Cash flow generation remains inconsistent, highlighted by a massive $5.5 billion working capital inflow in 2025Q4 that contrasts with a $2.5 billion outflow in 2026Q1, complicating the assessment of true earnings quality.
| 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 | 23.76B | 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 % | 31.93% | 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 | 2.54B | 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 | 14.68B | 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 | 699M | 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 | 6.91B | 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 | -11.01B | -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 | -13.09B | -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 | 7.09% | 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 | -283M | -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 | -12.74B | -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) | -6.91B | -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) | -4.83B | -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 | -705M | -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 | -4.83B | -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 | -294M | -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 | 21M | 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 | 12.48B | 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 % | 6.76% | 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 % | 533.3% | 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 | 13.57 | 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) | 4.91x | 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 |
Cyclical Margin Compression
According to the provided cash flow data, GM's OCF/NI ratio has exhibited extreme volatility, ranging from a negative 2.05 in 2025Q4 to a high of 5.35 in 2025Q3, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are heavily distorting the bottom line. Investors should monitor whether this disconnect reflects genuine operational efficiency or merely the accounting impact of aggressive inventory management and warranty reserve adjustments.
As reported in financial statements, GM's free cash flow trajectory remains highly inconsistent, with quarterly figures swinging from a $5.7 billion inflow in 2025Q4 to a $3.1 billion outflow in 2024Q4, highlighting the difficulty of maintaining positive cash generation during periods of heavy investment.
The erratic FCF margins suggest that the company's core automotive business struggles to self-fund its capital-intensive transition to electric vehicles. This inconsistency warrants further investigation into whether the current cash flow profile can support sustained shareholder returns without compromising the long-term investment roadmap.
Based on GM's reported figures, capital expenditures have remained elevated, peaking at $5.1 billion in 2025Q4, which represents a significant 11.2% of revenue and underscores the heavy burden of maintaining legacy manufacturing while simultaneously funding next-generation EV and autonomous technology platforms.
The high capital intensity appears to be a structural necessity rather than a discretionary choice, as the company attempts to modernize its assembly footprint. This persistent spending level may indicate that the company is locked into a high-cost cycle that limits its ability to generate meaningful free cash flow.
Data from recent filings indicates that working capital changes are a primary driver of quarterly cash flow, with a massive $5.5 billion inflow in 2025Q4 contrasting sharply with a $2.5 billion outflow in 2026Q1, suggesting aggressive management of inventory and payables to smooth cash results.
These dramatic fluctuations in working capital suggest that the company may be utilizing channel management or supplier payment terms to manage its liquidity position. Such tactics appear to mask the underlying volatility of the core business and may not be sustainable over the long term.
As evidenced by the company's financial statements, GM has continued to prioritize share repurchases, including a $4.7 billion buyback in 2024Q4, even during quarters where free cash flow was negative, which may indicate a defensive strategy to support the stock price despite operational headwinds.
The decision to return significant capital to shareholders while simultaneously burning cash on R&D and capital projects appears to be a high-risk allocation strategy. Investors should monitor whether this pace of buybacks is sustainable if the current cyclical downturn in the automotive sector deepens.
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.