General Motors — research brief

Prepared 2026-10-13 for the Business Model Canvas Gallery (display #101). Independent educational project; not affiliated with General Motors Company. Not investment advice.

Company: General Motors Company (NYSE: GM), Detroit, Michigan. Segments: GM North America (GMNA), GM International (GMI), GM Financial; Cruise was folded into GMNA in 2025. Fiscal year: calendar year. FY2025 = year ended Dec 31, 2025.

Labels: FACT = company filing / release · SECONDARY = press / third party · INFERENCE = our reading.

Sources

GM Form 10-K for fiscal 2025, filed Jan 27, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm
GM Q4 and full-year 2025 results release and financial highlights (8-K Ex. 99.1), Jan 27, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000011/gmq42025pressreleaseandfin.htm
GM Q2 2026 results release (8-K Ex. 99.1), Jul 21, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000049/gmq22026pressreleaseandfin.htm
Logo: Simple Icons "General Motors" mark (CC0 path data), recolored GM blue — https://simpleicons.org/?q=general+motors

Full-year financials (FY2025, year ended Dec 31, 2025) — FACT [2]

Item	FY2025	FY2024	Change
Total net sales and revenue	$185,019M	$187,442M	−1.3%
Automotive	$167,970M	$171,605M	−2.1%
Cruise	$1M	$257M	n.m.
GM Financial	$17,060M	$15,875M	+7.5%
Net income attributable to stockholders	$2,697M	$6,008M	−55.1%
Net income margin	1.5%	3.2%	−1.7 pts
EBIT-adjusted (non-GAAP)	$12,747M	$14,934M	−14.6%
EBIT-adjusted margin	6.9%	8.0%	−1.1 pts
EPS-diluted / adjusted	$3.27 / $10.60	$6.37 / $10.60
Automotive operating cash flow	$18,733M	$23,939M	−21.7%
Adjusted automotive free cash flow	$10,595M	$14,045M	−24.6%

Revenue bridge: volume −7.9 pts, mix +2.5, price +1.9, GM Financial/other +1.2. FACT [1]
Special items excluded from EBIT-adjusted, FY2025 total $9,839M: EV strategic realignment $7,914M; China restructuring $842M; legal matters (former OnStar Smart Driver; Takata indemnity) $657M; Cruise restructuring $223M; separation $87M; GMI exit $61M; HQ relocation $55M. FACT [2]
Segment EBIT-adjusted: GMNA $10,452M (margin 6.8%, from 9.2%); GMI $737M; Cruise −$273M (from −$1,701M); GM Financial EBT-adjusted $2,802M (−5.5%); corporate −$972M. China equity income −$316M. FACT [2]
Shares outstanding 904M at Dec 31, 2025 (995M end-2024); buybacks $6.0B in 2025; new $6.0B authorization; quarterly dividend raised to $0.18. FACT [2]

Revenue by source, FY2025 (Note 3) — FACT [1]

Source	FY2025	FY2024
Vehicles, parts and accessories	$160,511M (GMNA $148,076M; GMI $12,290M)	$165,170M
Used vehicles	$1,737M	$1,290M
Services and other (OnStar, Super Cruise, connectivity, maintenance, extended warranties)	$5,724M	$5,147M
GM Financial leased vehicle income	$7,800M	$7,297M
GM Financial finance charge income	$8,169M	$7,636M
GM Financial other income	$1,079M	$903M

GMNA revenue $154,317M (−2.0%); GMI $13,427M (−3.3%). FACT [1]
Vehicle revenue is recognized when the vehicle transfers to the dealer (release to carrier or delivery), net of estimated dealer and customer incentives. FACT [1]

Volume — FACT [2]

Wholesale vehicles 3,799K (GMNA 3,296K; GMI 503K) vs 4,010K; 27.5% outside the U.S.
Total vehicle sales incl. JVs 6.18M worldwide; U.S. 2.853M, 17.2% share (16.5%); U.S. trucks 33.0%, crossovers 13.7%, cars 2.1%. China (JVs) 1.88M, 7.1%.
Fleet sales 1,094K = 17.7% of total.
GMNA variable profit: trucks ~160%, cars ~60%, crossovers ~40% of the GMNA weighted average. FACT [1]

Costs — FACT [1][2]

Total costs and expenses $182,110M; automotive & other cost of sales $159,128M (material ≈ two-thirds).
Cost increases: EV realignment charges $7.7B; tariffs $3.1B; warranty/campaigns +$1.3B. Warranty & recall liabilities $13.6B at year-end.
R&D $8.5B (FY24 $9.2B); automotive SG&A $8,687M; capital expenditures $9,303M. 2026 capex plan $10–12B incl. battery JVs.
Employees ~156,000 (88K hourly, 68K salaried); ~47K U.S. hourly represented, mostly UAW.
Top two suppliers ≈12% of purchases.

GM Financial — FACT [1]

Revenue mix: leased vehicle income 46%, retail finance charge 41%, commercial finance charge 7%.
U.S. retail penetration 33% (39% in 2024); prime share of North America originations 80%.
Finance receivables ≈ $89.7B (current $45.3B + non-current $44.4B); operating lease fleet $33.7B; estimated residual value $25.0B.
Average debt $116.5B at 5.6%; provision for loan losses $1,207M.

Network and resources — FACT [1]

50 U.S. manufacturing plants and parts facilities in 19 states, 11 vehicle assembly plants; property, net $51.7B.
4,566 GMNA and 6,276 GMI authorized dealerships/outlets.
Ultium Cells (50/50 with LG Energy Solution) battery plants in Warren, OH and Spring Hill, TN.
OnStar in 20+ markets; Super Cruise on 600,000+ miles of compatible U.S./Canada roads.
Cruise robotaxi funding ended Dec 2024; noncontrolling interests acquired Feb 2025; efforts combined into GMNA for personal-vehicle autonomy.

Latest quarter (not annualized) — FACT [3]

Q2 2026 revenue $48,026M (+1.9%); net income attributable $1,305M (−31%); EBIT-adjusted $3,943M (+30%, 8.2% margin).
Updated 2026 guidance: EBIT-adjusted $14.0–16.0B; net income $8.4–9.8B.

Business model read — INFERENCE

Main engine is hardware: one-time wholesale sales of vehicles, parts and accessories are 87% of FY2025 revenue. GM Financial (lending, 9%) is a meaningful second engine that both earns a spread and helps move vehicles; software services are ~3%.
Profit is concentrated in full-size ICE trucks and SUVs, which fund EV, software and autonomy bets; tariffs and EV write-downs explain the gap between EBIT-adjusted ($12.7B) and GAAP net income ($2.7B).

Not found / not used: no company figure for OnStar or Super Cruise subscriber counts in the 10-K; no valuation or headcount figures beyond the 10-K.

# General Motors — research brief *Prepared 2026-10-13 for the Business Model Canvas Gallery (display #101). Independent educational project; not affiliated with General Motors Company. Not investment advice.* **Company:** General Motors Company (NYSE: GM), Detroit, Michigan. Segments: GM North America (GMNA), GM International (GMI), GM Financial; Cruise was folded into GMNA in 2025. **Fiscal year:** calendar year. FY2025 = year ended Dec 31, 2025. Labels: **FACT** = company filing / release · **SECONDARY** = press / third party · **INFERENCE** = our reading. ## Sources 1. GM Form 10-K for fiscal 2025, filed Jan 27, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000013/gm-20251231.htm 2. GM Q4 and full-year 2025 results release and financial highlights (8-K Ex. 99.1), Jan 27, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000011/gmq42025pressreleaseandfin.htm 3. GM Q2 2026 results release (8-K Ex. 99.1), Jul 21, 2026 — https://www.sec.gov/Archives/edgar/data/1467858/000146785826000049/gmq22026pressreleaseandfin.htm 4. Logo: Simple Icons "General Motors" mark (CC0 path data), recolored GM blue — https://simpleicons.org/?q=general+motors ## Full-year financials (FY2025, year ended Dec 31, 2025) — FACT [2] | Item | FY2025 | FY2024 | Change | |---|---|---|---| | **Total net sales and revenue** | **$185,019M** | $187,442M | **−1.3%** | | Automotive | $167,970M | $171,605M | −2.1% | | Cruise | $1M | $257M | n.m. | | GM Financial | $17,060M | $15,875M | +7.5% | | Net income attributable to stockholders | $2,697M | $6,008M | −55.1% | | Net income margin | 1.5% | 3.2% | −1.7 pts | | EBIT-adjusted (non-GAAP) | $12,747M | $14,934M | −14.6% | | EBIT-adjusted margin | 6.9% | 8.0% | −1.1 pts | | EPS-diluted / adjusted | $3.27 / $10.60 | $6.37 / $10.60 | | | Automotive operating cash flow | $18,733M | $23,939M | −21.7% | | Adjusted automotive free cash flow | $10,595M | $14,045M | −24.6% | - Revenue bridge: volume −7.9 pts, mix +2.5, price +1.9, GM Financial/other +1.2. FACT [1] - Special items excluded from EBIT-adjusted, FY2025 total $9,839M: EV strategic realignment $7,914M; China restructuring $842M; legal matters (former OnStar Smart Driver; Takata indemnity) $657M; Cruise restructuring $223M; separation $87M; GMI exit $61M; HQ relocation $55M. FACT [2] - Segment EBIT-adjusted: GMNA $10,452M (margin 6.8%, from 9.2%); GMI $737M; Cruise −$273M (from −$1,701M); GM Financial EBT-adjusted $2,802M (−5.5%); corporate −$972M. China equity income −$316M. FACT [2] - Shares outstanding 904M at Dec 31, 2025 (995M end-2024); buybacks $6.0B in 2025; new $6.0B authorization; quarterly dividend raised to $0.18. FACT [2] ### Revenue by source, FY2025 (Note 3) — FACT [1] | Source | FY2025 | FY2024 | |---|---|---| | Vehicles, parts and accessories | $160,511M (GMNA $148,076M; GMI $12,290M) | $165,170M | | Used vehicles | $1,737M | $1,290M | | Services and other (OnStar, Super Cruise, connectivity, maintenance, extended warranties) | $5,724M | $5,147M | | GM Financial leased vehicle income | $7,800M | $7,297M | | GM Financial finance charge income | $8,169M | $7,636M | | GM Financial other income | $1,079M | $903M | - GMNA revenue $154,317M (−2.0%); GMI $13,427M (−3.3%). FACT [1] - Vehicle revenue is recognized when the vehicle transfers to the dealer (release to carrier or delivery), net of estimated dealer and customer incentives. FACT [1] ### Volume — FACT [2] - Wholesale vehicles 3,799K (GMNA 3,296K; GMI 503K) vs 4,010K; 27.5% outside the U.S. - Total vehicle sales incl. JVs 6.18M worldwide; U.S. 2.853M, 17.2% share (16.5%); U.S. trucks 33.0%, crossovers 13.7%, cars 2.1%. China (JVs) 1.88M, 7.1%. - Fleet sales 1,094K = 17.7% of total. - GMNA variable profit: trucks ~160%, cars ~60%, crossovers ~40% of the GMNA weighted average. FACT [1] ### Costs — FACT [1][2] - Total costs and expenses $182,110M; automotive & other cost of sales $159,128M (material ≈ two-thirds). - Cost increases: EV realignment charges $7.7B; tariffs $3.1B; warranty/campaigns +$1.3B. Warranty & recall liabilities $13.6B at year-end. - R&D $8.5B (FY24 $9.2B); automotive SG&A $8,687M; capital expenditures $9,303M. 2026 capex plan $10–12B incl. battery JVs. - Employees ~156,000 (88K hourly, 68K salaried); ~47K U.S. hourly represented, mostly UAW. - Top two suppliers ≈12% of purchases. ### GM Financial — FACT [1] - Revenue mix: leased vehicle income 46%, retail finance charge 41%, commercial finance charge 7%. - U.S. retail penetration 33% (39% in 2024); prime share of North America originations 80%. - Finance receivables ≈ $89.7B (current $45.3B + non-current $44.4B); operating lease fleet $33.7B; estimated residual value $25.0B. - Average debt $116.5B at 5.6%; provision for loan losses $1,207M. ### Network and resources — FACT [1] - 50 U.S. manufacturing plants and parts facilities in 19 states, 11 vehicle assembly plants; property, net $51.7B. - 4,566 GMNA and 6,276 GMI authorized dealerships/outlets. - Ultium Cells (50/50 with LG Energy Solution) battery plants in Warren, OH and Spring Hill, TN. - OnStar in 20+ markets; Super Cruise on 600,000+ miles of compatible U.S./Canada roads. - Cruise robotaxi funding ended Dec 2024; noncontrolling interests acquired Feb 2025; efforts combined into GMNA for personal-vehicle autonomy. ## Latest quarter (not annualized) — FACT [3] - Q2 2026 revenue $48,026M (+1.9%); net income attributable $1,305M (−31%); EBIT-adjusted $3,943M (+30%, 8.2% margin). - Updated 2026 guidance: EBIT-adjusted $14.0–16.0B; net income $8.4–9.8B. ## Business model read — INFERENCE - Main engine is **hardware**: one-time wholesale sales of vehicles, parts and accessories are 87% of FY2025 revenue. GM Financial (lending, 9%) is a meaningful second engine that both earns a spread and helps move vehicles; software services are ~3%. - Profit is concentrated in full-size ICE trucks and SUVs, which fund EV, software and autonomy bets; tariffs and EV write-downs explain the gap between EBIT-adjusted ($12.7B) and GAAP net income ($2.7B). Not found / not used: no company figure for OnStar or Super Cruise subscriber counts in the 10-K; no valuation or headcount figures beyond the 10-K.