Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
General Motors Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial performance throughout the analyzed period is characterized by a period of relative stability from early 2022 through late 2024, followed by a significant contraction in profitability margins and investment returns during 2025 and the first half of 2026, ending with a modest recovery in the third quarter of 2026.
- Profitability Margins
- Gross profit margins remained resilient, fluctuating between 10.36% and 12.32% for the majority of the period. However, a severe downward trend began in March 2025, with margins compressing to a low of 4.74% by June 2026. Operating profit margins followed a similar trajectory, maintaining a range of 5.90% to 7.45% until June 2025, before declining sharply to a minimum of 1.08% in June 2026. Net profit margins also experienced a substantial decline, falling from an initial range of 6.33% to 8.47% to a nadir of 1.16% in June 2026.
- Investment Returns
- Return on Equity (ROE) showed strong and stable performance from March 2022 through September 2024, consistently exceeding 13% and peaking at 16.14%. A precipitous decline occurred starting in December 2024, with ROE falling to 3.15% by June 2026. Return on Assets (ROA) mirrored this pattern, remaining stable near 3.8% until late 2024 before dropping to a low of 0.69% in June 2026.
- Recent Performance Reversal
- A recovery is observable across all key metrics in the final quarter ending September 30, 2026. Gross profit margin increased to 6.26%, operating margin rose to 2.55%, and net profit margin improved to 2.33%. This upward trend is further evidenced by ROE and ROA, which climbed to 6.30% and 1.37%, respectively, suggesting a stabilization of the previous decline.
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Gross Profit Margin
General Motors Co., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Automotive and other gross margin | 4,967) | 3,066) | 4,321) | (1,727) | 2,320) | 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) | ||||||
| Automotive net sales and revenue | 45,706) | 43,762) | 39,349) | 40,985) | 44,256) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 6.26% | 4.74% | 5.07% | 5.26% | 8.63% | 10.60% | 11.61% | 11.97% | 11.38% | 11.02% | 10.70% | 10.36% | 11.96% | 12.32% | 12.19% | 11.87% | 10.92% | 10.43% | 10.71% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | 1.12% | 1.02% | 1.02% | -0.27% | 6.99% | 6.65% | 7.69% | 8.26% | 7.60% | 8.11% | 8.61% | 9.25% | 10.30% | 10.07% | 10.22% | 9.85% | 9.58% | 10.10% | 8.41% | ||||||
| Tesla Inc. | 19.29% | 18.85% | 19.07% | 18.03% | 17.01% | 17.48% | 17.66% | 17.86% | 18.23% | 17.72% | 17.78% | 18.25% | 19.81% | 21.49% | 23.13% | 25.60% | 26.61% | 27.10% | 27.10% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Automotive and other gross marginQ3 2026
+ Automotive and other gross marginQ2 2026
+ Automotive and other gross marginQ1 2026
+ Automotive and other gross marginQ4 2025)
÷ (Automotive net sales and revenueQ3 2026
+ Automotive net sales and revenueQ2 2026
+ Automotive net sales and revenueQ1 2026
+ Automotive net sales and revenueQ4 2025)
= 100 × (4,967 + 3,066 + 4,321 + -1,727)
÷ (45,706 + 43,762 + 39,349 + 40,985)
= 6.26%
2 Click competitor name to see calculations.
The gross profit margin exhibits a period of relative stability and moderate growth from early 2022 through late 2024, followed by a significant contraction in 2025 and a subsequent stabilization at a lower baseline through 2026. While automotive net sales and revenue generally trended upward, reaching a peak of 45,706 million USD by September 2026, the profitability efficiency failed to maintain a linear correlation with revenue growth.
- Phase of Stability and Peak Performance (March 2022 – December 2024)
- During this interval, the gross profit margin remained largely within the 10% to 12% range. A peak margin of 12.32% was achieved in June 2023. Despite some quarterly volatility, the margin showed resilience, recovering from a dip to 10.36% in December 2023 to reach 11.97% by December 2024. This period was characterized by a steady increase in revenue, moving from 32,824 million USD to 43,599 million USD.
- Period of Margin Contraction (March 2025 – December 2025)
- A sharp decline in profitability is observed starting in mid-2025. The gross profit margin fell from 11.61% in March 2025 to 8.63% in September 2025, culminating in a steep drop to 5.26% by December 2025. This deterioration is most evident in the absolute gross margin figures, which plummeted from 4,670 million USD in March 2025 to a negative value of -1,727 million USD by December 2025, despite revenues remaining above 40,000 million USD.
- Stabilization and Baseline Shift (March 2026 – September 2026)
- In 2026, the gross profit margin began to recover from its December 2025 low but failed to return to previous historical levels. The margin fluctuated between 4.74% and 6.26%. Although automotive net sales continued to grow, reaching 45,706 million USD in September 2026, the gross profit margin remained significantly lower than the 10-12% levels observed between 2022 and 2024, suggesting a permanent shift in the cost structure or pricing environment.
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Operating Profit Margin
General Motors Co., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income | 3,598) | 1,459) | 2,926) | (3,646) | 1,076) | 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) | ||||||
| Automotive net sales and revenue | 45,706) | 43,762) | 39,349) | 40,985) | 44,256) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 2.55% | 1.08% | 1.48% | 1.73% | 4.73% | 6.23% | 7.20% | 7.45% | 7.28% | 7.08% | 6.53% | 5.90% | 6.95% | 7.27% | 7.24% | 7.16% | 6.86% | 6.27% | 7.02% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -4.12% | -4.03% | -4.06% | -5.27% | 2.05% | 1.71% | 2.53% | 3.02% | 2.19% | 2.36% | 2.74% | 3.29% | 4.42% | 4.14% | 4.52% | 4.21% | 3.82% | 4.54% | 2.72% | ||||||
| Tesla Inc. | 3.35% | 4.22% | 5.00% | 4.59% | 4.74% | 6.06% | 6.59% | 7.24% | 7.78% | 6.93% | 7.81% | 9.19% | 11.18% | 13.46% | 14.78% | 16.76% | 16.52% | 15.91% | 15.33% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Automotive net sales and revenueQ3 2026
+ Automotive net sales and revenueQ2 2026
+ Automotive net sales and revenueQ1 2026
+ Automotive net sales and revenueQ4 2025)
= 100 × (3,598 + 1,459 + 2,926 + -3,646)
÷ (45,706 + 43,762 + 39,349 + 40,985)
= 2.55%
2 Click competitor name to see calculations.
The operating profit margin exhibited a period of relative stability followed by a significant contraction and a subsequent partial recovery. Between March 2022 and December 2024, the margin generally fluctuated within a range of 5.90% to 7.45%, indicating a consistent ability to convert automotive revenue into operating profit despite fluctuations in total sales.
- Stability and Peak Performance (2022–2024)
- From March 2022 through September 2024, operating margins remained largely resilient, frequently hovering around the 7% mark. A notable peak occurred in December 2024, where the operating profit margin reached its highest point of 7.45%, supported by operating income of 1,522 million US dollars against revenue of 43,599 million US dollars.
- Profitability Contraction and Volatility (2025)
- A severe downward trend emerged throughout 2025. While the first quarter began at 7.20%, the margin declined sharply to 6.23% in June and 4.73% in September. This culminated in a critical drop to 1.73% by December 31, 2025, coinciding with a substantial operating loss of 3,646 million US dollars, despite revenues remaining robust at 40,985 million US dollars.
- Recovery and Margin Reset (2026)
- The first half of 2026 saw margins bottom out, reaching a low of 1.08% in June 2026. However, a recovery phase is observed by September 30, 2026, with the margin increasing to 2.55%. While this indicates a return to positive operating income, the profitability level remains significantly below the historical averages established between 2022 and 2024.
- Revenue vs. Profitability Correlation
- An inverse relationship is observable during the late 2025 period; while automotive net sales and revenue continued to scale, reaching peaks of 45,706 million US dollars by September 2026, the operating profit margin failed to return to previous heights. This suggests that revenue growth was offset by significant increases in operating expenses or one-time losses during the 2025-2026 window.
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Net Profit Margin
General Motors Co., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to stockholders | 3,335) | 1,305) | 2,627) | (3,309) | 1,327) | 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) | ||||||
| Automotive net sales and revenue | 45,706) | 43,762) | 39,349) | 40,985) | 44,256) | 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 2.33% | 1.16% | 1.52% | 1.61% | 1.79% | 2.79% | 3.37% | 3.50% | 6.62% | 6.80% | 6.69% | 6.42% | 6.33% | 6.56% | 6.35% | 6.90% | 7.20% | 7.37% | 8.47% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -4.50% | -4.24% | -3.46% | -4.70% | 2.67% | 1.83% | 2.95% | 3.40% | 2.06% | 2.27% | 2.35% | 2.62% | 3.75% | 2.58% | 1.85% | -1.33% | 6.32% | 8.42% | 9.26% | ||||||
| Tesla Inc. | 3.11% | 3.67% | 3.95% | 4.00% | 5.31% | 6.34% | 6.38% | 7.26% | 13.27% | 13.19% | 14.64% | 15.50% | 11.21% | 12.97% | 13.66% | 15.41% | 14.95% | 14.17% | 13.51% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income attributable to stockholdersQ3 2026
+ Net income attributable to stockholdersQ2 2026
+ Net income attributable to stockholdersQ1 2026
+ Net income attributable to stockholdersQ4 2025)
÷ (Automotive net sales and revenueQ3 2026
+ Automotive net sales and revenueQ2 2026
+ Automotive net sales and revenueQ1 2026
+ Automotive net sales and revenueQ4 2025)
= 100 × (3,335 + 1,305 + 2,627 + -3,309)
÷ (45,706 + 43,762 + 39,349 + 40,985)
= 2.33%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a divergence between revenue growth and profitability margins. While automotive net sales and revenue demonstrated a consistent long-term upward trend, net profit margins experienced a significant and sustained contraction over the analyzed period.
- Revenue Performance
- Automotive net sales and revenue increased from 32,824 million USD in March 2022 to 45,706 million USD by September 2026. This represents a steady expansion in top-line performance, with revenue consistently exceeding 40,000 million USD starting in mid-2023, despite intermittent quarterly fluctuations.
- Net Profit Margin Erosion
- A clear downward trend in profitability is observable. The net profit margin peaked at 8.47% in March 2022 and remained relatively stable between 6.33% and 6.80% through September 2024. However, a sharp decline occurred starting in December 2024, with margins dropping to a period low of 1.16% in June 2026 before a slight recovery to 2.33% in September 2026.
- Net Income Volatility
- Net income attributable to stockholders exhibited extreme volatility, particularly in the latter half of the period. Significant losses were recorded in December 2024 (2,961 million USD) and December 2025 (3,309 million USD). These substantial year-end deficits contrast sharply with the positive earnings seen in the 2022 and 2023 fiscal years, indicating periodic shocks to the bottom line.
- Correlation Between Volume and Profitability
- The data indicates that increased revenue did not translate into increased profitability. In the final two years of the period, the highest revenue levels coincided with the lowest net profit margins, suggesting that rising operational costs or non-operating losses outpaced the gains in sales volume.
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Return on Equity (ROE)
General Motors Co., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to stockholders | 3,335) | 1,305) | 2,627) | (3,309) | 1,327) | 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) | ||||||
| Stockholders’ equity | 62,806) | 62,000) | 62,659) | 61,119) | 66,374) | 66,363) | 64,372) | 63,072) | 70,935) | 68,633) | 66,598) | 64,286) | 74,475) | 71,655) | 69,877) | 67,792) | 65,268) | 63,954) | 62,095) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 6.30% | 3.15% | 4.05% | 4.41% | 4.59% | 7.19% | 9.03% | 9.53% | 15.61% | 16.14% | 16.08% | 15.75% | 13.46% | 14.32% | 13.44% | 14.65% | 14.83% | 13.75% | 16.00% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -21.11% | -20.71% | -16.30% | -22.76% | 9.93% | 6.99% | 11.24% | 13.11% | 7.96% | 8.80% | 9.15% | 10.16% | 13.92% | 9.47% | 6.81% | -4.58% | 21.39% | 26.42% | 25.71% | ||||||
| Tesla Inc. | 3.60% | 4.38% | 4.59% | 4.62% | 6.35% | 7.61% | 8.18% | 9.73% | 18.43% | 18.91% | 21.55% | 23.94% | 20.12% | 23.85% | 24.45% | 28.09% | 28.08% | 26.16% | 24.64% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income attributable to stockholdersQ3 2026
+ Net income attributable to stockholdersQ2 2026
+ Net income attributable to stockholdersQ1 2026
+ Net income attributable to stockholdersQ4 2025)
÷ Stockholders’ equity
= 100 × (3,335 + 1,305 + 2,627 + -3,309)
÷ 62,806 = 6.30%
2 Click competitor name to see calculations.
The return on equity (ROE) demonstrates a distinct shift from a period of relative stability to a significant downward trajectory over the analyzed period. While the metric remained resilient between 2022 and mid-2024, a persistent decline is observed starting in the final quarter of 2024, reaching its lowest points in 2026.
- Stability and Peak Performance (2022 – Mid-2024)
- From March 2022 through June 2024, ROE fluctuated within a consistent range, predominantly between 13% and 16%. Peak efficiency in generating profit from shareholders' equity was recorded in March 2024 and June 2024, with values of 16.08% and 16.14%, respectively. This period was characterized by steady positive net income and a general expansion of stockholders' equity, which peaked at 74,475 million US dollars in September 2023.
- Profitability Contraction (Late 2024 – 2026)
- A sharp reversal in profitability is evident beginning December 31, 2024, when ROE dropped to 9.53%. This decline accelerated throughout 2025, falling from 9.03% in March to 4.41% by December. The downward trend reached its lowest point in June 2026 at 3.15%. This compression is primarily driven by substantial quarterly net losses reported in December 2024 (-2,961 million US dollars) and December 2025 (-3,309 million US dollars), which severely impacted the net income attributable to stockholders.
- Equity Base Fluctuations and Recent Trends
- Stockholders' equity experienced a period of volatility coinciding with the profit downturn, decreasing from its 2023 peak to fluctuate between 61,119 million and 66,598 million US dollars. Despite the prolonged decline in ROE, a modest recovery is observed in September 2026, with the ratio rising to 6.30%. This uptick is attributed to a rebound in quarterly net income to 3,335 million US dollars, although the ROE remains substantially lower than the benchmarks established between 2022 and 2024.
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Return on Assets (ROA)
General Motors Co., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to stockholders | 3,335) | 1,305) | 2,627) | (3,309) | 1,327) | 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) | ||||||
| Total assets | 289,183) | 282,742) | 280,974) | 281,284) | 288,168) | 289,384) | 282,104) | 279,761) | 289,289) | 282,956) | 276,591) | 273,064) | 281,705) | 275,833) | 267,004) | 264,037) | 260,529) | 253,517) | 251,492) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 1.37% | 0.69% | 0.90% | 0.96% | 1.06% | 1.65% | 2.06% | 2.15% | 3.83% | 3.92% | 3.87% | 3.71% | 3.56% | 3.72% | 3.52% | 3.76% | 3.71% | 3.47% | 3.95% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Ford Motor Co. | -2.66% | -2.59% | -2.16% | -2.83% | 1.56% | 1.08% | 1.76% | 2.06% | 1.23% | 1.39% | 1.43% | 1.59% | 2.30% | 1.55% | 1.12% | -0.77% | 3.65% | 4.75% | 4.57% | ||||||
| Tesla Inc. | 2.04% | 2.56% | 2.69% | 2.75% | 3.80% | 4.58% | 4.88% | 5.81% | 10.76% | 11.14% | 12.70% | 14.07% | 11.45% | 13.46% | 13.53% | 15.25% | 15.04% | 13.89% | 12.72% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income attributable to stockholdersQ3 2026
+ Net income attributable to stockholdersQ2 2026
+ Net income attributable to stockholdersQ1 2026
+ Net income attributable to stockholdersQ4 2025)
÷ Total assets
= 100 × (3,335 + 1,305 + 2,627 + -3,309)
÷ 289,183 = 1.37%
2 Click competitor name to see calculations.
The Return on Assets (ROA) demonstrates a transition from a period of consistent performance to one of significant volatility and overall decline. Between March 2022 and September 2024, the ROA remained relatively stable, oscillating within a narrow range of 3.47% to 3.95%. However, starting in the fourth quarter of 2024, a marked downward trend is observed, with the ratio falling below 2.0% and reaching a minimum of 0.69% by June 2026.
- Asset Base Evolution
- Total assets exhibited a steady upward trajectory from March 2022 (251,492 million USD) through September 2024, reaching a peak of 289,289 million USD. In the subsequent period, the asset base plateaued, fluctuating between approximately 279 billion and 289 billion USD. The stability of the asset base during the latter half of the period indicates that the deterioration in ROA is primarily attributable to fluctuations in earnings rather than an inefficient expansion of the balance sheet.
- Net Income Volatility
- The primary driver of the ROA compression is the increased volatility in net income attributable to stockholders. While earnings were consistently positive from March 2022 through September 2024, the period from December 2024 to September 2026 was characterized by severe instability. Significant net losses recorded in December 2024 (-2,961 million USD) and December 2025 (-3,309 million USD) correlate directly with the sharpest declines in ROA.
- Profitability Efficiency Patterns
- A distinct divergence is observable between the two analyzed phases. In the first phase (2022–2024), the company maintained a consistent ability to generate profit from its assets, with ROA rarely dipping below 3.5%. In the second phase (2025–2026), this efficiency collapsed, with ROA spending the majority of the period below 2.0%. Although a slight recovery to 1.37% is noted in September 2026, the overall trend indicates a substantial reduction in the effectiveness of asset utilization compared to the baseline established in the earlier years.
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