Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

$24.99

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.

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General Motors Co., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 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
Automotive and other cost of sales
Automotive and other gross margin
GM Financial net sales and revenue
GM Financial interest, operating, and other expenses
Automotive and other selling, general, and administrative expense
Operating income
Automotive interest expense
Interest income and other non-operating income, net
Equity income (loss)
Income before income taxes
Income tax (expense) benefit
Net income
Net (income) loss attributable to noncontrolling interests
Net income attributable to stockholders
Adjustments
Net income attributable to common stockholders

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Automotive net sales and revenue exhibited a general upward trajectory from early 2021 through mid-2024, rising from approximately 29 billion USD per quarter to a peak of 44.7 billion USD in June 2024. However, a period of volatility and subsequent contraction is observed in late 2024 and throughout 2025, with revenue dipping to 39.3 billion USD by March 2026.

Revenue and Gross Margin Trends
Automotive gross margins showed significant instability. While margins reached peaks of over 5.7 billion USD in September 2024, a severe contraction occurred in late 2025, culminating in a negative gross margin of -1.7 billion USD in December 2025. This indicates a period where cost of sales exceeded net sales, representing a sharp deviation from previous operational performance.
Operating Income Volatility
Operating income followed a pattern of growth followed by acute decline. Performance remained relatively strong through much of 2023 and early 2024, with quarterly results often exceeding 3 billion USD. However, a substantial collapse is evident in December 2025, where operating income fell to -3.6 billion USD, correlating with the aforementioned gross margin compression.
GM Financial Segment Performance
The GM Financial segment demonstrated steady, incremental revenue growth, moving from 3.4 billion USD in March 2021 to 4.2 billion USD by March 2026. This growth was accompanied by a consistent rise in interest and operating expenses, which increased from 2.2 billion USD to 3.6 billion USD over the same period, thereby narrowing the segment's contribution to overall profitability.
Non-Operating Impacts and Net Income
Net income was characterized by extreme fluctuations driven largely by equity income and losses. A significant outlier occurred in December 2024, where an equity loss of 4.3 billion USD contributed to a net loss of 2.8 billion USD for the quarter. Similar instability is observed in December 2025, resulting in a net loss of 3.2 billion USD. Despite these volatility spikes, the company returned to profitability by March 2026 with a net income of 2.7 billion USD.
Expense Management
Selling, general, and administrative expenses remained relatively stable between 2.0 billion and 2.5 billion USD for most of the period, with occasional spikes, such as the 3.3 billion USD recorded in December 2022 and December 2024, suggesting periodic increases in overhead or one-time administrative costs.