General Motors (GM) Company Report

GM reduced inventory to 48 days, boosting free cash flow from ~$3 bn to $10 bn annually over the last 4–5 years.
Despite $3 bn of tariff headwinds in 2025 and another $3–4 bn expected in 2026, North America margins returned to 8–10% about 12–18 months ahead of investor expectations.
GM took $7 bn of charges in H2 2025 to right-size EV production capacity for ~8–12% adoption, leading to a more sustainable EV ramp.
Announced $5 bn of U.S. onshoring investments by 2027, enabling domestic production of nearly 2 million vehicles to mitigate tariff impact.
Developing its software-defined vehicle platform, targeting $7.5 bn of deferred revenue from Super Cruise, OnStar, and future digital services.

2 days ago

Transcript

GM CFO Jacobson reviews 2025 results and outlines 2026 strategy

GM absorbed >$3 billion in tariffs in 2025 and signals $3–4 billion in 2026, yet restored 8 %–10 % North America margins 12–18 months ahead of expectations.
Took $7 billion of charges in H2 2025 on EV tooling for a 1 million VE/year capacity, realigning investments to match 8 %–12 % consumer EV adoption.
Committed $5 billion of U.S. onshoring investments by 2027 to produce ~2 million vehicles and convert the Orion plant from EV to ICE to mitigate tariff exposure.
Grew software and services with $7.5 billion of deferred revenue; Super Cruise and OnStar expansion will pave the way for hands-off autonomy by 2028.
Expects a $1 billion–$2 billion regulatory tailwind in 2026 from EPA and CAFE rollbacks, while rolling out Gen 6 V8 engines—the most efficient V8s to date.

2 days ago

Transcript

GM outlines transformation and financial strategy at Chicago Automotive Symposium

New Projects/Investments

GM delivered a strong 2025 with North America operating margins restored to 8%–10%—12–18 months ahead of investor expectations—despite absorbing $3 billion in tariffs and guiding for $3–4 billion in 2026.
Inventory discipline reduced stock to 48 days (targeting 50–60 days), while annual free cash flow surged from $3 billion historically to about $10 billion, creating a buffer for future volatility.
The company took $7 billion of EV-related charges in H2 2025 to right-size production capacity, aligning with a more measured EV adoption curve and driving cost reduction efforts in battery architecture.
Announced $5 billion of onshoring investments by 2027, including retooling the Orion plant to ICE production, to mitigate long-term tariff impacts and support nearly 2 million U.S.-made vehicles annually.
Emphasis on software and services growth: GM has built deferred revenue to $7.5 billion, expanding Super Cruise and paving the way for hands-off autonomy and a software-defined vehicle roadmap.

2 days ago

Transcript

GM sees DMD technology global rollout accelerate with OEM and supplier partnerships

New Projects/Investments

Six DMD development projects are active, targeting 2027 volume production (SOP) in China and Europe on interior permanent-magnet synchronous motors, with plans to expand to external-rotor synchronous motors thereafter.
In Q4 2025, a global tier-1 supplier completed DMD testing ahead of schedule; a Chinese OEM trial could enable remote wireless software upgrades by Q4 2026.
In January 2026, a European OEM finished bench testing validating DMD’s real-world efficiency gains; two more OEMs are poised to begin trials by mid-2026.
CEO John Fuller notes that software integration of DMD can deliver 0.5–1% energy-efficiency improvement on in-board permanent-magnet motors, with vehicle tests matching lab outcomes.

3 days ago

Press Release

GM partner Mitra EV raises $27 million to scale fleet electrification

New Projects/Investments

Debt Issuance

Mitra EV secured $27 million in financing, comprising equity from Ultra Capital and a credit facility from S2G Investments to expand its capital-efficient fleet electrification platform.
The funding will accelerate deployment of no-upfront-cost EV leasing (including GM, Ford, and Mercedes-Benz vehicles), dedicated overnight charging, and a shared DC fast-charging hub network aimed at serving 99% of U.S. fleet operators.
The fully managed solution delivers immediate up to 75% operating cost reductions for commercial fleets by combining lower fueling costs and reduced maintenance.
Proceeds will support expansion of shared charging infrastructure, additional fleet solutions, and entry into new markets.

3 days ago

Press Release

GM reports Q4 and full-year 2025 results

Earnings

Guidance Update

Share Buyback

GM delivered Q4 revenue of $45 B (–5% y/y), EBIT adj $2.8 B, EPS dil adj $2.51, and adj automotive FCF $2.8 B.
Full-year 2025 results included EBIT adj $12.7 B, adj automotive FCF $10.6 B, year-end cash $21.7 B, 60 bps market share gain, and 54% total shareholder return.
Capital returns: Q4 share repurchases of $2.5 B (33 M shares), $6 B total in 2025; board authorized an additional $6 B repurchase and raised the dividend 20% to $0.18.
2026 guidance: EBIT adj $13–15 B, EPS adj $11–13, adj automotive FCF $9–11 B, gross tariffs $3–4 B, targeting 8–10% North America margins.

Jan 27, 2026, 1:30 PM

Transcript

GM reports Q4 2025 results and 2026 outlook

Earnings

Guidance Update

Dividends

GM delivered $12.7 billion of adjusted EBIT and $10.6 billion of adjusted automotive free cash flow in 2025, ending with $21.7 billion in cash; the stock returned 54% to investors.
GM achieved its highest U.S. market share in a decade in 2025, marking four consecutive years of share gains, and led the industry in full-size pickups and SUVs with award-winning models like the Cadillac Escalade IQ.
GM recorded $7.6 billion of EV-related charges in Q3 and Q4 2025 to right-size its EV capacity—comprising impairments and contractual settlements—and expects significantly lower EV losses and cash outflows in 2026.
For 2026, GM guides adjusted EBIT of $13–15 billion, adjusted EPS of $11–13 per share, and free cash flow of $9–11 billion, targets North America margins of 8–10%, and raised its quarterly dividend by 20%.

Jan 27, 2026, 1:30 PM

Transcript

GM reports Q4 2025 results

Earnings

Guidance Update

Share Buyback

Q4 revenue of $45 billion, adjusted EBIT of $2.8 billion, adjusted diluted EPS of $2.51, and adjusted automotive free cash flow of $2.8 billion.
Full-year 2025 adjusted EBIT of $12.7 billion, adjusted automotive free cash flow of $10.6 billion, year-end cash balance of $21.7 billion, $6 billion in share repurchases, and $500 million in dividends; quarterly dividend raised 20% to $0.18 and new $6 billion buyback authorization approved.
Full-year gross tariff costs of $3.1 billion (below prior guidance), with over 40% offset through pricing and cost actions; Q3–Q4 EV-related charges of $7.6 billion (of which $4.6 billion cash) as GM realigns EV capacity.
2026 guidance: adjusted EBIT of $13–15 billion, adjusted diluted EPS of $11–13, adjusted automotive free cash flow of $9–11 billion, and North America EBIT margin target of 8–10%; gross tariff costs expected at $3–4 billion.

Jan 27, 2026, 1:30 PM

Transcript

GM reports Q4 2025 results and 2026 guidance

Earnings

Guidance Update

Share Buyback

General Motors reported full-year 2025 net income of $2.7 billion and EBIT-adjusted of $12.7 billion, while fourth-quarter 2025 saw a $3.3 billion net loss and $2.8 billion in EBIT-adjusted.
Q4 net income was reduced by over $7.2 billion of special charges related to EV capacity realignment and policy changes.
For 2026, GM guides to $10.3 billion–$11.7 billion in net income, $13.0 billion–$15.0 billion in EBIT-adjusted, $19.0 billion–$23.0 billion in automotive operating cash flow, and $9.0 billion–$11.0 billion in adjusted automotive free cash flow.
The Board raised the quarterly dividend by 20% to $0.18 per share, payable March 19, 2026, and authorized a new $6.0 billion share repurchase program.

Jan 27, 2026, 12:25 PM

8-K

GM reports Q4 net loss on EV realignment, raises dividend and announces $6B buyback

Earnings

Dividends

Share Buyback

Q4 net loss of $3.3 billion driven by over $7.2 billion in special charges for EV capacity realignment and China restructuring ($7.914 B EV realignment; $842 M China exits).
Beat Q4 adjusted EPS expectations, reporting $2.51 vs. $2.20 consensus.
Automotive free cash flow nearly doubled to $2.8 billion; Q4 adjusted EBIT of $2.8 billion (North America $2.2 B; International $278 M).
Dividend increased by 20% to $0.18 per share; authorized a $6.0 billion share repurchase program with no expiration.