General Motors (GM) financial statements
General Motors reported revenue of $168.0B in fiscal 2025, up 1.3% a year over 9 years.
Net income was $2.7B and the operating margin 1.7%, against 5.8% in 2016.
Free cash flow was $17.6B, and the company returned $657M in dividends and $6.0B in net buybacks.
The diluted share count fell 38% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from General Motors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149.2B | $145.6B | $133.0B | $122.7B | $108.7B | $113.6B | $144.0B | $157.7B | $171.6B | $168.0B |
| Cost of revenue | $121.8B | $116.2B | $120.7B | $110.7B | $97.5B | $100.5B | — | — | — | — |
| Gross profit | $27.4B | $29.4B | $12.4B | $12.0B | $11.1B | $13.0B | — | — | — | — |
| Selling, general and admin | $10.3B | $9.6B | $9.7B | $8.5B | $7.0B | $8.6B | — | — | — | — |
| Operating income | $8.7B | $8.7B | $4.4B | $5.5B | $6.6B | $9.3B | $10.3B | $9.3B | $12.8B | $2.9B |
| Interest expense | $2.7B | $3.1B | $3.9B | $4.4B | $4.1B | — | — | — | — | — |
| Pre-tax income | $12.0B | $11.9B | $8.5B | $7.4B | $8.1B | $12.7B | $11.6B | $10.4B | $8.5B | $3.1B |
| Income tax | $2.7B | $11.5B | $474M | $769M | $1.8B | $2.8B | $1.9B | $563M | $2.6B | $338M |
| Net income | $9.4B | -$3.9B | $8.0B | $6.7B | $6.4B | $10.0B | $9.9B | $10.1B | $6.0B | $2.7B |
| EPS (diluted) | $6.00 | -$2.60 | $5.53 | $4.57 | $4.33 | $6.70 | $6.13 | $7.32 | $6.37 | $3.27 |
| Diluted shares | 1.57B | 1.49B | 1.43B | 1.44B | 1.44B | 1.47B | 1.45B | 1.37B | 1.13B | 973M |
| Gross margin | 18.4% | 20.2% | 9.3% | 9.8% | 10.2% | 11.5% | — | — | — | — |
| Operating margin | 5.8% | 5.9% | 3.3% | 4.5% | 6.1% | 8.2% | 7.2% | 5.9% | 7.4% | 1.7% |
| Net margin | 6.3% | -2.7% | 6.0% | 5.5% | 5.9% | 8.8% | 6.9% | 6.4% | 3.5% | 1.6% |
Balance sheet
Fiscal years, from General Motors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $24.4B | $23.8B | $26.8B | $23.2B | $29.0B | $28.7B | $31.3B | $26.5B | $27.1B | $27.7B |
| Receivables | — | — | — | $6.8B | $8.0B | $7.4B | $13.3B | $12.4B | $12.8B | $13.1B |
| Inventory | $11.0B | $10.7B | $9.8B | $10.4B | $10.2B | $13.0B | $15.4B | $16.5B | $14.6B | $14.5B |
| Total current assets | $76.2B | $68.7B | $75.3B | $75.0B | $80.9B | $82.1B | $100.5B | $101.6B | $108.5B | $108.8B |
| Property, plant and equipment | $32.6B | $36.3B | $38.8B | $38.8B | $37.6B | $41.1B | $45.2B | — | — | — |
| Goodwill | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B | $1.9B |
| Total assets | $221.7B | $212.5B | $227.3B | $228.0B | $235.2B | $244.7B | $264.0B | $273.1B | $279.8B | $281.3B |
| Total current liabilities | $85.2B | $76.9B | $82.2B | $84.9B | $79.9B | $74.4B | $91.2B | $94.4B | $96.3B | $93.3B |
| Total liabilities | $177.6B | $176.3B | $184.6B | $182.1B | $185.5B | $178.9B | $191.8B | $204.8B | $214.2B | $218.1B |
| Shareholders' equity | $43.8B | $35.0B | $38.9B | $41.8B | $45.0B | $59.7B | $67.8B | $64.3B | $63.1B | $61.1B |
| Net debt | -$12.6B | -$15.5B | -$20.8B | -$19.1B | -$20.0B | -$20.1B | -$19.2B | -$18.9B | -$19.9B | -$20.9B |
Cash flow
Fiscal years, from General Motors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.6B | $17.3B | $15.3B | $15.0B | $16.7B | $15.2B | $16.0B | $20.9B | $20.1B | $26.9B |
| Capital spending | $8.4B | $8.5B | $8.8B | $7.6B | $5.3B | $7.5B | $9.2B | $11.0B | $10.8B | $9.3B |
| Free cash flow | $8.2B | $8.9B | $6.5B | $7.4B | $11.4B | $7.7B | $6.8B | $10.0B | $9.3B | $17.6B |
| Stock-based compensation | $627M | $585M | $316M | $456M | $351M | $391M | $419M | $340M | $332M | $334M |
| Dividends paid | $2.4B | $2.2B | $2.2B | $2.4B | $669M | $186M | $397M | $597M | $653M | $657M |
| Share buybacks (net) | -$2.5B | -$4.5B | -$190M | $0 | -$90M | $0 | -$2.5B | -$11.1B | -$7.1B | -$6.0B |
| Free cash flow margin | 5.5% | 6.1% | 4.9% | 6.1% | 10.5% | 6.8% | 4.7% | 6.3% | 5.4% | 10.5% |
| Dividends per share | $1.51 | $1.50 | $1.57 | $1.63 | $0.46 | $0.13 | $0.27 | $0.44 | $0.58 | $0.68 |
Questions
What was General Motors's revenue in 2025?
$168.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does General Motors generate?
$17.6B in fiscal 2025 (operating cash flow minus capital spending).
From General Motors's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.