Analysis of Revenues
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2010
- Total Asset Turnover since 2010
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Revenues as Reported
General Motors Co., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, net sales and revenue demonstrate a generally positive trend from 2021 to 2024, followed by a slight decrease in 2025. The primary driver of this revenue is automotive sales, but contributions from GM Financial and other segments also exhibit notable patterns. A detailed examination of individual revenue streams reveals varying growth trajectories.
- Automotive Sales
- Automotive net sales and revenue increased consistently from $113.59 billion in 2021 to $171.606 billion in 2024, representing substantial growth. However, 2025 saw a modest decline to $167.971 billion. Within automotive sales, vehicle, parts, and accessories constitute the vast majority of revenue, mirroring the overall trend of growth through 2024 and a subsequent decrease in 2025. Used vehicle sales experienced more volatility, with a significant increase from $0.594 billion in 2021 to $1.737 billion in 2025, indicating a growing market for pre-owned vehicles. Services and other revenue also showed consistent, albeit slower, growth throughout the period, reaching $5.724 billion in 2025.
- GM Financial Performance
- GM Financial net sales and revenue initially decreased from $13.414 billion in 2021 to $12.760 billion in 2022. However, from 2022 onwards, GM Financial experienced consistent growth, reaching $17.048 billion in 2025. This growth is primarily driven by increases in finance charge income, which rose from $4.103 billion in 2021 to $8.169 billion in 2025. Leased vehicle income remained relatively stable, fluctuating between $7.266 billion and $9.026 billion over the period, with a slight increase observed in 2025. Other income within GM Financial also demonstrated consistent growth.
- Overall Revenue Composition
- Net sales and revenue followed the general upward trend established by automotive sales, peaking at $187.442 billion in 2024 before decreasing slightly to $185.019 billion in 2025. The proportion of revenue derived from GM Financial remained relatively consistent, typically representing around 7-10% of total net sales and revenue. The contribution from automotive sales consistently accounted for the largest portion of overall revenue, generally exceeding 85% throughout the analyzed period.
The data suggests a strong period of growth through 2024, with a slight deceleration in 2025. The increasing contribution from GM Financial indicates a successful expansion of financial services, while the growth in used vehicle sales suggests a responsive adaptation to market demands. The modest decline in overall revenue in 2025 warrants further investigation to determine the underlying causes and potential implications.