Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

General Motors Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Automotive net sales and revenue	167,971)	171,606)	157,658)	143,975)	113,590)
Automotive and other cost of sales	(159,128)	(151,065)	(141,330)	(126,892)	(100,544)
Automotive and other gross margin	8,843)	20,541)	16,328)	17,083)	13,046)
GM Financial net sales and revenue	17,048)	15,836)	14,184)	12,760)	13,414)
GM Financial interest, operating and other expenses	(14,295)	(12,972)	(11,374)	(8,862)	(8,582)
Automotive and other selling, general and administrative expense	(8,687)	(10,621)	(9,840)	(10,666)	(8,554)
Operating income	2,909)	12,784)	9,298)	10,315)	9,324)
Automotive interest expense	(727)	(846)	(911)	(987)	(950)
Non-service pension and OPEB income	244)	191)	184)	1,512)	1,909)
Interest income	854)	967)	1,109)	460)	146)
Licensing agreements income	196)	211)	172)	238)	195)
Revaluation of investments	274)	(225)	(77)	(236)	571)
Other	(33)	112)	148)	(542)	220)
Interest income and other non-operating income, net	1,535)	1,256)	1,536)	1,432)	3,041)
Equity income (loss)	(600)	(4,675)	480)	837)	1,301)
Income before income taxes	3,117)	8,519)	10,403)	11,597)	12,716)
Income tax expense	(337)	(2,556)	(563)	(1,889)	(2,771)
Net income	2,780)	5,963)	9,840)	9,708)	9,945)
Net (income) loss attributable to noncontrolling interests	(83)	45)	287)	226)	74)
Net income attributable to stockholders	2,697)	6,008)	10,127)	9,934)	10,019)
Adjustments	483)	1,181)	(105)	(1,019)	(182)
Net income attributable to common stockholders	3,180)	7,189)	10,022)	8,915)	9,837)

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).

General Motors experienced fluctuating financial performance between 2021 and 2025. Automotive net sales and revenue initially increased significantly from 2021 to 2024, peaking at US$171.606 billion, before declining slightly in 2025 to US$167.971 billion. A corresponding increase in automotive and other cost of sales was observed throughout the period, culminating in US$159.128 billion in 2025. While the automotive gross margin showed improvement between 2021 and 2024, it experienced a substantial decrease in 2025.

GM Financial demonstrated consistent growth in net sales and revenue, rising from US$13.414 billion in 2021 to US$17.048 billion in 2025. However, GM Financial’s expenses also increased steadily over the same period, impacting overall profitability. Operating income exhibited volatility, peaking in 2024 at US$12.784 billion before falling dramatically to US$2.909 billion in 2025.

Profitability Analysis: The gross margin initially improved, reaching US$20.541 billion in 2024, but experienced a significant contraction in 2025, dropping to US$8.843 billion. This suggests potential pressures on pricing or increased production costs. Net income attributable to common stockholders followed a similar pattern, peaking at US$10.022 billion in 2023 and declining to US$3.180 billion in 2025. The decline in net income in 2025 is more pronounced than the decline in revenue, indicating a potential issue with cost control or other income sources.
Interest and Non-Operating Income: Interest income and other non-operating income remained relatively stable between 2021 and 2025, fluctuating between US$1.256 billion and US$3.041 billion. However, equity income (loss) experienced significant swings, moving from a positive US$1.301 billion in 2021 to a substantial loss of US$4.675 billion in 2024, and then to a loss of US$600 million in 2025. This volatility in equity income significantly impacted the overall income before income taxes.
Tax Rate: The effective tax rate varied considerably throughout the period. It was relatively high in 2021 at approximately 27.8%, decreased significantly in 2022 and 2023, and then increased again in 2024 and 2025. This fluctuation suggests changes in the company’s tax profile or the jurisdictions in which it operates.

The adjustments line item shows variability, with a notable increase in 2024 and 2025. Further investigation would be required to understand the nature of these adjustments and their impact on reported net income. Overall, the period demonstrates a trend of initial growth followed by a marked decline in profitability towards the end of the analyzed timeframe, warranting further scrutiny of the underlying drivers.

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General Motors Co. (NYSE:GM)

Income Statement