# General Motors Company (GM) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/GM/thesis · /stocks/GM/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/GM/fundamental

## Navigation

- Overview: /stocks/GM
- Financials (this page): /stocks/GM/financials
- Thesis: /stocks/GM/thesis
- Investment Memo: /stocks/GM/memo
- Coverage universe: /stocks