291

‌

‌__________

‌(a)     Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $71 million and $116 million in the three and six months ended June 30,
          2025 and $(104) million and $(210) million in the three and six months ended June 30, 2024.

‌(b)     Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are 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 (EVs). Equity earnings related to Ultium Cells
          Holdings LLC were $11 million and $252 million in the three and six months ended June 30, 2025 and $324 million and $479 million in the three and six months ended June 30, 2024.

General Motors Company and Subsidiaries
 Supplemental Material1
 (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 (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 do not provide an expected effective tax rate 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.

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

Three Months Ended


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

Net income attributable to stockholders(a)

$                   1,895


$                   2,933


$                   4,680


$                   5,913

Income tax expense (benefit)

481


767


1,199


1,529

Automotive interest expense

198


206


350


425

Automotive interest income

(200)


(229)


(391)


(414)

Adjustments








Ultium strategic realignment(b)

330


—


330


—

China restructuring actions(c)

140


—


140


—

Restructuring actions(d)

87


—


87


—

Cruise restructuring(e)

65


583


65


583

GMI plant wind down(f)

33


103


33


103

Headquarters relocation(g)

8


—


34


—

Buick dealer strategy(h)

—


75


—


171

Total adjustments

663


761


689


857

EBIT-adjusted

3,037


4,438


6,527


8,310

Operating segments








GM North America (GMNA)

2,415


4,433


5,702


8,273

GM International (GMI)

204


50


234


40

Cruise

—


(458)


(273)


(900)

GM Financial(i)

704


822


1,389


1,559

Total operating segments

3,323


4,847


7,051


8,971

Corporate and eliminations(j)

(286)


(409)


(524)


(662)

EBIT-adjusted

$                   3,037


$                   4,438


$                   6,527


$                   8,310

‌

__________

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

(b)    These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right
         manufacturing and cell capabilities in place to meet EV demand and expected growth.

(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 employee separation charges.

(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 the wind down of our manufacturing operations in Colombia and Ecuador.

(g)   These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

(h)   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.

(i)     GM Financial amounts represent EBT-adjusted.

(j)     GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate
        expenditures 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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024


Amount


Per Share


Amount


Per Share


Amount


Per Share


Amount


Per Share

Diluted earnings per common share

$  1,865


$    1.91


$  2,919


$    2.55


$  5,224


$    5.28


$  5,889


$    5.10

Adjustments(a)

663


0.68


761


0.66


689


0.70


857


0.74

Tax effect on adjustments(b)

(64)


(0.07)


(170)


(0.15)


(70)


(0.07)


(194)


(0.17)

Return from preferred shareholders(c)

—


—


—


—


(593)


(0.60)


—


—

EPS-diluted-adjusted

$  2,464


$    2.53


$  3,510


$    3.06


$  5,250


$    5.31


$  6,552


$    5.68

‌

__________

(a)   

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

(b)   

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.

(c)   

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling
interest holders in the six months ended June 30, 2025.

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

Three Months Ended


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024


Income
before
income
taxes


Income
tax
expense
(benefit)


Effective
tax rate


Income
before
income
taxes


Income
tax
expense
(benefit)


Effective
tax rate


Income
before
income
taxes


Income tax
expense
(benefit)


Effective
tax rate


Income
before
income
taxes


Income tax
expense
(benefit)


Effective
tax rate

Effective tax rate

$ 2,375


$   481


20.2 %


$  3,643


$   767


21.0 %


$ 5,946


$   1,199


20.2 %


$ 7,359


$ 1,529


20.8 %

Adjustments(a)

663


64




828


170




689


70




924


194



ETR-adjusted

$ 3,038


$   545


17.9 %


$  4,471


$   937


20.9 %


$ 6,635


$   1,269


19.1 %


$ 8,283


$ 1,723


20.8 %

__________

(a)    Refer to the reconciliation of Net income 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):

Four Quarters Ended


June 30, 2025


June 30, 2024

Net income attributable to stockholders

$                   4.8


$                 11.1

Average equity(a)

$                 66.8


$                 70.4

ROE

7.1 %


15.7 %

__________

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

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

Four Quarters Ended


June 30, 2025


June 30, 2024

EBIT-adjusted(a)

$                 13.2


$                 13.6

Average equity(b)

$                 66.8


$                 70.4

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

16.2


16.2

Add: Average automotive net pension & OPEB liability

8.9


9.3

Less: Average automotive and other net income tax asset

(22.8)


(22.1)

ROIC-adjusted average net assets

$                 69.1


$                 73.8

ROIC-adjusted

19.0 %


18.5 %

__________

(a)    Refer to the reconciliation of Net income 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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

Net automotive cash provided by operating activities

$          4,653


$           7,713


$             7,057


$           11,311

Less: Capital expenditures

(2,131)


(2,539)


(3,940)


(5,267)

Add: Buick dealer strategy

305


114


465


276

Add: Restructuring actions

86


—


139


—

Add: GMI plant wind down

8


9


12


9

Add: China restructuring actions

9


—


9


—

Less: Ultium strategic realignment

(103)


—


(103)


—

Add: Employee separation costs

—


—


—


58

Adjusted automotive free cash flow

$           2,827


$           5,297


$              3,639


$              6,388

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 six months ended June 30, 2025, 25.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):

Three Months Ended


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025

June 30, 2024

GMNA

849


903


1,676


1,695

GMI

125


140


209


243

Total

974


1,043


1,885


1,938

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) sales of courtesy transportation vehicles (i.e., 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 our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, 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 our 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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024


Industry


GM


Market
Share


Industry


GM


Market
Share


Industry


GM


Market
Share


Industry


GM


Market
Share

North America
























United States

4,297


747


17.4 %


4,181


696


16.7 %


8,329


1,440


17.3 %


8,026


1,290


16.1 %

Other

1,051


131


12.5 %


1,007


131


13.0 %


1,991


257


12.9 %


1,899


246


13.0 %

Total North America

5,348


878


16.4 %


5,188


827


15.9 %


10,321


1,697


16.4 %


9,925


1,537


15.5 %

Asia/Pacific, Middle East
     and Africa
























China(a)

6,592


448


6.8 %


5,883


373


6.3 %


12,403


890


7.2 %


11,538


814


7.1 %

Other

5,277


118


2.2 %


5,234


120


2.3 %


10,908


220


2.0 %


10,734


233


2.2 %

Total Asia/Pacific, Middle
     East and Africa

11,869


566


4.8 %


11,117


493


4.4 %


23,312


1,110


4.8 %


22,273


1,047


4.7 %

South America
























Brazil

647


64


9.9 %


629


84


13.4 %


1,199


120


10.0 %


1,143


141


12.3 %

Other

411


31


7.6 %


318


27


8.4 %


811


60


7.4 %


627


54


8.6 %

Total South America

1,058


95


9.0 %


947


111


11.7 %


2,010


180


8.9 %


1,770


195


11.0 %

Total in GM markets

18,275


1,539


8.4 %


17,252


1,431


8.3 %


35,642


2,987


8.4 %


33,968


2,778


8.2 %

Total Europe

4,387


—


— %


4,486


1


— %


8,639


1


— %


8,855


1


— %

Total Worldwide(b)

22,662


1,539


6.8 %


21,738


1,432


6.6 %


44,281


2,988


6.7 %


42,823


2,779


6.5 %

United States
























Cars

709


15


2.1 %


769


53


6.9 %


1,416


32


2.3 %


1,476


103


7.0 %

Trucks

1,226


401


32.8 %


1,112


359


32.3 %


2,279


746


32.7 %


2,044


650


31.8 %

Crossovers

2,362


330


14.0 %


2,300


284


12.4 %


4,634


662


14.3 %


4,507


538


11.9 %

Total United States

4,297


747


17.4 %


4,181


696


16.7 %


8,329


1,440


17.3 %


8,026


1,290


16.1 %

China(a)
























SGMS



132






120






251






275



SGMW



315






253






639






539



Total

6,592


447


6.8 %


5,883


373


6.3 %


12,403


890


7.2 %


11,538


814


7.1 %

__________ 

(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, Syria and certain regions of Ukraine are 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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024

GMNA

178


179


350


320

GMI

96


98


164


166

Total fleet sales

274


277


514


486









Fleet sales as a percentage of total vehicle sales

17.8 %


19.3 %


17.2 %


17.5 %

‌








North America capacity two-shift utilization

117.6 %


108.1 %


113.5 %


105.1 %

 

Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2025-second-quarter-results-302510508.html

SOURCE General Motors