Consumer Discretionary · NYSE: GM
General Motors: how the business works
General Motors builds Chevrolet, GMC, Buick and Cadillac vehicles and lends to their buyers, with revenue of $185.0 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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General Motors Company · Detroit, Michigan
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $185.0B
- Net income to common stockholders, FY2025
- $3.2B
- Vehicles sold at wholesale, FY2025
- 3.799 million
- Share of US vehicle sales, FY2025
- 17.2%
- Employees, Dec 31, 2025
- About 155,000
The short version
General Motors in 5 points
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.
2 · 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%.
3 · 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.
4 · 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.
5 · 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: From GM's FY2025 10-K and Q3 FY2026 10-Q · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of General Motors' money go?
General Motors · FY2025
Receipt for every $100
| Cost of building and selling vehicles | $85.3 |
|---|---|
| GM Financial's interest and running costs | $7.7 |
| Selling, admin and other | $4.7 |
| 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 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
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.
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02The business in one line
What does General Motors do?
Dealers and fleets pay GM for trucks, crossovers and cars, and borrowers pay GM Financial; most of the money goes on building vehicles, and what's left is profit.
- In FY2025, GM North America brought in $154.3 billion, GM Financial $17.1 billion and GM International $13.4 billion.
- Building and selling vehicles took $85.30 of every $100 that came in during FY2025, and GM kept $1.45 as net income for its stockholders.
03Who pays it
Who pays General Motors?
Dealers and fleet buyers in North America (GM North America)
83%
of revenue
Dealers 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%
of revenue
People and dealers paying interest and lease payments. Revenue was $17,060 million in FY2025.
Dealers and buyers outside North America (GM International)
7%
of revenue
Vehicles sold outside North America, not counting the China joint ventures' sales. Revenue was $13,427 million in FY2025.
- Dealers and fleet buyers in North America (GM North America)83%
- Borrowers, lessees and dealers (GM Financial)9%
- Dealers and buyers outside North America (GM International)7%
How spread out the customers are
The filings read for this page give no revenue by customer. These shares are GM's reported segments, not named customers. Fleet sales were 17.7% of GM's vehicle sales in FY2025.
04Why it makes money
Why does General Motors make money?
Trucks earn most of the profit per vehicle, and GM Financial earns again on the loan.
GM says a truck earns about 160% of GM North America's average variable profit per vehicle, a crossover about 40% and a car about 60%. So the mix of trucks in sales matters for profit. GM Financial then earns interest on many of those sales: it financed 33% of GM's US retail sales in FY2025.
Operating income per $100 of revenue
$7.3$1.6
FY2021 to FY2025
- Engineers design trucks, crossovers and cars
- Plants build them; materials are about two-thirds of cost of sales
- Dealers and fleets buy them
- GM Financial lends to or leases to many buyers
- Truck sales and loan interest bring in most of the profit
- Profit pays for new models, dividends and buybacks
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up General Motors?
GM North America
83%Vehicles sold in North America. Segment profit before interest and tax, as GM measures it (EBIT-adjusted), was $10,452 million in FY2025, a 6.8% margin, down from 9.2% in FY2024.
Revenue $154.3B · Operating profit $10.5B
GM Financial
9%Car loans and leases. GM Financial reports profit before tax instead of EBIT: $2,802 million in FY2025 (EBT-adjusted), down from $5,036 million in FY2021.
Revenue $17.1B
GM International
7%Vehicles sold outside North America, plus GM's share of the China joint ventures' results. EBIT-adjusted was $737 million in FY2025, including a $316 million China equity loss. Cruise and corporate items, $215 million of revenue, are left out of these cards.
Revenue $13.4B · Operating profit $737M
How the mix changed
- GM North America
- GM Financial
- GM International
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has General Motors done?
Revenue
$185.0BFY2025
Revenue rose from $127.0 billion in FY2021 to $187.4 billion in FY2024, then fell 1.3% to $185.0 billion in FY2025, of which GM Financial was $17.0 billion.
US$
See the numbers
Net profit
$3.2BFY2025
Net income to common stockholders fell from $10,022 million in FY2023 to $3,180 million in FY2025, which included $7,914 million of EV charges before tax.
US$
See the numbers
Profit kept per $100 of revenue
$1.7FY2025
GM kept $1.72 per $100 of revenue as net income to common stockholders in FY2025, down from $7.75 in FY2021; EBITDA is blank because GM Financial's costs would distort it.
$ of profit per $100 of revenue (net margin)
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31 (the calendar year)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income was $2,780 million and net income attributable to stockholders $2,697 million. The common stockholders' figure is higher because it includes a $593 million return from preferred shareholders when Cruise preferred shares were redeemed.
Download General Motors's yearly and quarterly numbers (CSV, with source ids)
What revenue is made of · FY2025
GM Financial's revenue is interest and lease income, not vehicle sales. Its interest cost counts as an operating cost, and its cash swings sit in operating cash flow, so this page leaves EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. and free cash flow blank. GM's own automotive cash measure is in the section on its own measures.
Revenue by type
Learn: Stock-based compensation and dilution: pay that becomes shares
Sources (13)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, first quarter 2026 (ended Mar 31, 2026)
- Q1 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Q2 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Q3 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q1 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
07Who runs it
Who runs General Motors, and did they deliver?
Mary T. Barra
Chair and Chief Executive Officer
Total 2025 pay of $29,895,868 in the proxy's Summary Compensation Table. The CEO pay ratio was 333 to 1.
Paul A. Jacobson
Executive Vice President and Chief Financial Officer
Christopher T. Hatto
Chief Accounting Officer
Retiring on Apr 1, 2027; a successor is to be named.
What they said, and what happened
2 missed · 1 delivered · 1 too early to tell
Said on Jan 28, 2025
GM said on Jan 28, 2025 that it expected FY2025 net income attributable to stockholders of $11.2–12.5 billion.
MissedWhat happened
GM reported $2.7 billion, after $7.9 billion of EV charges. Its last FY2025 range had been $7.7–8.3 billion.
Said on Jan 28, 2025
GM said on Jan 28, 2025 that it expected FY2025 EBIT-adjusted of $13.7–15.7 billion and adjusted automotive free cash flowCash from operations minus spending on buildings and equipment. Learn more of $11.0–13.0 billion.
MissedWhat happened
GM reported EBIT-adjusted of $12.7 billion and adjusted automotive free cash flow of $10.6 billion, both its own measures.
Said on Jan 27, 2026
GM said on Jan 27, 2026 that its board had approved a $6.0 billion share buyback program.
DeliveredWhat happened
GM said on Oct 20, 2026 that the program was completed, and its board approved a new $20.0 billion authorization.
Said on Jan 27, 2026
GM said on Jan 27, 2026 that it expected FY2026 net income attributable to stockholders of $10.3–11.7 billion.
Too early to tellWhat happened
On Oct 20, 2026 GM gave a range of $8.9–9.5 billion. Net income attributable to stockholders was $7,267 million in the first nine months of FY2026.
Sources (6)
- 2026 proxy statement (DEF 14A)
- Form 8-K filed Oct 29, 2026 (Item 5.02: Chief Accounting Officer to retire)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
08What could go wrong
What could go wrong for General Motors?
- Execution
More EV charges
GM booked $7.9 billion of EV realignment charges in GM North America in FY2025: $1.6 billion in Q3 and $6.0 billion in Q4. It booked $3.6 billion more, net, in the first nine months of FY2026, with a $2.7 billion cash impact, and its Q3 FY2026 10-Q says more charges are expected in FY2026.
Watch EV charges and their cash cost in the Q4 FY2026 results.
- Regulation
Tariffs
GM says tariffs cut its FY2025 EBIT-adjusted by $3.1 billion. Its Q3 FY2026 10-Q estimates a $2.5–3.5 billion impact for FY2026. After a Feb 20, 2026 Supreme Court ruling on IEEPA tariffs, GM recorded $0.7 billion of net favorable adjustments in the first nine months.
Watch GM's tariff estimate for FY2026 and any refunds of IEEPA tariffs.
- Demand
China
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.
Watch China equity income each quarter: $32 million in Q3 FY2026.
- Debt
GM Financial's borrowing
GM Financial held $112,944 million of GM's $128,743 million of debt at Sep 30, 2026. It borrows to fund car loans and leases, so its profit depends on the gap between what it earns and what it pays to borrow. Its pre-tax profit, as GM measures it, fell from $5,036 million in FY2021 to $2,802 million in FY2025.
Watch GM Financial's EBT-adjusted each quarter ($668 million in Q3 FY2026) and GM's credit ratings.
- Competition
Competition from lower-cost makers
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.
Watch GM's US market share each quarter.
- Legal
OnStar Smart Driver cases
Putative class actions, consolidated in federal court in Georgia, and state enforcement suits allege violations of privacy and consumer protection laws related to GM's former OnStar Smart Driver product. GM had accrued $0.5 billion for these matters at Sep 30, 2026.
Watch Rulings or settlements in the federal case in Georgia and the state suits.
- Concentration
Supplier dependence
Materials are about two-thirds of GM's cost of sales, and its two largest suppliers made up about 12% of purchases in FY2025.
Watch Supplier disruptions or supply settlements named in GM's quarterly filings.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Form 8-K filed Jan 8, 2026 (Item 8.01: EV capacity charges of about $6.0 billion in Q4 2025)
- Form 8-K filed Oct 14, 2025 (Item 2.06: $1.6 billion EV-related charges)
- Form 8-K filed Dec 4, 2024 (Item 2.06: impairment of China joint venture interests)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
09Both sides
What do supporters and critics point to?
What supporters point to
- GM had 17.2% of US vehicle sales and 33.0% of US truck sales in FY2025.
- GM North America's margin, as GM measures it, was 8.7% in Q3 FY2026, up from 6.2% a year earlier.
- Shares outstanding fell from about 1.2 billion at end-2023 to 843.5 million on Oct 9, 2026, and a $20.0 billion buyback authorization was approved in October 2026.
- GM states automotive cash and marketable securities of $21.7 billion at Dec 31, 2025, against automotive debt of $16,247 million.
What critics point to
- Net income attributable to stockholders fell from $10,127 million in FY2023 to $2,697 million in FY2025.
- EV charges were $7.9 billion in FY2025 and $3.6 billion net in the first nine months of FY2026, and GM said more are expected.
- GM's US share was 16.1% in Q3 FY2026, down from 16.8%, and China's industry sales fell 18.2% in the first nine months of FY2026.
- GM cut its FY2026 net income range from $10.3–11.7 billion in January 2026 to $8.9–9.5 billion in October 2026.
- GM's total debt was $128.7 billion at Sep 30, 2026, 87.7% of it at GM Financial.
10What to watch next
What should you watch next at General Motors?
Next event
Q4 FY2026 results
Date not announced yet.
EV charges
GM booked $3.6 billion of net EV charges in the first nine months of FY2026 and said more are expected in FY2026.
Tariffs
GM's Q3 FY2026 10-Q estimates a $2.5–3.5 billion tariff impact on FY2026 EBIT-adjusted. It recorded $0.7 billion of net favorable IEEPA tariff adjustments in the first nine months.
The move to Nasdaq
GM expects its shares to start trading on Nasdaq on Nov 17, 2026, under the same symbol.
11Key dates
What are the key dates for General Motors?
| Event | Date | Source |
|---|---|---|
| Listing moves from NYSE to Nasdaq (expected)GM expects NYSE trading to end at the close on Nov 16, 2026. Nasdaq Global Select Market trading is expected from Nov 17, 2026, under the same symbol. | Form 8-K filed Oct 27, 2026 (Item 3.01: transfer of listing from NYSE to Nasdaq) | |
| Quarterly dividend of $0.18 payableTo holders of record on Dec 4, 2026. | Q3 2026 earnings release (Form 8-K, Exhibit 99.1) | |
| $2.0 billion 364-day revolving credit facility maturesRenewed on Mar 23, 2026. GM must keep at least $4.0 billion of global and $2.0 billion of US liquidity under it. | Form 8-K filed Mar 23, 2026 (Item 1.01: $2.0 billion 364-day revolving credit facility) | |
| Chief Accounting Officer Christopher T. Hatto retiresA successor is to be named. | Form 8-K filed Oct 29, 2026 (Item 5.02: Chief Accounting Officer to retire) | |
| Last payment date under the supplier inventory funding agreementThe Aug 7, 2026 agreement with Procura Auto Parts LLC allows up to $4.5 billion of payment undertakings outstanding. | Form 8-K filed Aug 11, 2026 (Item 1.01: Master IPU Agreement, supplier inventory program up to $4.5 billion) |
Learn: What is an 8-K? A company's news report, with a real Adobe filing
Sources (5)
- Form 8-K filed Oct 27, 2026 (Item 3.01: transfer of listing from NYSE to Nasdaq)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 8-K filed Mar 23, 2026 (Item 1.01: $2.0 billion 364-day revolving credit facility)
- Form 8-K filed Oct 29, 2026 (Item 5.02: Chief Accounting Officer to retire)
- Form 8-K filed Aug 11, 2026 (Item 1.01: Master IPU Agreement, supplier inventory program up to $4.5 billion)
12Key facts
Key facts about General Motors
- What does General Motors do?
- General Motors builds Chevrolet, GMC, Buick and Cadillac trucks, crossovers and cars and sells them mostly through independent dealers. It also lends to buyers through GM Financial. Its revenue was $185.0 billion in FY2025.
- How does General Motors make money?
- General Motors makes most of its money selling vehicles: GM North America brought in 83.4% of its $185.0 billion of FY2025 revenue and GM International 7.3%. GM Financial, its lending arm, earned 9.2% from interest and lease payments.
- Is General Motors profitable?
- Yes. General Motors had net income attributable to common stockholders of $3,180 million in FY2025, down from $7,189 million in FY2024. FY2025 included $7,914 million of EV charges before tax. In Q3 FY2026 the figure was $3,305 million.
- What is General Motors' revenue by segment?
- General Motors had $185,019 million of revenue in FY2025. GM North America brought in $154,317 million, GM Financial $17,060 million and GM International $13,427 million.
- Who are General Motors' customers?
- General Motors sells mostly to independent dealers: 4,566 in North America and 6,276 elsewhere at Dec 31, 2025. Fleet sales were 17.7% of its vehicle sales in FY2025. GM Financial lends to and leases vehicles to the buyers.
- Who owns General Motors?
- General Motors has one class of common stock with one vote per share. Its 2026 proxy lists BlackRock with 8.3%, from a filing dated Apr 17, 2025, and Vanguard Capital Management reported 7.47% at Mar 31, 2026. Officers and directors held less than 1% on Apr 6, 2026.
- What does GM North America sell?
- GM North America sells Chevrolet, GMC, Buick and Cadillac trucks, crossovers and cars. It had $154,317 million of revenue in FY2025, and GM had 33.0% of US truck sales and 17.2% of all US vehicle sales.
- What is GM Financial?
- GM Financial is General Motors' lending arm. It makes car loans and leases to buyers of GM vehicles and had $17,048 million of revenue in FY2025. It financed 33% of GM's US retail sales in FY2025.
- What is GM International?
- GM International sells GM vehicles outside North America and had $13,427 million of revenue in FY2025. General Motors' China joint ventures sold 1,880 thousand vehicles in FY2025, but their sales are not counted in GM's revenue.
- Where does General Motors make its sales?
- General Motors made 82.5% of its FY2025 revenue in the US: $152,685 million of $185,019 million, a Cityfort calculation from its FY2025 10-K. No other country passed 10% of revenue.
Terms on this page
- Capital expenditures (capex)
- Earnings per share (EPS)
- Market cap
- Net debt
- Net margin
- P/E ratio
- Revenue vs net income
- Stock buyback
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does General Motors sell?
Trucks
GM had 33.0% of US truck sales in FY2025. GM says a truck earns about 160% of GM North America's average variable profit per vehicle.
Crossovers
GM had 13.7% of US crossover sales in FY2025. A crossover earns about 40% of the average variable profit per vehicle, GM says.
Cars
GM had 2.1% of US car sales in FY2025, down from 7.3% in FY2023. A car earns about 60% of the average variable profit per vehicle, GM says.
GM Financial loans and leases
Car loans and leases for buyers of GM vehicles, and loans to dealers. Revenue was $17,048 million in FY2025, and 80% of its North America loans went to prime borrowers.
Vehicles outside North America, and China joint ventures
GM International had $13,427 million of revenue in FY2025. In China, GM sells through joint ventures with SAIC. GM's China sales, including the joint ventures, were 1,880 thousand vehicles. GM records its share of their profit or loss, not their sales.
What it does
- Does: Sells new vehicles mostly to independent dealers: 4,566 in North America and 6,276 elsewhere at Dec 31, 2025.
- Does: Lends to and leases vehicles to buyers through GM Financial.
- Does: Builds vehicles in 11 US assembly plants, part of 50 US manufacturing plants and parts facilities in 19 states.
What it does not do
- Does not: Count its China joint ventures' vehicle sales as revenue; it records only its share of their profit or loss.
- Does not: Fund Cruise's robotaxi work any more; it stopped in December 2024 and refocused Cruise on self-driving features for personal vehicles.
- Does not: Sell mostly to drivers directly; dealers and fleets buy the vehicles.
14How the money flows
14How the money flows · FY2025
How does money flow through General Motors?
Money in
- Vehicles, parts and services (automotive)$168.0B
- GM Financial: loans and leases$17.0B
- Interest income and other non-operating income$1.5B
The company
General Motors
$186.6B came in
Money out
- Cost of building and selling vehicles$159.1B
- GM Financial's interest and running costs$14.3B
- Selling, admin and other$8.7B
- Interest on automotive debt$727M
- Losses at part-owned companies, and minority partners' share$683M
- Income tax$338M
- Net income for GM's stockholders$2.7B
- In FY2025 customers paid GM $168.0 billion for vehicles, parts and services, and GM Financial earned $17.0 billion from loans and leases.
- Building and selling the vehicles took $159.1 billion.
- GM Financial's interest and running costs took $14.3 billion. Selling and admin took $8.7 billion.
- Interest on automotive debt, losses at part-owned companies and tax took $1.7 billion. Interest and other income added $1.5 billion.
- GM's stockholders were left with $2.7 billion of net income.
15What it needs to run
15What it needs to run
What does General Motors need to run?
Plants
50 US manufacturing plants and parts facilities in 19 states, including 11 vehicle assembly plants. Property, net, was $51,683 million at Dec 31, 2025.
People
About 155,000 employees at Dec 31, 2025: about 88,000 hourly and 68,000 salaried. About 47,000 US hourly workers are represented by unions, mostly the UAW.
Materials and suppliers
Materials are about two-thirds of GM's cost of sales. Its two largest suppliers made up about 12% of purchases in FY2025.
Engineering
Research and development spending was $8.5 billion in FY2025, down from $9.9 billion in FY2023.
Borrowed money for GM Financial
GM Financial had $114,031 million of debt at Dec 31, 2025: $46,904 million secured, mostly by its loans and leases, and $67,127 million unsecured.
16Where it sells
16Where it sells · FY2025
Where does General Motors sell?
- United States83%
- Outside the US18%
17Competitors and what protects it
17Competitors and what protects it
Who does General Motors compete with?
Ford Motor Company
NYSE: F
Builds cars, trucks and vans. Its FY2025 10-K reports revenue of $187,267 million, a net loss attributable to Ford of $8,182 million and a 13.2% US market share.
Tesla
NASDAQ: TSLA
Makes electric vehicles. Its FY2025 10-K reports revenue of $94,827 million and net income attributable to common stockholders of $3,794 million.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- US truck sales4 of 5
GM had 33.0% of US truck sales in FY2025, up from 30.7% in FY2023. GM says a truck earns about 160% of GM North America's average variable profit per vehicle.
- Dealer network3 of 5
GM had 4,566 dealers in North America and 6,276 elsewhere at Dec 31, 2025.
- In-house lending3 of 5
GM Financial financed 33% of GM's US retail sales in FY2025, down from 39% in FY2024, and earned $17,048 million of revenue.
- Scale3 of 5
GM sold 2,853 thousand vehicles in the US in FY2025 and 6,184 thousand worldwide including its China joint ventures, 6.8% of the world market.
Weak spot
Electric vehicles
GM booked $7.9 billion of EV charges in FY2025 and $3.6 billion more, net, in the first nine months of FY2026. The filings read for this page give no EV unit volumes or EV profit figures.
18Where growth could come from
18Where growth could come from
Where could General Motors' growth come from?
GM said on Oct 20, 2026 that it expects FY2026 net income attributable to stockholders of $8.9–9.5 billion and diluted EPS of $9.72–10.72. It also expects EBIT-adjusted of $14.5–15.5 billion and adjusted automotive free cash flow of $11.5–12.5 billion, both its own measures.
GM North America margins
Working8.7% in Q3 FY2026
GM North America's margin, as GM measures it, was 8.7% in Q3 FY2026, up from 6.2% a year earlier. It was 8.6% in Q2, up from 6.1%.
Status: Working, on track against what the company said.
US market share
Mixed16.4% in 9M FY2026
GM had 16.4% of US vehicle sales in the first nine months of FY2026, down 0.7 points. It had 17.2% in FY2025, up from 16.2% in FY2023.
Status: Mixed, partly on track.
GM Financial
Mixed$17.0B revenue, FY2025
GM Financial's revenue rose from $15,836 million in FY2024 to $17,048 million in FY2025. Its pre-tax profit as GM measures it fell from $2,965 million to $2,802 million.
Status: Mixed, partly on track.
Electric vehicles
Behind$3.6B net charges, 9M FY2026
GM booked $7.9 billion of EV realignment charges in FY2025, then $3.6 billion net in the first nine months of FY2026. It said more are expected in FY2026.
Status: Behind, behind the company's own plan.
China
BehindChina industry −18.2%, 9M FY2026
China's vehicle industry sales fell 18.2% in the first nine months of FY2026, and GM's share there was 6.7%. GM's China equity income was $32 million in Q3 FY2026, down from $80 million.
Status: Behind, behind the company's own plan.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2025
What do General Motors' own measures show?
Official (GAAP): Net income attributable to stockholders
$2.7B
Company's own measure: EBIT-adjusted
$12.7B
Net income attributable to stockholders before tax and automotive interest, net, leaving out items GM treats as one-off. Those were $9,839 million in FY2025: $7,914 million of EV charges, $842 million of China restructuring, $657 million of legal matters and smaller items.
Official (GAAP): Net income margin
1.5%
Company's own measure: EBIT-adjusted margin
6.9%
EBIT-adjusted as a share of revenue, as GM reports it. Net income margin is net income attributable to stockholders as a share of revenue, as GM states it.
Official (GAAP): Diluted EPS
$3.27
Company's own measure: EPS-diluted-adjusted
$10.60
Leaves out the same one-off items as EBIT-adjusted, after tax. It was also $10.60 in FY2024, when diluted EPS was $6.37.
Official (GAAP): Net cash from operating activities (consolidated)
$26.9B
Company's own measure: Automotive operating cash flow
$18.7B
Operating cash flow of the car business without GM Financial, as GM reports it ($18.7 billion). It was $23.9 billion in FY2024.
Official (GAAP): Net cash from operating activities (consolidated)
$26.9B
Company's own measure: Adjusted automotive free cash flow
$10.6B
Automotive operating cash flow minus automotive capital spending, adjusted for management actions, GM's definition. It was $14,045 million in FY2024.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Wholesale vehicle sales
3,799 thousand vehicles
Vehicles sold to dealers and fleets: 3,296 thousand by GM North America and 503 thousand by GM International. Nearest official figure: automotive net sales and revenue of $167,971 million.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Share of US vehicle sales
17.2%
GM sold 2,853 thousand vehicles in the US in FY2025, 17.2% of the industry, as GM reports it. It was 16.5% in FY2024.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does General Motors have?
- Total debt$128.7B
- Cash and investments$27.8B
- Net debt (debt minus cash)$100.9B
- Net worth (shareholders' money)$62.8B
- The split as filed on Sep 30, 2026: automotive debt $15,799 million ($529 million short-term + $15,270 million long-term); GM Financial $112,944 million ($42,939 million + $70,005 million). Net debt is a Cityfort calculation from Q3 FY2026 10-Q.
- Cash and investments are consolidated: $23,196 million of cash + $4,609 million of marketable debt securities, including GM Financial's.
- GM states automotive cash and marketable securities of $21.7 billion at Dec 31, 2025, against automotive debt of $16,247 million. Automotive net cash of about $5.5 billion is a Cityfort calculation from FY2025 10-K.
- GM states automotive available liquidity of $37.1 billion at Sep 30, 2026, up from $35.7 billion at Dec 31, 2025, which included $13.9 billion of undrawn credit facilities.
- Debt to equity and interest cover are left blank. Both would mix GM Financial's lending debt with the car business, and GM Financial's interest is an operating cost above operating income.
- Ratings named in GM's filings, unchanged as of Oct 14, 2026: S&P BBB (Stable), Moody's Baa2 (Stable), Fitch BBB (Positive), DBRS BBB (high) (Stable).
21Who owns it
21Who owns it · ownership as of Apr 6, 2026
Who owns General Motors?
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did General Motors' insiders report trading?
General Motors' insiders made 39 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 34 sales (1.8 million shares) in the open market or privately (codes P and S).
34 of the 34 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 58 other share transactions (M: 32, F: 20, A: 6).
They also report 59 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 92 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of General Motors' Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (5)
22What it does with profit
22What it does with profit
What does General Motors do with its profit?
Buyback · Dec 31, 2023
Purchases of common stock in FY2023, including a $10.0 billion accelerated buyback
$11.1B
Buyback · Dec 31, 2024
Purchases of common stock in FY2024
$7.1B
Buyback · Dec 31, 2025
Purchases of common stock in FY2025, including a $2.0 billion accelerated buyback
$6.0B
Buyback · Sep 30, 2026
Purchases in the first nine months of FY2026, completing the $6.0 billion program approved in January 2026
$5.3B
23Governance signals
23Governance signals
What do General Motors' governance filings show?
- Auditor
- Ernst & Young LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- BlackRock, State Street and Vanguard, each a large GM shareholder, provided investment management services to GM's pension plans in 2025, the proxy says. EY's fees were $32 million for 2025, of which $27 million was for the audit.
- Credit rating
- S&P / Moody's / Fitch / DBRS BBB / Baa2 / BBB / BBB (high) (Stable / Stable / Positive / Stable), Oct 14, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · Oct 27, 2026
Listing moves to Nasdaq
GM's board approved moving the listing from the NYSE to the Nasdaq Global Select Market on Oct 26, 2026. Nasdaq trading is expected from Nov 17, 2026 under the same symbol.
regulatory · Oct 20, 2026
OnStar Smart Driver cases
Putative class actions, consolidated in federal court in Georgia, and state enforcement suits allege violations of privacy and consumer protection laws related to GM's former OnStar Smart Driver product. FTC and California settlements or consent orders came in the first half of 2026. GM had accrued $0.5 billion at Sep 30, 2026.
regulatory
Takata airbag recall
In November 2020 NHTSA, the US vehicle safety regulator, directed GM to recall GMT900 trucks and SUVs over Takata airbag inflators. The recall runs over several years.
other
Emissions suits over Opel and Vauxhall vehicles
Consumer suits in Germany, the UK, Austria and the Netherlands over emissions name the seller and Stellantis. GM may owe indemnification for the business it sold in 2017.
other · Jun 2, 2026
Chair and CEO roles stay combined
A shareholder proposal to separate the Chair and CEO roles was not approved at the Jun 2, 2026 meeting: 152.3 million votes for and 531.6 million against.
other · Apr 20, 2026
Insiders' shares as collateral or hedged
The proxy says no director or executive officer has used GM shares as collateral for loans or hedged them.
disclosure
What GM does not report
The 10-K and 10-Qs read for this page give no EV unit volumes, EV profit or revenue by customer. GM files no three-month income statement for the fourth quarter beyond headline lines.
Sources (6)
- 2026 proxy statement (DEF 14A)
- Form 8-K filed Jun 4, 2026 (Item 5.07: 2026 annual meeting results)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K filed Oct 27, 2026 (Item 3.01: transfer of listing from NYSE to Nasdaq)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for General Motors on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Closing price of $89.33 on Nov 5, 2026, from Nasdaq's historical price table for GM. GM's shares traded on the NYSE on that date. Market value (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q) = $89.33 × 843,549,423 shares on the Q3 FY2026 10-Q cover (Oct 9, 2026) = $75,354 million. P/E = $89.33 ÷ FY2025 diluted EPS of $3.27 = 27.3: what buyers paid for each dollar of FY2025 profit per share. P/B = market value ÷ stockholders' equity of $62,806 million on Sep 30, 2026 = 1.2. EV/EBITDA is blank because this page leaves EBITDA blank.
- Share price
- $89.33
- Market value (market cap)
- $75.4B
- P/E
- 27.3×
- P/B
- 1.2×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
0.4×
$75.4B market value ÷ $187.0B revenue (four quarters to Sep 30, 2026) = 0.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: GM historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $89.33); Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 6 more
How price ratios work
Shares used for the market value: 843.55 million ($89.33 × 843.55 million shares ≈ $75.4B). Source: Form 10-Q, third quarter 2026 (ended Sep 30, 2026); 2026 proxy statement (DEF 14A)
Source: GM historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $89.33); Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Sources (10)
- GM historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $89.33)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, first quarter 2026 (ended Mar 31, 2026)
- Q1 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 10-Q, second quarter 2026 (ended Jun 30, 2026)
- Q2 2026 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- 2026 proxy statement (DEF 14A)
25How it got here
25How it got here
How did General Motors get here?
2009
Milestone
Today's company incorporated
General Motors Company, the company listed today, was incorporated in Delaware in 2009.
2017
Business-model change
Sold Opel and Vauxhall
GM sold its Opel and Vauxhall business in Europe to PSA, now part of Stellantis. Emissions suits there may still bring indemnification costs.
2020
Crisis
Takata recall ordered
NHTSA directed GM to recall GMT900 trucks and SUVs over Takata airbag inflators, a multi-year recall.
2023
Milestone
$11.1 billion of buybacks
GM bought back $11.1 billion of stock in FY2023, including a $10.0 billion accelerated buyback. Shares outstanding fell to about 1.2 billion by the year end.
2024
Crisis
China write-down and Cruise robotaxi stopped
In December 2024 GM wrote down its China joint ventures and stopped funding Cruise's robotaxi work. China restructuring cost $4,010 million and Cruise $1,103 million in FY2024.
2025
Business-model change
Cruise bought out, EV plans cut back
GM bought out Cruise's minority holders in February 2025 and refocused Cruise on personal vehicles. It booked $7.9 billion of EV realignment charges in FY2025.
2026
Milestone
Higher dividend, bigger buybacks, Nasdaq move
GM raised its quarterly dividend to $0.18 in January 2026, completed a $6.0 billion buyback, approved a $20.0 billion authorization in October and plans to move its listing to Nasdaq.
Sources (7)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, third quarter 2026 (ended Sep 30, 2026)
- Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 8-K filed Dec 4, 2024 (Item 2.06: impairment of China joint venture interests)
- Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1)
- Q3 2026 earnings release (Form 8-K, Exhibit 99.1)
- Form 8-K filed Oct 27, 2026 (Item 3.01: transfer of listing from NYSE to Nasdaq)
26Sources and changes
Where every number on this page comes from
Sources (28 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2024
- S4Form 10-Q, third quarter 2026 (ended Sep 30, 2026) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S5Form 10-Q, second quarter 2026 (ended Jun 30, 2026) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 21, 2026
- S6Form 10-Q, first quarter 2026 (ended Mar 31, 2026) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S7Q3 2026 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
- S8Q2 2026 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 21, 2026
- S9Q1 2026 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S10Q4 and full-year 2025 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S11Q3 2025 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
- S12Q2 2025 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 22, 2025
- S13Q1 2025 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S14Q4 and full-year 2024 earnings release (Form 8-K, Exhibit 99.1) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 28, 2025
- S152026 proxy statement (DEF 14A) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
- S16Schedule 13G, Vanguard Capital Management LLC (event date Mar 31, 2026) · Vanguard Capital Management LLC (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S17Schedule 13G/A (Amendment No. 11), The Vanguard Group (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S18Schedule 13G, State Street Corporation (event date Sep 30, 2025) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S19Form 8-K filed Oct 27, 2026 (Item 3.01: transfer of listing from NYSE to Nasdaq) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S20Form 8-K filed Oct 29, 2026 (Item 5.02: Chief Accounting Officer to retire) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S21Form 8-K filed Jan 8, 2026 (Item 8.01: EV capacity charges of about $6.0 billion in Q4 2025) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 8, 2026
- S22Form 8-K filed Oct 14, 2025 (Item 2.06: $1.6 billion EV-related charges) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 14, 2025
- S23Form 8-K filed Dec 4, 2024 (Item 2.06: impairment of China joint venture interests) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Dec 4, 2024
- S24Form 8-K filed Aug 11, 2026 (Item 1.01: Master IPU Agreement, supplier inventory program up to $4.5 billion) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2026
- S25Form 8-K filed Mar 23, 2026 (Item 1.01: $2.0 billion 364-day revolving credit facility) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
- S26Form 8-K filed Jun 4, 2026 (Item 5.07: 2026 annual meeting results) · General Motors Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 4, 2026
- S28GM historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 5, 2026: $89.33) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S29Ford Motor Company Form 10-K, fiscal year 2025 (peer) · Ford Motor Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S30Tesla, Inc. Form 10-K, fiscal year 2025 (peer) · Tesla, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
Changes to this page (v1 · Nov 7, 2026)
- v1 · Nov 7, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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