General Motors GM · USD

Segment ReportingOur chief operating decision-maker, who is Chair and Chief Executive Officer, analyzes the results of our business through the following reportable segments: GMNA, GMI, and GM Financial. Our chief operating decision-maker evaluates the operating results and performance of our Automotive operations through EBIT-adjusted, which is presented net of noncontrolling interests. Our chief operating decision-maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are an integral part of its operational and financial performance. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions, and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews expense information at a consolidated, functional level for our global purchasing and supply chain, manufacturing, and engineering functions. Warranty and quality metrics are also viewed on a consolidated basis. Currently, a focus is being placed on driving an efficient, consolidated fixed cost structure and managing overall global headcount. Vehicle-level profitability metrics are also reviewed during the planning stage and throughout a program's life cycle on a forecasted basis, and not on an actual basis. Each segment has a manager responsible for executing our strategic initiatives. Substantially all of the trucks, crossovers, cars, and automobile parts produced are marketed through retail dealers in North America and through distributors and dealers outside of North America, the substantial majority of which are independently owned. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers, and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories, and extended service warranties.

Revenue The following table disaggregates our revenue by major source:Year Ended December 31, 2025GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotalVehicle, parts, and accessories$148,076 $12,290 $145 $160,511 $— $— $— $160,511 Used vehicles1,700 37 — 1,737 — — — 1,737 Services and other4,541 1,100 82 5,723 1 — — 5,724 Automotive net sales and revenue154,317 13,427 227 167,970 1 — — 167,971 Leased vehicle income— — — — — 7,800 — 7,800 Finance charge income— — — — — 8,173 (4)8,169 Other income— — — — — 1,087 (8)1,079 GM Financial net sales and revenue— — — — — 17,060 (12)17,048 Net sales and revenue$154,317 $13,427 $227 $167,970 $1 $17,060 $(12)$185,019 Year Ended December 31, 2024GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotalVehicle, parts, and accessories$152,306 $12,775 $90 $165,171 $— $— $(1)$165,170 Used vehicles1,259 31 — 1,290 — — — 1,290 Services and other3,944 1,084 116 5,145 257 — (255)5,147 Automotive net sales and revenue157,509 13,890 206 171,605 257 — (256)171,606 Leased vehicle income— — — — — 7,297 — 7,297 Finance charge income— — — — — 7,669 (33)7,636 Other income— — — — — 910 (7)903 GM Financial net sales and revenue— — — — — 15,875 (40)15,836 Net sales and revenue$157,509 $13,890 $206 $171,605 $257 $15,875 $(296)$187,442 Year Ended December 31, 2023GMNAGMICorporateTotal AutomotiveCruiseGM FinancialEliminations/ ReclassificationsTotalVehicle, parts, and accessories$136,983 $14,424 $113 $151,520 $— $— $(10)$151,510 Used vehicles954 37 — 991 — — — 991 Services and other3,508 1,487 160 5,155 102 — (100)5,157 Automotive net sales and revenue141,445 15,949 273 157,667 102 — (110)157,658 Leased vehicle income— — — — — 7,266 — 7,266 Finance charge income— — — — — 6,204 (18)6,187 Other income— — — — — 754 (23)732 GM Financial net sales and revenue— — — — — 14,225 (41)14,184 Net sales and revenue$141,445 $15,949 $273 $157,667 $102 $14,225 $(151)$171,842 Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2025, 2024, and 2023.Contract liabilities in our Automotive operations primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty, and other contracts of $8.2 billion and $6.

Commitments, Contingencies, and Uncertainties Litigation-Related Liability and Indirect Tax-Related Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions, and other litigation. We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At December 31, 2025 and 2024, we had accruals of $1.5 billion and $1.1 billion for such legal actions in Accrued liabilities and Other liabilities. In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the potential loss. Some matters may involve compensatory, punitive, or other treble damage claims, environmental remediation programs, or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that cannot be reasonably estimated. Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period. Opel/Vauxhall Sale In 2017, we sold the Opel/Vauxhall Business to PSA Group, now Stellantis N.V. (Stellantis), under a Master Agreement (the Agreement). We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A. and BNP Paribas Personal Finance S.A. Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale. General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to certain emissions claims, product liabilities, and recalls. We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis.

Debt Automotive The following table presents debt in our automotive operations:December 31, 2025December 31, 2024Carrying AmountFair ValueCarrying AmountFair ValueSecured debt$164 $164 $105 $105 Unsecured debt(a)15,468 15,434 14,980 14,709 Finance lease liabilities615 614 383 391 Total automotive debt(b)$16,247 $16,213 $15,467 $15,204 Fair value utilizing Level 1 inputs$15,065 $14,366 Fair value utilizing Level 2 inputs$1,148 $838 Available under credit facility agreements(c)$13,913 $13,793 Weighted-average interest rate on outstanding short-term debt(d)12.6 %7.3 %Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %__________(a)Primarily consists of senior notes.(b)Includes net discount and debt issuance costs of $445 million and $439 million at December 31, 2025 and 2024. (c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.In March 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes. In September 2025, we exercised our option to redeem at par value the remaining $1.25 billion in aggregate principal balance of our $2.0 billion senior unsecured notes with a maturity date of October 1, 2025.GM Financial The following table presents debt of GM Financial:December 31, 2025December 31, 2024Carrying AmountFair ValueCarrying AmountFair ValueSecured debt$46,904 $47,252 $49,573 $49,753 Unsecured debt67,127 68,607 64,691 65,258 Total GM Financial debt$114,031 $115,860 $114,264 $115,010 Fair value utilizing Level 2 inputs$113,180 $112,941 Fair value utilizing Level 3 inputs$2,679 $2,070 Secured debt consists of revolving credit facilities and securitization notes payable.

Income Taxes Years Ended December 31,202520242023U.S. income (loss)$(42)$9,715 $6,284 Non-U.S. income (loss)3,159 (1,196)4,119 Income (loss) before income taxes$3,117 $8,519 $10,403 Years Ended December 31,202520242023Current income tax expense (benefit)U.S. federal$133 $202 $240 U.S. state and local211 309 490 Non-U.S.1,243 676 874 Total current income tax expense (benefit)1,587 1,188 1,605 Deferred income tax expense (benefit)U.S. federal(789)891 (120)U.S. state and local(177)101 (43)Non-U.S.(283)376 (878)Total deferred income tax expense (benefit)(1,249)1,368 (1,041)Total income tax expense (benefit)$338 $2,556 $563 The Non-U.S. deferred income tax benefit in the year ended December 31, 2023 relates primarily to the release of a valuation allowance in Korea.Provisions are made for estimated U.S. and non-U.S. income taxes which may be incurred on the reversal of our basis differences in investments in foreign subsidiaries and corporate joint ventures not deemed to be indefinitely reinvested. Taxes have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are deemed indefinitely reinvested of $7.6 billion and $6.1 billion at December 31, 2025 and 2024. We have indefinitely reinvested basis differences related to investments in non-consolidated China JVs of $1.4 billion at December 31, 2025 and December 31, 2024 as a result of fresh-start reporting. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. Refer to Note 8 for additional information regarding the decrease in our basis differences related to investments in nonconsolidated affiliates from fresh-start reporting.Year Ended December 31, 2025In USDPercent of Pre-tax IncomeU.S. federal statutory tax rate$655 21.0 %State and local tax expense(a)772.5 %Foreign tax effectsChina1264.0 %MexicoStatutory tax rate difference between Mexico and U.S.1203.8 %Other(48)(1.5)%GermanyChanges in valuation allowances(367)(11.8)%Changes in tax laws or rates42113.5 %Other90.3 %Other foreign jurisdictions(21)(0.7)%Effect of changes in tax laws or rates enacted in the current period— — Effect of cross-border tax laws331.1 %Tax creditsResearch and development tax credits(478)(15.3)%Other(95)(3.1)%Changes in valuation allowances(40)(1.3)%Nontaxable or nondeductible itemsIRA credits(181)(5.8)%Other(18)(0.6)%Changes in unrecognized tax benefits(91)(2.9)%Equity income or loss1264.

Operating LeasesOperating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land, and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases.Rent expense under operating leases was $378 million, $369 million, and $346 million in the years ended December 31, 2025, 2024, and 2023. Variable lease costs were insignificant in the years ended December 31, 2025, 2024, and 2023. At December 31, 2025 and 2024, operating lease right of use assets in Other assets were $1.0 billion and $919 million, operating lease liabilities in Accrued liabilities were $266 million and $254 million, and non-current operating lease liabilities in Other liabilities were $1.0 billion. Operating lease right of use assets obtained in exchange for lease obligations were $351 million and $368 million in the years ended December 31, 2025 and 2024. Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $321 million, $254 million, $216 million, $185 million, $156 million, and $416 million for the years 2026, 2027, 2028, 2029, 2030, and thereafter, with imputed interest of $248 million as of December 31, 2025. The weighted-average discount rate was 5.0% and 4.6% and the weighted-average remaining lease term was 6.6 years and 5.9 years at December 31, 2025 and 2024. Payments for operating leases included in Net cash provided by (used in) operating activities were $393 million, $416 million, and $359 million in the years ended December 31, 2025, 2024, and 2023. Lease agreements that have not yet commenced were insignificant at December 31, 2025.Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial.December 31, 2025December 31, 2024Equipment on operating leases$40,596 $38,187 Less: accumulated depreciation(6,909)(6,601)Equipment on operating leases, net$33,686 $31,586 At December 31, 2025, the estimated residual value of our leased assets at the end of the lease term was $25.0 billion.Depreciation expense related to Equipment on operating leases, net was $4.9 billion, $4.8 billion, and $4.

Risk Management and StrategyWe recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. We have implemented cybersecurity policies, procedures, technologies, and controls to aid in our efforts to access, identify, and manage such risks. Material risks from cybersecurity threats are managed across GM, GM Financial, service providers such as data processors, third-party suppliers, dealers, and vendors, and monitoring such risks and threats are integrated into the Company's overall risk management program.GM has a Cybersecurity Management Board that brings together representatives from senior management across the Company's Software & Services, Product Development, Information Technology, Manufacturing, Finance, Communications, Human Resources, Legal, and Public Policy organizations to provide guidance and monitor overall company cybersecurity risk. The Company's cybersecurity maturity scorecard, cybersecurity threats, and incident information are reviewed by the Company's Chief Information Security Officer (CISO), the Risk and Cybersecurity Committee of the Company's Board of Directors, and the Cybersecurity Management Board during standing meetings as well as in impromptu sessions, when appropriate. During the reviews, various topics are discussed, which may include:•implementation and maturity of the Company's cybersecurity program, risk management framework, including cybersecurity risk policies, procedures, and governance;•cybersecurity and privacy risk, including potential impact to the Company's employees, customers, supply chain, joint ventures, and other stakeholders;•intelligence briefings on notable cyber events impacting the industry; and•cybersecurity budget and resource allocation, including industry benchmarking and economic modeling of various potential cybersecurity events.The Company maintains administrative, physical, technical, and organizational safeguards, including employee training, incident response capability reviews and exercises, cybersecurity insurance, and business continuity mechanisms for the protection of the Company's assets. From time to time, the Company's processes are audited and validated by internal and external experts.

Property Estimated Useful Lives in YearsDecember 31, 2025December 31, 2024Land$1,269 $1,253 Buildings and improvements5-4016,058 14,915 Machinery and equipment3-2742,195 39,575 Special tools1-1325,809 25,813 Construction in progress8,982 7,176 Total property94,312 88,732 Less: accumulated depreciation(42,629)(36,828)Total property, net$51,683 $51,904 The amount of capitalized software included in Property, net was $2.2 billion and $2.3 billion at December 31, 2025 and 2024. The amount of interest capitalized and excluded from Automotive interest expense was $316 million, $215 million, and insignificant in the years ended December 31, 2025, 2024, and 2023. Years Ended December 31,202520242023Depreciation and amortization expense$6,892 $6,466 $6,719 Impairment charges(a)$2,543 $635 $115 Capitalized software amortization expense(b)$866 $798 $705 __________(a) Includes impairment charges primarily related to our EV strategic realignment in the year ended December 31, 2025 and impairment charges primarily related to the indefinite delay of the Cruise Origin in the year end December 31, 2024.(b) Included in Depreciation and amortization expense.