GM releases 2025 second-quarter results
DETROIT, July 22, 2025 /PRNewswire/ -- General Motors (NYSE: GM) today reported second-quarter 2025 revenue of $47.1 billion, net income attributable to stockholders of $1.9 billion, and EBIT-adjusted of $3.0 billion. GM's full-year financial guidance is unchanged.
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the?investment community at 8:30 a.m. today to discuss these results.
Conference call details are as follows:
-- 1-800-857-9821 (U.S.)
-- 1-517-308-9481 (international/caller-paid)
-- Conference call passcode: General Motors
-- An audio replay will be available on the GM Investor Relations website
in the Events section.
Results Overview
Three Months Ended
($M) except per share amounts June 30, June 30,
2025 2024 Change % Change
Revenue $47,122 $47,969 $(847) (1.8) %
Net income attributable to stockholders $1,895 $2,933 $(1,038) (35.4) %
EBIT-adjusted $3,037 $4,438 $(1,401) (31.6) %
Net income margin 4.0 % 6.1 % (2.1) ppts (34.4) %
EBIT-adjusted margin 6.4 % 9.3 % (2.9) ppts (31.2) %
Automotive operating cash flow $4,653 $7,713 $(3,060) (39.7) %
Adjusted automotive free cash flow $2,827 $5,297 $(2,470) (46.6) %
EPS-diluted $1.91 $2.55 $(0.64) (25.1) %
EPS-diluted-adjusted $2.53 $3.06 $(0.53) (17.3) %
GMNA EBIT-adjusted $2,415 $4,433 $(2,018) (45.5) %
GMNA EBIT-adjusted margin 6.1 % 10.9 % (4.8) ppts (44.0) %
GMI EBIT-adjusted(a) $204 $50 $154 n.m.
China equity income (loss)(a) $71 $(104) $175 n.m.
GM Financial EBT-adjusted $704 $822 $(118) (14.4) %
__________
(a) n.m. = not meaningful
Six Months Ended
($M) except per share amounts June 30, June 30,
2025 2024 Change % Change
Revenue $91,141 $90,983 $158 0.2 %
Net income attributable to stockholders $4,680 $5,913 $(1,233) (20.9) %
EBIT-adjusted $6,527 $8,310 $(1,783) (21.5) %
Net income margin 5.1 % 6.5 % (1.4) ppts (21.5) %
EBIT-adjusted margin 7.2 % 9.1 % (1.9) ppts (20.9) %
Automotive operating cash flow $7,057 $11,311 $(4,254) (37.6) %
Adjusted automotive free cash flow $3,639 $6,388 $(2,749) (43.0) %
EPS-diluted $5.28 $5.10 $0.18 3.5 %
EPS-diluted-adjusted $5.31 $5.68 $(0.37) (6.5) %
GMNA EBIT-adjusted $5,702 $8,273 $(2,571) (31.1) %
GMNA EBIT-adjusted margin 7.4 % 10.8 % (3.4) ppts (31.5) %
GMI EBIT-adjusted(a) $234 $40 $194 n.m.
China equity income (loss)(a) $116 $(210) $326 n.m.
GM Financial EBT-adjusted $1,389 $1,559 $(170) (10.9) %
__________
(a) n.m. = not meaningful
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
Year Ending December 31, 2025
Net income attributable to stockholders
$ 7.7-9.5
Income tax expense
1.6-2.3
Automotive interest income, net (0.0)
Adjustments(a) 0.7
EBIT-adjusted
$ 10.0-12.5
__________
(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected
financial results do not include the potential impact of future adjustments related to special items.
The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:
Year Ending December 31, 2025
Diluted earnings per common share
$ 8.22-9.97
Adjustments(a) 0.03
EPS-diluted-adjusted
$ 8.25-10.00
__________
(a) Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not
include the potential impact of future adjustments related to special items.
The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):
Year Ending December 31, 2025
Net automotive cash provided by operating activities
$ 17.0-20.5
Less: Capital expenditures
10.0-11.0
Adjustments 0.5
Adjusted automotive free cash flow(a)
$ 7.5-10.0
__________
(a) These expected financial results do not include the potential impact of future adjustments related to special items.
General Motors Company and Subsidiaries(1)
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined
Financial /Eliminations Financial /Eliminations
Net sales and revenue
Automotive $42,869
$ -
$ -
$ - $42,869 $44,060 $25
$ - $(25) $44,060
GM Financial - 4,255 (2) 4,253 3,918 (10) 3,908
Total net sales and revenue 42,869 4,255 (2) 47,122 44,060 25 3,918 (35) 47,969
Costs and expenses
Automotive and other cost of 39,289 (1) 39,289 37,592 1,023 38,615
sales
GM Financial interest, - 3,567 3,567 3,109 3,109
operating and other
expenses
Automotive and other selling, 2,141 (2) 2,139 2,234 138 (1) 2,372
general and
administrative expense
Total costs and expenses 41,431 3,567 (2) 44,995 39,827 1,161 3,109 (2) 44,096
Operating income (loss) 1,438 688 2,127 4,233 (1,136) 809 (33) 3,873
Automotive interest expense 199 (1) 198 206 112 (112) 206
Interest income and other non- 367 (1) 366 133 6 (79) 60
operating income, net
Equity income (loss) 64 16 80 (97) 14 (84)
Income (loss) before income $1,671
$ - $704
$ - $2,375 $4,063 $(1,242) $822
$ - $3,643
taxes
Income tax expense (benefit) 481 767
Net income (loss) 1,894 2,877
Net loss (income) attributable 1 57
to noncontrolling interests
Net income (loss) $1,895 $2,933
attributable to
stockholders
Net income (loss) $1,865 $2,919
attributable to common
stockholders
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined
Financial /Eliminations Financial /Eliminations
Net sales and revenue
Automotive $82,729 $1
$ -
$ - $82,730 $83,272 $51
$ - $(50) $83,273
GM Financial - 8,419 (7) 8,412 7,730 (19) 7,710
Total net sales and revenue 82,729 1 8,419 (7) 91,141 83,272 51 7,730 (69) 90,983
Costs and expenses
Automotive and other cost of 74,318 163 (1) 74,480 71,189 1,422 (1) 72,611
sales
GM Financial interest, - 7,058 7,058 6,215 (1) 6,215
operating and other
expenses
Automotive and other selling, 4,016 111 (2) 4,124 4,269 279 (1) 4,547
general and administrative
expense
Total costs and expenses 78,334 274 7,058 (4) 85,662 75,459 1,701 6,215 (3) 83,372
Operating income (loss) 4,395 (273) 1,361 (4) 5,479 7,813 (1,650) 1,514 (66) 7,611
Automotive interest expense 351 30 (30) 350 425 128 (128) 425
Interest income and other non- 701 2 (26) 676 406 18 (62) 362
operating income, net
Equity income (loss) 114 28 142 (234) 45 (189)
Income (loss) before income $4,859 $(301) $1,389
$ - $5,946 $7,561 $(1,761) $1,559
$ - $7,359
taxes
Income tax expense (benefit) 1,199 1,529
Net income (loss) 4,747 5,830
Net loss (income) attributable (68) 83
to noncontrolling interests
Net income (loss) $4,680 $5,913
attributable to
stockholders
Net income (loss) $5,224 $5,889
attributable to common
stockholders
________
(1) Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries(1)
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Basic earnings per share
Net income (loss) attributable to stockholders $1,895 $2,933 $4,680 $5,913
Adjustments(a) (30) (15) 544 (24)
Net income (loss) attributable to common stockholders $1,865 $2,919 $5,224 $5,889
Weighted-average common shares outstanding 963 1,136 976 1,145
Basic earnings per common share $1.94 $2.57 $5.35 $5.14
Diluted earnings per share
Net income (loss) attributable to common stockholders - diluted $1,865 $2,919 $5,224 $5,889
Weighted-average common shares outstanding - diluted 976 1,147 989 1,155
Diluted earnings per common share $1.91 $2.55 $5.28 $5.10
Potentially dilutive securities(b) 6 4 6 4
__________
(a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest
holders in the six months ended June 30, 2025.
(b) Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at June
30, 2025 and stock options and RSUs at June 30, 2024, were excluded from the computation of diluted earnings per share (EPS) because
the securities would have had an antidilutive effect.
General Motors Company and Subsidiaries(1)
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
June 30, 2025
December 31, 2024
Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined
Financial /Eliminations Financial /Eliminations
ASSETS
Current Assets
Cash and cash equivalents $13,891 $87 $8,403
$ - $22,381 $14,470 $308 $5,094
$ - $19,872
Marketable debt securities 6,958 6,958 7,265 7,265
Accounts and notes receivable, net(a) 15,817 237 1,678 (1,010) 16,722 11,498 22 1,988 (681) 12,827
GM Financial receivables, net(d) - 44,797 (324) 44,473 46,760 (398) 46,362
Inventories 15,459 (5) 15,454 14,569 (5) 14,564
Other current assets 3,055 18 5,220 5 8,297 2,816 38 4,799 2 7,655
Total current assets 55,180 342 60,098 (1,335) 114,285 50,618 369 58,640 (1,082) 108,545
Non-current Assets
GM Financial receivables, net(c) - 47,043 47,043 46,750 (276) 46,474
Equity in net assets of 4,846 1,257 6,103 5,896 1,206 7,102
nonconsolidated affiliates
Property, net 51,995 64 101 52,159 51,729 69 107 51,904
Goodwill and intangible assets, net 3,141 1 1,346 4,488 2,642 570 1,339 4,551
Equipment on operating leases, net - 33,196 33,196 31,586 31,586
Deferred income taxes 23,045 (1,567) 21,478 21,149 1,899 (1,795) 21,254
Other assets(b) 9,176 35 1,420 10,631 9,340 41 1,323 (2,359) 8,346
Total non-current assets 92,204 99 82,796 175,099 90,756 2,579 80,516 (2,635) 171,216
Total Assets $147,384 $441 $142,893 $(1,335) $289,384 $141,374 $2,948 $139,156 $(3,717) $279,761
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $27,356 $2 $493 $(774) $27,077 $25,446 $200 $714 $(681) $25,680
(principally trade)(a)
Short-term debt and current portion of
long-term debt
Automotive(a)(d) 2,243 4 (561) 1,687 2,413 7 (279) 2,141
GM Financial - 36,627 36,627 37,291 37,291
Cruise(d) - 119 (119)
Accrued liabilities 23,534 194 4,693 28,421 24,949 548 5,661 (4) 31,154
Total current liabilities 53,133 200 41,813 (1,335) 93,812 52,808 874 43,666 (1,082) 96,265
Non-current Liabilities
Long-term debt
Automotive(b) 15,475 38 15,512 13,288 2,397 (2,359) 13,327
GM Financial - 81,905 81,905 76,973 76,973
Cruise(c) - 276 (276)
Postretirement benefits other than 3,989 3,989 3,990 3,990
pensions
Pensions 6,077 8 6,085 5,772 7 5,779
Other liabilities 16,144 287 3,191 19,622 14,635 297 2,904 17,836
Total non-current liabilities 41,685 325 85,104 127,113 37,686 2,970 79,885 (2,635) 117,906
Total Liabilities 94,818 524 126,917 (1,335) 220,925 90,494 3,844 123,551 (3,717) 214,171
Equity
Common stock, $0.01 par value 10 10 10 10
Additional paid-in capital(e) 18,725 1,861 1,137 (1,112) 20,610 19,632 1,187 1,196 (1,172) 20,843
Retained earnings 42,382 (1,945) 16,236 1 56,675 40,203 (2,647) 15,916 1 53,472
Accumulated other comprehensive (9,535) (1,397) (10,932) (9,744) (3) (1,506) (11,253)
loss
Total stockholders' equity 51,581 (83) 15,976 (1,111) 66,363 50,100 (1,464) 15,606 (1,170) 63,072
Noncontrolling interests(e) 985 1,111 2,096 780 568 1,170 2,518
Total Equity 52,566 (83) 15,976 68,459 50,880 (896) 15,606 65,590
Total Liabilities and Equity $147,384 $441 $142,893 $(1,335) $289,384 $141,374 $2,948 $139,156 $(3,717) $279,761
__________
(a) Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.1 billion primarily due from GM Financial; and
Cruise accounts receivable of $0.2 billion due from Automotive at June 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts
receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.
(b) Eliminations primarily related to convertible note issued by Cruise to Automotive and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and
other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive at December 31, 2024.
(c) Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.
(d) Eliminations primarily related to GM Financial accounts receivable due from Automotive and Cruise.
(e) Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.
General Motors Company and Subsidiaries(1)
Combining Cash Flow Information
(In millions) (Unaudited)
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Automotive Cruise GM Reclassifications Combined Automotive Cruise GM Reclassifications Combined
Financial /Eliminations Financial /Eliminations
Cash flows from operating activities
Net income (loss) $4,040 $(302) $1,008
$ - $4,747 $6,051 $(1,366) $1,145
$ - $5,830
Depreciation and impairment of - 2,438 2,438 2,425 2,425
Equipment on operating leases, net
Depreciation, amortization and 3,511 9 17 3,537 3,221 617 20 3,859
impairment charges on Property, net
Foreign currency remeasurement and 251 11 262 (145) (3) (148)
transaction (gains) losses
Undistributed earnings of 611 (28) 583 (55) (45) (101)
nonconsolidated affiliates, net
Pension contributions and OPEB (308) (1) (309) (430) (430)
payments
Pension and OPEB income, net 31 1 32 29 1 30
Provision (benefit) for deferred taxes (3) 208 205 1,234 (396) 289 1,127
Change in other operating assets and (1,077) (432) 410 2,573 1,473 1,406 (145) (617) (4,107) (3,464)
liabilities(a)(c)
Net cash provided by (used in) 7,057 (725) 4,065 2,573 12,969 11,311 (1,291) 3,214 (4,107) 9,128
operating activities
Cash flows from investing activities
Expenditures for property (3,940) (2) (10) (3,953) (5,267) (2) (10) (73) (5,352)
Available-for-sale marketable (1,248) (1,248) (2,232) (2,232)
securities, acquisitions
Available-for-sale marketable 1,719 1,719 1,535 1,535
securities, liquidations
Purchases of finance receivables(a) - (19,270) (6) (19,275) (20,016) 3,377 (16,639)
Principal collections and recoveries on - 20,902 (3,616) 17,286 15,577 1 15,578
finance receivables(a)(b)
Purchases of leased vehicles - (8,591) (8,591) (7,489) (7,489)
Proceeds from termination of leased - 5,326 5,326 6,157 6,157
vehicles
Other investing activities(b) (3,320) 898 (2,422) (1,693) 1,147 (546)
Net cash provided by (used in) (6,790) (2) (1,642) (2,724) (11,158) (7,656) (2) (5,781) 4,452 (8,987)
investing activities
Cash flows from financing activities
Net increase (decrease) in short-term (13) 41 29 (2) 296 294
debt
Proceeds from issuance of debt 2,018 499 28,650 (499) 30,668 20 960 29,350 (960) 29,370
(original maturities greater than
three months)(b)
Payments on debt (original maturities (571) (3) (26,722) (20) (27,316) (52) (7) (23,815) (29) (23,904)
greater than three months)
Payment to purchase common stock (2,012) (2,012) (1,346) (1,346)
Issuance (redemption) of subsidiary - (29) (29) 255 (255)
stock(b)
Dividends paid(c) (260) (759) 700 (319) (275) (959) 900 (334)
Other financing activities (227) (95) (322) (14) (163) (112) (288)
Net cash provided by (used in) (1,064) 496 1,115 152 699 (1,668) 1,046 4,760 (345) 3,793
financing activities
Effect of exchange rate changes on 261 1 64 327 (173) (58) (231)
cash, cash equivalents and
restricted cash
Net increase (decrease) in cash, cash (536) (230) 3,602 2,836 1,814 (247) 2,135 3,702
equivalents and restricted cash
Cash, cash equivalents and restricted 14,561 322 8,081 22,964 12,310 1,359 8,249 21,917
cash at beginning of period
Cash, cash equivalents and restricted $14,025 $92 $11,683
$ - $25,800 $14,123 $1,112 $10,384
$ - $25,620
cash at end of period
__________
(a) Includes eliminations of $3.3 billion in the six months ended June 30, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to
dealers that have arranged their inventory floor plan financing through GM Financial.
(b) Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025 and 2024.
(c) Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2025 and 2024.
Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.
General Motors Company and Subsidiaries(1)
The following tables summarize key financial information by segment (dollars in millions):
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended June 30, 2025
Net sales and revenue $39,486 $3,326 $57
$ - $42,869
$ - $4,255 $(2) $47,122
Expenditures for property $2,014 $89 $28
$ - $2,131
$ - $6
$ - $2,137
Depreciation and amortization $1,642 $131 $9
$ - $1,782
$ - $1,243
$ - $3,026
Impairment charges
$ - $18
$ -
$ - $18
$ -
$ -
$ - $18
Equity income (loss)(a)(b) $12 $77 $(14)
$ - $75
$ - $16
$ - $91
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended June 30, 2024
Net sales and revenue $40,725 $3,298 $37
$ - $44,060 $25 $3,918 $(35) $47,969
Expenditures for property $2,461 $74 $4
$ - $2,539 $(10) $6 $35 $2,569
Depreciation and amortization $1,515 $147 $20
$ - $1,682 $7 $1,192
$ - $2,880
Impairment charges
$ -
$ -
$ -
$ -
$ - $605
$ -
$ - $605
Equity income (loss)(a)(b) $330 $(103)
$ -
$ - $227
$ - $14
$ - $240
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Six Months Ended June 30, 2025
Net sales and revenue $76,873 $5,753 $103
$ - $82,729 $1 $8,419 $(7) $91,141
Expenditures for property $3,719 $182 $39
$ - $3,940 $2 $10
$ - $3,953
Depreciation and amortization $3,230 $233 $36
$ - $3,499 $5 $2,456
$ - $5,959
Impairment charges
$ - $18
$ -
$ - $18
$ -
$ -
$ - $18
Equity income (loss)(a)(b) $255 $125 $(14)
$ - $366
$ - $28
$ - $394
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Six Months Ended June 30, 2024
Net sales and revenue $76,824 $6,380 $68
$ - $83,272 $51 $7,730 $(69) $90,983
Expenditures for property $5,091 $167 $8
$ - $5,267 $2 $10 $73 $5,352
Depreciation and amortization $2,924 $272 $25
$ - $3,221 $12 $2,445
$ - $5,678
Impairment charges
$ -
$ -
$ -
$ -
$ - $605
$ -
$ - $605
Equity income (loss)(a)(b) $457 $(211)
$ -
$ - $245
$ - $45
$ - $291
__________
(a) Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $71 million and $116 million in the three and six months ended June 30,
2025 and $(104) million and $(210) million in the three and six months ended June 30, 2024.
(b) Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of
sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells
Holdings LLC were $11 million and $252 million in the three and six months ended June 30, 2025 and $324 million and $479 million in the three and six months ended June 30, 2024.
General Motors Company and Subsidiaries
Supplemental Material(1
)(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.
EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.
ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months Ended Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net income attributable to stockholders(a) $1,895 $2,933 $4,680 $5,913
Income tax expense (benefit) 481 767 1,199 1,529
Automotive interest expense 198 206 350 425
Automotive interest income (200) (229) (391) (414)
Adjustments
Ultium strategic realignment(b) 330 330
China restructuring actions(c) 140 140
Restructuring actions(d) 87 87
Cruise restructuring(e) 65 583 65 583
GMI plant wind down(f) 33 103 33 103
Headquarters relocation(g) 8 34
Buick dealer strategy(h) 75 171
Total adjustments 663 761 689 857
EBIT-adjusted 3,037 4,438 6,527 8,310
Operating segments
GM North America (GMNA) 2,415 4,433 5,702 8,273
GM International (GMI) 204 50 234 40
Cruise (458) (273) (900)
GM Financial(i) 704 822 1,389 1,559
Total operating segments 3,323 4,847 7,051 8,971
Corporate and eliminations(j) (286) (409) (524) (662)
EBIT-adjusted $3,037 $4,438 $6,527 $8,310
__________
(a) Net of net loss attributable to noncontrolling interests.
(b) These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right
manufacturing and cell capabilities in place to meet EV demand and expected growth.
(c) These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-
than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.
(d) These adjustments were excluded because they relate to employee separation charges.
(e) These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical
efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntary pausing in 2023 of Cruise's
driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-
related charges and employee separation costs.
(f) These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(g) These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.
(h) These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as
part of Buick's EV strategy.
(i) GM Financial amounts represent EBT-adjusted.
(j) GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate
expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months Ended
Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Diluted earnings per common share $1,865 $1.91 $2,919 $2.55 $5,224 $5.28 $5,889 $5.10
Adjustments(a) 663 0.68 761 0.66 689 0.70 857 0.74
Tax effect on adjustments(b) (64) (0.07) (170) (0.15) (70) (0.07) (194) (0.17)
Return from preferred shareholders(c) (593) (0.60)
EPS-diluted-adjusted $2,464 $2.53 $3,510 $3.06 $5,250 $5.31 $6,552 $5.68
__________
(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss)
for adjustment details.
(b) The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the
jurisdiction to which the adjustment
relates.
(c) This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred
shares from noncontrolling
interest holders in the six months ended June 30, 2025.
The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months Ended
Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Income Income Effective Income Income Effective Income Income tax Effective Income Income tax Effective
before tax tax rate before tax tax rate before expense tax rate before expense tax rate
income expense income expense income (benefit) income (benefit)
taxes (benefit) taxes (benefit) taxes taxes
Effective tax rate $2,375 $481 20.2 % $3,643 $767 21.0 % $5,946 $1,199 20.2 % $7,359 $1,529 20.8 %
Adjustments(a) 663 64 828 170 689 70 924 194
ETR-adjusted $3,038 $545 17.9 % $4,471 $937 20.9 % $6,635 $1,269 19.1 % $8,283 $1,723 20.8 %
__________
(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These
adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined
based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE.
The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
June 30, 2025 June 30, 2024
Net income attributable to stockholders $4.8 $11.1
Average equity(a) $66.8 $70.4
ROE 7.1 % 15.7 %
__________
(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.
The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Four Quarters Ended
June 30, 2025 June 30, 2024
EBIT-adjusted(a) $13.2 $13.6
Average equity(b) $66.8 $70.4
Add: Average automotive debt and interest liabilities (excluding finance leases) 16.2 16.2
Add: Average automotive net pension & OPEB liability 8.9 9.3
Less: Average automotive and other net income tax asset (22.8) (22.1)
ROIC-adjusted average net assets $69.1 $73.8
ROIC-adjusted 19.0 % 18.5 %
__________
(a) Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.
The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow
(dollars in millions):
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 June 30, 2025 June 30, 2024
Net automotive cash provided by operating activities $4,653 $7,713 $7,057 $11,311
Less: Capital expenditures (2,131) (2,539) (3,940) (5,267)
Add: Buick dealer strategy 305 114 465 276
Add: Restructuring actions 86 139
Add: GMI plant wind down 8 9 12 9
Add: China restructuring actions 9 9
Less: Ultium strategic realignment (103) (103)
Add: Employee separation costs 58
Adjusted automotive free cash flow $2,827 $5,297 $3,639 $6,388
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2025, 25.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive segments (vehicles in thousands):
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
GMNA 849 903 1,676 1,695
GMI 125 140 209 243
Total 974 1,043 1,885 1,938
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months Ended
Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Industry GM Market Industry GM Market Industry GM Market Industry GM Market
Share Share Share Share
North America
United States 4,297 747 17.4 % 4,181 696 16.7 % 8,329 1,440 17.3 % 8,026 1,290 16.1 %
Other 1,051 131 12.5 % 1,007 131 13.0 % 1,991 257 12.9 % 1,899 246 13.0 %
Total North America 5,348 878 16.4 % 5,188 827 15.9 % 10,321 1,697 16.4 % 9,925 1,537 15.5 %
Asia/Pacific, Middle East
and Africa
China(a) 6,592 448 6.8 % 5,883 373 6.3 % 12,403 890 7.2 % 11,538 814 7.1 %
Other 5,277 118 2.2 % 5,234 120 2.3 % 10,908 220 2.0 % 10,734 233 2.2 %
Total Asia/Pacific, Middle 11,869 566 4.8 % 11,117 493 4.4 % 23,312 1,110 4.8 % 22,273 1,047 4.7 %
East and Africa
South America
Brazil 647 64 9.9 % 629 84 13.4 % 1,199 120 10.0 % 1,143 141 12.3 %
Other 411 31 7.6 % 318 27 8.4 % 811 60 7.4 % 627 54 8.6 %
Total South America 1,058 95 9.0 % 947 111 11.7 % 2,010 180 8.9 % 1,770 195 11.0 %
Total in GM markets 18,275 1,539 8.4 % 17,252 1,431 8.3 % 35,642 2,987 8.4 % 33,968 2,778 8.2 %
Total Europe 4,387 - % 4,486 1 - % 8,639 1 - % 8,855 1 - %
Total Worldwide(b) 22,662 1,539 6.8 % 21,738 1,432 6.6 % 44,281 2,988 6.7 % 42,823 2,779 6.5 %
United States
Cars 709 15 2.1 % 769 53 6.9 % 1,416 32 2.3 % 1,476 103 7.0 %
Trucks 1,226 401 32.8 % 1,112 359 32.3 % 2,279 746 32.7 % 2,044 650 31.8 %
Crossovers 2,362 330 14.0 % 2,300 284 12.4 % 4,634 662 14.3 % 4,507 538 11.9 %
Total United States 4,297 747 17.4 % 4,181 696 16.7 % 8,329 1,440 17.3 % 8,026 1,290 16.1 %
China(a)
SGMS 132 120 251 275
SGMW 315 253 639 539
Total 6,592 447 6.8 % 5,883 373 6.3 % 12,403 890 7.2 % 11,538 814 7.1 %
__________
(a) Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling
Automobile Co., Ltd.
(SGMW).
(b) Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions.
Accordingly, these countries are
excluded from industry sales data and corresponding calculation of market share.
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2025 2024 2025 2024
GMNA 178 179 350 320
GMI 96 98 164 166
Total fleet sales 274 277 514 486
Fleet sales as a percentage of total vehicle sales 17.8 % 19.3 % 17.2 % 17.5 %
North America capacity two-shift utilization 117.6 % 108.1 % 113.5 % 105.1 %
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SOURCE General Motors
