Company file · GM
General Motors
General Motors' revenue dipped in 2025, and net income fell
Revenue fell 1.3% to $185.0B. Net income to stockholders fell 55.1% to $2.7B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, General Motors (NYSE: GM) took in $185.0B of total net sales and revenue (down 1.3% on fiscal 2024); net income to stockholders was $2.7B (down 55.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $50.0B, up 2.9% year over year, with net income of $3.3B. GM North America was the biggest single line by segment (before eliminations): 84% of fiscal 2025 total net sales and revenue. Sources: 10-K for fiscal 2025 (filed Jan 27, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 20, 2026).
Source: 10-K FY2025, filed Jan 27, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 20, 2026
How it makes money
By segment (before eliminations), FY2025
- LineAmountSharevs FY2024
- GM North America$154.3B84%−2.0%
- GM International$13.4B7%−3.3%
- GM Financial$17.1B9%+7.5%
Source: 10-K FY2025, XBRL breakdown
GM North America was 84% of 2025 segment revenue, GM Financial 9% and GM International 7%. Operating cash flow was $26.9B.
Source: 10-K FY2025
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: General Motors 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
By segment
Source: General Motors 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026
The bull case and the bear case
The bull case
- Operating cash flow rose 33.5% in 2025 to $26.9B. 10-K, FY2025
- Diluted shares fell 13.8% in 2025. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $50.0B, up 2.9% on a year earlier, and net income rose 151.3% to $3.3B. 10-Q, quarter ended Sep 30, 2026
The bear case
- Net income to stockholders fell 55.1% in 2025 to $2.7B, including charges tied to cutting electric-vehicle capacity, as the 10-K explains. 10-K, FY2025
- GM North America revenue fell 2.0% in 2025 and GM International 3.3%. 10-K, FY2025
- The 10-K lists vehicle demand, tariffs and trade policy, the shift to electric vehicles, supply chains, labor relations and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
General Motors is a large US carmaker. It makes Chevrolet, GMC, Cadillac and Buick vehicles and lends to car buyers through GM Financial.
GM North America makes and sells vehicles in the US, Canada and Mexico. GM International covers sales elsewhere, including its joint ventures in China. GM Financial provides loans and leases to GM customers and dealers.
Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in General Motors's latest 10-K. Read the original for the full list.
- DemandCar sales fall when the economy or credit weakens.
- TradeTariffs on imported vehicles and parts raise costs.
- Electric vehiclesDemand and rules for EVs may change faster or slower than planned.
- Supply chainShortages of chips, batteries and parts can halt production.
- LaborMost US production workers are unionized.
- CreditGM Financial's borrowers may not repay.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total net sales and revenue | $171.8B | $187.4B | $185.0B |
| Net income to stockholders | $10.1B | $6.0B | $2.7B |
| Operating cash flow | $20.9B | $20.1B | $26.9B |
| Cash & equivalents (year end) | $18.9B | $19.9B | $20.9B |
| Diluted shares | 1.37B | 1.13B | 973M |
- Total net sales and revenue: Sales of cars, trucks and parts, plus GM Financial's lending and leasing revenue.
- Net income to stockholders: Net income attributable to GM stockholders, after the share belonging to minority owners.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment shares are of the three segments' revenue before eliminations, so they don't add up exactly to reported revenue.
What we left out
- Total debt: most of GM's borrowings belong to GM Financial and fund car loans and leases, so a single total would mix two different businesses. The 10-K balance sheet shows automotive and GM Financial debt separately.
Recent filings
Latest filings
- Oct 207:30 AM ET
8-K
General Motors files an 8-K on quarterly results
General Motors filed a Form 8-K on Oct 20, 2026 at 7:30 AM ET under Item 2.02 (Results of Operations and Financial Condition).
Common questions about General Motors
How does General Motors make money?
In fiscal 2025, total net sales and revenue totaled $185.0B. GM North America was 84% of 2025 segment revenue, GM Financial 9% and GM International 7%. Operating cash flow was $26.9B. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
What was General Motors's revenue in fiscal 2025?
Total net sales and revenue came to $185.0B in the year ended Dec 31, 2025. Going back two years, it was $171.8B in fiscal 2023 and $187.4B in fiscal 2024, so the latest year was down 1.3%. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
Is General Motors profitable?
Yes, by US accounting rules (GAAP): net income to stockholders was $2.7B in fiscal 2025, down 55.1% from $6.0B a year earlier. For the quarter ended Sep 30, 2026, net income was $3.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 27, 2026.
What did General Motors report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $50.0B, against $48.6B in the same quarter a year before (up 2.9%), and net income of $3.3B, against $1.3B (up 151.3%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026.
What are the main risks General Motors lists?
Item 1A of the fiscal 2025 10-K (filed Jan 27, 2026) sets out the risks. Grouped, they fall into 6 areas: Demand; trade; electric vehicles; supply chain; labor; credit. To start with the first: Car sales fall when the economy or credit weakens. Source: 10-K, Item 1A Risk Factors.
Where do these General Motors numbers come from?
Two filings General Motors made with the SEC: its fiscal 2025 10-K, filed Jan 27, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 20, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in GM
- The editor holds no position in General Motors (GM). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell GM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold GM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| General MotorsGM | FY2025 | $185.0B | −1.3% | $2.7B |
| TeslaTSLA | FY2025 | $94.8B | −2.9% | $3.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.