For Release: Tuesday, July 22, 2025, at 6:30 a.m. ET

DETROIT – General Motors (NYSE: GM) today reported second-quarter 2025 revenue of $47.1 billion, net income attributable to stockholders of $1.9 billion, and EBIT-adjusted of $3.0 billion. GM's full-year financial guidance is unchanged.

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. today to discuss these results.

Conference call details are as follows:

•1-800-857-9821 (U.S.)

•1-517-308-9481 (international/caller-paid)

•Conference call passcode: General Motors

•An audio replay will be available on the GM Investor Relations website in the Events section.

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General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

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(a)Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

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(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

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(a)These expected financial results do not include the potential impact of future adjustments related to special items.

			Six Months Ended June 30, 2025																														Six Months Ended June 30, 2024
			Automotive						Cruise						GM Financial						Reclassifications/Eliminations						Combined						Automotive						Cruise						GM Financial						Reclassifications/Eliminations						Combined
Net sales and revenue
Automotive			$	82,729					$	1					$	—					$	—					$	82,730					$	83,272					$	51					$	—					$	(50)					$	83,273
GM Financial			—						—						8,419						(7)						8,412						—						—						7,730						(19)						7,710
Total net sales and revenue			82,729						1						8,419						(7)						91,141						83,272						51						7,730						(69)						90,983
Costs and expenses
Automotive and other cost of sales			74,318						163						—						(1)						74,480						71,189						1,422						—						(1)						72,611
GM Financial interest, operating and other expenses			—						—						7,058						—						7,058						—						—						6,215						(1)						6,215
Automotive and other selling, general and administrative expense			4,016						111						—						(2)						4,124						4,269						279						—						(1)						4,547
Total costs and expenses			78,334						274						7,058						(4)						85,662						75,459						1,701						6,215						(3)						83,372
Operating income (loss)			4,395						(273)						1,361						(4)						5,479						7,813						(1,650)						1,514						(66)						7,611
Automotive interest expense			351						30						—						(30)						350						425						128						—						(128)						425
Interest income and other non-operating income, net			701						2						—						(26)						676						406						18						—						(62)						362
Equity income (loss)			114						—						28						—						142						(234)						—						45						—						(189)
Income (loss) before income taxes			$	4,859					$	(301)					$	1,389					$	—					$	5,946					$	7,561					$	(1,761)					$	1,559					$	—					$	7,359
Income tax expense (benefit)																											1,199																														1,529
Net income (loss)																											4,747																														5,830
Net loss (income) attributable to noncontrolling interests																											(68)																														83
Net income (loss) attributable to stockholders																											$	4,680																													$	5,913
Net income (loss) attributable to common stockholders																											$	5,224																													$	5,889

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1 Certain columns and rows may not add due to rounding.

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

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(a)Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

(b)Potentially dilutive securities attributable to outstanding stock options, Performance Stock Units and Restricted Stock Units (RSUs) at June 30, 2025 and stock options and RSUs at June 30, 2024, were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

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(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; Automotive accounts receivable of $0.1 billion primarily due from GM Financial; and Cruise accounts receivable of $0.2 billion due from Automotive at June 30, 2025; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024.

(b)Eliminations primarily related to convertible note issued by Cruise to Automotive and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive at December 31, 2024.

(c)Eliminations primarily related to intercompany loans due from Cruise to GM Financial at December 31, 2024.

(d)Eliminations primarily related to GM Financial accounts receivable due from Automotive and Cruise.

(e)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

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(a)Includes eliminations of $3.3 billion in the six months ended June 30, 2025 and 2024 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025 and 2024.

(c)Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2025 and 2024.

Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

The following tables summarize key financial information by segment (dollars in millions):

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(a)Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $71 million and $116 million in the three and six months ended June 30, 2025 and $(104) million and $(210) million in the three and six months ended June 30, 2024.

(b)Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity earnings related to Ultium Cells Holdings LLC were $11 million and $252 million in the three and six months ended June 30, 2025 and $324 million and $479 million in the three and six months ended June 30, 2024.

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

The following table reconciles Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):

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(a)Net of net loss attributable to noncontrolling interests.

(b)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.

(c)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(d)These adjustments were excluded because they relate to employee separation charges.

(e)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, the indefinite delay of the Cruise Origin and the voluntary pausing in 2023 of Cruise's driverless, supervised and manual AV operations in the U.S. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges and employee separation costs.

(f)These adjustments were excluded because they relate to the wind down of our manufacturing operations in Colombia and Ecuador.

(g)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation.

(h)These adjustments were excluded because they relate to strategic activities to transition certain Buick dealers out of our dealer network as part of Buick’s EV strategy.

(i)GM Financial amounts represent EBT-adjusted.

(j)GM's automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):

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(a)Refer to the reconciliation of Net income attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):