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:	Jun 30, 2026	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	43,762)	39,349)	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	(40,696)	(35,028)	(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	3,066)	4,321)	(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	4,264)	4,275)	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	(3,674)	(3,601)	(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	(2,197)	(2,069)	(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	1,459)	2,926)	(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	(151)	(158)	(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	224)	307)	384)	475)	366)	310)	501)	394)	60)	301)	315)	453)	358)	410)	23)	597)	295)	517)	658)	800)	784)	799)
Equity income (loss)	36)	272)	(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	1,568)	3,347)	(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	(214)	(642)	989)	(126)	(481)	(719)	(319)	(709)	(766)	(762)	858)	(470)	(522)	(429)	(582)	(845)	(490)	28)	(471)	(152)	(971)	(1,177)
Net income	1,354)	2,705)	(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)	(78)	(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	1,305)	2,627)	(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)
Adjustments	(18)	(13)	(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	1,287)	2,614)	(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 across the analyzed period is characterized by a general expansion in top-line revenue followed by significant volatility in operating margins and net profitability, particularly in the latter stages of the timeline.

Revenue Trajectory: Automotive net sales and revenue exhibited a consistent upward trend from early 2021, rising from 29,067 million US dollars to a peak of 44,735 million US dollars by June 2024. Following this peak, revenue remained relatively stable but experienced a temporary contraction toward the end of 2025, before recovering to 43,762 million US dollars by June 2026. Concurrently, GM Financial revenue showed a steady, incremental increase, growing from approximately 3,407 million US dollars in March 2021 to 4,264 million US dollars by June 2026.
Gross Margin and Cost Efficiency: Automotive gross margins showed significant fluctuations. A period of strength was observed between September 2022 and September 2024, with margins frequently exceeding 4,500 million US dollars. However, a severe compression occurred in late 2025, culminating in a negative gross margin of -1,727 million US dollars in December 2025. This decline was driven by automotive cost of sales peaking at 42,712 million US dollars during the same period, indicating a temporary misalignment between production costs and sales revenue.
Operating Income and Expense Management: Operating income remained positive for the majority of the period, typically ranging between 1,500 million and 3,800 million US dollars. A critical anomaly occurred in December 2025, where operating income plummeted to -3,646 million US dollars. This downturn correlates with the aforementioned gross margin collapse. Selling, general, and administrative expenses remained relatively stable between 2,000 million and 3,400 million US dollars, suggesting that the primary driver of operating volatility was cost of sales rather than overhead expenditures.
Non-Operating Impacts and Net Income: The bottom line was heavily influenced by non-operating items. A substantial equity loss of 4,364 million US dollars in December 2024 created a significant drag on the income before taxes for that quarter. Net income generally mirrored operating trends, maintaining profitability across most quarters except for a sharp net loss of 3,260 million US dollars in December 2025. This loss was partially offset by a tax benefit of 989 million US dollars in the same quarter, illustrating the impact of tax shielding during periods of loss.
Financial Services Performance: The GM Financial segment maintained a stable but tightening margin. While revenues increased steadily, operating and other expenses rose from 2,279 million US dollars in March 2021 to 3,674 million US dollars by June 2026. The growth in expenses slightly outpaced revenue growth in later quarters, indicating a gradual compression in the profitability of the financial services arm.

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General Motors Co. (NYSE:GM)

Income StatementQuarterly Data

Income Statement
Quarterly Data