Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

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Common-Size Income Statement

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General Motors Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Automotive net sales and revenue
Automotive and other cost of sales
Automotive and other gross margin
GM Financial net sales and revenue
GM Financial interest, operating and other expenses
Automotive and other selling, general and administrative expense
Operating income
Automotive interest expense
Non-service pension and OPEB income
Interest income
Licensing agreements income
Revaluation of investments
Other
Interest income and other non-operating income, net
Equity income (loss)
Income before income taxes
Income tax expense
Net income
Net loss attributable to noncontrolling interests
Net income attributable to stockholders
Adjustments
Net income attributable to common stockholders

Based on: 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), 10-K (reporting date: 2020-12-31).

Automotive and other cost of sales
The cost of sales as a percentage of automotive net sales and revenue displayed some fluctuation over the periods. It decreased from -89.75% in 2020 to -88.13% in 2022, indicating a relative improvement in cost control. However, it increased again to -89.64% in 2023 before declining to -88.03% in 2024, suggesting variable cost management effectiveness.
Automotive and other gross margin
The gross margin improved from 10.25% in 2020 to 11.87% in 2022, reflecting enhanced profitability at the gross level. This margin then declined to 10.36% in 2023 but rebounded to 11.97% in 2024, indicating some volatility but an overall positive trend in gross profitability.
GM Financial net sales and revenue
A decreasing trend was observed from 12.71% in 2020 to 8.86% in 2022, followed by a slight recovery to 9.23% by 2024. This indicates a diminishing contribution of GM Financial to total automotive net sales and revenue, with minor stabilization toward the end.
GM Financial interest, operating and other expenses
These expenses steadily decreased from -10.37% in 2020 to -6.16% in 2022, denoting improved efficiency. However, they rose again to -7.56% by 2024, suggesting some challenges in sustaining lower operating costs.
Automotive and other selling, general and administrative expense
SG&A expenses increased from -6.48% in 2020 to a peak of -7.53% in 2021 but then declined to -6.19% by 2024. This pattern shows an initial increase in expenditure followed by effective cost management efforts.
Operating income
Operating income as a percentage of automotive net sales and revenue improved from 6.1% in 2020 to 8.21% in 2021, dipped to 5.9% in 2023, and increased again to 7.45% in 2024, reflecting fluctuations in operating profitability with an overall positive trend.
Automotive interest expense
Interest expense decreased consistently from -1.01% in 2020 to -0.49% in 2024, indicating reduced interest burdens potentially due to debt repayment or refinancing at better terms.
Non-service pension and OPEB income
These income items peaked at 1.68% in 2021 but fell sharply to nearly zero by 2023 and 2024, showing diminished contributions from pension and other post-employment benefits to overall income.
Interest income
Interest income rose from 0.22% in 2020 to 0.7% in 2023 and then slightly declined to 0.56% in 2024, reflecting increased returns from interest-bearing assets before a minor reduction toward the end.
Licensing agreements income
This income remained relatively stable across the periods, fluctuating narrowly between 0.11% and 0.19%, indicating steady, modest income from licensing.
Revaluation of investments
Investment revaluation showed positive contributions in 2020 and 2021 (0.24% and 0.5%), but turned negative from 2022 through 2024, suggesting potential declines or losses in investment values during these years.
Interest income and other non-operating income, net
These non-operating income streams increased from 1.73% in 2020 to 2.68% in 2021, then decreased sharply to 0.73% by 2024, indicating reduced benefits from non-core financial activities over time.
Equity income (loss)
Equity income was positive and rising until 2021 (0.62% to 1.15%), but declined thereafter, turning into a significant loss (-2.72%) by 2024. This trend points to deteriorating performance or losses in equity investments.
Income before income taxes
The income before taxes increased strongly from 7.45% in 2020 to 11.19% in 2021, decreased subsequently to 4.96% by 2024, indicating a waning pre-tax profitability over the latter years.
Income tax expense
Tax expenses rose from -1.63% in 2020 to -2.44% in 2021, then decreased considerably to -0.36% in 2023 before increasing again to -1.49% in 2024, reflecting fluctuating effective tax burdens.
Net income
Net income followed a general upward trend from 5.82% in 2020 to 8.76% in 2021, followed by a decline to 3.47% by 2024. This indicates that while profitability peaked early, it diminished over time toward the end of the period.
Net income attributable to stockholders
Similar to overall net income, this measure increased from 5.91% in 2020 to 8.82% in 2021, then declined to 3.5% in 2024, reflecting reduced returns available to shareholders in recent years.
Net income attributable to common stockholders
This also displayed an increase from 5.75% in 2020 to 8.66% in 2021, then declined to 4.19% in 2024. The decline suggests weakening profitability attributable specifically to common equity holders.