Income Statement

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Automotive net sales and revenue	171,606)	157,658)	143,975)	113,590)	108,673)
Automotive and other cost of sales	(151,065)	(141,330)	(126,892)	(100,544)	(97,539)
Automotive and other gross margin	20,541)	16,328)	17,083)	13,046)	11,134)
GM Financial net sales and revenue	15,836)	14,184)	12,760)	13,414)	13,812)
GM Financial interest, operating and other expenses	(12,972)	(11,374)	(8,862)	(8,582)	(11,274)
Automotive and other selling, general and administrative expense	(10,621)	(9,840)	(10,666)	(8,554)	(7,038)
Operating income	12,784)	9,298)	10,315)	9,324)	6,634)
Automotive interest expense	(846)	(911)	(987)	(950)	(1,098)
Non-service pension and OPEB income	191)	184)	1,512)	1,909)	1,095)
Interest income	967)	1,109)	460)	146)	241)
Licensing agreements income	211)	172)	238)	195)	211)
Revaluation of investments	(225)	(77)	(236)	571)	265)
Other	112)	148)	(542)	220)	73)
Interest income and other non-operating income, net	1,256)	1,536)	1,432)	3,041)	1,885)
Equity income (loss)	(4,675)	480)	837)	1,301)	674)
Income before income taxes	8,519)	10,403)	11,597)	12,716)	8,095)
Income tax expense	(2,556)	(563)	(1,889)	(2,771)	(1,774)
Net income	5,963)	9,840)	9,708)	9,945)	6,321)
Net loss attributable to noncontrolling interests	45)	287)	226)	74)	106)
Net income attributable to stockholders	6,008)	10,127)	9,934)	10,019)	6,427)
Adjustments	1,181)	(105)	(1,019)	(182)	(180)
Net income attributable to common stockholders	7,189)	10,022)	8,915)	9,837)	6,247)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data reveals several notable trends and fluctuations over the five-year period ending in 2024.

Revenue and Cost of Sales: Automotive net sales and revenue show a consistent upward trajectory, rising from approximately $108.7 billion in 2020 to $171.6 billion in 2024. Correspondingly, automotive and other cost of sales also increased significantly, though at a slightly lower pace, from about $97.5 billion in 2020 to $151.1 billion in 2024. This resulted in an automotive and other gross margin that grew overall, with a dip in 2023 but reaching its highest point at around $20.5 billion in 2024.
GM Financial Segment: GM Financial net sales and revenue show a modest decline from $13.8 billion in 2020 to $12.8 billion in 2022, followed by a recovery to $15.8 billion by 2024. However, the associated interest, operating, and other expenses fluctuate, with a decrease in 2021 but then rising back to $12.9 billion in 2024.
Operating Income: Operating income demonstrates growth from $6.6 billion in 2020 to $12.8 billion in 2024, displaying resilience despite a slight dip in 2023. This suggests improved operational efficiency or favorable market conditions supporting profitability over time.
Interest Expenses and Income: Automotive interest expense steadily decreased, falling from $1.1 billion in 2020 to $846 million in 2024, indicating effective debt management or refinancing activities. Interest income increased substantially, especially from 2022 onwards, peaking at $1.1 billion in 2023 before a slight decline in 2024.
Non-Operating Income and Expenses: Non-service pension and OPEB income showed variability, peaking in 2021 at $1.9 billion but dropping sharply by 2023 and 2024. Licensing agreements income remained relatively stable. Revaluation of investments experienced volatility, with positive results in 2020 and 2021 but turning negative from 2022 onwards. Equity income (loss) showed a significant downturn in 2024, resulting in a substantial loss of $4.7 billion compared to a gain in prior years, impacting overall earnings.
Income Before Taxes and Tax Expense: Income before income taxes generally increased from 2020 to 2021, reaching $12.7 billion, then declined steadily to $8.5 billion by 2024. Income tax expense fluctuated considerably, declining sharply in 2023 before rising again in 2024, indicating potential tax strategy changes or varying taxable income levels.
Net Income and Earnings Attributable to Stockholders: Net income increased from $6.3 billion in 2020 to peak at nearly $9.9 billion in 2021, remaining strong through 2023 before falling to $6 billion in 2024. Net income attributable to stockholders follows a similar pattern. Adjustments impacted net income, with a notably positive adjustment in 2024 contributing to earnings resilience despite overall declines. Net income attributable to common stockholders also reflects these trends, showing growth until 2023 before a decline in 2024.
Expense Management: Selling, general, and administrative expenses rose consistently from $7 billion in 2020 to over $10.6 billion in 2024, which may reflect increased investment in sales and administration or inflationary pressures.

Overall, the data indicates robust revenue growth and improving gross margins over the period, coupled with increasing operating income. However, volatility in non-operating income components, particularly equity income and investment revaluations, as well as fluctuations in income tax expense, have contributed to variability in net income, especially notable in 2024. Cost control efforts appear mixed, with gains in interest expense reduction balanced against rising administrative expenses.

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General Motors Co. (NYSE:GM)

Income Statement