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: 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
Cumulative dividends on subsidiary preferred stock
Net income attributable to common stockholders

Based on: 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).

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.