General Motors Co
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 28, 2026
GM$86.16-3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-21.
0001467858-25-000143
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001467858-26-000035
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 133 previous paragraphs and 113 current paragraphs.
57 unchanged; 54 reworded; 1 added; 21 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 32 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
GMNA EBIT-Adjusted In the three months ended March 31, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased manufacturing and emissions costs of $0.4 billion, decreased warranty-related costs of $0.4 billion, and favorable net realizable value inventory adjustments, primarily EV-related, of $0.1 billion in the three months ended March 31, 2026 compared to similar unfavorable inventory adjustments of $0.1 billion in the three months ended March 31, 2025, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $0.3 billion, increased material and freight costs of $0.2 billion, including $0.2 billion net unfavorable tariffs inclusive of a $0.5 billion favorable adjustment, and increased advertising, selling, and administrative costs of $0.1 billion; and (2) favorable Other due to net foreign currency changes and investment income; partially offset by (3) decreased net wholesale volumes.
Removed paragraphs (21)
Previous report
On July 4, 2025, the Act was signed into law that includes the extension and modification of certain key provisions of the U.S. Tax Cuts and Jobs Act of 2017, modification of certain Inflation Reduction Act incentives, acceleration of the phase-out of clean vehicle and other clean energy credits and sets the civil penalties to zero for noncompliance with CAFE standards. The Act also introduces a new auto loan interest deductibility provision that allows some individuals to deduct up to $10,000 per year in interest on new, U.S.-assembled personal vehicles purchased between 2025 and 2028. There are a variety of effective dates in the Act and only certain key provisions with financial reporting implications are expected to affect our financial statements for the year ending December 31, 2025. In July 2025, the EPA proposed to remove GHG regulations for light-, medium- and heavy-duty on-highway vehicles on a retrospective and prospective basis. Should the EPA remove GHG regulations, the majority of the carrying amount of our acquired credits of $1.2 billion may be subject to impairment in the near term and our ongoing cost of compliance to the GHG regulations would be favorably impacted.
Previous report
In the three months ended September 30, 2025, increased Cost was primarily due to: (1) charges of $1.6 billion due to the EV strategic realignment; (2) increased material and freight costs of $1.0 billion, including $1.1 billion due to tariffs; (3) increased warranty-related costs of $0.9 billion; and (4) charges of $0.3 billion due to our former OnStar Smart Driver program; partially offset by (5) decreased engineering costs of $0.2 billion, driven primarily by the wind down of Cruise robotaxi operations. In the three months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.
Previous report
In the three months ended September 30, 2025, Automotive and other selling, general and administrative expense decreased primarily due to: (1) decreased advertising, selling and administrative costs of $0.4 billion; and (2) the absence of charges related to strategic activities to transition certain Buick dealerships of $0.2 billion.
Previous report
In the nine months ended September 30, 2025, Automotive and other selling, general and administrative expense decreased primarily due to: (1) decreased advertising, selling and administrative costs of $0.7 billion; and (2) the absence of charges related to strategic activities to transition certain Buick dealerships of $0.3 billion.
Previous report
In the three months ended September 30, 2025, Interest income and other non-operating income, net increased primarily due to individually insignificant items.
Previous report
In the nine months ended September 30, 2025, Interest income and other non-operating income, net increased primarily due to $0.3 billion in gains related to revaluation of investments and other individually insignificant items.
Previous report
In the nine months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of cars and full-size pickup trucks, due to portfolio actions and lower planned production for product upgrades, partially offset by increased sales of crossover vehicles, including EVs, and mid-size pickup trucks and vans; partially offset by (2) favorable Mix associated with decreased sales of cars and increased sales of full-size SUVs, partially offset by increased sales of crossover vehicles, including EVs; and (3) favorable Price as a result of lean dealer inventory levels due to strong demand for our products.
Previous report
GMNA EBIT-Adjusted In the three months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $0.9 billion, including $1.1 billion due to tariffs, and increased warranty-related costs of $0.9 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; and (2) decreased net wholesale volumes; partially offset by (3) favorable Price; (4) favorable Mix associated with decreased sales of cars and increased sales of full-size pickup trucks, partially offset by decreased sales of crossover vehicles; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso.
Previous report
In the nine months ended September 30, 2025, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material and freight costs of $2.5 billion, including $2.4 billion due to tariffs, increased warranty-related costs of $1.4 billion, unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.4 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024, and increased manufacturing costs of $0.2 billion, partially offset by decreased advertising, selling and administrative costs of $0.2 billion; (2) decreased net wholesale volumes; and (3) unfavorable Mix associated with increased sales of crossover vehicles, including EVs, partially offset by decreased sales of cars; partially offset by (4) favorable Price; and (5) favorable Other due to net foreign currency changes primarily in the Mexican peso and favorable revaluation of investments.
Previous report
In the nine months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes in Brazil, partially offset by increased volumes in Argentina; and (2) unfavorable Other primarily due to net foreign currency changes in the Argentine peso, Brazilian real and Egyptian pound; partially offset by (3) favorable Mix in South America, partially offset by the Middle East; and (4) favorable Price in Argentina, the Middle East and Brazil.
Previous report
In the nine months ended September 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina, partially offset by the Middle East; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Argentine peso and the Brazilian real;
Previous report
partially offset by (4) decreased net wholesale volumes in Brazil and Korea, partially offset by increased volumes in Argentina and Egypt; and (5) unfavorable Cost primarily due to increased material and logistics costs in Brazil and the Middle East, partially offset by Korea.
Previous report
In the nine months ended September 30, 2025, total revenue increased primarily due to: (1) increased finance charge income of $0.5 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; (2) increased leased vehicle income of $0.4 billion primarily due to an increase in the average balance of the leased vehicles portfolio; and (3) increased other income of $0.1 billion primarily due to growth in vehicle protection contract sales, as well as a gain on sale of finance receivables.
Previous report
In the nine months ended September 30, 2025, EBT-adjusted decreased primarily due to: (1) increased interest expense of $0.5 billion primarily due to an increase in average debt outstanding, as well as a slight increase in the effective rate of interest on debt; (2) increased provision for loan losses of $0.3 billion primarily due to increased loan origination volume, partially offset by the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale; and (3) increased leased vehicle expenses of $0.2 billion primarily due to a decrease in lease termination gains resulting from fewer terminated leases in 2025 and increased depreciation resulting from an increase in the average balance of the leased vehicles portfolio; partially offset by (4) increased finance charge income of $0.5 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (5) increased leased vehicle income of $0.4 billion primarily due to an increase in the average balance of the leased vehicles portfolio.
Previous report
In May 2025, we loaned $1.8 billion to Ultium Cells LLC to facilitate full voluntary prepayment of loans Ultium Cells LLC received under the DOE's Advanced Technology Vehicles Manufacturing program. Our loan to Ultium Cells LLC accrues interest at a rate of 5.7% per year, matures in April 2030 and is prepayable without penalties.
Previous report
In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes. In September 2025, we exercised our option to redeem at par value the remaining $1.25 billion in aggregate principal balance of our $2.0 billion senior unsecured notes with a maturity date of October 1, 2025.
Previous report
(e)These adjustments were excluded because they relate to Ultium Cells Holdings LLC charges from a strategic realignment to have the right manufacturing and cell capabilities in place to meet EV demand and expected growth.
Previous report
(j)These adjustments were excluded because they relate to the acceleration of attrition as part of the cost reduction program announced in January 2023, primarily in the U.S.
Previous report
(k)These adjustments were excluded because they relate to the partial resolution of subcontractor matters in Korea.
Previous report
(l)These adjustments were excluded because they relate to an asset sale resulting from our strategic decision in 2020 to exit India.
Previous report
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A for the details of each individual adjustment.
Reworded paragraphs (54)
Previous wording
Overview Our vision for the future is a world with zero crashes, zero emissions and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in EVs, hybrids, personal AV technology, software-enabled services and other new business opportunities. To support strong margins and cash flow during this transition, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.
Current wording
Overview Our vision for the future is a world with zero crashes, zero emissions, and zero congestion. We will adapt to customer preferences while executing our growth-focused strategy to invest in internal combustion engine (ICE) vehicles, EVs, hybrids, personal AV technology, software-enabled services, and other new business opportunities. To support strong margins and cash flow, we continue to prioritize profitable ICE vehicles, such as trucks and SUVs. We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health and safety culture.
Previous wording
Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. In February 2025, we completed the acquisition of the noncontrolling interests in Cruise and are prioritizing the development of ADAS on a path to fully autonomous personal vehicles. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, changes to the regulatory environment, including with respect to fuel economy standards, GHG emissions regulations, corporate taxes and EV incentives.
Current wording
Our financial performance continues to be driven by the strength of our vehicle portfolio, including high margin full-size pickup trucks and SUVs, strong consumer demand for our products, and the execution of our core business strategy. We remain focused on maintaining an efficient cost structure and pricing discipline. We continue to prioritize driving down costs to improve profitability and are aligning EV capacity to expected consumer demand. We are monitoring industry pricing pressures, changing interest rates, inflation, warranty claims, consumer demand trends, geopolitical tensions, and changes to the regulatory environment, including with respect to tariffs, fuel economy standards, and emissions regulations.
Previous wording
In the first quarter of 2025, the U.S. Government announced new tariffs, inclusive of vehicles and parts imported into the U.S. The tariff environment continues to remain highly dynamic and the specific tariffs applicable to goods imported by GM and its suppliers into the U.S., including under the U.S.-Mexico-Canada Agreement, continue to evolve, as do import tariffs charged by other countries. In October 2025, the U.S. Government announced certain modifications to tariffs relevant to the automotive industry, including tariffs related to imports of heavy-duty trucks and, separately, to parts for passenger vehicles and light-duty trucks. With respect to tariffs on imports of heavy-duty trucks, we do not anticipate that such tariffs will have a material impact on our business results. With respect to the expansion and extension of the import adjustment offset program established pursuant to Presidential Proclamation 10925, and due in part to increased competitiveness of our U.S. produced vehicles, GM anticipates that the recently announced changes will result in a material positive benefit to our fourth quarter 2025 business results, as well as in future quarters. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $3.5 billion to $4.5 billion for the year ending December 31, 2025. Refer to Part II, Item 1A. Risk Factors for a full discussion of the risks associated with the U.S. tariff environment.
Current wording
In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize imposition of tariffs. Because we believe previously paid amounts are refundable, we recorded a net $0.5 billion favorable adjustment primarily due to previously charged IEEPA tariffs in the three months ended March 31, 2026. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.
Previous wording
Following these recent U.S. Government policy changes, including the termination of consumer tax incentives for EV purchases and the reduction in stringency of emissions regulations, we expect the adoption rate of EVs to slow. These developments have caused us to reassess our EV capacity and manufacturing footprint to align with expected consumer demand. Based on a planned strategic realignment of our EV capacity and manufacturing footprint to expected consumer demand, we recorded charges of $1.6 billion in GMNA in the three months ended September 30, 2025. The reassessment of our EV capacity and manufacturing footprint, including our investments in our battery component manufacturing, is ongoing and it is reasonably possible that we will recognize additional future material cash and non-cash charges that may adversely affect our results of operations and cash flows in the period in which they are recognized. These amounts will be recognized in our results as decisions are made and will be reflected as adjustments in our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.
Current wording
Following U.S. Government policy changes in 2025, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow. As a result, in 2025, we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and recorded total charges in GMNA of $7.9 billion. In the three months ended March 31, 2026, we recorded additional charges of $1.1 billion primarily related to the ongoing commercial negotiations with our supply base and joint venture partners associated with our reassessment of our EV capacity. We incurred cash outflows of $2.2 billion in the three months ended March 31, 2026 and $0.4 billion in the year ended December 31, 2025 related to these charges. While we have completed the reassessment of our EV capacity and manufacturing footprint, we expect to recognize additional material cash and non-cash charges in 2026 related to continued commercial negotiations with our supply base and joint venture partners, which we believe will be significantly less than the EV-related charges incurred in 2025. In addition, we expect to record impairment charges of up to $1.0 billion to write off the carrying amount of our acquired emissions credits because the EPA finalized a rule (effective April 20, 2026) repealing its endangerment finding and removing GHG regulations for light-, medium-, and heavy-duty on-highway vehicles on a retrospective and prospective basis. These expected future EV-related charges will be reflected as adjustments in our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.
Previous wording
We face continuing market, operating and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emission standards, labor disruptions, foreign exchange volatility, evolving trade policy and political uncertainty. In addition, we are monitoring a potential disruption to automotive industry supply chains with respect to certain electrical subcomponents, including transistors, diodes and other semiconductors. While we are working with our supply chain partners to avoid impacts to GM, a disruption in the supply of such electrical subcomponents is possible, which could have an impact on our planned production schedules. Refer to Part I, Item 1A. Risk Factors in our 2024 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.
Current wording
We face continuing market, operating, and regulatory challenges in several countries across the globe due to, among other factors, competitive pressures, our product portfolio offerings, heightened emissions standards, labor disruptions, foreign exchange volatility, evolving trade policy, automotive industry supply chains, and political uncertainty. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K and Part II, Item 1A. Risk Factors for a discussion of these challenges.
Previous wording
For the year ending December 31, 2025, we expect Net income attributable to stockholders of between $7.7 billion and $8.3 billion, EBIT-adjusted of between $12.0 billion and $13.0 billion, EPS-diluted of between $8.30 and $9.05 and EPS-diluted-adjusted of between $9.75 and $10.50. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.
Current wording
For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $9.9 billion and $11.4 billion, EBIT-adjusted of between $13.5 billion and $15.5 billion, EPS-diluted of between $10.62 and $12.62, and EPS-diluted-adjusted of between $11.50 and $13.50. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.
Previous wording
GMNA Industry sales in North America were 15.5 million units in the nine months ended September 30, 2025, representing an increase of 4.1% compared to the corresponding period in 2024. U.S. industry sales were 12.5 million units in the nine months ended September 30, 2025, representing an increase of 4.1% compared to the corresponding period in 2024.
Current wording
GMNA Industry sales in North America were 4.7 million units in the three months ended March 31, 2026, representing a decrease of 5.2% compared to the corresponding period in 2025. U.S. industry sales were 3.8 million units in the three months ended March 31, 2026, representing a decrease of 5.9% compared to the corresponding period in 2025.
Previous wording
Our total vehicle sales in the U.S., our largest market in North America, were 2.2 million units for market share of 17.2% in the nine months ended September 30, 2025, representing an increase of 1.0 percentage points compared to the corresponding period in 2024.
Current wording
Our total vehicle sales in the U.S., our largest market in North America, were 0.6 million units for a market share of 16.5% in the three months ended March 31, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025.
Previous wording
We achieved solid margins in the nine months ended September 30, 2025 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% EBIT-adjusted margins as quickly as possible.
Current wording
We achieved solid margins in the three months ended March 31, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is returning GMNA to its historical 8.0-10.0% annualized EBIT-adjusted margins.
Previous wording
GMIIndustry sales in China were 19.3 million units in the nine months ended September 30, 2025, representing an increase of 6.5% compared to the corresponding period in 2024. Our total vehicle sales in China were 1.4 million units for market share of 7.0% in the nine months ended September 30, 2025, representing an increase of 0.2 percentage points compared to the corresponding period in 2024. Our Automotive China JVs generated equity income of $0.2 billion in the nine months ended September 30, 2025. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.
Current wording
GMIIndustry sales in China were 5.1 million units in the three months ended March 31, 2026, representing a decrease of 12.9% compared to the corresponding period in 2025. Our total vehicle sales in China were 0.3 million units for a market share of 6.9% in the three months ended March 31, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.2 billion in the three months ended March 31, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd. (SGM). We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.
Previous wording
Outside of China, industry sales were 19.8 million units in the nine months ended September 30, 2025, representing an increase of 3.2% compared to the corresponding period in 2024. Our total vehicle sales outside of China were 0.7 million units for market share of 3.3% in the nine months ended September 30, 2025, representing a decrease of 0.3 percentage points compared to the corresponding period in 2024.
Current wording
Outside of China, industry sales were 6.9 million units in the three months ended March 31, 2026, representing an increase of 2.7% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.2 million units for a market share of 2.9% in the three months ended March 31, 2026, representing an increase of 0.2 percentage points compared to the corresponding period in 2025.
Previous wording
We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2025, 26.4% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Current wording
We present both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the three months ended March 31, 2026, 24.9% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Previous wording
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments and daily rental car companies); and (3) sales of courtesy transportation vehicles (i.e., vehicles previously used by dealers that were sold to the end consumer). Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture. Certain joint venture agreements in China allow for the contractual right to report vehicle sales of non-GM trademarked vehicles by those joint ventures, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors and joint ventures; commercially available data sources such as registration and insurance data; and internal estimates and forecasts when other data is not available.
Current wording
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue we recognize during a particular period, we believe it is indicative of the underlying demand for our vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
Previous wording
(b)Cuba, Iran, North Korea, Syria and certain regions of Ukraine are subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
Current wording
(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.
Previous wording
GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 34% in the nine months ended September 30, 2025 and 39% in the corresponding period in 2024. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 80% in the nine months ended September 30, 2025 and 2024. In the nine months ended September 30, 2025, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41% and commercial finance charge income of 7%.
Current wording
GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 34% in the three months ended March 31, 2026 and 36% in the corresponding period in 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 74% in the three months ended March 31, 2026 and 81% in the corresponding period in 2025. In the three months ended March 31, 2026, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 40%, and commercial finance charge income of 6%.
Previous wording
GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. Gains on terminations of leased vehicles of $0.1 billion and $0.5 billion were included in GM Financial interest, operating and other expenses for the three and nine months ended September 30, 2025, compared to gains of $0.2 billion and $0.6 billion in the corresponding periods in 2024. The decrease in gains is primarily due to fewer terminated leases in 2025. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):
Current wording
GM Financial's leasing program is exposed to residual values, which are heavily dependent on used vehicle prices. The following table summarizes the estimated residual value based on GM Financial's most recent estimates and the number of units included in GM Financial Equipment on operating leases, net by vehicle type (units in thousands):
Previous wording
In the nine months ended September 30, 2025, increased Cost was primarily due to: (1) increased material and freight costs of $2.7 billion, including $2.4 billion due to tariffs; (2) charges of $1.6 billion due to the EV strategic realignment; (3) increased warranty-related costs of $1.3 billion; (4) unfavorable net realizable value inventory adjustments, primarily EV-related, of $0.5 billion in the nine months ended September 30, 2025 compared to similar favorable inventory adjustments of $0.4 billion in the nine months ended September 30, 2024; (5) charges of $0.3 billion due to the Ultium Cells Holdings LLC strategic realignment; (6) charges of $0.3 billion due to our former OnStar Smart Driver program; and (7) increased manufacturing costs of $0.2 billion; partially offset by (8) decreased engineering costs of $0.7 billion, driven primarily by the wind down of Cruise robotaxi operations; and (9) the reduction of charges related to Cruise restructuring of $0.6 billion. In the nine months ended September 30, 2025, favorable Other was primarily due to net foreign currency changes in the Mexican peso.
Current wording
In the three months ended March 31, 2026, increased Cost was primarily due to: (1) charges of $1.1 billion due to the EV strategic realignment; (2) decreased Ultium Cells Holdings LLC equity earnings of $0.3 billion; and (3) increased material and freight costs of $0.2 billion, including $0.2 billion net unfavorable tariffs inclusive of a $0.5 billion favorable adjustment; partially offset by (4) decreased warranty-related costs of $0.4 billion; (5) decreased manufacturing and emissions costs of $0.4 billion; and (6) favorable net realizable value inventory adjustments, primarily EV-related, of $0.1 billion in the three months ended March 31, 2026 compared to similar unfavorable inventory adjustments of $0.1 billion in the three months ended March 31, 2025. In the three months ended March 31, 2026, unfavorable Other was primarily due to net foreign currency changes.
Previous wording
In the three and nine months ended September 30, 2025, Income tax expense decreased primarily due to lower pre-tax income.
Current wording
In the three months ended March 31, 2026, Income tax expense decreased primarily due to lower pre-tax income.
Previous wording
For the three and nine months ended September 30, 2025, our effective tax rate was 8.9% and 18.0% and our effective tax rate-adjusted (ETR-adjusted) was 19.8% and 19.3%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2025. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.
Current wording
For the three months ended March 31, 2026, our effective tax rate was 19.2% and our effective tax rate-adjusted (ETR-adjusted) was 19.0%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2026. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.
Previous wording
GMNA Total Net Sales and Revenue In the three months ended September 30, 2025, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of cars and crossover vehicles, partially offset by increased sales of full-size pickup trucks; partially offset by (2) favorable Mix associated with decreased sales of cars, increased sales of full-size SUVs and decreased sales of crossover vehicles; (3) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; and (4) favorable Other due to increased sales of parts and accessories.
Current wording
GMNA Total Net Sales and Revenue In the three months ended March 31, 2026, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of crossover vehicles and mid-size pickup trucks and vans; partially offset by (2) favorable Other due to net foreign currency changes and increased revenue of software-enabled services and subscriptions.
Previous wording
GMI Total Net Sales and Revenue In the three months ended September 30, 2025, Total net sales and revenue increased primarily due to: (1) favorable Mix in Brazil and the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina; partially offset by (3) decreased net wholesale volumes in Brazil and Korea, partially offset by increased wholesale volumes in Argentina and Egypt; and (4) unfavorable Other primarily due to net foreign currency changes in the Argentine peso, partially offset by the Brazilian real.
Current wording
GMI Total Net Sales and Revenue In the three months ended March 31, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in Brazil primarily due to increased sales of passenger cars and crossover vehicles, partially offset by decreased wholesale volumes in the Middle East; and (2) favorable Price across multiple vehicle lines in Argentina and Brazil; partially offset by (3) unfavorable Mix primarily in Brazil.
Previous wording
GMI EBIT-Adjusted In the three months ended September 30, 2025, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Mix in Brazil and Argentina; and (3) favorable Other primarily due to increased Automotive China JVs equity income (loss), partially offset by net foreign currency changes in the Argentine peso; partially offset by (4) unfavorable Cost primarily due to increased material and logistics costs in Brazil and the Middle East.
Current wording
GMI EBIT-Adjusted In the three months ended March 31, 2026, EBIT-adjusted increased primarily due to: (1) increased net wholesale volumes in Brazil; and (2) favorable Price; partially offset by (3) unfavorable Mix; and (4) unfavorable Cost primarily due to decreased parts and accessories sales in Africa, the Middle East, and Korea.
Previous wording
GM Financial Revenue In the three months ended September 30, 2025, total revenue increased primarily due to: (1) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; (2) increased finance charge income of $0.1 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; and (3) increased other income of $0.1 billion primarily due to growth in vehicle protection contract sales, as well as a gain on sale of finance receivables.
Current wording
GM Financial Revenue In the three months ended March 31, 2026, total revenue increased primarily due to: (1) increased other income of $0.1 billion primarily due to an increase in earned premiums and fees on vehicle protection contracts; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; partially offset by (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the portfolio.
Previous wording
GM Financial EBT-Adjusted In the three months ended September 30, 2025, EBT-adjusted increased primarily due to: (1) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; and (2) increased finance charge income of $0.1 billion primarily due to growth in the size of the portfolio and an increase in the retail effective yield resulting from higher average interest rates on new loan originations; partially offset by (3) increased interest expense of $0.1 billion primarily due to an increase in average debt outstanding.
Current wording
GM Financial EBT-Adjusted In the three months ended March 31, 2026, EBT-adjusted increased by an insignificant amount.
Previous wording
Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities and other available liquidity actions are sufficient to meet our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities and additional liquidity measures, if determined to be necessary.
Current wording
Liquidity and Capital Resources We believe our current levels of cash, cash equivalents, marketable debt securities, available borrowing capacity under our credit facilities, and other liquidity actions currently available to us are sufficient to meet our liquidity requirements in the short- and long-term. We also maintain access to the capital markets and may issue debt or equity securities, which may provide an additional source of liquidity. We have substantial cash requirements going forward, which we plan to fund through our total available liquidity, cash flows from operating activities, and additional liquidity measures, if determined to be necessary.
Previous wording
Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $11.0 billion in 2025; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced warranty claims, vehicle recalls and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; (6) payments to purchase shares of our common stock authorized by our Board of Directors; and (7) if the current regulations in the U.S. are not amended, payments of emissions-related regulatory compliance costs. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to stockholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.
Current wording
Our known current material uses of cash include, among other possible demands: (1) capital spending and our investments in our battery cell manufacturing joint ventures of approximately $10.0 billion to $12.0 billion in 2026; (2) payments for engineering and product development activities, including the development of AV technology and software-enabled services; (3) payments associated with previously announced EV-related cash charges, warranty claims, vehicle recalls, and any other recall-related contingencies; (4) payments to service debt and other long-term obligations, including discretionary and mandatory contributions to our pension plans; (5) dividend payments on our common stock that are declared by our Board of Directors; and (6) payments to purchase shares of our common stock authorized by our Board of Directors. Our material future uses of cash, which may vary from time to time based on market conditions and other factors, are focused on the three objectives of our capital allocation program: (1) grow our business at an average target return on invested capital-adjusted (ROIC-adjusted) rate of 20% or greater; (2) maintain a strong investment-grade balance sheet, including a target average automotive cash balance of $18.0 billion; and (3) after the first two objectives are met, return available cash to stockholders. Our senior management evaluates our capital allocation program on an ongoing basis and recommends any modifications to the program to our Board of Directors not less than once annually.
Previous wording
Following recent U.S. Government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow. It is reasonably possible that we will recognize additional future material contract cancellation fees and commercial settlements associated with EV-related investments that may adversely affect our cash flows in the period in which they are paid. Furthermore, to support our transition to EVs, we anticipate making investments in suppliers or providing funding towards the execution of strategic, multi-year supply agreements to secure critical materials. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.
Current wording
Following U.S. Government policy changes in 2025, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow. During the year ended December 31, 2025, we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and U.S. Government policy and recorded charges in GMNA of $7.9 billion. These charges included non-cash impairment and other charges of $3.2 billion and cash related charges of $4.7 billion, primarily consisting of supplier commercial settlements, contract cancellation fees, battery cell JV settlements, and other charges that will have a cash impact when paid. The non-cash impairment charges include the cost of writing down EV-related tooling and equipment to its nominal salvage value. In the three months ended March 31, 2026, we recorded additional charges of $1.1 billion primarily related to $1.0 billion for the ongoing commercial negotiations with our supply base and joint venture partners associated with our reassessment of our EV capacity that will have a cash impact when paid. We incurred cash outflows of $2.2 billion in the three months ended March 31, 2026 and $0.4 billion in the year ended December 31, 2025 related to these charges. It is reasonably possible that we will recognize additional future material contract cancellation fees and commercial settlements associated with EV-related investments that may adversely affect our cash flows in the period in which they are paid. In addition, we have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions, and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.
Previous wording
In the nine months ended September 30, 2025, in addition to the shares repurchased under the ASR program, we repurchased approximately 27 million shares for $1.5 billion under our existing share repurchase program. We have $2.8 billion in capacity remaining under our share repurchase program as of September 30, 2025, with no expiration date.
Current wording
In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date. In the three months ended March 31, 2026, we repurchased 11 million shares for $0.8 billion. As of March 31, 2026, we have $5.5 billion in capacity remaining under our share repurchase program.
Previous wording
In the nine months ended September 30, 2025, we paid dividends of $0.4 billion to holders of our common stock. In February 2025, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.15 per share beginning with the quarterly dividend declared in April 2025.
Current wording
In the three months ended March 31, 2026, we paid dividends of $0.2 billion to holders of our common stock. In January 2026, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.18 per share beginning with the quarterly dividend declared in January 2026.
Previous wording
Cash flows that occur amongst our Automotive, Cruise and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. Net cash used in operating activities by Cruise was $0.8 billion and $1.8 billion in the nine months ended September 30, 2025 and 2024.
Current wording
Cash flows that occur amongst our Automotive, Cruise, and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive, and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. The Cruise restructuring activities are substantially complete as of December 31, 2025. Net cash used in operating activities by Cruise was $0.5 billion in the three months ended March 31, 2025.
Previous wording
In March 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.
Current wording
In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 22, 2027.
Previous wording
We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion and $14.3 billion at September 30, 2025 and December 31, 2024, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion at September 30, 2025 and December 31, 2024.
Current wording
We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion at March 31, 2026 and December 31, 2025, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion at March 31, 2026 and December 31, 2025.
Previous wording
If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at September 30, 2025 and December 31, 2024. We had intercompany loans from GM Financial of $0.4 billion and $0.3 billion at September 30, 2025 and December 31, 2024, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at September 30, 2025 and December 31, 2024. Refer to Note 4 to our condensed consolidated financial statements for additional information.
Current wording
If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at March 31, 2026 and December 31, 2025. We had intercompany loans from GM Financial of $0.4 billion at March 31, 2026 and December 31, 2025, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at March 31, 2026 and December 31, 2025. Refer to Note 4 to our condensed consolidated financial statements for additional information.
Previous wording
Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of September 30, 2025 and determined we are in compliance and expect to remain in compliance in the future.
Current wording
Several of our loan facilities, including our credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders. We have reviewed our covenants in effect as of March 31, 2026 and determined we are in compliance and expect to remain in compliance in the future.
Previous wording
GM Financial's Board of Directors declared and paid dividends of $1.1 billion on its common stock in the nine months ended September 30, 2025. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements and leverage ratio.
Current wording
GM Financial's Board of Directors declared and paid dividends of $0.7 billion on its common stock in the three months ended March 31, 2026. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements, and leverage ratio.
Previous wording
(a)Includes $1.1 billion in dividends received from our nonconsolidated affiliates in the nine months ended September 30, 2025; $1.1 billion and $1.4 billion in dividends received from GM Financial in the nine months ended September 30, 2025 and 2024; and changes in other assets and liabilities in the nine months ended September 30, 2025 and 2024.
Current wording
(a)Includes $0.7 billion and $0.4 billion in dividends received from GM Financial in the three months ended March 31, 2026 and 2025; $0.8 billion in dividends received from our nonconsolidated affiliates in the three months ended March 31, 2025; and changes in other assets and liabilities in the three months ended March 31, 2026 and 2025.
Previous wording
(b)Includes $(1.7) billion and $6.7 billion in the nine months ended September 30, 2025 and 2024, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.
Current wording
(b)Includes $(0.8) billion and $(2.3) billion in the three months ended March 31, 2026 and 2025, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.
Previous wording
(a)Includes $(1.8) billion term loan to and $0.1 billion loan repayments from Ultium Cells LLC, $(1.0) billion funding to wind down Cruise robotaxi operations and $(0.6) billion of GM's investment in nonconsolidated affiliates in thenine months ended September 30, 2025; $(1.3) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us and $(0.7) billion of GM's investment in Ultium Cells Holdings LLC in thenine months ended September 30, 2024.
Current wording
(a)Includes $0.1 billion loan repayments from Ultium Cells LLC in thethree months ended March 31, 2026; $(0.3) billion of GM's investment in nonconsolidated affiliates in thethree months ended March 31, 2025; and $(0.7) billion of funding to wind down Cruise robotaxi operations in thethree months ended March 31, 2025.
Previous wording
(b)Includes $(1.0) billion funding to wind down Cruise robotaxi operations in thenine months ended September 30, 2025; and $(1.3) billion investment in Cruise which is inclusive of $(0.9) billion convertible note issued by Cruise to us in thenine months ended September 30, 2024, which are eliminated within the condensed consolidated statements of cash flows.
Current wording
(b)Includes $(0.7) billion of funding to wind down Cruise robotaxi operations in the three months ended March 31, 2025, which are eliminated within the condensed consolidated statements of cash flows.
Previous wording
(a)Includes $(2.0) billion in payments related to the ASR in thenine months ended September 30, 2025 and $(1.5) billion and $(2.4) billion for payments to purchase common stock in the nine months ended September 30, 2025 and 2024; and $(0.4) billion for dividends paid in the nine months ended September 30, 2025 and 2024.
Current wording
(a)Includes $(0.8) billion for payments to purchase common stock in the three months ended March 31, 2026; $(2.0) billion in payments related to the ASR in the three months ended March 31,2025; and $(0.2) billion and $(0.1) billion for dividends paid in the three months ended March 31, 2026 and 2025.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted within this section of MD&A for adjustment details.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion and approved an ASR program to repurchase an aggregate amount of $2.0 billion of our common stock. In the nine months ended September 30, 2025, we received and retired 43 million shares upon settlement.