Cash Flow Statement

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.

General Motors Co., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	2,780)	5,963)	9,840)	9,708)	9,945)
Depreciation and impairment of Equipment on operating leases, net	4,942)	4,844)	4,904)	4,839)	6,076)
Depreciation, amortization, and impairment charges on Property, net	9,646)	7,545)	6,984)	6,451)	5,975)
Foreign currency remeasurement and transaction (gains) losses	363)	(321)	349)	172)	(17)
Undistributed (earnings) loss and impairment of nonconsolidated affiliates, net	1,785)	4,118)	245)	193)	(517)
Pension contributions and OPEB payments	(539)	(1,518)	(1,100)	(790)	(838)
Pension and OPEB (income) expense, net	29)	89)	90)	(1,189)	(1,605)
Provision (benefit) for deferred taxes	(1,249)	1,368)	(1,041)	425)	2,214)
Accounts receivable	846)	(846)	1,183)	(4,483)	493)
Wholesale receivables funded by GM Financial, net	2,633)	(6,341)	(2,982)	(5,000)	2,854)
Inventories	626)	666)	(757)	(2,581)	(3,155)
Change in other assets	214)	(2,022)	(685)	(248)	(1,418)
Accounts payable	(2,145)	1,284)	(398)	6,144)	(1,166)
Income taxes payable	39)	(288)	(121)	273)	(95)
Accrued and other liabilities	6,843)	6,018)	5,582)	2,918)	(879)
Change in other operating assets and liabilities	9,056)	(1,529)	1,822)	(2,977)	(3,366)
Other operating activities	54)	(430)	(1,163)	(789)	(2,679)
Net cash provided by operating activities	26,867)	20,129)	20,930)	16,043)	15,188)
Expenditures for property	(9,303)	(10,830)	(10,970)	(9,238)	(7,509)
Available-for-sale marketable securities, acquisitions	(2,339)	(3,986)	(4,429)	(11,837)	(8,962)
Available-for-sale marketable securities, liquidations	3,012)	4,331)	9,345)	8,057)	9,347)
Purchases of finance receivables	(36,745)	(36,348)	(35,379)	(33,974)	(33,009)
Principal collections and recoveries on finance receivables	35,109)	31,784)	28,346)	26,887)	24,622)
Proceeds from sale of finance receivables	2,005)	—)	—)	—)	—)
Purchases of leased vehicles	(15,793)	(15,279)	(13,640)	(11,949)	(14,602)
Proceeds from termination of leased vehicles	10,095)	10,892)	13,033)	14,234)	14,393)
Other investing activities	(2,175)	(1,081)	(969)	(62)	(635)
Net cash used in investing activities	(16,134)	(20,517)	(14,663)	(17,882)	(16,355)
Net increase (decrease) in short-term debt	(312)	128)	(156)	373)	2,912)
Proceeds from issuance of debt, original maturities greater than three months	43,191)	53,435)	50,963)	45,813)	45,300)
Payments on debt, original maturities greater than three months	(45,591)	(43,399)	(44,675)	(39,606)	(47,806)
Payments to purchase common stock	(6,012)	(7,064)	(11,115)	(2,500)	—)
Issuance (redemption) of subsidiary stock	(29)	(101)	—)	(2,121)	1,736)
Dividends paid	(657)	(653)	(597)	(397)	(186)
Other financing activities	(180)	(408)	(773)	(1,179)	(212)
Net cash provided by (used in) financing activities	(9,590)	1,938)	(6,353)	383)	1,744)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	177)	(503)	55)	(138)	(152)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,320)	1,047)	(31)	(1,594)	425)
Cash, cash equivalents, and restricted cash at beginning of period	22,964)	21,917)	21,948)	23,542)	23,117)
Cash, cash equivalents, and restricted cash at end of period	24,284)	22,964)	21,917)	21,948)	23,542)

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 company demonstrates generally positive operating cash flow throughout the analyzed period (2021-2025). However, this is frequently offset by significant cash outflows related to investing and, particularly in later years, financing activities. Net income exhibits a declining trend, while cash flow from operations initially increases before stabilizing and then rising again.

Operating Activities: Net cash provided by operating activities generally increased from US$15.188 billion in 2021 to US$26.867 billion in 2025. This growth is not linear, with a slight decrease observed between 2023 and 2024. Net income, a key driver of operating cash flow, decreased significantly from US$9.945 billion in 2021 to US$2.780 billion in 2025. This decline in net income is partially offset by non-cash adjustments like depreciation and amortization, which consistently contribute a substantial amount to operating cash flow. Fluctuations in working capital accounts, such as accounts receivable, wholesale receivables, and inventories, demonstrate considerable volatility, impacting the overall operating cash flow. Specifically, large decreases in wholesale receivables and inventories in 2022 and 2023 contributed positively to cash flow, but these trends reversed in 2024 and 2025.
Investing Activities: The company consistently uses cash in investing activities. Expenditures for property, plant, and equipment (PP&E) remain substantial throughout the period, ranging from US$7.509 billion to US$10.970 billion annually. Significant cash outflows are also associated with purchases of finance receivables and leased vehicles. While liquidations of available-for-sale marketable securities provide some cash inflow, they are generally insufficient to offset the substantial outflows from PP&E and receivable purchases. Net cash used in investing activities decreased from US$16.355 billion in 2021 to US$16.134 billion in 2025, indicating a relatively stable level of investment.
Financing Activities: Financing activities demonstrate a shifting pattern. Initially, the company generates cash from financing, primarily through debt issuance. However, from 2023 onwards, financing activities become a net cash outflow, driven by increased debt repayments and, notably, purchases of common stock and dividend payments. The substantial increase in payments to purchase common stock in 2023 and 2024 significantly contributes to the negative cash flow from financing. Net cash provided by (used in) financing activities decreased from US$1.744 billion in 2021 to negative US$9.590 billion in 2025.
Cash Position: Despite the varying cash flows from operating, investing, and financing activities, the company maintains a relatively stable cash position. The cash balance at the end of 2025 (US$24.284 billion) is only slightly higher than the balance at the beginning of 2021 (US$23.117 billion). The net increase (decrease) in cash, cash equivalents, and restricted cash fluctuates, with a notable decrease in 2022 and a slight increase in 2025.
Other Notable Items: Foreign currency remeasurement and transaction gains/losses exhibit volatility, ranging from a gain of US$363 million in 2025 to a loss of US$321 million in 2024. Undistributed earnings from nonconsolidated affiliates also fluctuate, becoming a significant positive contributor to cash flow in 2024 and 2025. Changes in other operating assets and liabilities show considerable variation, impacting operating cash flow. Pension contributions and OPEB payments remain consistently negative, representing a cash outflow, but the net pension and OPEB expense shows a shift from expense to income in later years.

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General Motors Co. (NYSE:GM)

Cash Flow Statement