Revenue growth has decelerated into a 0.9% contraction as of 2026Q1, while gross margins have exhibited extreme volatility, plummeting from a 13.7% peak in 2024Q1 to a negative 2.5% in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 184.62B | 185.02B | 187.44B | 171.84B | 156.74B | 127B | 122.48B | 137.24B | 147.05B | 145.59B | 149.18B | 152.36B | 155.93B | 155.43B | 152.26B | 150.28B | 135.59B | 105.81B | 148.78B |
| Revenue Growth % | -2.03% | -1.29% | 9.08% | 9.64% | 23.41% | 3.69% | -10.75% | -6.67% | 1% | -2.41% | -2.08% | -2.29% | 0.32% | 2.08% | 1.32% | 10.83% | 28.15% | -28.88% | - |
| Cost of Goods Sold | 173.37B | 164.92B | 154.84B | 142.8B | 125.95B | 101.23B | 102.61B | 117.83B | 125.15B | 120.06B | 122.27B | 126.34B | 134.22B | 130.58B | 130.04B | 123.64B | 111.82B | 102.59B | 136.93B |
| COGS % of Revenue | - | 89.14% | 82.61% | 83.1% | 80.36% | 79.7% | 83.78% | 85.86% | 85.11% | 82.46% | 81.96% | 82.92% | 86.08% | 84.02% | 85.41% | 82.28% | 82.47% | 96.96% | 92.04% |
| Gross Profit | 11.25B | 20.1B | 32.6B | 29.04B | 30.78B | 25.78B | 19.87B | 19.41B | 21.89B | 25.53B | 26.92B | 26.02B | 21.71B | 24.84B | 22.22B | 26.63B | 23.77B | 3.22B | 11.85B |
| Gross Margin % | 6.1% | 10.86% | 17.39% | 16.9% | 19.64% | 20.3% | 16.22% | 14.14% | 14.89% | 17.54% | 18.04% | 17.08% | 13.92% | 15.98% | 14.59% | 17.72% | 17.53% | 3.04% | 7.96% |
| Gross Profit Growth % | - | -38.37% | 12.28% | -5.66% | 19.41% | 29.72% | 2.37% | -11.34% | -14.24% | -5.15% | 3.46% | 19.83% | -12.61% | 11.83% | -16.57% | 12.02% | 638.32% | -72.82% | - |
| Operating Expenses | 8.77B | 17.19B | 19.82B | 19.74B | 20.47B | 16.45B | 13.24B | 15.29B | 17.01B | 16.76B | 16.65B | 19.12B | 19.16B | 19.58B | 19.6B | 20.29B | 18.4B | 18.4B | 26.59B |
| OpEx % of Revenue | - | 9.29% | 10.57% | 11.49% | 13.06% | 12.96% | 10.81% | 11.14% | 11.57% | 11.51% | 11.16% | 12.55% | 12.29% | 12.6% | 12.87% | 13.5% | 13.57% | 17.39% | 17.87% |
| Selling, General & Admin | 8.77B | 8.69B | 10.62B | 9.84B | 10.67B | 8.55B | 7.04B | 8.49B | 9.21B | 9.46B | 10.05B | 11.62B | 11.76B | 12.38B | 11.79B | 12.11B | 11.45B | 12.17B | 13.79B |
| SG&A % of Revenue | - | 4.7% | 5.67% | 5.73% | 6.81% | 6.74% | 5.75% | 6.19% | 6.26% | 6.49% | 6.74% | 7.63% | 7.54% | 7.97% | 7.75% | 8.06% | 8.44% | 11.5% | 9.27% |
| Research & Development | 0 | 8.5B | 9.2B | 9.9B | 9.8B | 7.9B | 6.2B | 6.8B | 7.8B | 7.3B | 6.6B | 7.5B | 7.4B | 7.2B | 7.37B | 8.12B | 6.96B | 6.05B | 8B |
| R&D % of Revenue | - | 4.59% | 4.91% | 5.76% | 6.25% | 6.22% | 5.06% | 4.95% | 5.3% | 5.01% | 4.42% | 4.92% | 4.75% | 4.63% | 4.84% | 5.41% | 5.13% | 5.72% | 5.38% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 438M | 58M | -7M | 179M | 4.8B |
| Operating Income | 2.48B | 2.91B | 12.78B | 9.3B | 10.31B | 9.32B | 6.63B | 4.12B | 4.88B | 8.78B | 10.26B | 6.9B | 2.55B | 5.26B | 2.62B | 6.34B | 5.37B | -15.18B | -14.74B |
| Operating Margin % | 1.34% | 1.57% | 6.82% | 5.41% | 6.58% | 7.34% | 5.42% | 3% | 3.32% | 6.03% | 6.88% | 4.53% | 1.64% | 3.39% | 1.72% | 4.22% | 3.96% | -14.34% | -9.91% |
| Operating Income Growth % | - | -77.24% | 37.49% | -9.85% | 10.62% | 40.55% | 60.98% | -15.64% | -44.33% | -14.49% | 48.79% | 170.05% | -51.47% | 101.03% | -58.73% | 18.07% | 135.4% | -2.94% | - |
| EBITDA | 15.47B | 17.5B | 25.17B | 21.19B | 21.6B | 21.38B | 19.45B | 18.24B | 18.55B | 21.04B | 20.08B | 14.38B | 9.79B | 13.3B | 41.38B | 13.77B | 12.3B | -3.79B | -4.54B |
| EBITDA Margin % | 8.38% | 9.46% | 13.43% | 12.33% | 13.78% | 16.83% | 15.88% | 13.29% | 12.62% | 14.45% | 13.46% | 9.44% | 6.28% | 8.56% | 27.18% | 9.16% | 9.07% | -3.58% | -3.05% |
| EBITDA Growth % | -37.94% | -30.49% | 18.82% | -1.93% | 1.07% | 9.9% | 6.63% | -1.7% | -11.8% | 4.76% | 39.61% | 46.9% | -26.4% | -67.85% | 200.49% | 11.93% | 424.36% | 16.45% | - |
| D&A (Non-Cash Add-back) | 12.98B | 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 |
| EBIT | 1.9B | 2.91B | 12.78B | 9.3B | 10.31B | 9.32B | 6.63B | 4.12B | 4.88B | 8.78B | 10.26B | 6.9B | 2.55B | 5.26B | 2.62B | 6.34B | 5.37B | -15.18B | -14.74B |
| Net Interest Income | 238M | 127M | 121M | 198M | -527M | -804M | -857M | -353M | -320M | -309M | -381M | -274M | -192M | -88M | -146M | -85M | -633M | -5.75B | -1.91B |
| Interest Income | 970M | 854M | 967M | 1.11B | 460M | 146M | 241M | 429M | 335M | 266M | 182M | 169M | 211M | 246M | 343M | 455M | 465M | 367M | 712M |
| Interest Expense | 732M | 727M | 846M | 911M | 987M | 950M | 1.1B | 782M | 655M | 575M | 563M | 443M | 403M | 334M | 489M | 540M | 1.1B | 6.11B | 2.62B |
| Other Income/Expense | 410M | 208M | -4.26B | 1.1B | 1.28B | 3.39B | 1.46B | 3.31B | 3.66B | 3.09B | 1.75B | 821M | 1.69B | 2.19B | -31.31B | 2.83B | 1.8B | 118.23B | -14.46B |
| Pretax Income | 2.89B | 3.12B | 8.52B | 10.4B | 11.6B | 12.72B | 8.1B | 7.44B | 8.55B | 11.86B | 12.01B | 7.72B | 4.25B | 7.46B | -28.7B | 9.18B | 7.17B | 103.05B | -29.2B |
| Pretax Margin % | 1.57% | 1.68% | 4.54% | 6.05% | 7.4% | 10.01% | 6.61% | 5.42% | 5.81% | 8.15% | 8.05% | 5.07% | 2.72% | 4.8% | -18.85% | 6.11% | 5.29% | 97.39% | -19.63% |
| Income Tax | 262M | 338M | 2.56B | 563M | 1.89B | 2.77B | 1.77B | 769M | 474M | 11.53B | 2.74B | -1.9B | 228M | 2.13B | -34.83B | -110M | 672M | -2.17B | 1.77B |
| Effective Tax Rate % | 9.06% | 10.84% | 30% | 5.41% | 16.29% | 21.79% | 21.91% | 10.34% | 5.54% | 97.22% | 22.81% | -24.58% | 5.37% | 28.52% | 121.38% | -1.2% | 9.37% | -2.1% | -6.05% |
| Net Income | 2.54B | 2.7B | 6.01B | 10.13B | 9.93B | 10.02B | 6.43B | 6.73B | 8.08B | 36M | 9.43B | 9.69B | 3.95B | 5.35B | 6.19B | 9.19B | 6.17B | 104.82B | -30.86B |
| Net Margin % | 1.38% | 1.46% | 3.21% | 5.89% | 6.34% | 7.89% | 5.25% | 4.91% | 5.5% | 0.02% | 6.32% | 6.36% | 2.53% | 3.44% | 4.06% | 6.12% | 4.55% | 99.07% | -20.74% |
| Net Income Growth % | -56.3% | -55.11% | -40.67% | 1.94% | -0.85% | 55.89% | -4.53% | -16.72% | 22355.56% | -99.62% | -2.68% | 145.3% | -26.13% | -13.61% | -32.67% | 48.9% | -94.11% | 439.67% | - |
| Net Income (Continuing) | 2.63B | 2.78B | 5.96B | 9.84B | 9.71B | 9.95B | 6.32B | 6.67B | 8.07B | 330M | 9.27B | 9.62B | 4.02B | 5.33B | 6.14B | 9.29B | 6.5B | 105.22B | -30.97B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -312M | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.04B | 2.05B | 2.52B | 4.02B | 4.49B | 6.07B | 4.65B | 4.17B | 3.92B | 1.2B | 239M | 452M | 567M | 567M | 756M | 871M | 979M | 708M | 484M |
| EPS (Diluted) | 2.76 | 3.27 | 6.37 | 7.32 | 6.13 | 6.70 | 4.33 | 4.57 | 5.60 | -2.59 | 6.00 | 5.91 | 1.65 | 2.38 | 2.92 | 4.58 | 2.89 | 113.18 | -53.44 |
| EPS Growth % | -64.49% | -48.67% | -12.98% | 19.41% | -8.51% | 54.73% | -5.25% | -18.39% | 316.22% | -143.17% | 1.52% | 258.18% | -30.67% | -18.49% | -36.24% | 58.48% | -97.45% | 311.79% | - |
| EPS (Basic) | - | 3.33 | 6.45 | 7.35 | 6.17 | 6.78 | 4.36 | 4.62 | 5.68 | -2.64 | 6.12 | 6.11 | 1.75 | 2.71 | 3.10 | 4.94 | 3.11 | 113.18 | -53.44 |
| Diluted Shares Outstanding | 919.44M | 973M | 1.13B | 1.37B | 1.45B | 1.47B | 1.44B | 1.44B | 1.43B | 1.49B | 1.57B | 1.64B | 1.69B | 1.68B | 1.68B | 1.67B | 1.62B | 925M | 579M |
| Basic Shares Outstanding | 919.44M | 919.44M | 1.11B | 1.36B | 1.45B | 1.45B | 1.43B | 1.42B | 1.41B | 1.47B | 1.54B | 1.59B | 1.6B | 1.39B | 1.57B | 1.54B | 1.5B | 925M | 579M |
| Dividend Payout Ratio | - | 24.36% | 10.87% | 5.9% | 4% | 1.86% | 10.41% | 34.91% | 27.73% | 6202.78% | 25.12% | 23.14% | 80.15% | 31.56% | 15.17% | 9.97% | 25.47% | - | - |
Cyclical Margin Compression
According to the provided financial data, GM's revenue growth has shifted from a peak of 11.0% in 2024Q4 to a contraction of 0.9% by 2026Q1, signaling that the company's top-line momentum is currently struggling to maintain positive territory amidst broader automotive market saturation and pricing pressures.
The transition from growth to contraction suggests that the company's reliance on high-margin truck and SUV segments may be reaching a ceiling in the current interest rate environment. Investors should monitor whether this deceleration reflects a permanent shift in consumer demand or merely a temporary inventory adjustment phase.
As reported in the income statement, GM's gross margin experienced significant volatility, plummeting from a high of 13.7% in 2024Q1 to a negative 2.5% in 2025Q4, which highlights the extreme sensitivity of the company's manufacturing cost structure to production volume and input cost fluctuations.
The sharp margin compression observed in late 2025 suggests that the company's fixed-cost base is poorly aligned with current sales volumes, potentially exacerbated by the ongoing 'double-spending' on both ICE and EV platforms. This instability warrants further investigation into the company's ability to maintain pricing power during periods of softening demand.
Based on the reported figures, GM's operating income has shown extreme sensitivity to revenue changes, swinging from a $3.9 billion profit in 2024Q2 to a $3.6 billion loss in 2025Q4, indicating that the company lacks the operating leverage necessary to protect profitability during revenue downturns.
The inability to scale SG&A and production costs in proportion to revenue suggests that the company's cost structure remains heavily burdened by legacy overhead and R&D requirements. This lack of efficiency implies that any further revenue contraction could lead to disproportionately larger impacts on the bottom line.
Financial statements reveal that GM's net income is highly inconsistent, with a $3.3 billion loss in 2025Q4 following a $3.1 billion profit in 2024Q3, which raises significant questions regarding the long-term durability of the company's earnings power in a highly competitive and capital-intensive automotive landscape.
Short-sellers may focus on the recurring nature of these earnings volatility events as evidence that the core business model is fundamentally fragile. The reliance on cyclical truck sales to subsidize long-term EV investments appears to be a high-risk strategy that may not withstand a prolonged economic downturn.
Quick answers to the most common questions about buying GM stock.
For fiscal year 2025, General Motors Company (GM) reported total revenue of $185.02B. This represents a 24.4% increase compared to $148.78B in 2008.
General Motors Company (GM) is profitable, generating $2.70B in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
General Motors Company (GM) reported an operating income of $2.91B, resulting in an operating profit margin of 1.6%. This margin reflects the operational efficiency of the business before interest and taxes.
General Motors Company (GM) generated $20.10B in gross profit for the year, representing a gross profit margin of 10.9%. This demonstrates the company's core pricing power and production efficiency.