Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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
Automotive net sales and revenue	40,985)	44,256)	42,869)	39,861)	43,599)	44,735)	44,060)	39,212)	39,260)	40,498)	41,254)	36,646)	39,834)	38,703)	32,614)	32,824)	30,353)	23,426)	30,744)	29,067)
Automotive and other cost of sales	(42,712)	(41,936)	(39,289)	(35,191)	(39,447)	(39,007)	(38,615)	(33,996)	(36,609)	(35,842)	(36,632)	(32,247)	(34,579)	(33,699)	(29,261)	(29,353)	(27,491)	(20,672)	(27,266)	(25,115)
Automotive and other gross margin	(1,727)	2,320)	3,580)	4,670)	4,152)	5,728)	5,445)	5,216)	2,651)	4,656)	4,622)	4,399)	5,255)	5,004)	3,353)	3,471)	2,862)	2,754)	3,478)	3,952)
GM Financial net sales and revenue	4,301)	4,335)	4,253)	4,159)	4,104)	4,021)	3,909)	3,802)	3,719)	3,633)	3,493)	3,339)	3,275)	3,185)	3,145)	3,155)	3,231)	3,353)	3,423)	3,407)
GM Financial interest, operating and other expenses	(3,694)	(3,542)	(3,567)	(3,492)	(3,405)	(3,353)	(3,109)	(3,105)	(3,061)	(2,932)	(2,768)	(2,613)	(2,527)	(2,320)	(2,089)	(1,926)	(2,095)	(2,314)	(1,894)	(2,279)
Automotive and other selling, general and administrative expense	(2,526)	(2,037)	(2,139)	(1,985)	(3,329)	(2,745)	(2,372)	(2,175)	(2,391)	(2,344)	(2,558)	(2,547)	(3,392)	(2,477)	(2,293)	(2,504)	(2,478)	(2,148)	(2,125)	(1,803)
Operating income	(3,646)	1,076)	2,127)	3,352)	1,522)	3,651)	3,873)	3,738)	918)	3,013)	2,789)	2,578)	2,611)	3,392)	2,116)	2,196)	1,520)	1,645)	2,882)	3,277)
Automotive interest expense	(168)	(209)	(198)	(152)	(215)	(206)	(206)	(219)	(222)	(229)	(226)	(234)	(268)	(259)	(234)	(226)	(227)	(230)	(243)	(250)
Interest income and other non-operating income, net	384)	475)	366)	310)	501)	394)	60)	301)	315)	453)	358)	410)	23)	597)	295)	517)	658)	800)	784)	799)
Equity income (loss)	(819)	77)	80)	62)	(4,364)	(122)	(84)	(105)	124)	227)	108)	21)	223)	367)	(45)	292)	286)	323)	327)	365)
Income before income taxes	(4,249)	1,419)	2,375)	3,572)	(2,556)	3,717)	3,643)	3,715)	1,135)	3,464)	3,029)	2,775)	2,589)	4,097)	2,132)	2,779)	2,237)	2,538)	3,750)	4,191)
Income tax (expense) benefit	989)	(126)	(481)	(719)	(319)	(709)	(766)	(762)	858)	(470)	(522)	(429)	(582)	(845)	(490)	28)	(471)	(152)	(971)	(1,177)
Net income	(3,260)	1,293)	1,894)	2,853)	(2,875)	3,008)	2,877)	2,953)	1,993)	2,994)	2,507)	2,346)	2,007)	3,252)	1,642)	2,807)	1,766)	2,386)	2,779)	3,014)
Net (income) loss attributable to noncontrolling interests	(49)	34)	1)	(69)	(86)	48)	56)	27)	109)	70)	59)	49)	(9)	53)	50)	132)	(25)	34)	57)	8)
Net income attributable to stockholders	(3,309)	1,327)	1,895)	2,784)	(2,961)	3,056)	2,933)	2,980)	2,102)	3,064)	2,566)	2,395)	1,998)	3,305)	1,692)	2,939)	1,741)	2,420)	2,836)	3,022)
Cumulative dividends on subsidiary preferred stock	(34)	(30)	(30)	577)	1,232)	(27)	(14)	(10)	(27)	(26)	(26)	(26)	(14)	(27)	(26)	(952)	(45)	(45)	(46)	(46)
Net income attributable to common stockholders	(3,343)	1,297)	1,865)	3,361)	(1,729)	3,029)	2,919)	2,970)	2,075)	3,038)	2,540)	2,369)	1,984)	3,278)	1,666)	1,987)	1,696)	2,375)	2,790)	2,976)

The financial performance presented demonstrates considerable fluctuation over the observed period. Automotive net sales and revenue generally increased from 2021 through 2023, peaking in the second quarter of 2023, before exhibiting a decline in late 2023 and into 2024. A partial recovery is noted in the first half of 2024, followed by a further decline in the latter half of 2024 and the first half of 2025. Cost of sales generally tracked revenue increases, but with some divergence, particularly in later periods. Gross margin experienced significant volatility, with a notable decrease in the fourth quarter of 2023 and a substantial negative value in the fourth quarter of 2025.

GM Financial consistently contributed to net sales and revenue, with a gradual increase over the period. However, its associated expenses also rose, impacting overall profitability. Selling, general, and administrative expenses showed an increasing trend, particularly from 2021 to 2023, before stabilizing and then increasing again in 2024 and 2025.

Operating Income: Operating income mirrored the trends in net sales and revenue, peaking in the third quarter of 2022 and then declining. A significant drop in operating income is observed in the fourth quarter of 2023 and a substantial loss in the fourth quarter of 2024. A recovery is seen in the first half of 2025, but remains below prior levels.
Net Income: Net income followed a similar pattern to operating income, with fluctuations throughout the period. The fourth quarter of 2024 shows a substantial net loss, significantly impacting the overall financial results for that year. Net income attributable to common stockholders also reflects these trends, with a significant loss recorded in the fourth quarter of 2025.
Interest and Equity Income: Interest income and other non-operating income provided a consistent, though fluctuating, positive contribution. Equity income (loss) was generally positive but experienced a significant loss in the fourth quarter of 2025, contributing to the overall net loss. Interest expense remained relatively stable, with minor fluctuations.
Tax Impact: The income tax expense/benefit varied considerably, shifting from expense to benefit in several quarters. The benefit observed in the fourth quarter of 2023 partially offset the net loss, while the benefit in the fourth quarter of 2025 did not fully mitigate the substantial net loss.

Overall, the financial performance demonstrates a cyclical pattern with periods of growth followed by significant declines. The fourth quarter of 2024 and the fourth quarter of 2025 represent periods of substantial financial challenges, driven by a combination of factors including declining revenue, increased expenses, and significant losses related to equity investments. The volatility in gross margin and net income suggests sensitivity to external economic factors or internal operational changes.

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General Motors Co. (NYSE:GM)

Income Statement Quarterly Data

Income Statement
Quarterly Data