Analysis of Reportable Segments
General Motors Co. operates in 4 segments: GM North America (GMNA); GM International (GMI); Cruise; and GM Financial.
Segment Profit Margin
General Motors Co., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 6.77% | 9.22% | 8.70% | 10.12% | 10.18% |
| GM International (GMI) | 5.49% | 2.18% | 7.59% | 7.41% | 6.79% |
| Cruise | -27,300.00% | -661.87% | -2,642.16% | -1,852.94% | -1,128.30% |
| GM Financial | 16.42% | 18.68% | 20.98% | 31.93% | 37.53% |
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).
Segment profit margins exhibited varied performance across the reporting periods. GM North America (GMNA) demonstrated a generally decreasing trend, while GM International (GMI) showed more fluctuation. Cruise consistently reported substantial losses, which significantly worsened in the most recent period. GM Financial experienced a decline in profitability over the observed timeframe.
- GM North America (GMNA)
- The GMNA segment began with a profit margin of 10.18% in 2021, remaining relatively stable at 10.12% in 2022. A decline was then observed in 2023, falling to 8.70%, followed by a slight recovery to 9.22% in 2024. However, 2025 saw a more pronounced decrease, with the profit margin dropping to 6.77%. This indicates a weakening profitability trend for this segment.
- GM International (GMI)
- The GMI segment showed an initial increase in profit margin from 6.79% in 2021 to 7.41% in 2022, and further to 7.59% in 2023. A significant decrease occurred in 2024, with the margin falling to 2.18%. A recovery was then noted in 2025, rising to 5.49%, though remaining considerably below the levels seen in the earlier years. This suggests volatility in the international segment’s profitability.
- Cruise
- The Cruise segment consistently reported negative profit margins throughout the period. The losses expanded considerably from -1,128.30% in 2021 to -2,642.16% in 2023. While a reduction in the magnitude of the loss was observed in 2024 (-661.87%), the segment experienced a dramatic deterioration in 2025, with a reported margin of -27,300.00%. This indicates substantial and increasing financial challenges for this segment.
- GM Financial
- GM Financial began with a high profit margin of 37.53% in 2021. A consistent downward trend was then observed, with margins decreasing to 31.93% in 2022, 20.98% in 2023, 18.68% in 2024, and finally 16.42% in 2025. This suggests a steady erosion of profitability within the financial services segment.
Overall, the segment performance reveals a mixed picture. While GMNA and GMI experienced fluctuations, both demonstrated a weakening position by the end of the period. The substantial and worsening losses at Cruise are a significant concern, and GM Financial’s declining margins warrant attention.
Segment Profit Margin: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 10,452) | 14,528) | 12,306) | 12,988) | 10,318) |
| Net sales and revenue | 154,317) | 157,509) | 141,445) | 128,378) | 101,308) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 6.77% | 9.22% | 8.70% | 10.12% | 10.18% |
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 10,452 ÷ 154,317 = 6.77%
The segment profit margin for GM North America exhibited fluctuations over the five-year period. While initially strong, a declining trend is apparent towards the end of the observed timeframe. Earnings before interest and taxes, adjusted, and net sales and revenue both increased between 2021 and 2023, but the profit margin did not consistently follow suit, indicating potential shifts in cost structures or pricing dynamics.
- Segment Profit Margin Trend
- The segment profit margin began at 10.18% in 2021, decreased to 8.70% in 2023, experienced a slight recovery to 9.22% in 2024, and then declined significantly to 6.77% in 2025. This represents an overall decrease of approximately 3.41 percentage points over the five-year period.
- Relationship between Sales and Profit Margin
- Net sales and revenue increased consistently from $101.308 billion in 2021 to $157.509 billion in 2024, before experiencing a slight decrease to $154.317 billion in 2025. Despite this revenue growth, the segment profit margin did not maintain a corresponding upward trajectory. The divergence between revenue growth and margin decline suggests that increased sales volume did not translate proportionally into increased profitability.
- Earnings Before Interest and Taxes, Adjusted
- Earnings before interest and taxes, adjusted, increased from $10.318 billion in 2021 to $12.988 billion in 2022, then decreased to $12.306 billion in 2023, increased again to $14.528 billion in 2024, and finally decreased to $10.452 billion in 2025. The fluctuations in earnings, while generally positive until 2024, do not fully explain the observed decline in segment profit margin, indicating that other factors are at play.
The most substantial decrease in segment profit margin occurred between 2024 and 2025, coinciding with a modest decrease in net sales and revenue. This suggests that factors impacting profitability were particularly pronounced in the final year of the period, potentially including increased costs, pricing pressures, or changes in product mix.
Segment Profit Margin: GM International (GMI)
General Motors Co.; GM International (GMI); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 737) | 303) | 1,210) | 1,143) | 827) |
| Net sales and revenue | 13,427) | 13,890) | 15,949) | 15,420) | 12,172) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 5.49% | 2.18% | 7.59% | 7.41% | 6.79% |
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 737 ÷ 13,427 = 5.49%
The financial performance of GM International (GMI) exhibits fluctuating profitability over the analyzed period. While initial years demonstrate growth, subsequent periods reveal significant volatility in segment profit margin.
- Earnings Before Interest and Taxes, Adjusted
- Earnings before interest and taxes, adjusted, increased from US$827 million in 2021 to US$1,210 million in 2023, indicating improving operational performance. However, a substantial decrease to US$303 million was observed in 2024, followed by a partial recovery to US$737 million in 2025. This suggests susceptibility to external factors or internal strategic shifts impacting earnings.
- Net Sales and Revenue
- Net sales and revenue increased from US$12,172 million in 2021 to US$15,949 million in 2023, reflecting growth in the segment’s top line. A decline to US$13,890 million occurred in 2024, and continued to US$13,427 million in 2025. This decrease in revenue coincides with the earnings decline in 2024, potentially indicating pricing pressures or reduced sales volume.
- Segment Profit Margin
- The segment profit margin followed an upward trend from 6.79% in 2021 to 7.59% in 2023, demonstrating increasing efficiency in converting sales into profits. A dramatic drop to 2.18% occurred in 2024, signaling a significant erosion of profitability. The margin partially recovered to 5.49% in 2025, but remained below the levels achieved in the earlier years. The volatility in the segment profit margin suggests that GMI’s profitability is sensitive to changes in revenue, cost structure, or both.
The correlation between the decline in net sales and revenue and the sharp decrease in segment profit margin in 2024 warrants further investigation. Understanding the drivers behind these changes is crucial for assessing the long-term sustainability of GMI’s performance.
Segment Profit Margin: Cruise
General Motors Co.; Cruise; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | (273) | (1,701) | (2,695) | (1,890) | (1,196) |
| Net sales and revenue | 1) | 257) | 102) | 102) | 106) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | -27,300.00% | -661.87% | -2,642.16% | -1,852.94% | -1,128.30% |
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × -273 ÷ 1 = -27,300.00%
The financial performance of this segment demonstrates a volatile trajectory over the analyzed period. Initially exhibiting substantial losses, the segment shows improvement towards the end of the period, though with a significant outlier in the final year.
- Earnings Before Interest and Taxes, Adjusted
- Adjusted earnings before interest and taxes consistently reflect losses throughout the period. Losses increased from US$1,196 million in 2021 to US$2,695 million in 2023, before decreasing to US$1,701 million in 2024. A dramatic reduction in loss is observed in 2025, falling to US$273 million. This suggests a potential shift in operational efficiency or strategic adjustments, though the magnitude of the change warrants further investigation.
- Net Sales and Revenue
- Net sales and revenue remained relatively stable between 2021 and 2023, fluctuating around US$102 million. A substantial increase is noted in 2024, reaching US$257 million, indicating a potential expansion in market reach or increased demand. However, revenue experiences a precipitous decline in 2025, falling to US$1 million. This sharp decrease requires further scrutiny to determine the underlying causes, such as changes in product offerings, market conditions, or strategic decisions.
- Segment Profit Margin
- The segment profit margin consistently registers as negative throughout the period, reflecting the ongoing losses. The margin worsened considerably from -1,128.30% in 2021 to -2,642.16% in 2023, mirroring the increasing losses. A significant improvement is observed in 2024, with the margin increasing to -661.87%. However, the 2025 value of -27,300.00% represents an extreme outlier, driven by the combination of significantly reduced revenue and continued, albeit smaller, losses. This final year’s margin is disproportionately affected by the low revenue base and requires careful consideration when evaluating overall segment performance.
Overall, the segment experienced substantial losses for the majority of the analyzed period. While there is evidence of improvement in 2024, the dramatic shift in both revenue and profit margin in 2025 presents a critical area for further investigation and analysis.
Segment Profit Margin: GM Financial
General Motors Co.; GM Financial; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 2,802) | 2,965) | 2,985) | 4,076) | 5,036) |
| Net sales and revenue | 17,060) | 15,875) | 14,225) | 12,766) | 13,419) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 16.42% | 18.68% | 20.98% | 31.93% | 37.53% |
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).
1 2025 Calculation
Segment profit margin = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Net sales and revenue
= 100 × 2,802 ÷ 17,060 = 16.42%
The segment performance of GM Financial demonstrates a consistent decline in profitability over the five-year period. While net sales and revenue generally increased, the segment profit margin experienced a substantial contraction.
- Earnings Before Interest and Taxes, Adjusted
- Earnings before interest and taxes, adjusted, decreased from US$5,036 million in 2021 to US$2,802 million in 2025. The rate of decline appeared to moderate between 2022 and 2023, but continued at a similar pace through 2025. This suggests increasing cost pressures or decreasing operational efficiency impacting earnings.
- Net Sales and Revenue
- Net sales and revenue exhibited volatility. A decrease was observed from US$13,419 million in 2021 to US$12,766 million in 2022. However, revenue increased in subsequent years, reaching US$17,060 million in 2025. Despite this growth in revenue, it did not translate into proportional growth in profitability.
- Segment Profit Margin
- The segment profit margin experienced a significant and consistent downward trend. Starting at 37.53% in 2021, it decreased to 16.42% in 2025. This represents a reduction of over 56% in profitability as a percentage of revenue. The largest decrease occurred between 2021 and 2023, indicating a potentially rapid shift in the segment’s cost structure or pricing environment. The rate of decline slowed somewhat between 2023 and 2025, but the margin continued to erode.
The divergence between increasing net sales and revenue and decreasing segment profit margin suggests that GM Financial is facing challenges in maintaining profitability despite growing sales volume. Further investigation into the underlying cost drivers and pricing strategies would be necessary to understand the reasons for this trend.
Segment Return on Assets (Segment ROA)
General Motors Co., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 6.45% | 8.76% | 7.89% | 8.26% | 8.48% |
| GM International (GMI) | 3.21% | 1.39% | 4.61% | 4.61% | 3.62% |
| Cruise | -94.79% | -57.70% | -59.17% | -34.30% | -26.64% |
| GM Financial | 2.02% | 2.13% | 2.28% | 3.35% | 4.45% |
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).
Segment return on assets exhibited varied performance across the reporting periods. GM North America consistently demonstrated the highest returns among the reported segments, though with fluctuations. GM International showed improvement initially, followed by a significant decline and subsequent partial recovery. Cruise experienced substantial and worsening losses throughout the period, while GM Financial demonstrated a consistent downward trend in returns.
- GM North America (GMNA)
- GMNA’s segment return on assets began at 8.48% in 2021, decreased slightly to 8.26% in 2022, and continued to decline to 7.89% in 2023. A recovery was observed in 2024, with returns increasing to 8.76%, but this was followed by a decrease to 6.45% in 2025. This indicates a degree of volatility, but generally strong performance relative to other segments.
- GM International (GMI)
- GMI’s segment return on assets increased from 3.62% in 2021 to 4.61% in both 2022 and 2023. A substantial decline occurred in 2024, with returns falling to 1.39%. A partial recovery was then noted in 2025, with returns rising to 3.21%, though remaining below earlier levels. This suggests sensitivity to external factors or internal strategic shifts.
- Cruise
- Cruise consistently reported negative returns on assets. The losses widened considerably over the period, moving from -26.64% in 2021 to -34.30% in 2022, -59.17% in 2023, -57.70% in 2024, and reaching -94.79% in 2025. This represents a significant and accelerating drain on resources.
- GM Financial
- GM Financial’s segment return on assets showed a consistent downward trend, decreasing from 4.45% in 2021 to 3.35% in 2022, 2.28% in 2023, 2.13% in 2024, and 2.02% in 2025. While remaining positive, the diminishing returns suggest increasing challenges in maintaining profitability within this segment.
Overall, the segment performance indicates a divergence in profitability. While GMNA remains a strong contributor, the performance of GMI and GM Financial is weakening, and Cruise represents a substantial and growing loss. These trends warrant further investigation to understand the underlying drivers and potential implications for the company’s overall financial health.
Segment ROA: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 10,452) | 14,528) | 12,306) | 12,988) | 10,318) |
| Total assets | 162,079) | 165,905) | 155,908) | 157,250) | 121,735) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 6.45% | 8.76% | 7.89% | 8.26% | 8.48% |
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).
1 2025 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 10,452 ÷ 162,079 = 6.45%
Segment performance for GM North America demonstrates fluctuating profitability relative to its asset base over the five-year period. Earnings before interest and taxes, adjusted, generally increased from 2021 to 2024, before declining in 2025. Total assets experienced an initial increase, followed by relative stabilization and a slight decrease in the most recent year. These movements are reflected in the segment’s Return on Assets (ROA).
- Earnings Performance
- Adjusted earnings before interest and taxes increased from US$10.318 billion in 2021 to US$12.988 billion in 2022, representing a 25.9% increase. Further growth was observed in 2024, reaching US$14.528 billion. However, 2023 saw a slight decrease to US$12.306 billion, and a more substantial decline occurred in 2025, with earnings falling to US$10.452 billion. This suggests potential challenges in maintaining profitability towards the end of the analyzed period.
- Asset Base
- Total assets increased significantly from US$121.735 billion in 2021 to US$157.250 billion in 2022, a 29.1% rise. Asset levels remained relatively stable between 2022 and 2024, fluctuating between US$155.908 billion and US$165.905 billion. A modest decrease to US$162.079 billion was recorded in 2025, indicating a potential shift in asset allocation or utilization.
- Return on Assets (ROA)
- Segment ROA began at 8.48% in 2021 and experienced a slight decrease to 8.26% in 2022. A further decline to 7.89% was observed in 2023. ROA then improved to 8.76% in 2024, the highest value in the period, before falling to 6.45% in 2025. This final decrease in ROA aligns with the decline in earnings observed in the same year, suggesting that the reduction in profitability was not offset by changes in the asset base. The fluctuations indicate a sensitivity of segment profitability to changes in earnings, with asset levels remaining relatively consistent.
Overall, GM North America demonstrated a period of growth followed by a decline in profitability as measured by segment ROA. While the asset base remained relatively stable, the decrease in earnings in 2025 significantly impacted the segment’s return on assets.
Segment ROA: GM International (GMI)
General Motors Co.; GM International (GMI); segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 737) | 303) | 1,210) | 1,143) | 827) |
| Total assets | 22,924) | 21,769) | 26,225) | 24,808) | 22,876) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 3.21% | 1.39% | 4.61% | 4.61% | 3.62% |
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).
1 2025 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 737 ÷ 22,924 = 3.21%
The financial performance of GM International (GMI) exhibits fluctuating profitability and asset levels over the five-year period. Earnings before interest and taxes, adjusted, generally increased from 2021 to 2023, followed by a significant decline in 2024 and a partial recovery in 2025. Total assets demonstrated an increasing trend until 2023, then decreased in 2024 before stabilizing in 2025.
- Earnings Trend
- Adjusted earnings before interest and taxes increased from US$827 million in 2021 to US$1,210 million in 2023, representing a growth of approximately 46.3%. However, a substantial decrease to US$303 million occurred in 2024, followed by a recovery to US$737 million in 2025. This volatility suggests potential sensitivity to external economic factors or internal operational changes within the GMI segment.
- Asset Trend
- Total assets increased steadily from US$22,876 million in 2021 to US$26,225 million in 2023, indicating expansion within the segment. A notable reduction in total assets occurred in 2024, falling to US$21,769 million, potentially due to asset sales, depreciation, or revaluation. Assets remained relatively stable at US$22,924 million in 2025.
- Segment ROA
- Segment Return on Assets (ROA) mirrored the earnings trend. It rose from 3.62% in 2021 to 4.61% in both 2022 and 2023, indicating improved efficiency in generating earnings from assets. A significant decline to 1.39% was observed in 2024, coinciding with the drop in earnings. ROA partially recovered to 3.21% in 2025, but remained below the levels achieved in 2022 and 2023. The decrease in ROA in 2024 warrants further investigation to understand the underlying causes.
The interplay between earnings and asset levels significantly impacted the segment’s ROA. The decline in both earnings and assets in 2024 resulted in a pronounced decrease in ROA, highlighting the segment’s vulnerability to fluctuations in these key financial metrics. The stabilization of assets in 2025, coupled with increased earnings, contributed to a partial recovery in ROA.
Segment ROA: Cruise
General Motors Co.; Cruise; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | (273) | (1,701) | (2,695) | (1,890) | (1,196) |
| Total assets | 288) | 2,948) | 4,555) | 5,510) | 4,489) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | -94.79% | -57.70% | -59.17% | -34.30% | -26.64% |
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).
1 2025 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × -273 ÷ 288 = -94.79%
The Cruise segment experienced significant financial challenges between 2021 and 2025. A consistent pattern of pre-tax losses is observed, alongside a substantial decline in total assets, resulting in increasingly negative returns on assets.
- Earnings (loss) before interest and taxes, adjusted
- The segment reported a loss of $1.196 billion in 2021, which widened to $1.890 billion in 2022 and further deteriorated to $2.695 billion in 2023. While the loss decreased to $1.701 billion in 2024, it remained substantial. A significant improvement is noted in 2025, with losses reduced to $273 million, though the segment remains unprofitable.
- Total assets
- Total assets decreased steadily throughout the period. Beginning at $4.489 billion in 2021, assets grew to $5.510 billion in 2022 before declining to $4.555 billion in 2023. This downward trend accelerated in 2024, with assets falling to $2.948 billion, and continued sharply in 2025, reaching only $288 million. This represents a dramatic reduction in the segment’s asset base.
- Segment ROA
- The segment’s Return on Assets (ROA) was negative throughout the analyzed period, indicating that the segment did not generate profits from its assets. ROA deteriorated from -26.64% in 2021 to -34.30% in 2022 and reached a low of -59.17% in 2023. While there was a slight improvement to -57.70% in 2024, ROA experienced a substantial decline in 2025, reaching -94.79%. This indicates a significant and worsening inefficiency in asset utilization and profitability.
The combined effect of increasing losses and decreasing assets resulted in a consistently worsening ROA. The substantial asset reduction in 2024 and 2025, coupled with continued losses, suggests a significant restructuring or scaling back of operations within the Cruise segment.
Segment ROA: GM Financial
General Motors Co.; GM Financial; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Earnings (loss) before interest and taxes, adjusted | 2,802) | 2,965) | 2,985) | 4,076) | 5,036) |
| Total assets | 138,820) | 139,156) | 130,780) | 121,544) | 113,207) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 2.02% | 2.13% | 2.28% | 3.35% | 4.45% |
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).
1 2025 Calculation
Segment ROA = 100 × Earnings (loss) before interest and taxes, adjusted ÷ Total assets
= 100 × 2,802 ÷ 138,820 = 2.02%
The segment results for GM Financial demonstrate a consistent decline in profitability as measured by Return on Assets (ROA) over the five-year period from 2021 to 2025. While total assets have generally increased, earnings before interest and taxes, adjusted, have decreased, contributing to the observed trend.
- Earnings Before Interest and Taxes, Adjusted
- Earnings before interest and taxes, adjusted, experienced a decrease from US$5,036 million in 2021 to US$2,802 million in 2025. The largest year-over-year decline occurred between 2021 and 2022, with a decrease of US$960 million. Subsequent declines were more moderate, though consistently negative. The rate of decline appears to be slowing between 2023 and 2025.
- Total Assets
- Total assets increased from US$113,207 million in 2021 to US$139,156 million in 2024, representing substantial growth. However, assets decreased slightly in 2025 to US$138,820 million. This suggests a potential stabilization or slight contraction in the asset base following a period of expansion.
- Segment ROA
- Segment ROA decreased steadily from 4.45% in 2021 to 2.02% in 2025. This indicates a diminishing ability to generate earnings relative to the asset base. The decline in ROA mirrors the decrease in earnings and the increase in assets. The most significant decrease in ROA occurred between 2021 and 2022, falling by 1.10 percentage points. The rate of decline has slowed in recent years, but remains negative.
The combination of decreasing earnings and increasing assets has resulted in a consistent erosion of segment profitability. While asset growth initially occurred, the subsequent decline in earnings has negatively impacted the segment’s efficiency in utilizing those assets to generate profit. The slowing rate of ROA decline in the latest period may warrant further investigation to determine if this trend will continue.
Segment Asset Turnover
General Motors Co., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 0.95 | 0.95 | 0.91 | 0.82 | 0.83 |
| GM International (GMI) | 0.59 | 0.64 | 0.61 | 0.62 | 0.53 |
| Cruise | 0.00 | 0.09 | 0.02 | 0.02 | 0.02 |
| GM Financial | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 |
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).
Segment asset turnover ratios exhibit varied performance across the reporting periods. Generally, asset turnover measures how efficiently a company uses its assets to generate sales. Observed differences across segments suggest varying capital intensity and operational efficiency.
- GM North America (GMNA)
- The GMNA segment demonstrates a generally positive trend in asset turnover. The ratio remained relatively stable at 0.83 and 0.82 in 2021 and 2022, respectively, before increasing to 0.91 in 2023. This upward momentum continued into 2024 and 2025, with the ratio holding steady at 0.95. This indicates improving efficiency in asset utilization within this segment.
- GM International (GMI)
- The GMI segment’s asset turnover shows more fluctuation. The ratio increased from 0.53 in 2021 to 0.62 in 2022, then decreased slightly to 0.61 in 2023. A further increase to 0.64 was observed in 2024, followed by a decline to 0.59 in 2025. While generally lower than GMNA, the segment shows some improvement over the period, though the final year indicates a potential weakening in asset utilization.
- Cruise
- The Cruise segment consistently reports a very low asset turnover ratio. The ratio remained at 0.02 from 2021 through 2023, indicating extremely low sales relative to assets. A significant, though still low, increase to 0.09 was observed in 2024, but then decreased sharply to 0.00 in 2025. This suggests substantial investment in assets with limited immediate revenue generation, and a potential shift in asset deployment in the latest period.
- GM Financial
- GM Financial maintains a consistently low asset turnover ratio, fluctuating between 0.11 and 0.12 throughout the observed period. The ratio was 0.12 in 2021, decreased to 0.11 for 2022, 2023, and 2024, and then returned to 0.12 in 2025. This suggests a business model reliant on substantial assets to support its financial services operations, with relatively stable asset utilization.
Overall, GMNA demonstrates the most efficient asset utilization among the reported segments. Cruise exhibits the lowest, potentially reflecting its early stage of development and significant capital investments. GMI and GM Financial show relatively stable, but lower, asset turnover ratios.
Segment Asset Turnover: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 154,317) | 157,509) | 141,445) | 128,378) | 101,308) |
| Total assets | 162,079) | 165,905) | 155,908) | 157,250) | 121,735) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.95 | 0.95 | 0.91 | 0.82 | 0.83 |
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).
1 2025 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 154,317 ÷ 162,079 = 0.95
Segment asset turnover for GM North America exhibited a generally positive trend over the five-year period. Net sales and revenue increased from US$101.308 billion in 2021 to US$157.509 billion in 2024, before decreasing slightly to US$154.317 billion in 2025. Total assets also increased over the period, rising from US$121.735 billion in 2021 to US$165.905 billion in 2024, and then decreasing to US$162.079 billion in 2025. The interplay between these two figures resulted in fluctuations in the segment asset turnover ratio.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures how efficiently GM North America generates sales from its assets, began at 0.83 in 2021 and remained relatively stable at 0.82 in 2022. A noticeable increase occurred in 2023, with the ratio rising to 0.91. This upward trend continued into 2024, reaching 0.95. The ratio held steady at 0.95 in 2025, indicating a sustained level of asset utilization. The increase from 2021 to 2024 suggests improved efficiency in utilizing assets to generate revenue within GM North America.
The consistent asset turnover ratio in the final two years of the observed period, despite a slight decline in net sales and revenue in 2025, suggests that the company maintained its operational efficiency even with a modest revenue decrease. The initial increase in the ratio from 2021 to 2023, coupled with the subsequent stabilization, warrants further investigation to understand the underlying drivers of this performance, such as changes in production processes, inventory management, or asset deployment strategies.
- Net Sales and Revenue & Total Assets Relationship
- The growth in net sales and revenue generally aligned with the increase in total assets between 2021 and 2024. However, the slight decrease in net sales in 2025, while accompanied by a corresponding decrease in total assets, did not impact the segment asset turnover ratio, indicating a balanced adjustment in both figures. This suggests a proactive approach to asset management in response to revenue fluctuations.
Segment Asset Turnover: GM International (GMI)
General Motors Co.; GM International (GMI); segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 13,427) | 13,890) | 15,949) | 15,420) | 12,172) |
| Total assets | 22,924) | 21,769) | 26,225) | 24,808) | 22,876) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.59 | 0.64 | 0.61 | 0.62 | 0.53 |
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).
1 2025 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 13,427 ÷ 22,924 = 0.59
The segment asset turnover for GM International (GMI) demonstrates a generally stable performance with some fluctuation over the five-year period. Net sales and revenue for GMI initially increased before experiencing a decline, while total assets exhibited a similar pattern. The interplay between these figures influences the segment asset turnover ratio.
- Segment Asset Turnover Trend
- The segment asset turnover ratio increased from 0.53 in 2021 to 0.62 in 2022, indicating improved efficiency in utilizing assets to generate sales. This improvement was followed by a slight decrease to 0.61 in 2023. A further increase to 0.64 was observed in 2024, representing the highest ratio within the observed period. The ratio then decreased to 0.59 in 2025, though remaining above the 2021 level.
- Relationship to Net Sales and Revenue
- Net sales and revenue increased from US$12,172 million in 2021 to US$15,420 million in 2022, coinciding with the initial increase in asset turnover. However, revenue decreased to US$13,890 million in 2024 and further to US$13,427 million in 2025. This decline in revenue, particularly in the latter years, likely contributed to the subsequent decrease in the asset turnover ratio despite asset levels remaining relatively stable.
- Relationship to Total Assets
- Total assets increased from US$22,876 million in 2021 to US$26,225 million in 2023. While the asset turnover ratio increased in 2022, the continued growth in total assets suggests that the increase in sales was not solely responsible for the improved ratio. The decrease in total assets to US$21,769 million in 2024, coupled with a slight decrease in revenue, resulted in the highest asset turnover ratio for the period. The subsequent increase in total assets to US$22,924 million in 2025, alongside a further revenue decline, contributed to the ratio’s decrease.
Overall, the segment asset turnover ratio for GMI demonstrates a sensitivity to both sales revenue and asset levels. The highest efficiency in asset utilization occurred in 2024, coinciding with a decrease in total assets and a relatively stable revenue level. The 2025 results suggest that maintaining asset efficiency will be dependent on stabilizing or increasing sales revenue.
Segment Asset Turnover: Cruise
General Motors Co.; Cruise; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 1) | 257) | 102) | 102) | 106) |
| Total assets | 288) | 2,948) | 4,555) | 5,510) | 4,489) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.00 | 0.09 | 0.02 | 0.02 | 0.02 |
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).
1 2025 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 1 ÷ 288 = 0.00
The segment performance of Cruise demonstrates significant fluctuations in both net sales and revenue, total assets, and consequently, asset turnover over the observed five-year period. Initial stability transitioned into substantial changes, culminating in a marked decline in the most recent year.
- Net Sales and Revenue
- Net sales and revenue remained relatively consistent between 2021 and 2023, fluctuating around US$100 million. A substantial increase is observed in 2024, reaching US$257 million, followed by a dramatic decrease to US$1 million in 2025. This suggests a period of rapid growth followed by a significant contraction in revenue generation.
- Total Assets
- Total assets increased from US$4,489 million in 2021 to US$5,510 million in 2022, indicating investment in the segment. A subsequent decrease to US$4,555 million in 2023 suggests potential asset write-downs or reallocation. The asset base continued to decline sharply to US$2,948 million in 2024 and further to US$288 million in 2025. This substantial reduction in assets implies significant divestitures, impairments, or a strategic shift away from substantial investment in this segment.
- Segment Asset Turnover
- The segment asset turnover ratio remained constant at 0.02 between 2021 and 2023, reflecting consistent efficiency in generating sales from the asset base. An increase to 0.09 in 2024, coinciding with the rise in net sales and revenue, indicates improved asset utilization. However, the ratio plummeted to 0.00 in 2025, directly correlating with the drastic reduction in net sales and revenue and the significant decrease in total assets. This indicates a complete lack of sales generation relative to the remaining asset base in the final year.
The combined trends suggest a period of initial investment and moderate performance, followed by a period of expansion in 2024. The sharp declines in both sales and assets in 2025 indicate a substantial restructuring, potential exit, or significant operational challenges within the Cruise segment. The asset turnover ratio’s trajectory mirrors these changes, highlighting a diminishing ability to generate revenue from invested capital.
Segment Asset Turnover: GM Financial
General Motors Co.; GM Financial; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales and revenue | 17,060) | 15,875) | 14,225) | 12,766) | 13,419) |
| Total assets | 138,820) | 139,156) | 130,780) | 121,544) | 113,207) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.12 | 0.11 | 0.11 | 0.11 | 0.12 |
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).
1 2025 Calculation
Segment asset turnover = Net sales and revenue ÷ Total assets
= 17,060 ÷ 138,820 = 0.12
The segment experienced fluctuating net sales and revenue alongside consistently increasing total assets over the five-year period. However, the segment asset turnover ratio remained relatively stable, indicating a consistent, though not improving, efficiency in utilizing assets to generate sales.
- Net Sales and Revenue
- Net sales and revenue decreased from US$13,419 million in 2021 to US$12,766 million in 2022, representing a decline of approximately 4.8%. A subsequent increase was observed in 2023, reaching US$14,225 million, followed by further growth to US$15,875 million in 2024 and US$17,060 million in 2025. This demonstrates a positive revenue trend over the latter three years of the analyzed period.
- Total Assets
- Total assets exhibited a consistent upward trend throughout the period. From US$113,207 million in 2021, assets grew to US$121,544 million in 2022, US$130,780 million in 2023, and US$139,156 million in 2024. While the rate of increase slowed, assets remained high at US$138,820 million in 2025.
- Segment Asset Turnover
- The segment asset turnover ratio remained within a narrow range between 0.11 and 0.12 throughout the five-year period. The ratio was 0.12 in 2021, decreased to 0.11 in 2022, and remained at 0.11 in both 2023 and 2024 before returning to 0.12 in 2025. This suggests that the segment’s efficiency in generating sales from its asset base has been consistent, despite the changes in both sales and total assets. The lack of significant change in this ratio indicates that asset growth has largely kept pace with revenue growth.
In summary, while the segment demonstrated revenue recovery and growth in the later years, and consistently increased its asset base, its ability to generate sales from those assets remained relatively unchanged.
Segment Capital Expenditures to Depreciation
General Motors Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 1.34 | 1.72 | 1.65 | 1.43 | 1.24 |
| GM International (GMI) | 0.98 | 0.82 | 0.89 | 1.38 | 1.44 |
| Cruise | 2.00 | 0.28 | 1.66 | 3.72 | 1.71 |
| GM Financial | 0.01 | 0.00 | 0.00 | 0.01 | 0.00 |
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).
The relationship between segment capital expenditures and depreciation exhibits varied trends across General Motors’ reportable segments between 2021 and 2025. GM North America demonstrates a generally increasing ratio, peaking in 2024 before declining in the final year. GM International shows a decreasing trend over the period, with a notable drop in 2023, followed by a slight recovery. Cruise displays significant volatility, while GM Financial consistently reports a very low ratio.
- GM North America (GMNA)
- The GMNA segment’s capital expenditures to depreciation ratio increased from 1.24 in 2021 to 1.72 in 2024, indicating a growing investment in capital assets relative to the depreciation expense recognized. This suggests increased investment in property, plant, and equipment within this segment. However, the ratio decreased to 1.34 in 2025, potentially signaling a moderation in capital spending or an increase in depreciation charges.
- GM International (GMI)
- The GMI segment experienced a decline in the capital expenditures to depreciation ratio from 1.44 in 2021 to 0.82 in 2024. This suggests that depreciation expense has been growing at a faster rate than capital expenditures, potentially due to the age of the asset base or changes in depreciation methods. A slight increase to 0.98 in 2025 indicates a possible stabilization, but the ratio remains lower than in 2021.
- Cruise
- The Cruise segment’s ratio demonstrates substantial fluctuation. It rose sharply from 1.71 in 2021 to 3.72 in 2022, indicating a significant increase in capital expenditures relative to depreciation, likely associated with the expansion of autonomous vehicle development and deployment. A substantial decrease to 0.28 in 2024 suggests a slowdown in capital spending or a significant increase in depreciation. The ratio rebounded to 2.00 in 2025, indicating renewed capital investment.
- GM Financial
- GM Financial consistently reports a very low capital expenditures to depreciation ratio, fluctuating between 0.00 and 0.01. This indicates minimal capital expenditure relative to depreciation within this segment, which is consistent with the nature of its business as a financial services provider. Capital expenditure is not a primary driver of this segment’s operations.
Overall, the segment-level analysis reveals differing investment patterns. GMNA demonstrates consistent, though moderating, capital investment. GMI shows a declining investment trend. Cruise exhibits high volatility, reflecting its developmental stage. GM Financial maintains a minimal capital expenditure profile.
Segment Capital Expenditures to Depreciation: GM North America (GMNA)
General Motors Co.; GM North America (GMNA); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 8,687) | 10,266) | 10,147) | 8,280) | 6,576) |
| Depreciation and amortization | 6,489) | 5,963) | 6,146) | 5,800) | 5,298) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.34 | 1.72 | 1.65 | 1.43 | 1.24 |
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 8,687 ÷ 6,489 = 1.34
Expenditures for property within the segment increased consistently from 2021 to 2023, peaking at US$10,147 million, before experiencing a decrease in 2025. Depreciation and amortization also exhibited an upward trend from 2021 to 2025, though the rate of increase was less pronounced than that of property expenditures. Consequently, the segment capital expenditures to depreciation ratio demonstrated a clear pattern of increase followed by a decline.
- Segment Capital Expenditures to Depreciation
- The segment capital expenditures to depreciation ratio rose from 1.24 in 2021 to a high of 1.72 in 2024. This indicates that, during this period, property expenditures were increasing at a faster rate than depreciation and amortization. The ratio then decreased to 1.34 in 2025, suggesting a moderation in the pace of property expenditure growth relative to depreciation.
The peak in the ratio in 2024 suggests a period of significant investment in property relative to the depreciation of existing assets. The subsequent decline in 2025 could be attributed to several factors, including a planned reduction in property expenditures, an acceleration of depreciation, or a combination of both. Further investigation would be required to determine the specific drivers of this change.
- Property Expenditures Trend
- Property expenditures increased substantially between 2021 and 2023, growing from US$6,576 million to US$10,147 million. This represents a significant commitment of capital to the segment. The decrease to US$8,687 million in 2025 warrants further scrutiny to understand the strategic rationale behind the reduced investment.
The consistent increase in depreciation and amortization throughout the period suggests that the segment’s asset base is growing and aging, leading to higher depreciation charges. The relationship between property expenditures and depreciation will be a key indicator of the segment’s long-term investment strategy and asset management practices.
Segment Capital Expenditures to Depreciation: GM International (GMI)
General Motors Co.; GM International (GMI); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 457) | 415) | 522) | 706) | 783) |
| Depreciation and amortization | 466) | 506) | 589) | 513) | 542) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.98 | 0.82 | 0.89 | 1.38 | 1.44 |
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 457 ÷ 466 = 0.98
The segment capital expenditures to depreciation ratio for GM International (GMI) demonstrates a declining trend from 2021 to 2023, followed by a partial recovery in subsequent years. Property expenditures decreased over the period, while depreciation and amortization remained relatively stable before declining in the later years. This interplay significantly influenced the observed ratio behavior.
- Expenditures for Property
- Expenditures for property decreased from US$783 million in 2021 to US$522 million in 2023, representing a 33.3% reduction. A slight increase to US$457 million was noted in 2025, but remained below the 2021 level. This suggests a potential scaling back of investment in property within the GMI segment during 2022 and 2023.
- Depreciation and Amortization
- Depreciation and amortization exhibited relative stability between 2021 and 2023, fluctuating between US$513 million and US$589 million. A decrease was observed in 2024 and 2025, falling to US$506 million and US$466 million respectively. This decline may be attributable to a reduction in the asset base or changes in depreciation methods.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 1.44 in 2021 and decreased to 0.89 in 2023. This indicates that capital expenditures were becoming less substantial relative to the depreciation of existing assets. The ratio partially recovered to 0.98 in 2025, suggesting a stabilization of investment relative to depreciation. The initial decline could indicate a shift in strategy towards utilizing existing assets more efficiently or a postponement of major capital projects. The subsequent partial recovery suggests a renewed, though still moderated, level of capital investment.
The combined effect of decreasing property expenditures and relatively stable, then declining, depreciation resulted in a notable shift in the segment capital expenditures to depreciation ratio. The trend warrants further investigation to understand the underlying strategic decisions driving these changes within the GMI segment.
Segment Capital Expenditures to Depreciation: Cruise
General Motors Co.; Cruise; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 10) | 7) | 63) | 197) | 89) |
| Depreciation and amortization | 5) | 25) | 38) | 53) | 52) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 2.00 | 0.28 | 1.66 | 3.72 | 1.71 |
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 10 ÷ 5 = 2.00
Expenditures for property, depreciation and amortization, and the resulting segment capital expenditures to depreciation ratio for the period ending December 31, 2021 through December 31, 2025 are analyzed below. Property expenditures demonstrate considerable volatility over the observed timeframe. Depreciation and amortization exhibit a general decreasing trend, though with fluctuations. The segment capital expenditures to depreciation ratio shows significant variation, indicating changing investment patterns relative to asset utilization.
- Property Expenditures
- Property expenditures increased substantially from US$89 million in 2021 to US$197 million in 2022. A subsequent decline occurred in 2023, falling to US$63 million, followed by a sharp decrease to US$7 million in 2024. Expenditures are projected to slightly increase to US$10 million in 2025, remaining at a low level compared to prior years.
- Depreciation and Amortization
- Depreciation and amortization remained relatively stable between 2021 and 2023, at US$52 million, US$53 million, and US$38 million respectively. A further decrease is observed in 2024, to US$25 million, and continues to decline to US$5 million in 2025. This suggests a diminishing value of depreciable assets or a change in asset composition.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio was 1.71 in 2021, increasing significantly to 3.72 in 2022, reflecting higher property expenditures relative to depreciation. The ratio decreased to 1.66 in 2023. A substantial drop is then observed in 2024, with the ratio falling to 0.28, indicating a significant reduction in property expenditures compared to depreciation. The ratio is projected to increase to 2.00 in 2025, though this is based on a low base of property expenditures and low depreciation.
The considerable fluctuations in the segment capital expenditures to depreciation ratio suggest a dynamic investment strategy. The decrease in both property expenditures and depreciation in later years warrants further investigation to understand the underlying drivers and potential implications for future performance.
Segment Capital Expenditures to Depreciation: GM Financial
General Motors Co.; GM Financial; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for property | 51) | 24) | 24) | 44) | 26) |
| Depreciation and amortization | 4,976) | 4,883) | 4,944) | 4,888) | 6,134) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.01 | 0.00 | 0.00 | 0.01 | 0.00 |
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).
1 2025 Calculation
Segment capital expenditures to depreciation = Expenditures for property ÷ Depreciation and amortization
= 51 ÷ 4,976 = 0.01
The segment capital expenditures to depreciation ratio for the analyzed period demonstrates a consistently low level of capital investment relative to depreciation. Expenditures for property remained relatively stable, with fluctuations between US$24 million and US$51 million annually. Depreciation and amortization exhibited a slight decrease from US$6,134 million in 2021 to US$4,888 million in 2022, followed by relative stability between US$4,883 million and US$4,976 million for the subsequent years.
- Segment Capital Expenditures to Depreciation
- The ratio remained near zero for the majority of the period, registering at 0.00 in 2021, 2022, and 2023. A slight increase to 0.01 was observed in 2024 and 2025. This indicates that capital expenditures represent a very small proportion of the depreciation expense recognized by the segment. The consistently low ratio suggests a limited level of investment in property assets relative to the existing asset base.
The relationship between property expenditures and depreciation suggests that the segment is primarily maintaining existing assets rather than significantly expanding its property, plant, and equipment. The relatively stable depreciation figures, despite the low capital expenditures, imply a mature asset base with a predictable depreciation pattern. The increase in property expenditures in 2025 may indicate a planned, but currently limited, investment cycle.
- Property Expenditures
- Property expenditures were lowest in 2021 and 2023 at US$26 million and US$24 million respectively. A peak of US$51 million was reached in 2025, representing the largest annual investment during the analyzed timeframe. The fluctuations suggest potential project-based spending rather than a consistent, ongoing investment strategy.
Overall, the segment appears to be operating with a substantial existing asset base and a conservative approach to capital investment. The low capital expenditures to depreciation ratio warrants further investigation to determine if this strategy aligns with long-term growth objectives and the competitive landscape.
Net sales and revenue
General Motors Co., net sales and revenue by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 154,317) | 157,509) | 141,445) | 128,378) | 101,308) |
| GM International (GMI) | 13,427) | 13,890) | 15,949) | 15,420) | 12,172) |
| Cruise | 1) | 257) | 102) | 102) | 106) |
| GM Financial | 17,060) | 15,875) | 14,225) | 12,766) | 13,419) |
| Total Reportable Segments | 184,805) | 187,531) | 171,721) | 156,666) | 127,005) |
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).
The reportable segments demonstrate varied performance over the five-year period. Overall, total net sales and revenue increased significantly from 2021 to 2024, followed by a slight decrease in 2025. A detailed examination of each segment reveals the drivers behind these trends.
- GM North America (GMNA)
- GMNA consistently represents the largest portion of total net sales and revenue. The segment experienced substantial growth from 2021 to 2024, increasing from US$101.308 billion to US$157.509 billion. However, 2025 saw a modest decline to US$154.317 billion, indicating a potential stabilization or slight contraction in this key market.
- GM International (GMI)
- GMI exhibited initial growth between 2021 and 2022, rising from US$12.172 billion to US$15.420 billion. This was followed by a period of relative stability, with net sales fluctuating around US$15.949 billion in 2023, before decreasing to US$13.890 billion in 2024 and further to US$13.427 billion in 2025. This suggests increasing challenges or a shift in strategy within international markets.
- Cruise
- Cruise demonstrated minimal revenue until 2024. Revenue remained consistently low at US$106 million in 2021 and US$102 million in both 2022 and 2023. A significant increase was observed in 2024, reaching US$257 million, but this was followed by a dramatic decrease to US$1 million in 2025. This volatility suggests a period of rapid development and subsequent adjustment, potentially related to operational or strategic changes.
- GM Financial
- GM Financial showed a generally upward trend in net sales and revenue. After a slight decrease from 2021 to 2022, the segment experienced growth in subsequent years, increasing from US$12.766 billion in 2022 to US$17.060 billion in 2025. This consistent growth indicates a strengthening financial services component of the overall business.
The overall trend in total reportable segments mirrors the growth of GMNA and GM Financial, with a peak in 2024 at US$187.531 billion. The slight decrease in 2025 to US$184.805 billion is likely attributable to the combined effects of the decline in GMNA and the substantial reduction in Cruise revenue, partially offset by continued growth in GM Financial and relatively stable performance in GMI.
Earnings (loss) before interest and taxes, adjusted
General Motors Co., earnings (loss) before interest and taxes, adjusted by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 10,452) | 14,528) | 12,306) | 12,988) | 10,318) |
| GM International (GMI) | 737) | 303) | 1,210) | 1,143) | 827) |
| Cruise | (273) | (1,701) | (2,695) | (1,890) | (1,196) |
| GM Financial | 2,802) | 2,965) | 2,985) | 4,076) | 5,036) |
| Total Reportable Segments | 13,718) | 16,095) | 13,806) | 16,317) | 14,985) |
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).
The financial performance of reportable segments exhibits varied trends over the five-year period. GM North America consistently contributes the largest portion of earnings before interest and taxes, adjusted, while Cruise demonstrates ongoing losses. GM International shows moderate fluctuations, and GM Financial experiences a declining, yet stable, profitability.
- GM North America (GMNA)
- GMNA demonstrates a generally positive trend, increasing from US$10.318 billion in 2021 to a peak of US$14.528 billion in 2024. However, 2025 shows a significant decrease to US$10.452 billion, representing a substantial pullback from the prior year’s performance. This suggests potential cyclicality or specific challenges impacting the North American market in the latest period.
- GM International (GMI)
- GMI shows an initial increase from US$827 million in 2021 to US$1,210 million in 2023. This is followed by a sharp decline to US$303 million in 2024, and a partial recovery to US$737 million in 2025. The volatility in GMI’s performance indicates sensitivity to global economic conditions or regional market dynamics.
- Cruise
- Cruise consistently reports losses throughout the period. While the magnitude of the loss decreases from US$-2.695 billion in 2023 to US$-1.701 billion in 2024, it remains substantial. The loss further diminishes to US$-273 million in 2025, indicating a potential, albeit slow, progression towards profitability. However, significant losses continue to be incurred.
- GM Financial
- GM Financial exhibits a declining trend in earnings before interest and taxes, adjusted, decreasing from US$5.036 billion in 2021 to US$2.802 billion in 2025. The decline appears relatively consistent year-over-year, suggesting a gradual erosion of profitability within this segment. Despite the decline, the segment remains profitable throughout the observed period.
- Total Reportable Segments
- Total earnings before interest and taxes, adjusted, for all reportable segments peaked in 2024 at US$16.095 billion, following an increase from US$14.985 billion in 2021. However, 2025 shows a decrease to US$13.718 billion, largely driven by the decline in GMNA performance. The overall trend suggests a degree of cyclicality, with a recent softening in combined segment profitability.
The interplay between these segments significantly influences overall company performance. The substantial losses from Cruise continue to offset gains in other areas, while the performance of GMNA remains a key driver of overall profitability. The fluctuations in GMI and the consistent decline in GM Financial also warrant continued monitoring.
Total assets
General Motors Co., total assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 162,079) | 165,905) | 155,908) | 157,250) | 121,735) |
| GM International (GMI) | 22,924) | 21,769) | 26,225) | 24,808) | 22,876) |
| Cruise | 288) | 2,948) | 4,555) | 5,510) | 4,489) |
| GM Financial | 138,820) | 139,156) | 130,780) | 121,544) | 113,207) |
| Total Reportable Segments | 324,111) | 329,778) | 317,468) | 309,112) | 262,307) |
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).
The total assets held within the reportable segments exhibited a general upward trend between 2021 and 2024, followed by a slight decrease in 2025. Significant variations exist in the asset composition and growth rates across the individual segments.
- GM North America (GMNA)
- GMNA consistently represents the largest portion of total reportable segment assets. Assets increased substantially from 2021 to 2022, reaching US$157.25 billion, before experiencing a modest decline in 2023. A subsequent increase occurred in 2024, reaching US$165.905 billion, followed by a minor decrease in 2025 to US$162.079 billion. This segment demonstrates relative stability in asset holdings despite fluctuations.
- GM International (GMI)
- GMI’s assets showed a steady increase from 2021 to 2023, growing from US$22.876 billion to US$26.225 billion. However, a decrease was observed in 2024, falling to US$21.769 billion, with a slight recovery in 2025 to US$22.924 billion. The growth rate in this segment is considerably lower than that of GMNA and GM Financial.
- Cruise
- Cruise experienced initial asset growth from 2021 to 2022, increasing from US$4.489 billion to US$5.510 billion. Assets decreased in both 2023 and 2024, reaching US$2.948 billion. A substantial decline occurred in 2025, with assets reported at only US$288 million. This represents a significant reduction in asset holdings for this segment.
- GM Financial
- GM Financial demonstrated consistent asset growth throughout the period. From US$113.207 billion in 2021, assets increased to US$138.820 billion in 2025. The growth was particularly strong between 2022 and 2024, indicating expansion within this financial services segment. The rate of growth slowed slightly in 2025.
- Total Reportable Segments
- The combined assets of all reportable segments increased from US$262.307 billion in 2021 to US$329.778 billion in 2024. A slight decrease was noted in 2025, with total assets reaching US$324.111 billion. The overall trend suggests expansion, although the 2025 figure indicates a potential stabilization or minor contraction.
The substantial asset reduction within Cruise, coupled with the continued growth of GM Financial, significantly influences the overall trend in total reportable segment assets. GMNA remains the dominant contributor to the total, while GMI exhibits more moderate changes.
Expenditures for property
General Motors Co., expenditures for property by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 8,687) | 10,266) | 10,147) | 8,280) | 6,576) |
| GM International (GMI) | 457) | 415) | 522) | 706) | 783) |
| Cruise | 10) | 7) | 63) | 197) | 89) |
| GM Financial | 51) | 24) | 24) | 44) | 26) |
| Total Reportable Segments | 9,205) | 10,712) | 10,756) | 9,227) | 7,474) |
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).
Expenditures for property across reportable segments demonstrate varying trends over the five-year period. Overall, total property expenditures increased significantly from 2021 to 2023, followed by a stabilization and slight decrease in the subsequent two years.
- GM North America (GMNA)
- GMNA consistently represents the largest portion of property expenditures. A substantial increase is observed from US$6,576 million in 2021 to US$10,147 million in 2023, indicating significant investment in this segment. Expenditures remained relatively stable in 2024 at US$10,266 million before decreasing to US$8,687 million in 2025. This recent decline may suggest a completion of major investment projects or a shift in capital allocation strategy.
- GM International (GMI)
- GMI’s property expenditures show a decreasing trend throughout the period. Starting at US$783 million in 2021, expenditures declined to US$415 million by 2024. A slight increase to US$457 million is noted in 2025, but remains considerably lower than the 2021 level. This suggests a potential contraction of property investments in international operations.
- Cruise
- Cruise exhibited an initial increase in property expenditures from US$89 million in 2021 to US$197 million in 2022, likely related to the expansion of its autonomous vehicle operations. However, expenditures decreased sharply in subsequent years, reaching US$7 million in 2024 and US$10 million in 2025. This substantial reduction could be attributed to a reassessment of investment priorities or operational adjustments within Cruise.
- GM Financial
- GM Financial’s property expenditures remained relatively low and stable between 2021 and 2024, fluctuating between US$24 million and US$44 million. A moderate increase to US$51 million is observed in 2025, potentially indicating renewed investment in infrastructure or technology to support its financial services operations.
The total property expenditures for all reportable segments peaked in 2023 at US$10,756 million, followed by a slight decrease to US$10,712 million in 2024 and a more noticeable decline to US$9,205 million in 2025. This overall trend suggests a period of significant investment followed by a stabilization and subsequent moderation in capital spending across the company’s segments.
Depreciation and amortization
General Motors Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| GM North America (GMNA) | 6,489) | 5,963) | 6,146) | 5,800) | 5,298) |
| GM International (GMI) | 466) | 506) | 589) | 513) | 542) |
| Cruise | 5) | 25) | 38) | 53) | 52) |
| GM Financial | 4,976) | 4,883) | 4,944) | 4,888) | 6,134) |
| Total Reportable Segments | 11,936) | 11,377) | 11,717) | 11,254) | 12,026) |
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).
Total depreciation and amortization across all reportable segments exhibited relative stability between 2021 and 2025, fluctuating between approximately US$11.2 billion and US$12.0 billion. While not consistently increasing or decreasing, a slight upward trend is discernible when comparing the beginning and end of the period.
- GM North America (GMNA)
- GMNA consistently represents the largest portion of total depreciation and amortization. The segment experienced an increase from US$5.298 billion in 2021 to US$5.800 billion in 2022, followed by a further increase to US$6.146 billion in 2023. A slight decrease to US$5.963 billion occurred in 2024, before rising again to US$6.489 billion in 2025, representing the highest value within the observed period. This suggests ongoing investment in property, plant, and equipment within this segment.
- GM International (GMI)
- GMI’s depreciation and amortization remained relatively stable, fluctuating around the US$500 million to US$600 million range. A decrease from US$542 million in 2021 to US$513 million in 2022 was followed by an increase to US$589 million in 2023, then a decrease to US$506 million in 2024, and finally a further decrease to US$466 million in 2025. This indicates a comparatively consistent asset base and investment pattern within the international operations.
- Cruise
- Cruise exhibited a significant downward trend in depreciation and amortization. Starting at US$52 million in 2021 and US$53 million in 2022, the value decreased substantially to US$38 million in 2023, US$25 million in 2024, and further to US$5 million in 2025. This decline likely reflects a reduction in capital expenditures or asset base related to the Cruise autonomous vehicle operations.
- GM Financial
- GM Financial’s depreciation and amortization experienced a notable decrease from US$6.134 billion in 2021 to US$4.888 billion in 2022. The segment then stabilized, remaining relatively consistent at approximately US$4.9 billion between 2023 and 2025. This suggests a potential slowing of asset growth or a change in the depreciation methods applied to the financial segment’s assets.
- Overall Segment Contribution
- The relative contribution of each segment to the total remains consistent. GMNA and GM Financial consistently account for the majority of total depreciation and amortization. The combined depreciation and amortization of these two segments consistently represents over 80% of the total across the period. The contributions from GMI and Cruise are comparatively smaller.