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Operating cash flow exceeded net income by 4.99x in 2026Q2, but FCF is volatile (ranging from -$3.1B to $5.7B), and capital returns of $2.6B in 2026Q2 outpaced FCF of $4.4B, suggesting aggressive deployment.
General Motors Company (GM) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | 23.2B | 26.87B | 20.13B | 20.93B | 16.04B | 15.19B | 16.67B | 15.02B | 15.26B | 17.33B | 16.61B | 11.77B | 10.06B | 12.63B | 10.61B | 8.17B | 6.78B | -17.24B | -12.06B |
| Operating CF Margin % | - | 14.52% | 10.74% | 12.18% | 10.24% | 11.96% | 13.61% | 10.95% | 10.37% | 11.9% | 11.13% | 7.72% | 6.45% | 8.13% | 6.97% | 5.43% | 5% | -16.29% | -8.11% |
| Operating CF Growth % | 8.31% | 33.47% | -3.83% | 30.46% | 5.63% | -8.89% | 10.98% | -1.54% | -11.96% | 4.34% | 41.11% | 16.98% | -20.34% | 19.09% | 29.87% | 20.44% | 139.33% | -42.88% | - |
| Net Income | 1.92B | 2.78B | 5.96B | 9.84B | 9.71B | 9.95B | 6.32B | 6.67B | 8.07B | 330M | 9.27B | 9.59B | 4.02B | 5.33B | 6.14B | 9.29B | 6.5B | 105.22B | -31.05B |
| Depreciation & Amortization | 14.75B | 14.59B | 12.39B | 11.89B | 11.29B | 12.05B | 12.81B | 14.12B | 13.67B | 12.26B | 9.82B | 7.49B | 7.24B | 8.04B | 38.76B | 7.43B | 6.93B | 11.38B | 10.2B |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.17B | -1.25B | 1.37B | -1.04B | 425M | 2.21B | 925M | -133M | -112M | 10.88B | 2.23B | -2.05B | -574M | 1.56B | -35.56B | -318M | 254M | -2.03B | 1.16B |
| Other Non-Cash Items | 838M | 1.69B | 1.94B | -1.58B | -2.4B | -5.66B | -2.99B | -1.84B | -5B | -3.13B | -5.29B | -2.05B | -868M | -977M | 638M | -4.11B | -5.94B | -124.96B | 7.53B |
| Working Capital Changes | 6.69B | 9.06B | -1.53B | 1.82B | -2.98B | -3.37B | -399M | -3.79B | -1.38B | -3.02B | 580M | -1.21B | 247M | -1.33B | 630M | -4.12B | -966M | -6.86B | 94M |
| Change in Receivables | 3.48B | 3.48B | -7.19B | -1.8B | -9.48B | 3.35B | 1.4B | 100M | -2.11B | -697M | -3.43B | -836M | -3.25B | 8M | -460M | -1.57B | -641M | 392M | 1.31B |
| Change in Inventory | 626M | 626M | 666M | -757M | -2.58B | -3.15B | -104M | -761M | 399M | 440M | -75M | -1.21B | -309M | 59M | -326M | -2.76B | -2.23B | 3.19B | 77M |
| Change in Payables | -2.15B | -2.15B | 1.28B | -398M | 6.14B | -1.17B | 42M | -492M | -537M | -362M | 3.19B | 1.66B | 19M | -485M | 162M | 2.14B | 2.26B | -3.48B | -4.56B |
| Cash from Investing | -8.46B | -16.13B | -20.52B | -14.66B | -17.88B | -16.36B | -21.83B | -10.9B | -20.76B | -27.57B | -35.64B | -27.71B | -15.36B | -14.36B | -3.5B | -12.74B | 1.23B | -18.98B | -1.76B |
| Capital Expenditures | -10.66B | -15.79B | -15.28B | -13.64B | -11.95B | -14.6B | -15.23B | -16.4B | -16.74B | -19.18B | -19.5B | -15.1B | -4.78B | -2.25B | -1.05B | -837M | -11M | -5.38B | -7.53B |
| CapEx % of Revenue | 5.74% | 8.54% | 8.15% | 7.94% | 7.62% | 11.5% | 12.44% | 11.95% | 11.38% | 13.17% | 13.07% | 9.91% | 3.06% | 1.45% | 0.69% | 0.56% | 0.01% | 5.08% | 5.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -83M | -41M | -804M | -927M | -53M | -1.73B | -26M | 4.77B | -2.66B | -2.13B | 231M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.62B | -1.01B | -5.58B | -5.94B | -2.15B | -2.14B | -2.33B | 3.31B | -6.23B | -11.86B | -11.64B | -12.54B | -10.13B | -10.52B | -9.33B | -6.05B | 9.32B | -11.51B | 3.44B |
| Cash from Financing | -16.73B | -9.59B | 1.94B | -6.35B | 383M | 1.74B | 5.55B | -4.68B | 11.45B | 12.58B | 17.08B | 13.61B | 5.67B | 3.73B | -4.74B | -358M | -9.77B | 44.57B | 3.84B |
| Debt Issued (Net) | -8.36B | -2.71B | 10.16B | 6.13B | 6.58B | 406M | 6.14B | -2.53B | 11.66B | 18.45B | 21.03B | 18.02B | 12.24B | 8.01B | 1.41B | 697M | -11.42B | 46.05B | 1.83B |
| Equity Issued (Net) | -6.83B | -6.04B | -7.06B | -11.12B | -2.5B | 1.74B | 402M | 457M | 2.67B | -3.51B | -2.5B | -3.52B | -3.28B | -2.44B | -5.1B | 11M | 3.4B | 0 | 0 |
| Dividends Paid | -1.17B | -657M | -653M | -597M | -397M | -186M | -669M | -2.35B | -2.24B | -2.23B | -2.37B | -2.24B | -3.17B | -1.69B | -939M | -916M | -1.57B | -97M | -283M |
| Share Repurchases | -6.83B | -6.04B | -7.06B | -11.12B | -2.5B | 0 | -90M | 0 | -190M | -4.49B | -2.5B | -3.52B | -3.28B | -2.44B | -5.1B | 0 | -1.46B | 0 | 0 |
| Other Financing | -373M | -180M | -509M | -773M | -3.3B | -212M | -322M | -253M | -640M | -131M | 918M | 1.35B | -123M | -150M | -116M | -150M | -171M | -1.38B | 2.3B |
| Net Change in Cash | -2.22B | 1.32B | 1.05B | -52M | -1.59B | 425M | 174M | -553M | 5.65B | 2.69B | -2.17B | -3.86B | -853M | 1.6B | 2.35B | -5.18B | -14.29B | 22.54B | -10.76B |
| Free Cash Flow | 16.5B | 11.07B | -5.98B | -3.68B | -5.14B | -6.92B | -3.86B | -8.97B | -10.24B | -10.3B | -11.27B | -10.14B | -1.81B | 2.81B | 1.49B | 1.08B | 2.57B | -22.62B | -19.59B |
| FCF Margin % | 8.89% | 5.99% | -3.19% | -2.14% | -3.28% | -5.45% | -3.15% | -6.54% | -6.96% | -7.08% | -7.56% | -6.66% | -1.16% | 1.81% | 0.98% | 0.72% | 1.89% | -21.38% | -13.17% |
| FCF Growth % | 995.71% | 285.18% | -62.5% | 28.46% | 25.7% | -79.21% | 56.96% | 12.36% | 0.62% | 8.58% | -11.16% | -461.46% | -164.25% | 89.04% | 37.69% | -57.93% | 111.35% | -15.43% | - |
| FCF per Share | 17.94 | 11.38 | -5.30 | -2.69 | -3.54 | -4.72 | -2.68 | -6.24 | -7.16 | -6.91 | -7.18 | -6.18 | -1.07 | 1.68 | 0.89 | 0.65 | 1.58 | -24.45 | -33.84 |
| FCF Conversion (FCF/Net Income) | 8.60x | 9.96x | 3.35x | 2.07x | 1.61x | 1.52x | 2.59x | 2.23x | 1.89x | 481.33x | 1.76x | 1.21x | 2.55x | 2.36x | 1.71x | 0.89x | 1.10x | -0.16x | 0.39x |
| Interest Paid | 0 | 0 | 6.18B | 5.51B | 3.61B | 3.4B | 3.96B | 4.21B | 3.6B | 3.07B | 2.22B | 1.54B | 1.42B | 1.06B | 633M | 510M | 1.07B | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.48B | 1.73B | 1.19B | 652M | 719M | 689M | 660M | 656M | 676M | 740M | 947M | 727M | 575M | 569M | 357M | 0 | 0 |
Quick answers to the most common questions about buying GM stock.
General Motors Company (GM) generated $26.87B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
General Motors Company (GM) generated $11.07B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
General Motors Company (GM) spent $15.79B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, General Motors Company (GM) returned $657.0M to shareholders via cash dividends and spent $6.04B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin compression and negative quarters
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital
GM's operating cash flow exceeded net income by 4.99x in 2026Q2, but this gap narrowed to 1.12x in 2026Q1, suggesting earnings quality varies with working capital swings, per SEC filings.
The OCF/NI ratio of 4.99 in 2026Q2 versus 1.12 in 2026Q1 indicates that operating cash flow is heavily influenced by working capital changes, not just net income. In 2025Q4, a net loss of -$3.3B still generated $6.8B OCF, implying significant non-cash charges and working capital inflows. This divergence suggests that reported earnings may not fully reflect cash generation, and investors should monitor the sustainability of working capital contributions.
FCF Volatility Reflects Cyclical Pressures
Free cash flow swung from -$3.1B in 2024Q4 to $5.7B in 2025Q4, with FCF margins ranging from -7.1% to 12.5%, indicating high volatility and cyclicality, as reported in quarterly statements.
The FCF trajectory is highly erratic, with negative FCF in three of the last ten quarters, including -$3.1B in 2024Q4 and -$3.1B in 2024Q1. The positive FCF in 2025Q4 was driven by a $5.5B working capital inflow, which may not be repeatable. This volatility suggests that GM's cash generation is not stable, and the company may struggle to maintain consistent FCF margins, especially given the decelerating revenue growth and strained profitability.
Capital Intensity Pressures Cash Flow
CapEx as a percentage of revenue averaged 7.5% over the last ten quarters, peaking at 11.2% in 2025Q4, indicating heavy investment that consumes a significant portion of operating cash flow, based on reported figures.
GM's capital intensity is high, with CapEx/Revenue consistently above 7% and reaching 11.2% in 2025Q4. This level of investment is necessary for product development and manufacturing, but it limits free cash flow generation. The elevated CapEx in 2025Q4 coincided with a net loss, suggesting that the company is investing through a downturn, which may strain liquidity if cash flows weaken further.
Working Capital Swings Drive Cash Flow
Working capital changes ranged from -$3.0B to +$5.5B over the last ten quarters, with a $5.5B inflow in 2025Q4, indicating significant volatility that can distort quarterly cash flow, as per financial statements.
The working capital line is the primary driver of OCF volatility. In 2025Q4, a $5.5B working capital inflow boosted OCF to $6.8B despite a net loss, while in 2026Q1, a -$2.5B outflow reduced OCF to $3.0B. This suggests that GM's cash flow is heavily influenced by inventory, receivables, and payables management, which may not be sustainable. Investors should monitor whether these swings reflect operational efficiency or just timing.
Capital Returns Outpace Cash Generation
GM returned $2.6B in buybacks and $608M in dividends in 2026Q2, totaling $2.6B, which exceeded FCF of $4.4B, indicating aggressive capital deployment, according to recent SEC filings.
Despite volatile FCF, GM has maintained significant shareholder returns, with buybacks totaling $2.0B in 2026Q2 and $2.5B in 2025Q4. These distributions are funded by operating cash flow, but in quarters with negative FCF, such as 2024Q4, the company still returned $4.8B, suggesting reliance on balance sheet cash. This aggressive deployment may limit financial flexibility if cash flows deteriorate further.
Cumulative Earnings vs Cash Reality
Over the last ten quarters, cumulative net income was $12.6B while cumulative operating cash flow was $57.5B, a gap of $44.9B, indicating that cash generation far exceeds reported earnings, based on reported figures.
The cumulative OCF of $57.5B versus net income of $12.6B highlights a significant divergence, driven by large non-cash charges (D&A) and working capital inflows. This suggests that GM's earnings understate its cash-generating ability, but it also raises questions about the quality of earnings, as the gap may be due to one-time items or aggressive working capital management. Investors should assess whether this gap is sustainable or if it will narrow as working capital normalizes.
What Could Invalidate the Base Case
The cash flow statement obscures the sustainability of working capital inflows, which contributed $5.5B in 2025Q4, and the impact of heavy buybacks on liquidity, as per reported figures.
The cash flow statement does not fully reveal the quality of working capital changes; the $5.5B inflow in 2025Q4 may be a one-time event, and if it reverses, OCF could decline sharply. Additionally, the aggressive buyback program, totaling $2.0B in 2026Q2, may be funded by debt or cash reserves, which could strain the balance sheet if FCF remains volatile. Investors should monitor whether these cash flows are sustainable or if they mask underlying operational deterioration.