Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

General Motors Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable, principally trade	23,919)	25,680)	28,114)	27,486)	20,391)
Automotive	656)	2,141)	428)	1,959)	463)
GM Financial	35,012)	37,291)	38,540)	36,819)	33,257)
Short-term debt and current portion of long-term debt	35,668)	39,432)	38,968)	38,778)	33,720)
Dealer and customer allowances, claims and discounts	6,485)	7,270)	6,065)	4,813)	3,211)
Deferred revenue	3,950)	3,371)	2,802)	2,489)	2,461)
Product warranty and related liabilities	6,308)	4,555)	3,285)	3,042)	3,769)
Payrolls and employee benefits excluding postemployment benefits	2,650)	3,221)	3,099)	3,298)	2,937)
Other	14,362)	12,736)	12,112)	11,267)	7,919)
Accrued liabilities	33,755)	31,153)	27,363)	24,909)	20,297)
Current liabilities	93,342)	96,265)	94,445)	91,173)	74,408)
Automotive	15,591)	13,327)	15,985)	15,885)	16,355)
GM Financial	79,018)	76,973)	66,788)	60,036)	59,304)
Long-term debt, excluding current portion	94,609)	90,300)	82,773)	75,921)	75,659)
Postretirement benefits other than pensions	4,025)	3,990)	4,345)	4,193)	5,743)
Pensions	4,988)	5,779)	6,680)	5,698)	8,008)
Deferred revenue	7,098)	5,940)	5,019)	3,552)	3,010)
Product warranty and related liabilities	7,322)	6,016)	6,011)	5,488)	6,005)
Non-current operating lease liabilities	1,035)	961)	907)	967)	1,012)
Employee benefits excluding postemployment benefits	621)	501)	518)	512)	622)
Postemployment benefits including facility idling reserves	894)	154)	151)	507)	775)
Other	4,182)	4,265)	3,908)	3,741)	3,661)
Other liabilities	21,152)	17,837)	16,514)	14,767)	15,085)
Non-current liabilities	124,774)	117,906)	110,312)	100,579)	104,495)
Total liabilities	218,116)	214,171)	204,757)	191,752)	178,903)
Noncontrolling interest, Cruise stock incentive awards	—)	—)	118)	358)	—)
Common stock, $0.01 par value	9)	10)	12)	14)	15)
Additional paid-in capital	19,928)	20,843)	19,130)	26,428)	27,061)
Retained earnings	51,525)	53,472)	55,391)	49,251)	41,937)
Accumulated other comprehensive loss	(10,343)	(11,253)	(10,247)	(7,901)	(9,269)
Stockholders’ equity	61,119)	63,072)	64,286)	67,792)	59,744)
Noncontrolling interests	2,049)	2,518)	3,903)	4,135)	6,071)
Total equity	63,168)	65,590)	68,189)	71,927)	65,815)
Total liabilities and equity	281,284)	279,761)	273,064)	264,037)	244,718)

Based on: 10-K (reporting date: 2025-12-31), 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).

Overall, the liabilities of the company increased from 2021 to 2025, while stockholders’ equity experienced initial growth followed by a decline. Total liabilities and equity also demonstrated a general upward trend over the five-year period. A more detailed examination of specific liability and equity components reveals nuanced patterns.

Current Liabilities: Current liabilities exhibited a substantial increase from $74.408 billion in 2021 to $96.265 billion in 2024, before decreasing slightly to $93.342 billion in 2025. Accounts payable, principally trade, showed volatility, peaking at $28.114 billion in 2022 and decreasing to $23.919 billion in 2025. Dealer and customer allowances, claims and discounts, and deferred revenue consistently increased from 2021 to 2024, suggesting growing sales-related obligations, before experiencing modest declines in 2025. Short-term debt and the current portion of long-term debt remained relatively stable, fluctuating around $38-40 billion. Accrued liabilities demonstrated a consistent upward trend throughout the period, reaching $33.755 billion in 2025.
Non-Current Liabilities: Non-current liabilities generally increased from $104.495 billion in 2021 to $124.774 billion in 2025. Long-term debt, excluding the current portion, showed a consistent increase, rising from $75.659 billion to $94.609 billion. Product warranty and related liabilities also increased over the period, indicating potentially increasing warranty costs. Other liabilities experienced a notable increase, from $15.085 billion in 2021 to $21.152 billion in 2025. Postretirement benefits and pensions showed a decreasing trend, although remaining substantial.
Stockholders’ Equity: Stockholders’ equity increased from $65.815 billion in 2021 to $71.927 billion in 2022, then decreased to $63.168 billion in 2025. Retained earnings, the largest component of equity, peaked at $55.391 billion in 2023 before declining. Accumulated other comprehensive loss remained consistently negative, increasing in magnitude over the period. Common stock and additional paid-in capital remained relatively stable, with minor fluctuations. Noncontrolling interests decreased from $6.071 billion in 2021 to $2.049 billion in 2025.
Total Liabilities and Equity: Total liabilities and equity increased steadily from $244.718 billion in 2021 to $281.284 billion in 2025, reflecting the combined effect of increasing liabilities and the initial growth, followed by a decline, in stockholders’ equity. The proportion of total liabilities to total equity increased over the period, indicating a growing reliance on debt financing.

The company’s financial structure appears to be shifting towards greater reliance on liabilities, particularly long-term debt and accrued liabilities, while equity experienced a net decrease over the analyzed period. This trend warrants further investigation into the company’s financing strategies and profitability.

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General Motors Co. (NYSE:GM)

Balance Sheet: Liabilities and Stockholders’ Equity