GM is also updating its 2025 full-year earnings guidance:
Updated 2025 guidance
Previous 2025 guidance
Net income attributable to stockholders
$7.7 billion - $8.3 billion
$7.7 billion - $9.5 billion
EBIT-adjusted
$12.0 billion - $13.0 billion
$10.0 billion - $12.5 billion
Automotive operating cash flow
$19.2 billion - $21.2 billion
$17.0 billion - $20.5 billion
Adjusted automotive free cash flow
$10.0 billion - $11.0 billion
$7.5 billion - $10.0 billion
EPS-diluted
$8.30 - $9.05
$8.22 - $9.97
EPS-diluted-adjusted
$9.75 - $10.50
$8.25 - $10.00
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
1-800-857-9821 (U.S.)
1-517-308-9481 (international/caller-paid)
Conference call passcode: General Motors
An audio replay will be available on the GM Investor Relations website in the Events section.
Results Overview
Three Months Ended
($M) except per share amounts
September 30, 2025
September 30, 2024
Change
% Change
Revenue
$ 48,591
$ 48,757
$ (166)
(0.3) %
Net income attributable to stockholders
$ 1,327
$ 3,056
$ (1,729)
(56.6) %
EBIT-adjusted
$ 3,376
$ 4,115
$ (739)
(18.0) %
Net income margin
2.7 %
6.3 %
(3.6) ppts
(57.1) %
EBIT-adjusted margin
6.9 %
8.4 %
(1.5) ppts
(17.9) %
Automotive operating cash flow
$ 6,070
$ 7,863
$ (1,793)
(22.8) %
Adjusted automotive free cash flow
$ 4,201
$ 5,834
$ (1,633)
(28.0) %
EPS-diluted
$ 1.35
$ 2.68
$ (1.33)
(49.6) %
EPS-diluted-adjusted
$ 2.80
$ 2.96
$ (0.16)
(5.4) %
GMNA EBIT-adjusted
$ 2,506
$ 3,982
$ (1,476)
(37.1) %
GMNA EBIT-adjusted margin
6.2 %
9.7 %
(3.5) ppts
(36.1) %
GMI EBIT-adjusted(a)
$ 226
$ 42
$ 184
n.m.
China equity income (loss)(a)
$ 80
$ (137)
$ 217
n.m.
GM Financial EBT-adjusted
$ 804
$ 687
$ 117
17.0 %
(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
Updated
Previous
Net income attributable to stockholders
$ 7.7-8.3
$ 7.7-9.5
Income tax expense
1.8-2.2
1.6-2.3
Automotive interest income, net
(0.1)
(0.0)
Adjustments(a)
2.6
0.7
EBIT-adjusted
$ 12.0-13.0
$ 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
Updated
Previous
Diluted earnings per common share
$ 8.30-9.05
$ 8.22-9.97
Adjustments(a)
1.45
0.03
EPS-diluted-adjusted
$ 9.75-10.50
$ 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
Updated
Previous
Net automotive cash provided by operating activities
$ 19.2-21.2
$ 17.0-20.5
Less: Capital expenditures
10.0-11.0
10.0-11.0
Adjustments
0.8
0.5
Adjusted automotive free cash flow(a)
$ 10.0-11.0
$ 7.5-10.0
(a)
These expected financial results do not include the potential impact of future adjustments related to special items.
General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended September 30, 2025
Three Months Ended September 30, 2024
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Net sales and revenue
Automotive
$ 44,256
$ ,
$ —
$ ,
$ 44,256
$ 44,735
$ 26
$ —
$ (26)
$ 44,735
GM Financial
—
—
4,337
(2)
4,335
—
—
4,031
(10)
4,021
Total net sales and revenue
44,256
—
4,337
(2)
48,591
44,735
26
4,031
(36)
48,757
Costs and expenses
Automotive and other cost of sales
41,937
—
—
(1)
41,936
38,768
240
—
(1)
39,007
GM Financial interest, operating and other expenses
—
—
3,542
—
3,542
—
—
3,354
—
3,353
Automotive and other selling, general and administrative expense
2,038
—
—
(1)
2,037
2,544
203
—
(1)
2,745
Total costs and expenses
43,975
—
3,542
(2)
47,515
41,312
442
3,354
(2)
45,105
Operating income (loss)
281
—
795
—
1,076
3,424
(417)
678
(33)
3,651
Automotive interest expense
206
—
—
3
209
206
30
—
(30)
206
Interest income and other non- operating income, net
473
—
—
3
475
379
11
—
4
394
Equity income (loss)
68
—
9
—
77
(132)
—
10
—
(122)
Income (loss) before income taxes
$ 615
$ ,
$ 804
$ ,
$ 1,419
$ 3,465
$ (435)
$ 687
$ ,
$ 3,717
Income tax expense (benefit)
127
709
Net income (loss)
1,293
3,008
Net loss (income) attributable to noncontrolling interests
35
48
Net income (loss) attributable to stockholders
$ 1,327
$ 3,056
Net income (loss) attributable to common stockholders
$ 1,297
$ 3,029
Nine Months Ended September 30, 2025
Nine Months Ended September 30, 2024
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Net sales and revenue
Automotive
$ 126,985
$ 1
$ —
$ ,
$ 126,986
$ 128,007
$ 76
$ —
$ (76)
$ 128,008
GM Financial
—
—
12,756
(9)
12,747
—
—
11,761
(29)
11,732
Total net sales and revenue
126,985
1
12,756
(9)
139,732
128,007
76
11,761
(105)
139,740
Costs and expenses
Automotive and other cost of sales
116,255
163
—
(2)
116,416
109,958
1,662
—
(2)
111,618
GM Financial interest, operating and other expenses
—
—
10,599
—
10,600
—
—
9,569
(1)
9,568
Automotive and other selling, general and administrative expense
6,054
111
—
(3)
6,161
6,813
482
—
(3)
7,292
Total costs and expenses
122,309
274
10,599
(5)
133,177
116,771
2,144
9,569
(5)
128,478
Operating income (loss)
4,676
(273)
2,156
(4)
6,555
11,237
(2,067)
2,192
(100)
11,262
Automotive interest expense
557
30
—
(27)
560
631
158
—
(158)
631
Interest income and other non- operating income, net
1,174
2
(1)
(23)
1,151
785
29
(1)
(58)
756
Equity income (loss)
182
—
37
—
219
(366)
—
55
—
(311)
Income (loss) before income taxes
$ 5,474
$ (301)
$ 2,193
$ ,
$ 7,366
$ 11,026
$ (2,196)
$ 2,246
$ ,
$ 11,076
Income tax expense (benefit)
1,326
2,238
Net income (loss)
6,040
8,837
Net loss (income) attributable to noncontrolling interests
(33)
132
Net income (loss) attributable to stockholders
$ 6,007
$ 8,969
Net income (loss) attributable to common stockholders
$ 6,510
$ 8,914
1
Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
Nine Months Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Basic earnings per share
Net income (loss) attributable to stockholders
$ 1,327
$ 3,056
$ 6,007
$ 8,969
Adjustments(a)
(30)
(27)
503
(55)
Net income (loss) attributable to common stockholders
$ 1,297
$ 3,029
$ 6,510
$ 8,914
Weighted-average common shares outstanding
944
1,116
965
1,136
Basic earnings per common share
$ 1.37
$ 2.71
$ 6.75
$ 7.85
Diluted earnings per share
Net income (loss) attributable to common stockholders, diluted
$ 1,297
$ 3,029
$ 6,510
$ 8,914
Weighted-average common shares outstanding, diluted
964
1,131
980
1,147
Diluted earnings per common share
$ 1.35
$ 2.68
$ 6.64
$ 7.77
Potentially dilutive securities(b)
—
6
—
6
(a)
Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.
(b)
Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at September 30, 2025 and 2024 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.
General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
September 30, 2025
December 31, 2024
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
Automotive
Cruise
GM Financial
Reclassifications/Eliminations
Combined
ASSETS
Current Assets
Cash and cash equivalents
$ 15,019
$ 72
$ 7,820
$ ,
$ 22,910
$ 14,470
$ 308
$ 5,094
$ ,
$ 19,872
Marketable debt securities
6,771
—
21
—
6,792
7,265
—
—
—
7,265
Accounts and notes receivable, net(a)
16,276
76
1,782
(1,009)
17,125
11,498
22
1,988
(681)
12,827
GM Financial receivables, net(d)
—
—
44,902
(381)
44,521
—
—
46,760
(398)
46,362
Inventories
15,322
—
—
(4)
15,318
14,569
—
—
(5)
14,564
Other current assets
2,844
11
5,109
5
7,970
2,816
38
4,799
2
7,655
Total current assets
56,233
159
59,634
(1,390)
114,636
50,618
369
58,640
(1,082)
108,545
Non-current Assets
GM Financial receivables, net(c)
—
—
45,300
—
45,300
—
—
46,750
(276)
