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, 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	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	(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	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	4,253)	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	(3,567)	(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	(2,139)	(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)	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	(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	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)	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	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	(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)	1,894)	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	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	1,895)	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)	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	1,865)	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)

The financial data over multiple quarters reveal several notable trends and variations across key operational and financial metrics. Analysis focuses on automotive operations, GM Financial segment, and overall profitability indicators to present a comprehensive view.

Automotive Revenue and Costs: Automotive net sales and revenue exhibited volatility, with significant declines observed around mid-2020, likely linked to external disruptions. Following this, revenue generally trended upward through 2022 and 2023, peaking in several quarters near or above the 40,000 million USD mark, indicating recovery and growth momentum. Automotive and other cost of sales followed a similar pattern, rising in line with revenue over time, though the cost increases were proportionately substantial.
Gross Margin: The automotive and other gross margin reflected substantial fluctuations, including negative values in mid-2020, corresponding to the lowest sales period. Subsequently, margins generally improved and stabilized, reaching strong levels in later periods with the highest margins recorded in quarters of late 2022 and early 2024. This indicates improved operational efficiency or pricing power during the recovery phase.
GM Financial Segment: GM Financial net sales and revenue maintained a relatively steady, slow upward trajectory with minor fluctuations, growing from around 3,400 million USD to over 4,200 million USD by mid-2025. Operating expenses in this segment demonstrated an increasing trend, which could reflect business expansion or inflationary pressures. Despite rising expenses, the growth in revenue suggests continued operational scale or expanded credit activities.
SG&A Expense: Selling, general, and administrative expenses in the automotive segment were somewhat volatile but showed a tendency to increase over time, especially marked by sharp spikes in late 2022 and 2024. Elevated SG&A levels could be associated with increased marketing, R&D, or administrative efforts during growth phases or in response to competitive pressures.
Operating Income: Operating income exhibited notable fluctuations, including deeply negative results in mid-2020, followed by strong recovery and peaks in some quarters especially in late 2020 and throughout 2022-2023. Despite recurring volatility, the general trend points toward robust profitability with some quarters showing peaks above 3,000 million USD. However, certain late quarters featured significant reductions or losses, hinting at variability in operational efficiency or cost pressures.
Interest and Non-operating Items: Automotive interest expense remained relatively stable across the periods, with minor declines reflecting possible debt management or interest rate effects. Interest income and other non-operating income showed variability, with high values in early 2021 and notable drops thereafter, suggesting fluctuating investment or financing returns. Equity income similarly fluctuated widely, including some strong positive quarters and significant negative impacts late in the period, indicating variable performance from equity investments.
Income Before Taxes and Net Income: Income before income taxes closely followed operating income trends but with more pronounced variability due to non-operating items. Early negative quarters gave way to strong positive performance in subsequent periods, reaching multi-billion USD values. Income tax expenses were inconsistent, displaying negative, positive, and fluctuating amounts, possibly associated with tax planning or deferred tax effects.
Net Income Attributable to Stockholders: Net income attributable to stockholders showed dramatic swings, including steep negative performance in mid-2020 and late periods, contrasted with multi-billion positive quarters during recovery phases. The fluctuations were partially due to extraordinary items or writedowns reflected in equity income and tax effects. Despite volatility, the general pattern suggests overall profitability with significant quarterly variability.
Dividends on Subsidiary Preferred Stock: The reported dividends on subsidiary preferred stock showed irregular large adjustments at certain points, notably a substantial negative value in early 2022 and a large positive swing late in 2024. These irregularities indicate one-time accounting adjustments or restructuring effects impacting reported equity and earnings.

In summary, the data reveal a period of disruption followed by recovery, with revenues and margins improving significantly after mid-2020. Operating income and net income demonstrated considerable quarterly variability influenced by external factors, cost dynamics, and non-operating items. The GM Financial segment showed steady growth but rising expenses. Overall, the company experienced fluctuating profitability with signs of operational resilience and adaptive financial management efforts throughout the covered periods.

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General Motors Co. (NYSE:GM)

Income Statement Quarterly Data

Income Statement
Quarterly Data