General Motors Company
GMFinancial Snapshot
ticker: GM step: 04 generated: 2026-05-12 source: quick-research
General Motors (GM) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $156.7B | $171.8B | $187.4B | +9.1% |
| Gross Margin | ~12.0% | ~12.2% | ~12.4% | +0.2pp |
| Operating Margin (GAAP) | ~5.2% | ~6.8% | ~4.9% | -1.9pp |
| Net Income (attrib.) | $9.9B | ~$10.1B | $6.0B | -41% |
| EBIT-Adjusted | $14.5B | ~$12.4B | $14.9B | +20% |
Note: GAAP net income in FY2024 was significantly impacted by Cruise restructuring charges (~$7.6B cumulative EV-related special charges in 2025) and EV capacity write-downs. EBIT-adjusted ($14.9B in FY2024) is management's preferred metric and excludes these items. GM maintains the #1 U.S. market share position with 2.9M domestic deliveries in 2024.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$18B (automotive + GM Financial) |
| Adjusted Automotive FCF | ~$5B |
| Cash & Liquidity | ~$35B (automotive cash + credit facilities) |
| Total Automotive Debt | ~$25B |
Note: GM Financial carries ~$100B+ in separate balance sheet financing debt (normal for a captive auto lender); automotive segment net cash is positive.
Key Ratios (approximate)
- P/E: ~5-6x (forward, adjusted) | EV/EBITDA: ~4x | FCF Yield: ~10%
- Revenue Growth (FY2024): +9.1% | Adjusted EBIT Margin: ~8%
- Dividend Yield: ~1.0%
Growth Profile
GM's revenue growth is driven by pricing power in trucks/SUVs and mix improvement toward higher-margin vehicles, partially offset by declining China sales (SAIC-GM JV equity income has fallen sharply as domestic EV brands take share). Adjusted EBIT margins in North America run 8–10%, but the EV portfolio is still loss-making ($5B+ in EV losses in FY2024). Software and services revenue is growing toward $3.5B in FY2025 as OnStar and Super Cruise subscriber counts rise. The company targets EV profitability on a variable profit basis by late 2025.
Forward Estimates
- FY2025E: Net income $11.2B–$12.5B (guidance); EBIT-adjusted $13.7B–$15.7B
- FY2026E: EPS-diluted-adjusted $11–$13 (guidance); EBIT-adjusted $13–$15B
- Key risk: Full-size pickup model transition (H2 2026) and tariff/commodity cost inflation ($1.5–2.0B impact guided in 2026)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $GM.