General Motors
GM · NYSEMotor Vehicles & Passenger Car Bodies · Fiscal year ends Dec 31
General Motors reported revenue of $168B in the fiscal year ended Dec 2025, down 2.1% from the year before. Operating income was $2.9B, an operating margin of 1.7%, and net income was $2.7B. Operating cash flow of $26.9B less capital expenditure of $9.3B left free cash flow of $17.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $114B | $144B | $158B | $172B | $168B |
| Cost of revenue | $101B | – | – | – | – |
| Gross profit | $13B | – | – | – | – |
| Selling, general & admin | $8.6B | – | – | – | – |
| Operating income | $9.3B | $10.3B | $9.3B | $12.8B | $2.9B |
| Pre-tax income | $12.7B | $11.6B | $10.4B | $8.5B | $3.1B |
| Income tax | $2.8B | $1.9B | $563M | $2.6B | $338M |
| Net income | $10B | $9.9B | $10.1B | $6B | $2.7B |
| Diluted EPS | 6.70 | 6.13 | 7.32 | 6.37 | 3.27 |
| Diluted shares | 1,468M | 1,454M | 1,369M | 1,129M | 973M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $20.1B | $19.2B | $18.9B | $19.9B | $20.9B |
| Receivables | $7.4B | $13.3B | $12.4B | $12.8B | $13.1B |
| Inventory | $13B | $15.4B | $16.5B | $14.6B | $14.5B |
| Current assets | $82.1B | $100B | $102B | $109B | $109B |
| Net PP&E | $41.1B | $45.2B | – | – | – |
| Goodwill | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
| Total assets | $245B | $264B | $273B | $280B | $281B |
| Payables | $20.4B | $27.5B | $28.1B | $25.7B | $23.9B |
| Deferred revenue | $2.5B | $2.5B | $2.8B | $3.4B | $4B |
| Current liabilities | $74.4B | $91.2B | $94.4B | $96.3B | $93.3B |
| Total liabilities | $179B | $192B | $205B | $214B | $218B |
| Shareholders' equity | $59.7B | $67.8B | $64.3B | $63.1B | $61.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $15.2B | $16B | $20.9B | $20.1B | $26.9B |
| Capital expenditure | $7.5B | $9.2B | $11B | $10.8B | $9.3B |
| Free cash flow | $7.7B | $6.8B | $10B | $9.3B | $17.6B |
| Depreciation & amortisation | $12B | $11.3B | $11.7B | $11.5B | $12B |
| Stock-based compensation | $391M | $419M | $340M | $332M | $334M |
| Share buybacks | $0 | $2.5B | $11.1B | $7.1B | $6B |
| Dividends paid | $186M | $397M | $597M | $653M | $657M |
| Dividend per share | – | 0.18 | 0.36 | 0.48 | 0.57 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.7% | 9.5% | 8.8% | −2.1% |
| Operating income growth (YoY) | – | 10.6% | −9.9% | 37.5% | −77.2% |
| EPS growth (YoY) | – | −8.5% | 19.4% | −13.0% | −48.7% |
| Gross margin | 11.5% | – | – | – | – |
| Operating margin | 8.2% | 7.2% | 5.9% | 7.4% | 1.7% |
| Net margin | 8.8% | 6.9% | 6.4% | 3.5% | 1.6% |
| Return on equityBlank when equity is negative | 16.8% | 14.7% | 15.8% | 9.5% | 4.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.5% | 6.0% | 5.2% | 7.0% | 1.5% |
| Free cash flow margin | 6.8% | 4.7% | 6.3% | 5.4% | 10.5% |
| Cash conversion (CFO ÷ net income) | 1.52x | 1.61x | 2.07x | 3.35x | 9.96x |
| Receivable days | 24 | 34 | 29 | 27 | 28 |
| Inventory days | 47 | – | – | – | – |
| Payable days | 74 | – | – | – | – |
| Current ratio | 1.10x | 1.10x | 1.08x | 1.13x | 1.17x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.