General Motors Company · NYSE:GM
General Motors — Q3 2025 Earnings Presentation
36 slides from General Motors's earnings presentation, Oct 21, 2025
Slide 1: Ongoing operational agility and strong execution
Ongoing operational agility and strong execution Q3 2025 Earnings October 21, 2025 Chevrolet Equinox EV Chevrolet Equinox
Slide 2: Table of contents
Table of contents Page 4 Business update Page 10 2025 guidance Page 11 Financial information Page 24 Supplemental financial information Cadillac Escalade General Motors 2
Slide 3: Information relevant to this presentation
Information relevant 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
Slide 4: Q3 2025 highlights
Q3 2025 highlights #1 in total U.S. sales with 710K Resilient Q3 financial results Solidified #2 spot in EV sales deliveries; up 8% YoY EBIT-adj. $3.4B Record EV sales of 67K; 16.5% of U.S. Q3 U.S. market share of 17.0%1; record Adj. auto free cash flow $4.2B EV market1; more share growth than Q3 sa
Slide 5: Strong product portfolio driving low incentive spend
Strong product portfolio driving low incentive spend Incentive spend per vehicle as a % of ATP1 Highest Competitor 13% Maintaining one of the industry's lowest incentive spend levels • Q3 and YTD average ATPs of more 9% than $51K, reflecting consistent results with ATPs above the industry Industry A
Slide 6: Industry leading full-size pickup and SUV franchise
Industry leading full-size pickup and SUV franchise GM increased ICE market share YTD to 17.4%; up 0.5 ppts1 • On track to lead the industry in full-size pickups for the 6th straight year; YTD share was 41% • On track to lead the industry in full-size SUV sales for the 51st straight year; YTD share
Slide 7: Solidifying #2 position in EV segment
Solidifying #2 position in EV segment GM leads the industry in EV market share growth YTD, with the lowest EV incentives of any major OEM Chevrolet is America’s #2 EV brand • Equinox EV is the best-selling non-Tesla EV Cadillac has gained more share of the luxury EV market than any brand in 2025 • C
Slide 8: Gaining momentum on software and services
Gaining momentum on software and services Recognized YTD revenue of ~$2B from Super Cruise, OnStar and other software and services; deferred revenue of ~$5B at the end of Q3, up over 90% YoY • Ended Q3 with over 11M OnStar global subscribers and on track for over 12M by end of year; up 34% YoY Super
Slide 9: AI and robotics: improving quality and efficiency
AI and robotics: improving quality and efficiency Digital twins in manufacturing • Digital twins simulate production lines before construction; enabling faster scaling and cost savings AI in manufacturing • AI integrated into battery pack assembly detects manufacturing outliers and voltage anomalies
Slide 10: Updated 2025 guidance
Updated 2025 guidance Key assumptions $12.0–13.0B $9.75–10.50 • North America pricing up 0.5–1.0% YoY EBIT-adj. EPS-diluted-adj. • Q4 wholesale seasonality; still expect wholesale volume down low single digits H1 to H2 Previously: $10.0–12.5B Previously: $8.25–10.00 • Consistent sequential performan
Slide 11: Financial information
Financial information Chevrolet Silverado General Motors 11 11
Slide 12: Third quarter financial highlights
Third quarter financial highlights $48.6B $3.4B $4.2B Revenue EBIT-adj. Adj. auto FCF 977K 6.9% $2.80 Wholesale units EBIT-adj. margin EPS-diluted-adj. General Motors 12
Slide 13: Third quarter performance
Third quarter performance EPS-diluted-adj. and EBIT-adj. EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 • EPS-diluted-adj. down 5% YoY primarily driven by lower EBIT-adj. partially offset by lower diluted weighted-average common shares from share repurchases • EBIT-adj. decreased primarily du
Slide 14: Third quarter EBIT-adjusted
Third quarter EBIT-adjusted ($B) • GMNA delivered EBIT-adj. margins of 6.2%, which • GMI increase driven by the continued successful included a $1.1B tariff impact. In addition, $0.9B turnaround of our restructured China JV increase in warranty-related expenses partially operations offset by tariff
Slide 15: Third quarter EBIT-adjusted performance
Third quarter EBIT-adjusted performance ($B) China Auto JV $0.2B GMNA: (53)K GM Financial $0.1B GMI: (3)K FX and Other $0.2B Volume and Mix Price Cost Wholesale volume decreased YoY primarily A strong product portfolio, incentive Tariff costs of $1.1B and warranty-related due to the non-repeat of la
Slide 16: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) Q3 performance across all brands driving record sales; best Q3 market share since 20172 Best YTD sales for Silverado since 2018; best Q3 sales for Equinox and Traverse since 2019 Best-ever YTD sales; best-ever YTD sales for Sierra and Denali trims U.S
Slide 17: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) EBIT-adj. ($B) Wholesales (000’S) Highlights • EBIT-adj. stable YoY supported by strong full-size pickup and SUV sales in the Middle East • Best Q3 sales on record for Chevrolet Silverado and Cadillac Escalade in the Middle East General Motors 1
Slide 18: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 Wholesales (000’S)1 Highlights • Delivered nearly 470K units; up over 10% YoY, two consecutive quarters of market share growth • NEV sales have now recorded YoY growth for 10 consecutive quarters 1 China Auto JV Net Revenue and Whole
Slide 19: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights x x x x x • EBT-adj. results increased YoY primarily due to improved retail yield and portfolio growth, partially offset by higher interest costs and lower lease termination gains • Sufficient capital and ample liquidity
Slide 20: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q3 YTD ($B) 2024 2025 2024 2025 Net income 3.0 1.3 8.8 6.0 Income tax and net automotive interest expense 0.6 0.1 2.2 1.3 EBIT adjustments1 0.4 1.9 1.3 2.6 Net loss (income) attributable to noncontrolling interests 0.0 0.0 0.1 (0.0) EBIT-adjusted 4.1 3.4 12.4 9.9 G
Slide 21: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) $4.2B of adj. auto free cash flow supporting balanced capital allocation • $1.3B of debt originally scheduled to mature in October 2025 was fully redeemed in September 2025 • Repurchased $1.5B of shares in Q3, retirin
Slide 22: Regional third quarter EBIT-adjusted performance
Regional third quarter EBIT-adjusted performance ($B) GMNA GMI $12.3 $(0.8) $(0.5) $0.8 $(4.2) $0.7 $8.2 $0.1 $(0.2) $0.2 $0.3 $(0.1) $0.2 $0.5 Year to Date 2025 Year to Date 2025 General Motors 22
Slide 23: Summary
Summary Q3 2025 Results What’s to come Strong core business results 2025 full-year guidance • EBIT-adjusted of $3.4B and adjusted automotive free cash • Strong financial performance and continued resilience flow of $4.2B supports updated guidance • Total company revenue of over $48B in Q3, driven by
Slide 24: Supplemental financial information
Supplemental financial information Chevrolet Silverado EV General Motors 24 24
Slide 25: Third quarter GAAP results
Third quarter GAAP results Q3 YTD All amounts in $B except EPS-diluted 2024 2025 2024 2025 Net revenue 48.8 48.6 139.7 139.7 Operating income 3.7 1.1 11.3 6.6 Net income attributed to stockholders 3.1 1.3 9.0 6.0 Net income margin 6.3% 2.7% 6.4% 4.3% EPS-diluted ($/share) $2.68 $1.35 $7.77 $6.64 Net
Slide 26: Global deliveries
Global deliveries (000's) Q3 2024 Q4 2024 CY 2024 Q1 2025 Q2 2025 Q3 2025 North America 790 889 3,215 819 878 837 U.S. 660 755 2,705 693 747 710 Asia/Pacific, Middle East and Africa 576 736 2,359 545 566 619 China 426 599 1,839 443 448 469 South America 110 119 424 85 95 107 Brazil 82 92 315 56 64 7
Slide 27: Global market share
Global market share Q3 2024 Q4 2024 CY 2024 Q1 2025 Q2 2025 Q3 2025 North America 15.8% 16.6% 15.8% 16.5% 16.4% 16.1% U.S. 16.5% 17.4% 16.5% 17.2% 17.4% 17.0% Asia/Pacific, Middle East and Africa 4.8% 5.3% 4.9% 4.8% 4.8% 5.0% China 6.5% 7.1% 6.9% 7.6% 6.8% 6.8% South America 10.3% 10.6% 10.7% 8.9% 9
Slide 28: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q4 Q1 Q2 Q3 2023 2024 2024 2025 2024 2025 2024 2025 Net income attributable to stockholders 2.1 (3.0) 3.0 2.8 2.9 1.9 3.1 1.3 Income tax expense (benefit) (0.9) 0.3 0.8 0.7 0.8 0.5 0.7 0.1 Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Automotive int
Slide 29: Impact of special items on GAAP reported earnings - third quarter
Impact of special items on GAAP reported earnings - third quarter ($B) Q3 2024 Q3 2025 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 48.8 — 48.8 48.6 — 48.6 Costs and expenses 1,2,3 5,6,7 Automotive and other cost of sales 39.0 (0.
Slide 30: EPS-diluted-adjusted reconciliation
EPS-diluted-adjusted reconciliation Q3 YTD 2024 2025 2024 2025 Diluted earnings per common share $2.68 $1.35 $7.77 $6.64 Adjustments1 0.37 2.01 1.11 2.67 Tax effect on adjustments2 (0.08) (0.56) (0.25) (0.62) Return from preferred shareholders3 — — — (0.60) EPS-diluted-adjusted $2.96 $2.80 $8.63 $8.
Slide 31: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q3 YTD 2024 2025 2024 2025 Income Income Effective Income Income Income Income Effective Income Income Effective before tax before tax Effective before tax before tax income expense tax rate income expense tax rate income expense tax rate income expense tax rate taxe
Slide 32: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Four quarters ended September 30, 2024 2025 Numerator: EBIT-adjusted 14.2 12.4 Denominator: Average equity1 69.5 65.2 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.3 16.1 Add: Average automotive net pension & OPEB liability 9.8
Slide 33: GM Financial key metrics
GM Financial key metrics Q3 YTD 2024 2025 2024 2025 Revenue ($B) 4.0 4.3 11.8 12.8 EBT-adjusted ($B) 0.7 0.8 2.2 2.2 Total retail originations ($B) 14.2 13.8 40.5 43.2 Retail finance delinquencies (>30 days) 3.1% 3.2% 3.1% 3.2% Annualized net charge-offs as % of average retail finance 1.2% 1.2% 1.1%
Slide 34: GM Financial return on equity
GM Financial return on equity Four quarters ended September 30, ($B) 2024 2025 Net income attributable to common shareholder 2.1 1.7 Adjustment - impairment charge1 — 0.3 Net income attributable to common shareholder - adjusted 2.1 2.0 Average equity 15.7 15.6 Less: average preferred equity (2.0) (2
Slide 35: Guidance reconciliation
Guidance reconciliation ($B) Year Ending Dec 31, 2025 Updated Net income attributable to stockholders $7.7 - $8.3 Income tax expense $1.8 - $2.2 Automotive interest income, net $(0.1) Adjustments1 $2.6 EBIT-adjusted $12.0 - $13.0 Year Ending Dec 31, 2025 Updated Diluted earnings per common share $8.
Slide 36: 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
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