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:	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Automotive net sales and revenue	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)	34,093)	32,067)	13,363)	29,150)
Automotive and other cost of sales	(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)	(30,200)	(27,169)	(13,444)	(26,726)
Automotive and other gross margin	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)	3,893)	4,898)	(81)	2,424)
GM Financial net sales and revenue	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)	3,425)	3,413)	3,415)	3,559)
GM Financial interest, operating and other expenses	(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)	(2,421)	(2,259)	(3,238)	(3,356)
Automotive and other selling, general and administrative expense	(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)	(2,130)	(1,628)	(1,310)	(1,970)
Operating income (loss)	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)	2,767)	4,424)	(1,214)	657)
Automotive interest expense	(209)	(198)	(152)	(215)	(206)	(206)	(219)	(222)	(229)	(226)	(234)	(268)	(259)	(234)	(226)	(227)	(230)	(243)	(250)	(275)	(327)	(303)	(193)
Interest income and other non-operating income, net	475)	366)	310)	501)	394)	60)	301)	315)	453)	358)	410)	23)	597)	295)	517)	658)	800)	784)	799)	662)	499)	413)	311)
Equity income (loss)	77)	80)	62)	(4,364)	(122)	(84)	(105)	124)	227)	108)	21)	223)	367)	(45)	292)	286)	323)	327)	365)	285)	309)	212)	(132)
Income (loss) before income taxes	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)	3,439)	4,905)	(892)	643)
Income tax (expense) benefit	(126)	(481)	(719)	(319)	(709)	(766)	(762)	858)	(470)	(522)	(429)	(582)	(845)	(490)	28)	(471)	(152)	(971)	(1,177)	(642)	(887)	112)	(357)
Net income (loss)	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)	2,797)	4,018)	(780)	286)
Net (income) loss attributable to noncontrolling interests	34)	1)	(69)	(86)	48)	56)	27)	109)	70)	59)	49)	(9)	53)	50)	132)	(25)	34)	57)	8)	49)	27)	22)	8)
Net income (loss) attributable to stockholders	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)	2,846)	4,045)	(758)	294)
Cumulative dividends on subsidiary preferred stock	(30)	(30)	577)	1,232)	(27)	(14)	(10)	(27)	(26)	(26)	(26)	(14)	(27)	(26)	(952)	(45)	(45)	(46)	(46)	(45)	(40)	(48)	(47)
Net income (loss) attributable to common stockholders	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)	2,801)	4,005)	(806)	247)

Automotive Net Sales and Revenue: The automotive net sales and revenue demonstrated a volatile pattern with an initial significant drop in mid-2020, followed by gradual recovery and fluctuations through subsequent periods. Sales peaked notably in late 2022 and mid-2024, reaching values above US$44 billion, while certain quarters, such as late 2021 and early 2023, reflected moderate dips.
Automotive and Other Cost of Sales: The cost of sales generally followed the sales trend but with some variability. Despite the rising sales in some periods, costs remained substantial and occasionally increased sharply, particularly in late 2022 and late 2024, indicating rising expenses or cost pressures within the automotive segment.
Automotive and Other Gross Margin: The gross margin showed significant fluctuations with some quarters experiencing negative or marginal profitability (e.g., June 2020). However, strong positive margins returned in several periods, notably in Q4 2022 and Q3 2024, suggesting periods of improved cost control or pricing power. Margins reached a peak of over US$5.7 billion but were not consistently maintained, pointing to volatility in profitability.
GM Financial Net Sales and Revenue: GM Financial revenues held a relatively stable trend with a subtle upward trajectory from early 2020 to late 2025. The growth was steady and incremental, reflecting consistent financial services operations without dramatic fluctuations.
GM Financial Interest, Operating and Other Expenses: Expenses in GM Financial decreased notably in mid-2020 and then fluctuated in subsequent quarters with modest increases over time. Despite the rising revenue, expense management appears somewhat controlled, maintaining a relatively narrow range throughout the periods.
Automotive and Other Selling, General and Administrative Expense: These expenses showed high variability with an increasing trend overall. Peaks in expenses occurred notably during the second half of 2022 and in 2024, which could correlate with strategic investments, marketing campaigns, or inflationary impacts. The expenses dipped in some recent quarters but remained elevated compared to early periods.
Operating Income (Loss): Operating income was volatile, including a loss in June 2020 but rebounding strongly afterward. There was a mix of moderate to strong operating incomes in most quarters, with some periods of decline or sharp reduction (notably early 2024). This reflects fluctuating operational efficiency and market conditions affecting profitability.
Automotive Interest Expense: Interest expense was relatively stable with a gradual declining trend, suggesting effective debt management or refinancing activities. Lower interest costs contribute positively to overall profitability.
Interest Income and Other Non-operating Income, Net: Non-operating income showed considerable variability, with a peak in late 2020 and a notable drop in certain quarters such as late 2022. This variability highlights periods of gains or losses from investment activities or other financial operations outside core business.
Equity Income (Loss): Equity income was mostly positive through 2020 and 2021 but showed pronounced negative spikes in late 2022 and across parts of 2024, indicating losses or impairments in equity investments. This trend negatively affected total profitability during these periods.
Income (Loss) Before Income Taxes: Income before taxes followed a similar volatile pattern as operating income with sharp improvements after mid-2020 and intermittent declines. Despite fluctuations, positive profit before tax was achieved most quarters except for some downturns in mid-2020 and 2024.
Income Tax (Expense) Benefit: Taxes fluctuated significantly including both tax expenses and occasional benefits. There are notable tax benefits during some quarters in 2020 and early 2024, which may correspond to accounting adjustments or tax strategy changes influencing net profits.
Net Income (Loss): Net income mirrored the pre-tax income trend with high volatility. There were quarters with losses (e.g., mid-2020 and early 2024), but most quarters recorded positive net earnings, with strong recoveries after downturns. The net income attributable to stockholders also followed similar variability, reflecting operating and non-operating financial dynamics.
Net Income Attributable to Common Stockholders: Attributable net income to common stockholders saw significant swings, including several quarters of losses and strong gains. The losses in mid-2020 and early 2024 were pronounced, but overall, the trend suggests resilient profitability with recovery phases after downturns. The variations indicate exposure to economic cycles and internal cost controls affecting bottom-line performance.
Overall Summary: The financial data exhibits cyclical and fluctuating patterns across most key metrics, reflective of market conditions, operational challenges, and strategic financial management. While sales and revenues recovered from pandemic-era shocks, costs and expenses have shown some rising trends. Profitability has been inconsistent with notable volatility in operating and net income, influenced by both core operations and non-operating factors. Careful attention to cost management, equity-related investments, and tax impacts will be critical for sustaining stable earnings growth in future periods.

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General Motors Co. (NYSE:GM)

Income Statement Quarterly Data

Income Statement
Quarterly Data