General Motors Company · NYSE:GM
General Motors — Q4 2025 Earnings Presentation
42 slides from General Motors's earnings presentation, Jan 27, 2026
Slide 1: Strong 2025 drives momentum into 2026
Strong 2025 drives momentum into 2026 Q4 2025 Earnings January 27, 2026 GMC Sierra General Motors 1
Slide 2: Table of contents
Table of contents Page 4 Business update Page 10 2026 guidance Page 11 Financial information Page 28 Supplemental financial information Cadillac Escalade General Motors General Motors 2
Slide 3: Information relevant to this presentation
Cautionary Note on Forward-Looking Statements This communication and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking
Slide 4: 2025 highlights
2025 highlights #1 in total U.S. sales with 2.9M Resilient financial results; U.S. market leader for full-size deliveries; up 6% YoY mitigated more than 40% of pickups and full-size SUVs $3.1B gross tariffs CY U.S. market share growth of 0.6 Chevrolet Silverado and GMC Sierra ppts to 17.2%1 with one
Slide 5: Strong portfolio and operational discipline driving low incentives
Strong portfolio and operational discipline driving low incentives Incentive spend per vehicle as a % of ATP1 14% GM maintained one of the industry’s lowest incentive spend levels Highest Competitor • Balancing production levels to customer demand 10% • Incentives as a percentage of ATP at 4.4% in 2
Slide 6: Leader in ICE and #2 in EV sales; #1 in total U.S. sales
Leader in ICE and #2 in EV sales; #1 in total U.S. sales Full-year ICE vehicle sales increased 3% YoY • Best total Silverado sales in 5 years • GMC had its 2nd consecutive record year, with sales up 6% YoY and best-ever market share • Best full-year sales for Enclave since 2021 following its redesig
Slide 7: Growing our high margin software and services business
Growing our high margin software and services business Deferred revenue from OnStar services, including Super Cruise, was $5.4B at the end of 2025; up 65% YoY • OnStar closed the year with a record 12M subscribers; estimated to have more than 13M subscribers by the end of 2026 • Margins consistent w
Slide 8: Innovating to deliver next-gen vehicles and experiences
Innovating to deliver next-gen vehicles and experiences Eyes-off driving in 2028 • Launching first on the Cadillac ESCALADE IQ • Built on redundancy with LiDAR, radar and cameras integrated into the vehicle’s design • Provides a safe, reliable and highly capable eyes-off autonomous system Conversati
Slide 9: Right-sizing EV capacity and manufacturing footprint
Right-sizing EV capacity and manufacturing footprint Q3 2025: recorded EV related charges of $1.6B • $1.2B non-cash impairment charges, primarily related to transitioning our Orion assembly from EV to ICE production • $0.4B cash charges associated with contract cancellations and supplier settlements
Slide 10: 2026 guidance
2026 guidance YoY EBIT-adj. key assumptions $13.0–15.0B $11.00–13.00 Tailwinds EBIT-adj. EPS-diluted-adj. • North America ICE wholesales flat to up modestly • EV losses improve by $1.0–1.5B from right-sizing EV capacity and significantly lower volume • Warranty costs benefit of ~$1.0B • Regulatory b
Slide 11: Financial information
Financial information Cadillac VISTIQ General Motors 11 11
Slide 12: CY 2025 financial highlights
CY 2025 financial highlights $185.0B $12.7B $10.6B Revenue EBIT-adj. Adj. auto FCF 3,799K 6.9% $10.60 Wholesale units EBIT-adj. margin EPS-diluted-adj. General Motors 12
Slide 13: Fourth quarter financial highlights
Fourth quarter financial highlights $45.3B $2.8B $2.8B Revenue EBIT-adj. Adj. auto FCF 937K 6.3% $2.51 Wholesale units EBIT-adj. margin EPS-diluted-adj. General Motors 13
Slide 14: CY 2025 performance
CY 2025 performance EPS-diluted-adj. and EBIT-adj. EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 • EPS-diluted-adj. flat YoY due to lower EBIT- adj. offset by 156M (14%) lower diluted weighted-average common shares from share repurchases • EBIT-adj. decreased primarily due to impact of tarif
Slide 15: CY 2025 EBIT-adjusted ($B)
CY 2025 EBIT-adjusted ($B) • GMNA decrease driven by tariff impacts, lower • GMI increase led by a successful restructuring at our wholesale volumes and higher warranty costs China JV, achieving 4 quarters of profitable equity partially offset by pricing, FX impact driven primarily income by the Mex
Slide 16: CY 2025 EBIT-adjusted performance ($B)
CY 2025 EBIT-adjusted performance ($B) China Auto JV: $0.6B GMNA: (168)K GM Financial: $(0.2)B GMI: (44)K FX and Other: $0.5B Volume and Mix Price Cost Lower wholesale volume primarily due to Strong demand for our products and Tariff costs of $3.1B and warranty related a disciplined approach to prod
Slide 17: Fourth quarter performance
Fourth quarter performance EPS-diluted-adj. and EBIT-adj. EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 • EPS-diluted-adj. 30% YoY increase driven by higher EBIT-adj. and 126M (12%) lower diluted- adj. weighted-average common shares from share repurchases • EBIT-adj. increase driven by stron
Slide 18: Fourth quarter EBIT-adjusted ($B)
Fourth quarter EBIT-adjusted ($B) • GMNA decrease driven by lower wholesale volumes • GMI increase driven by improved profitability in our and tariff impact, largely offset by pricing, increased China JV operations supported by strong NEV sales production of full-size pickups and full-size SUVs and
Slide 19: Fourth quarter EBIT-adjusted performance ($B)
Fourth quarter EBIT-adjusted performance ($B) China Auto JV: $0.1B GMNA: (96)K GM Financial: $(0.1)B GMI: (6)K FX and Other: $0.2B Volume and Mix Price Cost Lower wholesale volumes primarily due to Strong demand for our products and Tariff costs of $0.7B partially offset by a disciplined approach to
Slide 20: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) Strong 2025 performance across all brands driving GM to the #1 total sales in the U.S. with lower than industry level incentives Four consecutive years of retail share growth; best-ever Q4 sales of Traverse, best Q4 since 2020 for Silverado Best-ever
Slide 21: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) EBIT-adj. ($B) Wholesales (000’S) Highlights • YoY slight decline primarily due to tariff costs on U.S. exports • Q4 sales increased due to growth in key markets driven by Uzbekistan, Egypt and Argentina; highest truck sales in the Middle East s
Slide 22: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 Wholesales (000’S)1 Highlights • Delivered a full year of profitability by executing restructuring actions to right size capacity, accelerate electrification and revitalize operations • NEV sales reached nearly 1M units in 2025 accou
Slide 23: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights x x x x x • EBT-adj. down YoY primarily due to lower lease termination gains and non-recurring reserve release, partially offset by higher retail yield and lower provision for loan losses • Sufficient capital and ample l
Slide 24: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q4 YTD ($B) 2024 2025 2024 2025 Net Income (2.9) (3.3) 6.0 2.8 Income tax and net automotive interest expense 0.3 (1.1) 2.4 0.2 EBIT adjustments1 5.2 7.2 6.5 9.8 Net loss (income) attributable to noncontrolling interests (0.1) (0.1) — (0.1) EBIT-adjusted 2.5 2.8 14
Slide 25: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) Robust cash flow generation from a strong core operating performance allowing us to invest across all pillars of our capital allocation framework • Strong liquidity supported by $10.6B automotive adjusted free cash fl
Slide 26: Regional fourth quarter EBIT-adjusted performance ($B)
Regional fourth quarter EBIT-adjusted performance ($B) GMNA GMI $14.5 $(1.9) $0.4 $1.4 $(5.1) $1.1 $10.5 $0.3 $(0.2) $0.2 $0.5 $(0.2) $0.3 $0.7 Year to date 2025 Year to date 2025 General Motors 26
Slide 27: Summary
Summary 2025 results What’s to come Resilient financial performance 2026 positioned to be stronger than 2025 • Delivered EBIT-adj. of $12.7B and adj. auto FCF $10.6B • Strong cash flow will support investment back into the business • Mitigated more than 40% of the $3.1B tariff headwind including sof
Slide 28: Supplemental financial information
Supplemental financial information Buick Envista General Motors 28 28
Slide 29: Fourth quarter and CY 2025 GAAP results
Fourth quarter and CY 2025 GAAP results Q4 YTD All amounts in $B except EPS-diluted 2024 2025 2024 2025 Net revenue 47.7 45.3 187.4 185.0 Operating income (loss) 1.5 (3.6) 12.8 2.9 Net income (loss) attributed to stockholders (3.0) (3.3) 6.0 2.7 Net income margin (6.2)% (7.3)% 3.2% 1.5% EPS-diluted
Slide 30: Global deliveries
Global deliveries (000's) Q4 2024 CY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 CY 2025 North America 889 3,215 819 878 837 827 3,361 U.S. 755 2,705 693 747 710 703 2,853 Asia/Pacific, Middle East and Africa 738 2,360 545 566 619 690 2,418 China 599 1,839 443 448 469 521 1,880 South America 119 424 85 95
Slide 31: Global market share
Global market share Q4 2024 CY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 CY 2025 North America 16.6% 15.9% 16.5% 16.4% 16.1% 16.2% 16.3% U.S. 17.4% 16.5% 17.2% 17.4% 17.0% 17.2% 17.2% Asia/Pacific, Middle East and Africa 5.3% 4.9% 4.8% 4.8% 5.0% 5.4% 5.0% China 7.2% 7.0% 7.6% 6.8% 6.8% 7.4% 7.1% South Am
Slide 32: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q1 Q2 Q3 Q4 2024 2025 2024 2025 2024 2025 2024 2025 Net income (loss) attributable to stockholders 3.0 2.8 2.9 1.9 3.1 1.3 (3.0) (3.3) Income tax expense (benefit) 0.8 0.7 0.8 0.5 0.7 0.1 0.3 (1.0) Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Autom
Slide 33: Impact of special items on GAAP reported earnings - CY
Impact of special items on GAAP reported earnings - CY ($B) CY 2024 CY 2025 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 187.4 — 187.4 185.0 — 185.0 Costs and expenses Automotive and other cost of sales 151.1 (1.1) 2,4,5,6,7 150.0
Slide 34: Impact of special items on GAAP reported earnings - fourth quarter
Impact of special items on GAAP reported earnings - fourth quarter ($B) Q4 2024 Q4 2025 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 47.7 — 47.7 45.3 — 45.3 Costs and expenses 2,4,5,6,7 1,2,3,4,6,7 Automotive and other cost of sal
Slide 35: EPS-diluted-adjusted reconciliation
EPS-diluted-adjusted reconciliation Q4 YTD All amounts in $B except EPS-diluted 2024 2025 2024 2025 Diluted earnings (loss) per common share $(1.64) $(3.60) $6.37 $3.27 Impact of including dilutive securities1 0.03 0.09 — — Adjustments2 4.85 7.60 5.75 10.12 Tax effect on adjustments3 (0.17) (1.59) (
Slide 36: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q4 YTD 2024 2025 2024 2025 Income Income Income Income Income Income Income Income before tax Effective before tax Effective before tax Effective before tax Effective income expense tax rate income expense tax rate income expense tax rate income expense tax rate taxe
Slide 37: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Years ended December 31, 2024 2025 Numerator: EBIT-adjusted 14.9 12.7 Denominator: Average equity1 68.9 64.6 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.1 16.2 Add: Average automotive net pension & OPEB liability 9.4 8.5 Less:
Slide 38: GM Financial key metrics
GM Financial key metrics Q4 2024 Q4 2025 CY 2024 CY 2025 Revenue ($B) 4.1 4.3 15.9 17.1 EBT-adjusted1 ($B) 0.7 0.6 3.0 2.8 Total retail originations ($B) 15.6 12.6 56.0 55.9 Retail finance delinquencies (>30 days) 3.4% 3.7% 3.4% 3.7% Annualized net charge-offs as % of average retail finance 1.3% 1.5
Slide 39: GM Financial return on equity
GM Financial return on equity Years ended December 31, ($B) 2024 2025 Net income attributable to common shareholder 1.9 1.9 Adjustment - impairment charge1 0.3 — Net Income attributable to common shareholder - adjusted 2.1 1.9 Average equity 15.7 15.7 Less: average preferred equity (2.0) (2.0) Avera
Slide 40: Weighted-avg. common shares outstanding-dil.-adj. reconciliation
Weighted-avg. common shares outstanding-dil.-adj. reconciliation (M) Three Months Ended Years Ended December December December December 31, 2024 31, 2025 31, 2024 31, 2025 Weighted-average common shares outstanding — diluted 1,055 925 1,129 973 Dilutive effect of awards under stock incentive plans 2
Slide 41: Guidance reconciliation
Guidance reconciliation ($B) Year Ending Dec 31, 2026 Net income attributable to stockholders $10.3 - $11.7 Income tax expense $2.6 - $3.2 Automotive interest expense, net $0.1 EBIT-adjusted $13.0 - $15.0 Year Ending Dec 31, 2026 Diluted earnings per common share $11.00 - $13.00 EPS-diluted-adjusted
Slide 42: For additional information please visit
For additional information please visit: https://investor.gm.com investorrelations@gm.com https://www.gmfinancial.com/en-us/investor-center.html investors@gmfinancial.com GM’s Investor Relations website contains a significant amount of information about GM, including financial and other information
General Motors Company — Q4 2025 Earnings Presentation on 6ix