Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Common-Size Balance Sheet: Assets 
Quarterly Data

General Motors Co., common-size consolidated balance sheet: assets (quarterly data)

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Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 7.45 7.95 7.73 7.29 7.10 8.21 7.96 6.38 6.90 8.95 8.37 6.83 7.25 7.96 6.59 6.50 8.20 7.28 9.48 9.06
Marketable debt securities 2.39 2.36 2.40 2.45 2.60 2.93 2.94 2.84 2.79 3.43 3.46 3.74 4.60 3.67 3.99 3.94 3.52 2.76 2.57 3.26
Accounts and notes receivable, net of allowance 4.64 5.94 5.78 5.29 4.58 4.76 4.74 4.98 4.53 4.94 5.10 5.13 5.05 5.38 4.90 4.75 3.02 3.39 3.38 3.83
GM Financial receivables, net of allowance 16.09 15.45 15.37 15.78 16.57 15.37 15.12 15.07 14.31 12.86 12.49 12.09 12.73 11.92 11.23 11.31 10.89 10.52 10.11 10.31
Inventories 5.14 5.32 5.34 5.41 5.21 5.99 6.22 6.34 6.03 6.30 6.49 6.65 5.82 6.28 6.65 5.90 5.31 6.09 5.42 5.06
Other current assets 2.95 2.77 2.87 2.77 2.74 2.64 2.63 2.89 2.65 2.83 2.81 2.58 2.59 2.50 2.57 2.83 2.61 2.57 3.21 2.91
Current assets 38.67% 39.78% 39.49% 38.99% 38.80% 39.90% 39.60% 38.49% 37.21% 39.30% 38.72% 37.02% 38.04% 37.72% 35.93% 35.23% 33.55% 32.61% 34.16% 34.43%
GM Financial receivables, net of allowance 15.78 15.72 16.26 16.50 16.61 15.88 15.81 15.73 16.50 15.97 16.02 16.32 15.37 15.18 15.08 14.48 14.78 14.52 14.68 14.13
Equity in net assets of nonconsolidated affiliates 2.02 2.18 2.11 2.44 2.54 3.82 3.79 3.88 3.89 3.74 3.65 3.95 3.85 3.80 3.84 4.14 3.95 3.87 3.67 3.77
Property, net 18.37 18.02 18.02 18.48 18.55 17.80 18.08 18.59 18.43 17.54 17.38 17.56 17.14 16.43 16.54 16.58 16.80 16.62 16.06 15.85
Goodwill and intangible assets, net 1.55 1.54 1.55 1.60 1.63 1.64 1.69 1.74 1.78 1.74 1.79 1.86 1.87 1.91 1.98 2.01 2.08 2.15 2.14 2.17
Equipment on operating leases, net 11.98 11.66 11.47 11.43 11.29 10.70 10.72 10.88 11.20 11.03 11.44 11.93 12.39 12.97 13.93 14.55 15.50 16.62 16.79 16.92
Deferred income taxes 8.16 7.52 7.42 7.53 7.60 7.26 7.45 7.85 8.18 7.20 7.48 7.74 7.78 7.90 8.30 8.46 8.64 9.32 9.27 9.68
Other assets 3.47 3.57 3.67 3.04 2.98 3.00 2.85 2.83 2.81 3.48 3.51 3.62 3.55 4.10 4.40 4.55 4.69 4.28 3.23 3.04
Non-current assets 61.33% 60.22% 60.51% 61.01% 61.20% 60.10% 60.40% 61.51% 62.79% 60.70% 61.28% 62.98% 61.96% 62.28% 64.07% 64.77% 66.45% 67.39% 65.84% 65.57%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The composition of assets at the company exhibits several notable trends over the observed period from March 2021 to December 2025. Current assets generally represent a significant portion of the total asset base, fluctuating around 34-40%. Non-current assets consistently comprise the majority of the asset base, ranging from approximately 62% to 68%. Within these broad categories, specific asset items demonstrate distinct patterns.

Liquidity and Current Assets
Cash and cash equivalents initially decreased from 9.06% in March 2021 to a low of 6.50% in March 2022, before exhibiting some volatility and ending at 7.45% in December 2025. Marketable debt securities show a relatively stable pattern, generally decreasing from 3.26% to around 2.35-2.40% by the end of the period. Accounts and notes receivable, net of allowance, increased from 3.83% to a peak of 5.94% in September 2025, indicating a potential increase in credit sales or slower collection periods. A substantial and consistent increase is observed in GM Financial receivables, net of allowance, rising from 10.31% in March 2021 to 16.09% in December 2025, suggesting a growing reliance on financing activities. Inventories remained relatively stable, fluctuating between approximately 5% and 7% of total assets. Other current assets show minor fluctuations, remaining around 2.5-3%. Overall, current assets experienced a slight increase over the period, driven primarily by the growth in GM Financial receivables.
Long-Term Investments and Fixed Assets
Equity in net assets of nonconsolidated affiliates decreased from 3.77% in March 2021 to 2.02% in December 2025, indicating a potential reduction in investments or changes in accounting treatment. Property, net, demonstrated an increasing trend from 15.85% to 18.37%, suggesting investment in fixed assets. Goodwill and intangible assets, net, experienced a slight decline from 2.17% to 1.55%. Equipment on operating leases, net, decreased from 16.92% to 11.98%, potentially reflecting changes in leasing strategies or asset depreciation. Deferred income taxes generally decreased from 9.68% to 8.16%. Other assets showed some volatility, ending slightly higher than the starting value.
Overall Asset Composition
The increasing proportion of GM Financial receivables, net of allowance, is a dominant trend, consistently growing throughout the period. This suggests a strategic shift towards financing or a greater reliance on this segment of the business. The decrease in equipment on operating leases, net, and deferred income taxes, alongside the decline in equity in net assets of nonconsolidated affiliates, indicates a restructuring of the non-current asset portfolio. The relatively stable proportion of property, net, suggests continued investment in core operational assets. The overall asset base demonstrates a shift in composition, with a growing emphasis on financial receivables and a moderate decrease in certain long-term asset categories.

In summary, the asset composition reflects a dynamic environment with notable shifts in the allocation of resources. The growth in GM Financial receivables is a key characteristic, while changes in other asset categories suggest ongoing strategic adjustments.