Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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General Motors Co. pages available for free this week:
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2010
- Return on Assets (ROA) since 2010
- Price to Earnings (P/E) since 2010
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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General Motors Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income (Loss)
- The net income showed high volatility throughout the periods, with notable swings from a loss of $780 million in June 2020 to a peak profit of $4,018 million in September 2020. Thereafter, net income fluctuated significantly, with peaks generally above $2 billion, but also sharp declines including a loss of $2,874 million in March 2025. The trend indicates cyclical performance with periods of strong profitability interrupted by substantial losses.
- Depreciation and Impairment
- Depreciation on operating leases displayed a gradual decline from 2020 to 2022, stabilizing around $1.2 billion thereafter. In contrast, depreciation and amortization on property showed a steady upward trend, increasing from $1.5 billion in early 2020 to peaks over $2 billion in mid and late 2024, reflecting growing capital asset utilization or impairment charges.
- Foreign Currency Remeasurement and Transaction Gains/Losses
- Currency effects exhibited significant fluctuations with alternating gains and losses, albeit mostly within a range of plus or minus $150 million. Notably, the later periods experienced relatively larger gains, indicating potential currency-related volatility impacting financial results.
- Undistributed Earnings of Nonconsolidated Affiliates
- These amounts alternated between losses and gains with large spikes such as a substantial gain of $4.4 billion in March 2025. This item appears highly volatile and may have considerable influence on net income during specific quarters.
- Pension Contributions and OPEB Payments
- Payments have remained mostly stable around negative $200 million, with occasional spikes, including substantial outflows exceeding $700 million in late 2024. This suggests periods of increased contributions potentially related to pension fund funding requirements.
- Pension and OPEB Income (Loss), Net
- Mostly showed income (negative values), ranging around negative $20 million to $400 million in earlier periods, but later exhibiting positive values and fluctuations, indicating varying pension expense recognition effects over time.
- Provision (Benefit) for Deferred Taxes
- Provision amounts were erratic, with large positive spikes, such as $1.1 billion in Q1 2021 and negative spikes, including negative $1.3 billion in late 2022, revealing volatile tax impact on earnings.
- Changes in Operating Assets and Liabilities
- This component was highly volatile with extreme negative and positive swings, reflecting significant working capital movements quarter to quarter. Such fluctuations contributed considerably to operating cash flow variability.
- Other Operating Activities
- Sporadic negative impacts were observed, particularly significant write-offs or expenses in certain periods, negatively influencing operating cash flow.
- Net Cash Provided by (Used in) Operating Activities
- Operating cash flow showed large fluctuations, including negative cash flow in certain quarters (e.g., Q2 2020 with negative $2.8 billion), and strong positive flows (over $11 billion) in others. The trend suggests operational cash generation is subject to high variability linked to earnings and working capital changes.
- Expenditures for Property
- Capital expenditures were consistently negative and generally increased over time, peaking above $3 billion in several quarters, indicating ongoing investment in property assets despite operating cash flow variability.
- Marketable Securities – Acquisitions and Liquidations
- Acquisitions of marketable securities fluctuated widely with some large outflows in 2020 and 2022. Liquidations also varied but generally offset acquisitions to some extent. These activities suggest active portfolio management of short-term investments.
- Purchases and Collections on Finance Receivables
- Purchases of finance receivables increased to peaks above $9 billion in later periods, while principal collections also increased steadily, indicating a growing finance receivables portfolio with active management of credit assets.
- Purchases and Proceeds on Leased Vehicles
- Purchases of leased vehicles were generally negative, reflecting investment in the leased vehicle fleet; however, an anomaly occurred in Q4 2021 showing a positive inflow, likely an accounting or reporting irregularity. Proceeds from vehicle terminations were relatively stable, supporting ongoing fleet turnover.
- Other Investing Activities
- These activities showed mixed cash flows with occasional large negative amounts, suggesting irregular investing transactions impacting cash flow variably.
- Net Cash Used in Investing Activities
- Investing cash flow was predominantly negative across all quarters, reflecting sustained capital expenditures and investment activity. The intensity of cash outflows increased in key periods like 2022 and 2024, pointing to ongoing investment commitments.
- Short-Term Debt
- Short-term debt changes fluctuated with small net increases and decreases, indicating modest adjustments in short-term borrowing relative to total cash flow needs.
- Debt Issuance and Payments (greater than three months maturity)
- Long-term debt issuance was substantial, with quarterly amounts frequently exceeding $10 billion, but payments on debt were similarly significant, indicating active debt refinancing and management. Peaks in debt issuance occurred in mid-2023 and 2024, whereas repayments remained relatively steady.
- Common Stock Transactions
- Stock buybacks increased notably starting in 2022, with a spike of nearly $10 billion in Q4 2023, highlighting a period of aggressive capital return to shareholders. Subsidiary stock issuance and redemptions were irregular and minor compared to other financing activities.
- Dividends Paid
- Dividends were consistent though modest, generally around $100-$200 million per quarter, with no significant trend of increase or decrease, indicating steady dividend policy.
- Other Financing Activities
- These activities yielded small but mostly negative cash flows, varying between negative $200 million and positive $120 million, denoting smaller financing transactions or fees.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows were highly variable, with strong positive inflows in early periods followed by multiple quarters of net outflows. Recent quarters showed fluctuations but overall modest net changes, indicating balanced financing activities with periods of debt raising offset by repayments and share repurchases.
- Effect of Exchange Rate Changes on Cash
- Currency translation effects on cash balances were inconsistent but mostly moderate, with occasional larger negative impacts, reflecting exposure to foreign exchange volatility.
- Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
- Cash levels exhibited substantial fluctuations, including a large increase of $18.2 billion in early 2020 and subsequent declines and recoveries. The net cash balance movements correspond closely with the variability in operating, investing, and financing cash flows, reflecting dynamic liquidity management.