Compare · Consumer Discretionary
Ford vs. General Motors: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Ford
1 · What it sells
Ford builds gas, hybrid and electric cars, trucks and vans under the Ford and Lincoln brands and lends to buyers through Ford Credit, with $187.3 billion of revenue in FY2025.
Sources and detail on the Ford page2 · Who pays it
In FY2025, dealers and retail buyers of gas and hybrid vehicles paid 54% of Ford's revenue, commercial, government and rental customers 35%, Ford Credit's borrowers 7% and buyers of electric vehicles 4%.
Sources and detail on the Ford page3 · What it keeps from $100
Of every $100 that came in during FY2025, Ford kept nothing: it had a net loss of $4.3, which includes $17.4 billion of one-off special items before tax, and an operating loss of $4.9 per $100 of revenue.
Sources and detail on the Ford page4 · Where the operating profit comes from
In FY2025, before special items, Ford Pro earned $6,843 million before interest and tax, Ford Blue $3,024 million and Ford Credit $2,557 million before tax, while Model e lost $4,806 million.
Sources and detail on the Ford page5 · The one thing to watch
Before special items, Model e lost $1,058 million in Q3 FY2026 on revenue of $1,223 million, while Ford Pro earned $1,665 million on revenue of $17,772 million.
Sources and detail on the Ford page
General Motors
1 · What it sells
General Motors builds Chevrolet, GMC, Buick and Cadillac trucks, crossovers and cars and lends to their buyers through GM Financial, with revenue of $185.0 billion in FY2025.
Sources and detail on the General Motors page2 · Who pays it
In FY2025, dealers and fleet buyers in North America paid 83.4% of GM's revenue, GM Financial's borrowers and lessees paid 9.2%, and buyers outside North America paid 7.3%.
Sources and detail on the General Motors page3 · What it keeps from $100
Of every $100 that came in during FY2025, GM kept $1.45 as net income for its stockholders after $9,839 million of charges it treats as one-off, and its operating income was $1.6 per $100 of revenue.
Sources and detail on the General Motors page4 · Where the operating profit comes from
In FY2025, as GM measures segment profit, GM North America earned $10,452 million before interest and tax, GM Financial $2,802 million before tax and GM International $737 million.
Sources and detail on the General Motors page5 · The one thing to watch
GM booked $3.6 billion of net EV charges in the first nine months of FY2026, after $7.9 billion in FY2025, and its Q3 FY2026 10-Q says more charges are expected in FY2026.
Sources and detail on the General Motors page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Ford
Where $100 went · FY2025
| Selling, admin and other | $5.7 |
|---|---|
| Cost of sales | $92.3 |
| Ford Credit's interest and running costs | $5.9 |
| Interest on company debt | $0.7 |
| Part-owned companies' losses, minority partners | $1.7 |
| Income tax benefit (reduced the loss) | −$1.9 |
| Net loss (costs above money in) | −$4.3 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue $187,267 million + other income $1,746 million = $189,013 million). Cityfort calculation from FY2025 10-K. Cost of sales includes $10.7 billion of EV charges. Ford does not split it into materials and labor. In FY2024, a profit year, Ford kept $3.20 per $100 of revenue.
General Motors
Where $100 went · FY2025
| Selling, admin and other | $4.7 |
|---|---|
| Cost of building and selling vehicles | $85.3 |
| GM Financial's interest and running costs | $7.7 |
| Interest on automotive debt | $0.4 |
| Part-owned companies' losses, minority partners | $0.4 |
| Income tax | $0.2 |
| Kept as net income for stockholders | $1.4 |
| Total | $100 |
Of every $100 that came in during FY2025 (revenue $185,019 million + other income $1,535 million = $186,554 million). Cityfort calculation from FY2025 10-K. Net income attributable to common stockholders was $3,180 million, higher than the $2,697 million here. It includes a $593 million return from preferred shareholders when Cruise preferred shares were redeemed.
Line items differ because each company groups its costs its own way in its filings. Only on Ford's receipt: Cost of sales; Ford Credit's interest and running costs; Interest on company debt; Income tax benefit (reduced the loss); Net loss (costs above money in). Only on General Motors' receipt: Cost of building and selling vehicles; GM Financial's interest and running costs; Interest on automotive debt; Income tax; Kept as net income for stockholders.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Ford
General Motors
See the numbers
Net income
Ford
General Motors
See the numbers
Free cash flow
Ford
Not on the Ford page.
General Motors
Not on the General Motors page.
See the numbers
Who pays each company
Ford
- Dealers and retail buyers of gas and hybrid vehicles (Ford Blue) · 53.9% of revenueFord sells mostly to dealerships, which sell on to drivers. Revenue was $101,019 million in FY2025.
- Commercial, government and rental customers (Ford Pro) · 35.4% of revenueFleets and businesses buying trucks and vans, software, parts and repairs. Revenue was $66,286 million.
- Borrowers, lessees and dealers (Ford Credit) · 7.1% of revenuePeople and dealers paying interest and lease payments. Revenue was $13,271 million.
- Dealers and retail buyers of electric vehicles (Model e) · 3.6% of revenueElectric and extended-range vehicles. Revenue was $6,670 million.
General Motors
- Dealers and fleet buyers in North America (GM North America) · 83.4% of revenueDealers resell to drivers; fleet buyers include rental car companies, commercial fleets, leasing companies and governments. Revenue was $154,317 million in FY2025.
- Borrowers, lessees and dealers (GM Financial) · 9.2% of revenuePeople and dealers paying interest and lease payments. Revenue was $17,060 million in FY2025.
- Dealers and buyers outside North America (GM International) · 7.3% of revenueVehicles sold outside North America, not counting the China joint ventures' sales. Revenue was $13,427 million in FY2025.
Revenue by segment
Ford
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Ford Blue | $101.0B | 53.9% |
| Ford Pro | $66.3B | 35.4% |
| Ford Credit | $13.3B | 7.1% |
| Ford Model e | $6.7B | 3.6% |
General Motors
FY2025
| Segment | Revenue | Share |
|---|---|---|
| GM North America | $154.3B | 83.4% |
| GM Financial | $17.1B | 9.2% |
| GM International | $13.4B | 7.3% |
Debt and cash
Ford
- Debt
- $163.1B
- Cash and investments
- $34.1B
On Sep 30, 2026.
On Sep 30, 2026, Ford Credit held $139.4 billion of Ford's $163.1 billion total debt, or 85.5%. It borrows mostly to fund car loans and leases.
General Motors
- Debt
- $128.7B
- Cash and investments
- $27.8B
On Sep 30, 2026.
On Sep 30, 2026, GM Financial held $112.9 billion of GM's $128.7 billion total debt, or 87.7%. It borrows mostly to fund car loans and leases.
Who owns each company
Ford
- 2 classes of shares (votes per share: Common stock 1, Class B stock 37.075).
- Officers and directors as a group: 0.6% of shares (as of Feb 1, 2026).
- Voting trust, Class B stock: 99.9% (as of Feb 1, 2026).
- William Clay Ford Jr., Class B stock: 27.6% (as of Feb 1, 2026).
- David P. Larsen, as trustee, Class B stock: 14.5% (as of Feb 1, 2026).
- 6 more holders on the Ford page.
General Motors
- One class of shares.
- BlackRock: 8.3% (as of Apr 17, 2025).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- State Street: 5.2% (as of Nov 10, 2025).
Sources: Ford S6, S21 · General Motors S15, S4, S16, S17, S18
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: execution, debt, regulation, customer or supplier concentration, legal cases. Every risk is on each company's page.
Ford
- Ford family's 40% of the votes (governance)Class B stock is 1.8% of all shares but carries 40% of the votes, and a voting trust holds 99.90% of it. Common shareholders have 60%. A one-vote-per-share proposal was rejected in May 2026.
- Supplier and raw-material dependence (commodity costs)Ford's 10-K says many components come from a single or limited number of suppliers, and calls Novelis a major aluminum supplier. Ford said Novelis fires cost $2 billion in FY2025, and it reported temporary Novelis costs in Q3 FY2026. It also has multi-year raw-material commitments for EVs.
General Motors
- China (demand)GM wrote down its China joint ventures in December 2024, part of $4,010 million of China restructuring charges in FY2024. The joint ventures lost $685 million in FY2025, on a 100% basis. China's industry sales fell 18.2% in the first nine months of FY2026.
- Competition from lower-cost makers (competition)GM's FY2025 10-K names competition from makers in lower-cost countries, such as China and India, and from Chinese makers in China. GM's US share was 16.1% in Q3 FY2026, down from 16.8% a year earlier.
Sources: Ford S6, S21, S26, S1, S34 · General Motors S1, S23, S4, S7
Key facts
- How does Ford make money compared with General Motors?
- Ford's revenue by segment in FY2025: Ford Blue 53.9%, Ford Pro 35.4%, Ford Credit 7.1%, Ford Model e 3.6%. General Motors' revenue by segment in FY2025: GM North America 83.4%, GM Financial 9.2%, GM International 7.3%.
- Which is bigger by revenue, Ford or General Motors?
- Ford reported $187.3B of revenue in FY2025, and General Motors reported $185.0B in FY2025.
- How much net income did Ford and General Motors report?
- Ford reported net income of −$8.2B in FY2025, and General Motors reported $3.2B in FY2025.
- How much of every $100 did Ford and General Motors keep as net income?
- Ford kept −$4.3 of every $100 that came in during FY2025, and General Motors kept $1.4 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Ford and General Motors have?
- Ford had $163.1B of debt and $34.1B of cash and investments on Sep 30, 2026. General Motors had $128.7B of debt and $27.8B of cash and investments on Sep 30, 2026.
- When do Ford's and General Motors' fiscal years end?
- Ford: Fiscal year ends on December 31 (the calendar year). General Motors: Fiscal year ends on December 31 (the calendar year).
Sources: Ford S3, S39, S1, S6 · General Motors S2, S1, S14, S4
Built from each company's page. Ford updated Nov 1, 2026; General Motors updated Nov 7, 2026.
Sources
Ford
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Ford Motor Company (SEC EDGAR), Feb 11, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Ford Motor Company (SEC EDGAR), Feb 7, 2024
- S6Form 10-Q, third quarter 2026 (ended Sep 30, 2026), Ford Motor Company (SEC EDGAR), Oct 29, 2026
- S21Proxy statement (DEF 14A), 2026 annual meeting, Ford Motor Company (SEC EDGAR), Mar 27, 2026
- S26Form 8-K, May 19, 2026: annual meeting vote results, Ford Motor Company (SEC EDGAR), May 19, 2026
- S34Fourth quarter 2025 earnings call transcript, Ford Motor Company, Feb 10, 2026
- S39SEC XBRL company facts, CIK 0000037996, SEC EDGAR, Nov 1, 2026
General Motors
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), General Motors Company (SEC EDGAR), Jan 27, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), General Motors Company (SEC EDGAR), Jan 30, 2024
- S4Form 10-Q, third quarter 2026 (ended Sep 30, 2026), General Motors Company (SEC EDGAR), Oct 20, 2026
- S7Q3 2026 earnings release (Form 8-K, Exhibit 99.1), General Motors Company (SEC EDGAR), Oct 20, 2026
- S14Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1), General Motors Company (SEC EDGAR), Jan 28, 2025
- S152026 proxy statement (DEF 14A), General Motors Company (SEC EDGAR), Apr 20, 2026
- S16Schedule 13G, Vanguard Capital Management LLC (event date Mar 31, 2026), Vanguard Capital Management LLC (SEC EDGAR), Apr 29, 2026
- S17Schedule 13G/A (Amendment No. 11), The Vanguard Group (event date Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S18Schedule 13G, State Street Corporation (event date Sep 30, 2025), State Street Corporation (SEC EDGAR), Nov 10, 2025
- S23Form 8-K filed Dec 4, 2024 (Item 2.06: impairment of China joint venture interests), General Motors Company (SEC EDGAR), Dec 4, 2024
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