Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

General Motors Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable, principally trade 8.50 9.18 10.30 10.41 8.33
Automotive 0.23 0.77 0.16 0.74 0.19
GM Financial 12.45 13.33 14.11 13.94 13.59
Short-term debt and current portion of long-term debt 12.68% 14.09% 14.27% 14.69% 13.78%
Dealer and customer allowances, claims and discounts 2.31 2.60 2.22 1.82 1.31
Deferred revenue 1.40 1.20 1.03 0.94 1.01
Product warranty and related liabilities 2.24 1.63 1.20 1.15 1.54
Payrolls and employee benefits excluding postemployment benefits 0.94 1.15 1.13 1.25 1.20
Other 5.11 4.55 4.44 4.27 3.24
Accrued liabilities 12.00% 11.14% 10.02% 9.43% 8.29%
Current liabilities 33.18% 34.41% 34.59% 34.53% 30.41%
Automotive 5.54 4.76 5.85 6.02 6.68
GM Financial 28.09 27.51 24.46 22.74 24.23
Long-term debt, excluding current portion 33.63% 32.28% 30.31% 28.75% 30.92%
Postretirement benefits other than pensions 1.43 1.43 1.59 1.59 2.35
Pensions 1.77 2.07 2.45 2.16 3.27
Deferred revenue 2.52 2.12 1.84 1.35 1.23
Product warranty and related liabilities 2.60 2.15 2.20 2.08 2.45
Non-current operating lease liabilities 0.37 0.34 0.33 0.37 0.41
Employee benefits excluding postemployment benefits 0.22 0.18 0.19 0.19 0.25
Postemployment benefits including facility idling reserves 0.32 0.06 0.06 0.19 0.32
Other 1.49 1.52 1.43 1.42 1.50
Other liabilities 7.52% 6.38% 6.05% 5.59% 6.16%
Non-current liabilities 44.36% 42.15% 40.40% 38.09% 42.70%
Total liabilities 77.54% 76.55% 74.98% 72.62% 73.11%
Noncontrolling interest, Cruise stock incentive awards 0.00 0.00 0.04 0.14 0.00
Common stock, $0.01 par value 0.00 0.00 0.00 0.01 0.01
Additional paid-in capital 7.08 7.45 7.01 10.01 11.06
Retained earnings 18.32 19.11 20.28 18.65 17.14
Accumulated other comprehensive loss -3.68 -4.02 -3.75 -2.99 -3.79
Stockholders’ equity 21.73% 22.54% 23.54% 25.68% 24.41%
Noncontrolling interests 0.73 0.90 1.43 1.57 2.48
Total equity 22.46% 23.45% 24.97% 27.24% 26.89%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The composition of liabilities and stockholders’ equity exhibited several notable shifts between 2021 and 2025. Total liabilities generally increased as a percentage of total liabilities and equity, while stockholders’ equity decreased over the period. A closer examination of individual line items reveals specific drivers of these changes.

Current Liabilities
Current liabilities as a percentage of the total initially rose from 30.41% in 2021 to a peak of 34.59% in 2022, before declining slightly to 33.18% in 2025. Accounts payable remained relatively stable, fluctuating between 8.33% and 10.41% before decreasing to 8.50% in 2025. Dealer and customer allowances, claims and discounts demonstrated a consistent increase, rising from 1.31% to 2.31% over the five-year period. Short-term debt and the current portion of long-term debt also increased initially, peaking at 14.69% in 2022, then decreased to 12.68% in 2025. Accrued liabilities showed a steady increase, growing from 8.29% to 12.00%.
Non-Current Liabilities
Non-current liabilities displayed a more complex pattern. While initially decreasing from 42.70% in 2021 to 38.09% in 2022, they subsequently increased to 44.36% in 2025. Long-term debt, excluding the current portion, contributed significantly to this trend, increasing from 30.92% to 33.63%. Deferred revenue also increased steadily, from 1.23% to 2.52%. Product warranty and related liabilities also showed an upward trend, rising from 2.45% to 2.60%.
Specific Liability Components
GM Financial liabilities, both short-term and long-term, represent a substantial portion of the total. While the short-term portion fluctuated, the long-term portion increased from 24.23% to 28.09%. Automotive liabilities, both current and non-current, showed a decrease over the period, suggesting a potential shift in financing strategies or operational changes. Postretirement benefit liabilities generally decreased, with pensions declining from 3.27% to 1.77% and postretirement benefits other than pensions decreasing from 2.35% to 1.43%.
Stockholders’ Equity
Stockholders’ equity decreased as a percentage of total liabilities and equity, falling from 26.89% in 2021 to 22.46% in 2025. Retained earnings experienced fluctuations, peaking at 20.28% in 2023 before decreasing to 18.32% in 2025. Additional paid-in capital also decreased, from 11.06% to 7.08%. Accumulated other comprehensive loss remained consistently negative, but its impact lessened slightly over time. Common stock remained a minimal percentage of the total. Noncontrolling interests also decreased over the period.

Overall, the observed trends suggest a growing reliance on liabilities to finance operations, coupled with a decrease in the relative contribution of stockholders’ equity. The increases in accrued liabilities, dealer allowances, and long-term debt warrant further investigation to understand the underlying business drivers. The decrease in certain equity components, particularly additional paid-in capital, may indicate changes in capital allocation strategies.

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