General Motors Co. (NYSE:GM)

Current assets exhibited a generally increasing trend over the five-year period. Beginning at US$82,103 million in 2021, current assets rose to US$100,451 million in 2022, and continued to increase, albeit at a decelerating rate, reaching US$108,767 million in 2025. The rate of growth appears to slow significantly between 2022 and 2025.

Adjusted Current Assets Trend

Adjusted current assets mirrored the trend observed in reported current assets. Starting at US$82,295 million in 2021, adjusted current assets increased to US$100,711 million in 2022, and reached US$109,011 million by 2025. The pattern of decelerating growth is also present in the adjusted figures.

The difference between current assets and adjusted current assets remains relatively consistent throughout the period, fluctuating within a narrow range. In 2021, adjusted current assets exceeded reported current assets by US$192 million. This difference increased to US$259 million in 2022, US$300 million in 2023, US$313 million in 2024, and US$244 million in 2025. This suggests a consistent, though not substantial, adjustment being made to the initially reported current asset value.

Growth Rate Analysis

The growth rate from 2021 to 2022 for both current and adjusted assets was substantial, approximately 22.3% and 22.5% respectively. However, the growth rate diminished considerably in subsequent years. From 2022 to 2023, growth was approximately 1.2% for both measures. From 2023 to 2024, growth was approximately 6.8% for both measures. Finally, from 2024 to 2025, growth was approximately 0.2% for both measures.

The consistent adjustments to current assets suggest the presence of items requiring reclassification or valuation changes. The relatively small magnitude of these adjustments, compared to the overall value of current assets, indicates that they do not represent a material distortion of the financial position, but warrant further investigation to understand the nature of these adjustments and their impact on liquidity and working capital management.

Total assets exhibited a generally increasing trend from 2021 to 2025. However, adjusted total assets reveal a different pattern, indicating significant adjustments are being made to the reported asset base. The difference between the two figures suggests the presence of items impacting the reported total assets that are being removed or revalued in the adjusted figures.

Overall Trend - Total Assets

Reported total assets increased from US$244,718 million in 2021 to US$281,284 million in 2025, representing a cumulative increase of approximately 14.9%. The growth was most pronounced between 2021 and 2022, with a US$19,319 million increase. Subsequent annual increases were more moderate.

Overall Trend - Adjusted Total Assets

Adjusted total assets also increased over the period, but at a slower pace than reported total assets. They rose from US$223,758 million in 2021 to US$258,568 million in 2025, a cumulative increase of approximately 15.6%. The largest adjusted increase occurred between 2021 and 2022, mirroring the trend in reported total assets. Growth slowed considerably in 2024 and 2025.

The Adjustment Gap

The difference between total assets and adjusted total assets widened from US$20,960 million in 2021 to US$22,716 million in 2025. This indicates that the magnitude of adjustments is increasing over time. The adjustments appear to be consistently reducing the reported asset value, suggesting potential write-downs, revaluations, or the removal of certain asset categories from the adjusted figures.

Year-over-Year Changes in Adjustments

The largest year-over-year increase in adjusted total assets occurred between 2021 and 2022 (US$20,000 million). However, the increase slowed significantly in subsequent years, with only a US$7,039 million increase between 2024 and 2025. This deceleration in the growth of adjusted total assets warrants further investigation.

The consistent adjustments to total assets suggest a need for further scrutiny of the underlying components. Understanding the nature of these adjustments is crucial for a comprehensive assessment of the company’s financial position and performance. The increasing gap between reported and adjusted figures highlights the importance of focusing on the adjusted values for a more conservative and potentially realistic view of the asset base.

Current liabilities exhibited an overall increasing trend from 2021 to 2023, followed by a stabilization and slight decrease through 2025. However, adjusted current liabilities demonstrate a different pattern, suggesting the impact of specific adjustments to reported figures. A detailed examination of these trends reveals key insights into the company’s short-term financial obligations.

Overall Trends

Reported current liabilities increased from US$74,408 million in 2021 to US$91,173 million in 2022, representing a substantial rise. This growth continued, albeit at a slower pace, reaching US$94,445 million in 2023. Subsequently, current liabilities remained relatively stable at US$96,265 million in 2024 before decreasing to US$93,342 million in 2025.

Adjusted Current Liabilities Trends

Adjusted current liabilities also increased from 2021 to 2023, moving from US$68,178 million to US$88,358 million. However, the increase was less pronounced than that of the reported current liabilities. In 2024, adjusted current liabilities remained nearly constant at US$88,339 million, and then decreased to US$83,084 million in 2025. This decrease is more significant than the decrease observed in the reported current liabilities.

Difference Between Reported and Adjusted Values

The difference between reported and adjusted current liabilities widened from US$6,230 million in 2021 to US$5,531 million in 2022, then narrowed to US$6,087 million in 2023. In 2024, the difference remained at US$7,926 million. Finally, the difference increased to US$10,258 million in 2025. This suggests that the adjustments made to current liabilities are becoming more substantial in recent years, and are contributing to a larger divergence between the initially reported and ultimately adjusted figures.

Growth Rates

The growth rate of reported current liabilities was highest between 2021 and 2022 (22.5%). Growth slowed considerably in subsequent years. Adjusted current liabilities exhibited a similar pattern, with a growth rate of 29.3% between 2021 and 2022, followed by slower growth. The decline in adjusted current liabilities in 2025 (-5.4%) is notable, indicating a potential shift in the composition or management of short-term obligations.

The observed trends suggest that while the company’s overall short-term obligations initially increased, adjustments to these liabilities have played an increasingly important role in the final reported figures. The growing difference between reported and adjusted current liabilities warrants further investigation to understand the nature and impact of these adjustments.

Total liabilities exhibited a consistent upward trend from 2021 to 2024, followed by a slight decrease in 2025. Simultaneously, adjusted total liabilities also increased from 2021 to 2024, but experienced a more pronounced decrease in 2025. The divergence between reported and adjusted liabilities suggests the presence of items subject to modification, impacting the overall liability position.

Overall Trends

From 2021 to 2024, total liabilities increased from US$178,903 million to US$214,171 million, representing a cumulative growth of approximately 19.7%. Adjusted total liabilities followed a similar pattern, rising from US$162,532 million to US$192,411 million, a growth of approximately 18.4% over the same period. However, in 2025, total liabilities only increased marginally to US$218,116 million, while adjusted total liabilities decreased to US$188,906 million.

Year-over-Year Changes

The largest year-over-year increase in total liabilities occurred between 2021 and 2022, with an increase of US$12,849 million. The largest year-over-year increase in adjusted total liabilities also occurred between 2021 and 2022, with an increase of US$13,422 million. The most significant change in 2025 was the decrease in adjusted total liabilities, amounting to US$3,505 million, which contrasts with the modest increase observed in total liabilities.

Relationship Between Reported and Adjusted Liabilities

The difference between total liabilities and adjusted total liabilities varied annually. In 2021, the difference was US$16,371 million. This difference grew to US$19,898 million in 2024, and then decreased to US$29,210 million in 2025. The increasing gap between 2021 and 2024, followed by a substantial widening in 2025, indicates a growing, and then rapidly changing, impact from the adjustments being made to the reported liability figures. This suggests potential changes in the nature or valuation of these adjusted items.

The observed trends suggest a period of increasing liabilities, followed by a stabilization and a notable adjustment in 2025. Further investigation into the nature of the adjustments applied to total liabilities is warranted to understand the underlying drivers of these changes and their potential impact on the financial position.

Stockholders’ equity exhibited an initial increase followed by a period of decline and subsequent recovery over the five-year period. Reported stockholders’ equity increased from US$59,744 million in 2021 to US$67,792 million in 2022, representing a substantial gain. However, this was followed by a decrease to US$64,286 million in 2023 and a further decline to US$63,072 million in 2024. A recovery is observed in 2025, with stockholders’ equity reaching US$61,119 million.

Adjusted Total Equity Trend

Adjusted total equity mirrors the trend observed in stockholders’ equity, though with slightly different magnitudes. It increased from US$61,226 million in 2021 to US$67,804 million in 2022, decreased to US$64,849 million in 2023 and US$66,409 million in 2024, and then increased to US$69,662 million in 2025. The adjusted equity consistently remains higher than the reported stockholders’ equity across all periods.

The difference between reported stockholders’ equity and adjusted total equity remains relatively stable throughout the period, fluctuating between approximately US$1,482 million and US$2,000 million. This suggests the adjustments being made to stockholders’ equity are consistent in their impact. The increase in adjusted total equity in 2025 is more pronounced than the increase in reported stockholders’ equity, indicating a larger adjustment effect in that year.

Comparative Growth

The largest percentage increase in stockholders’ equity occurred between 2021 and 2022, at approximately 13.4%. The largest percentage decrease occurred between 2022 and 2023, at approximately 5.2%. Adjusted total equity experienced similar percentage changes over the same periods.

The recovery observed in 2025 for both reported and adjusted equity suggests a potential stabilization or positive shift in the underlying factors affecting equity. Further investigation would be required to determine the specific nature of the adjustments contributing to the difference between reported and adjusted equity and the drivers behind the fluctuations observed over the period.

Over the five-year period ending December 31, 2025, both reported and adjusted total debt exhibited a consistent upward trend. Stockholders’ equity, while initially increasing, demonstrated a decline in later years. Consequently, total reported capital also increased overall, though at a fluctuating rate. Adjustments to the capitalization structure resulted in slightly higher values for total debt and total capital, and a modestly different trend for stockholders’ equity compared to the reported figures.

Total Debt

Reported total debt increased from US$109,379 million in 2021 to US$130,277 million in 2025, representing a cumulative increase of approximately 19.1%. The adjusted total debt followed a similar pattern, rising from US$110,595 million to US$131,578 million, a cumulative increase of roughly 18.9%. The difference between reported and adjusted debt remained relatively stable throughout the period.

Stockholders’ Equity

Reported stockholders’ equity increased from US$59,744 million in 2021 to a peak of US$67,792 million in 2022, before declining to US$61,119 million by 2025. This represents an overall decrease of approximately 2.3% over the entire period. Adjusted stockholders’ equity mirrored this trend, increasing to US$67,804 million in 2022 and then decreasing to US$69,662 million in 2025, showing an overall increase of approximately 16.5%.

Total Capital

Total reported capital increased from US$169,123 million in 2021 to US$191,396 million in 2025, a cumulative increase of approximately 13.1%. Adjusted total capital exhibited a similar upward trajectory, growing from US$171,821 million to US$201,240 million, representing a cumulative increase of approximately 17.1%. The adjustments consistently resulted in a higher total capital figure than reported.

The rate of increase in both reported and adjusted debt slowed between 2024 and 2025. Conversely, adjusted stockholders’ equity experienced a recovery in 2025, while reported stockholders’ equity continued its decline. This suggests the adjustments made to the capitalization structure had a more pronounced positive effect on equity in the final year of the observed period.

Capital Structure Shift

The relative proportion of debt to equity in the capital structure appears to have shifted over time. While initially, equity represented approximately 35.3% of total reported capital in 2021, this proportion decreased to approximately 31.9% in 2025. For adjusted figures, equity represented approximately 34.8% of total capital in 2021, increasing to approximately 34.6% in 2025. This indicates a gradual increase in the reliance on debt financing, particularly when considering the reported figures.

Automotive net sales and revenue exhibited a generally increasing trend from 2021 through 2024, followed by a slight decrease in 2025. The adjusted automotive net sales and revenue mirrored this pattern. The difference between the reported and adjusted figures remained relatively consistent across the observed period.

Overall Revenue Trend

Automotive net sales and revenue increased from US$113,590 million in 2021 to US$171,606 million in 2024, representing a substantial growth of approximately 51.2%. However, a modest decline of 2.8% was noted in 2025, with revenue reaching US$167,971 million.

Adjusted Revenue Trend

Adjusted automotive net sales and revenue followed a similar trajectory, rising from US$113,214 million in 2021 to US$173,096 million in 2024, a growth of approximately 52.8%. A comparable decrease of 1.8% was observed in 2025, resulting in adjusted revenue of US$169,708 million.

Difference Between Reported and Adjusted Revenue

The difference between automotive net sales and revenue and the adjusted figure was approximately US$376 million in 2021. This difference widened slightly to around US$570 million in 2022, then increased to US$1,770 million in 2023, and peaked at US$1,490 million in 2024. In 2025, the difference decreased to US$1,763 million. The adjustments consistently represent a small percentage of the total revenue reported.

The consistency in the adjustments suggests a recurring nature to the items requiring modification. Further investigation into the nature of these adjustments would be necessary to understand their impact on the underlying financial performance.

Net income attributable to stockholders exhibited volatility over the five-year period. Initially, it remained relatively stable between 2021 and 2023, fluctuating around the US$10 billion mark. However, a significant decline is observed in 2024, falling to US$6.008 billion, followed by a further substantial decrease in 2025, reaching US$2.697 billion. In contrast, adjusted net income demonstrated a different pattern. While also experiencing a decline from 2021 to 2023, the decrease was less pronounced than that of reported net income. Adjusted net income then stabilized between 2024 and 2025, remaining above US$9 billion.

Reported Net Income Trend

A clear downward trend is evident in reported net income over the period, particularly from 2024 onwards. The decline from US$10.019 billion in 2021 to US$2.697 billion in 2025 represents a considerable reduction, suggesting potential challenges in core operational profitability or the impact of non-recurring items negatively affecting reported earnings.

Adjusted Net Income Trend

Adjusted net income presents a more stable picture. Although it decreased from US$17.409 billion in 2021 to US$9.277 billion in 2023, it then stabilized, showing US$9.308 billion in 2024 and US$9.959 billion in 2025. This suggests that the fluctuations in reported net income are likely due to items excluded in the adjusted figure, such as restructuring charges, impairment losses, or gains/losses from specific events.

Discrepancy Between Reported and Adjusted Net Income

The difference between reported and adjusted net income is substantial and varies across the years. The largest discrepancy occurs in 2021, with adjusted net income exceeding reported net income by US$7.39 billion. This indicates significant adjustments were made to arrive at the adjusted figure. While the difference narrows in subsequent years, it remains considerable, highlighting the importance of understanding the nature of these adjustments to gain a comprehensive view of the company’s underlying financial performance. The increasing gap in 2025, despite the decline in both figures, suggests that the items excluded from adjusted net income are becoming more impactful on the reported results.

The divergence between the two income measures warrants further investigation to determine the specific items contributing to the adjustments and their potential impact on future earnings. The stabilization of adjusted net income, despite the decline in reported net income, could indicate underlying operational strength masked by non-recurring or unusual items affecting the bottom line.