# General Motors Co (GM)

Informational only - not investment advice.

CIK: 0001467858
SIC: 3711 Motor Vehicles & Passenger Car Bodies
SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3711 Motor Vehicles & Passenger Car Bodies](/industry/3711/)
Latest 10-K filed: 2026-01-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=1467858
Filing source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-01-27 · accession 0001467858-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001467858.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 185,019,000,000 USD | 2025 | verified |
| Net income | 2,697,000,000 USD | 2025 | verified |
| Assets | 281,284,000,000 USD | 2025 | verified |
| Free cash flow | 17,564,000,000 USD | 2025 | computed |
| Net margin | 1.46% | 2025 | computed |
| Operating margin | 1.57% | 2025 | computed |
| Revenue YoY | -1.29% | 2025 | computed |
| ROE | 4.41% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Auto OEMs](/compare/auto-oems/) · SIC 3711 Motor Vehicles & Passenger Car Bodies

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including GM

- Auto OEMs: [peer review](/compare/auto-oems/) · [market-risk page](/compare/auto-oems/risk/)

### Peer percentile fingerprint

| Ratio | GM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Revenue growth | -1.3% | -0.6% | 38 | 9 |
| FCF margin | 9.5% | 6.6% | 75 | 9 |
| ROE | 4.4% | 4.4% | 50 | 9 |
| ROA | 1.0% | 1.0% | 50 | 9 |
| Liabilities / equity | 3.57 | 2.24 | 75 | 9 |
| Current ratio | 1.17 | 1.60 | 29 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3711 Motor Vehicles & Passenger Car Bodies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 185019000000 | USD | 2025 | 2026-01-27 |
| Net income | 2697000000 | USD | 2025 | 2026-01-27 |
| Assets | 281284000000 | USD | 2025 | 2026-01-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001467858.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 149,184,000,000 | 145,588,000,000 | 147,049,000,000 | 137,237,000,000 | 122,485,000,000 | 127,004,000,000 | 156,735,000,000 | 171,842,000,000 | 187,442,000,000 | 185,019,000,000 |
| Net income | 9,427,000,000 | -3,864,000,000 | 8,014,000,000 | 6,732,000,000 | 6,427,000,000 | 10,019,000,000 | 9,934,000,000 | 10,127,000,000 | 6,008,000,000 | 2,697,000,000 |
| Operating income | 8,686,000,000 | 8,661,000,000 | 4,445,000,000 | 5,481,000,000 | 6,634,000,000 | 9,324,000,000 | 10,315,000,000 | 9,298,000,000 | 12,784,000,000 | 2,909,000,000 |
| Diluted EPS | 6.00 | -2.60 | 5.53 | 4.57 | 4.33 | 6.70 | 6.13 | 7.32 | 6.37 | 3.27 |
| Operating cash flow | 16,607,000,000 | 17,328,000,000 | 15,256,000,000 | 15,021,000,000 | 16,670,000,000 | 15,188,000,000 | 16,043,000,000 | 20,930,000,000 | 20,129,000,000 | 26,867,000,000 |
| Capital expenditures | 8,384,000,000 | 8,453,000,000 | 8,761,000,000 | 7,592,000,000 | 5,300,000,000 | 7,509,000,000 | 9,238,000,000 | 10,970,000,000 | 10,830,000,000 | 9,303,000,000 |
| Dividends paid | 2,368,000,000 | 2,233,000,000 | 2,242,000,000 | 2,350,000,000 | 669,000,000 | 186,000,000 | 397,000,000 | 597,000,000 | 653,000,000 | 657,000,000 |
| Share buybacks | 2,500,000,000 | 4,492,000,000 | 190,000,000 | 0.00 | 90,000,000 | 0.00 | 2,500,000,000 | 11,115,000,000 | 7,064,000,000 | 6,012,000,000 |
| Assets | 221,690,000,000 | 212,482,000,000 | 227,339,000,000 | 228,037,000,000 | 235,194,000,000 | 244,718,000,000 | 264,037,000,000 | 273,064,000,000 | 279,761,000,000 | 281,284,000,000 |
| Liabilities | 177,615,000,000 | 176,282,000,000 | 184,562,000,000 | 182,080,000,000 | 185,517,000,000 | 178,903,000,000 | 191,752,000,000 | 204,757,000,000 | 214,171,000,000 | 218,116,000,000 |
| Stockholders' equity | 43,836,000,000 | 35,001,000,000 | 38,860,000,000 | 41,792,000,000 | 45,030,000,000 | 59,744,000,000 | 67,792,000,000 | 64,286,000,000 | 63,072,000,000 | 61,119,000,000 |
| Cash and cash equivalents | 12,574,000,000 | 15,512,000,000 | 20,844,000,000 | 19,069,000,000 | 19,992,000,000 | 20,067,000,000 | 19,153,000,000 | 18,853,000,000 | 19,872,000,000 | 20,945,000,000 |
| Free cash flow | 8,223,000,000 | 8,875,000,000 | 6,495,000,000 | 7,429,000,000 | 11,370,000,000 | 7,679,000,000 | 6,805,000,000 | 9,960,000,000 | 9,299,000,000 | 17,564,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.32% | -2.65% | 5.45% | 4.91% | 5.25% | 7.89% | 6.34% | 5.89% | 3.21% | 1.46% |
| Operating margin | 5.82% | 5.95% | 3.02% | 3.99% | 5.42% | 7.34% | 6.58% | 5.41% | 6.82% | 1.57% |
| Return on equity | 21.51% | -11.04% | 20.62% | 16.11% | 14.27% | 16.77% | 14.65% | 15.75% | 9.53% | 4.41% |
| Return on assets | 4.25% | -1.82% | 3.53% | 2.95% | 2.73% | 4.09% | 3.76% | 3.71% | 2.15% | 0.96% |
| Liabilities / equity | 4.05 | 5.04 | 4.75 | 4.36 | 4.12 | 2.99 | 2.83 | 3.19 | 3.40 | 3.57 |
| Current ratio | 0.89 | 0.89 | 0.92 | 0.88 | 1.01 | 1.10 | 1.10 | 1.08 | 1.13 | 1.17 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/GM/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001467858.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 2.25 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.69 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.83 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 44,131,000,000 | 3,064,000,000 | 2.20 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 42,979,000,000 | 2,101,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 43,014,000,000 | 2,980,000,000 | 2.56 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 47,969,000,000 | 2,933,000,000 | 2.55 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 48,757,000,000 | 3,056,000,000 | 2.68 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 47,702,000,000 | -2,961,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 44,020,000,000 | 2,784,000,000 | 3.35 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 47,122,000,000 | 1,895,000,000 | 1.91 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 48,591,000,000 | 1,327,000,000 | 1.35 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 45,287,000,000 | -3,310,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 43,624,000,000 | 2,627,000,000 | 2.82 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 48,026,000,000 | 1,305,000,000 | 1.41 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from GM's latest 10-K: [/company/GM/business/](/company/GM/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from GM's latest 10-K: [/company/GM/risk-factors/](/company/GM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000051/gm-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-21
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Basis of Presentation This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the accompanying condensed consolidated financial statements and the notes thereto, and the audited consolidated financial statements and notes thereto included in our 2025 Form 10-K.

Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A, Part I, Item 1A. Risk Factors of our 2025 Form 10-K, and Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for a discussion of these risks and uncertainties. Except for per share amounts or as otherwise specified, dollar amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in internal combustion engine (ICE) vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to prioritize profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.

Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning our EV capacity and manufacturing footprint. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, geopolitical tensions, and changes to the regulatory environment, including with respect to tariffs, fuel economy standards, and emissions regulations.

In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize the imposition of tariffs. Because we believe previously paid amounts regarding tariffs imposed under IEEPA are refundable, we recorded a net $0.5 billion favorable adjustment primarily due to previously charged IEEPA tariffs in the three months ended March 31, 2026. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.

During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. In the three months ended June 30, 2026, we recorded additional net charges of $2.3 billion, primarily related to $1.3 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.1 billion of losses on contractual supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement. Of these charges, $1.6 billion will have a cash impact when paid. For the six months ended June 30, 2026, net charges were $3.4 billion and, in addition to the charges recorded in the three months ended June 30, 2026, consisted of $1.0 billion of charges for ongoing commercial negotiations with our supply base and joint venture partners. Of these charges, $2.5 billion will have a cash impact when paid. We incurred cash outflows of $4.1 billion related to these charges in the six months ended June 30, 2026. We expect additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment. The charge associated with our compliance-related assets in April 2026 was due to the repeal of the EPA's endangerment finding. At June 30, 2026, the carrying amount of our compliance-related assets was $0.7 billion. The expected future EV-related charges will be reflected as adjustments to our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.

As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material

28

Table of Contents

GENERAL MOTORS COMPANY AND SUBSIDIARIES

impact on our operating results. Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.

We face continuing market, operating, and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emissions standards, labor disruptions, foreign exchange volatility, evolving trade policy, automotive industry supply chains, and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K and Part II, Item 1A. Risk Factors of our Quarterly Report on Form 10-Q for the three months ended March 31, 2026 for a discussion of these challenges.

For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $8.4 billion and $9.8 billion, EBIT-adjusted of between $14.0 billion and $16.0 billion, EPS-diluted of between $8.98 and $10.98, and EPS-diluted-adjusted of between $12.00 and $14.00. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

[[GREPCENT_TABLE]]
[["","","","Year Ending December 31, 2026"],["Net income attributable to stockholders","","","$ 8.4-9.8"],["Income tax expense","","","2.2-2.8"],["Automotive interest income, net","","","(0.1)"],["Adjustments(a)","","","3.5"],["EBIT-adjusted","","","$ 14.0-16.0"]]
[[/GREPCENT_TABLE]]

__________

(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this MD&A 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:

[[GREPCENT_TABLE]]
[["","","","Year Ending December 31, 2026"],["Diluted earnings per common share","","","$ 8.98-10.98"],["Adjustments(a)","","","3.02"],["EPS-diluted-adjusted","","","$ 12.00-14.00"]]
[[/GREPCENT_TABLE]]

__________

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

GMNA Industry sales in North America were 10.0 million units in the six months ended June 30, 2026, representing a decrease of 2.6% compared to the corresponding period in 2025. U.S. industry sales were 8.1 million units in the six months ended June 30, 2026, representing a decrease of 3.4% compared to the corresponding period in 2025.

Our total vehicle sales in the U.S., our largest market in North America, were 1.3 million units for a market share of 16.7% in the six months ended June 30, 2026, representing a decrease of 0.6 percentage points compared to the corresponding period in 2025.

We achieved solid margins in the six months ended June 30, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could continue to have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is earning 8.0-10.0% annualized EBIT-adjusted margins in GMNA on a sustained basis.

29

Table of Contents

GENERAL MOTORS COMPANY AND SUBSIDIARIES

GMI Industry sales in China were 10.3 million units in the six months ended June 30, 2026, representing a decrease of 16.6% compared to the corresponding period in 2025. Our total vehicle sales in China were 0.7 million units for a market share of 6.8% in the six months ended June 30, 2026, representing a decrease of 0.4 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.2 billion in the six months ended June 30, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd. (SGM). We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Outside of China, industry sales were 13.8 million units in the six months ended June 30, 2026, representing an increase of 4.0% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.4 million units for a market share of 3.1% in the six months ended June 30, 2026, representing an increase of 0.1 percentage points compared to the corresponding period in 2025.

Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range, and functionality. Market leadership in individual countries in which we compete varies widely.

We present 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 our 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, 2026, 26.8% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm
Complete FY 2025 MD&A: /company/GM/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-01-27
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This MD&A should be read in conjunction with the accompanying audited consolidated financial statements and notes. Forward-looking statements in this MD&A are not guarantees of future performance and may involve risks and uncertainties that could cause actual results to differ materially from those projected. Refer to the "Forward-Looking Statements" section of this MD&A and Part I, Item 1A. Risk Factors for a discussion of these risks and uncertainties. The discussion of our financial condition and results of operations for the year ended December 31, 2023 included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 is incorporated by reference into this MD&A.

Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in ICE vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.

Our financial performance in 2025 was driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. In December 2024, we announced that we will no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise ongoing personal autonomous technical efforts in our GMNA segment. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, and changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, and corporate taxes.

Over the course of 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. In 2025, impacts to earnings before interest and taxes (EBIT)-adjusted from tariffs were $3.1 billion. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.0 billion to $4.0 billion for the year ending December 31, 2026. Refer to Part I, Item 1A. Risk Factors for a full discussion of the risks associated with the global tariff environment.

The One Big Beautiful Bill Act (the Act), which was signed into law on July 4, 2025, extends and modifies certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017, modifies certain IRA incentives, accelerates the phase-out of clean vehicle and other clean energy credits, and sets civil penalties to zero for noncompliance with CAFE standards. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. In addition, there are other key provisions with a variety of effective dates in the Act that have an insignificant impact for the year ending December 31, 2025, and have been reflected in our financial statements. In July 2025, the EPA proposed to remove GHG regulations for light-, medium-, and heavy-duty on-highway vehicles on a retrospective and prospective basis. Should the EPA remove GHG regulations, we expect that $1.1 billion of the total $1.4 billion carrying amount of our acquired credits may be subject to impairment in the near term, and our ongoing cost of compliance to the GHG regulations would be favorably impacted.

Because of these recent U.S. Government policy changes, including the termination of consumer tax incentives for EV purchases and the reduction in stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow in 2025. As a result, we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and recorded charges of $1.6 billion and $6.0 billion in the three months ended September 30, 2025 and December 31,

27

Table of Contents

GENERAL MOTORS COMPANY AND SUBSIDIARIES

2025. For the year ended December 31, 2025, we recorded total charges in GMNA of $7.9 billion. The reassessment of our EV capacity and manufacturing footprint is complete. While we have completed the reassessment of our EV capacity and manufacturing footprint, we expect to recognize additional material cash and non-cash charges in 2026 related to continued commercial negotiations with our supply base, which we believe will be significantly less than the EV-related charges incurred in 2025. These charges will be reflected as adjustments in our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.

As we continue to assess our performance and the needs of our evolving business, additional restructuring and rationalization actions could be required. These actions could give rise to future asset impairments or other charges, which may have a material impact on our operating results. Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.

We face continuing market, operating, and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy, automotive industry supply chains, and political uncertainty. Refer to Part I, Item 1A. Risk Factors for a discussion of these challenges.

For the year ending December 31, 2026, we expect earnings per share (EPS)-diluted and EPS-diluted-adjusted of between $11.00 and $13.00, Net income attributable to stockholders of between $10.3 billion and $11.7 billion, and EBIT-adjusted of between $13.0 billion and $15.0 billion. These expected financial results do not include the potential impact of future adjustments related to special items. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

The following table reconciles expected Net income attributable to stockholders under U.S. generally accepted accounting principles (GAAP) to expected EBIT-adjusted (dollars in billions):

[[GREPCENT_TABLE]]
[["","Year Ending December 31, 2026"],["Net income attributable to stockholders","$ 10.3-11.7"],["Income tax expense","2.6-3.2"],["Automotive interest expense, net","0.1"],["EBIT-adjusted(a)","$ 13.0-15.0"]]
[[/GREPCENT_TABLE]]

__________

(a)We do not consider the potential future impact of adjustments on our expected financial results.

GMNA Industry sales in North America were 20.7 million units in the year ended December 31, 2025, representing an increase of 2.0% compared to the corresponding period in 2024. U.S. industry sales were 16.6 million units in the year ended December 31, 2025, representing an increase of 1.7% compared to the corresponding period in 2024.

Our total vehicle sales in the U.S., our largest market in North America, were 2.9 million units for a market share of 17.2% in the year ended December 31, 2025, representing an increase of 0.6 percentage points compared to the corresponding period in 2024.

We achieved solid margins in the year ended December 31, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% EBIT-adjusted margins as quickly as possible.

GMI Industry sales in China were 26.4 million units in the year ended December 31, 2025, remaining flat compared to the corresponding period in 2024. Our total vehicle sales in China were 1.9 million units resulting in a market share of 7.1% in the year ended December 31, 2025, representing an increase of 0.1 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated an equity loss of $0.3 billion in the year ended December 31, 2025, which includes charges of $0.6 billion related to the previously announced restructuring of SGM. We continue to focus on enhancing the

28

Table of Contents

GENERAL MOTORS COMPANY AND SUBSIDIARIES

competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Outside of China, industry sales were 26.7 million units in the year ended December 31, 2025, representing an increase of 3.4% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.9 million units for a market share of 3.5% in the year ended December 31, 2025, representing a decrease of 0.1 percentage points compared to the corresponding period in 2024.

Automotive Financing - GM Financial Summary and Outlook We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 33% in the year ended December 31, 2025 and 39% in the corresponding period in 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America was 80% in the year ended December 31, 2025 and 81% in the corresponding period in 2024. In the year ended December 31, 2025, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41%, and commercial finance charge income of 7%.

Through its leasing program GM Financial is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.6 billion and $0.8 billion were included in GM Financial interest, operating, and other expenses in the years ended December 31, 2025 and 2024. The decrease in gains is primarily due to a decrease in the average gain on the sale of leased vehicles as well as fewer terminated leases in 2025. The following

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/GM/mda/fy2025/
All MD&A years: /company/GM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/GM/mda/fy2024/): filed 2025-01-28; accession 0001467858-25-000032 (https://www.sec.gov/Archives/edgar/data/1467858/000146785825000032/gm-20241231.htm)
- [FY 2023 MD&A](/company/GM/mda/fy2023/): filed 2024-01-30; accession 0001467858-24-000031 (https://www.sec.gov/Archives/edgar/data/1467858/000146785824000031/gm-20231231.htm)
- [FY 2022 MD&A](/company/GM/mda/fy2022/): filed 2023-01-31; accession 0001467858-23-000029 (https://www.sec.gov/Archives/edgar/data/1467858/000146785823000029/gm-20221231.htm)
- [FY 2021 MD&A](/company/GM/mda/fy2021/): filed 2022-02-02; accession 0001467858-22-000034 (https://www.sec.gov/Archives/edgar/data/1467858/000146785822000034/gm-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3711 Motor Vehicles & Passenger Car Bodies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/GM.md · JSON record: /company/GM.json · verified financials: /company/GM/financials.json / /company/GM/financials.csv · machine TOC for the whole site: /llms.txt