General Motors Company (GM) Q4 2025 earnings summary

Executive summary

• Achieved #1 in total U.S. sales with 2.9M deliveries, up 6% year-over-year, and U.S. market share grew 0.6 points to 17.2% with low incentive spend.

• Full-year 2025 EBIT-adjusted reached $12.7 billion, at the high end of guidance, with a 54% total return for investors and robust cash flow.

• Managed over 40% of $3.1B gross tariffs, proactively adjusted EV capacity, and reduced fixed costs in response to market shifts.

• OnStar and Super Cruise subscriptions grew significantly, supporting deferred revenue and future margin expansion.

• Board approved a 20% dividend increase and a new $6.0 billion share repurchase authorization.

Financial highlights

• 2025 revenue: $185.0 billion; EBIT-adjusted: $12.7 billion; adjusted automotive free cash flow: $10.6 billion; EPS-diluted-adjusted: $10.60.

• Q4 2025 revenue: $45.3 billion, EBIT-adjusted: $2.8 billion, EPS-diluted-adjusted: $2.51.

• Full-year 2025 EBIT-adjusted margin: 6.9%; net income: $2.7 billion, net income margin: 1.5%.

• Gross tariff costs for 2025: $3.1 billion, with over 40% offset by cost actions.

• Aggregate Q3 and Q4 EV-related charges: $7.6 billion, with $4.6 billion expected to be settled in cash.

Outlook and guidance

• 2026 EBIT-adjusted guidance: $13.0–$15.0 billion; EPS-diluted-adjusted: $11.00–$13.00; adjusted auto free cash flow: $9.0–$11.0 billion; capital spend: $10.0–$12.0 billion.

• North America EBIT-adjusted margins expected to return to 8%-10%.

• ICE wholesale volumes expected flat to modestly up; pricing flat to up 0.5%.

• Warranty cost savings of $1 billion and $400 million incremental high-margin revenue from OnStar/Super Cruise expected.

• U.S. SAAR assumed in low 16 million unit range; GM Financial EBT-adjusted $2.5–$3.0 billion.