XML 37 R26.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our 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 segments through earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. Our chief operating decision-maker evaluates GM Financial through earnings before income taxes-adjusted (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.

GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured and/or marketed under the Buick, Cadillac, Chevrolet and GMC brands. We
also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with vehicles developed, manufactured and/or marketed under the Baojun, Buick, Cadillac, Chevrolet and Wuling brands. Our Cruise business was pursuing the development and commercialization of AV technology until, in December 2024, we announced plans to refocus our autonomous driving strategy on personal vehicles and no longer fund Cruise's robotaxi development work. Cruise activity includes ongoing costs to be incurred related to the wind down of the robotaxi business. We have combined the GM and Cruise ongoing personal autonomous technical efforts in our GMNA Automotive segment. We provide automotive financing services through our GM Financial segment.

Our automotive interest income and interest expense, legacy costs from the Opel/Vauxhall Business (primarily pension costs), corporate expenditures and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. Corporate assets primarily consist of cash and cash equivalents, marketable debt securities and intersegment balances. All intersegment balances and transactions have been eliminated in consolidation.

The following tables summarize key financial information by segment:
At and For the Three Months Ended June 30, 2025
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$39,486 $3,326 $57 $— $42,869 $— $4,255 $(2)$47,122 
Segment expenses and other items(a)(37,466)(3,382)(351)— (41,199)— (3,551)2 (44,748)
Adjustments(b)395 260 8 — 663 — — — 663 
Earnings (loss) before interest and taxes-adjusted$2,415 $204 $(286)$— $2,333 $— $704 $— $3,037 
Adjustments(b)(663)
Automotive interest income200 
Automotive interest expense(198)
Net income (loss) attributable to noncontrolling interests(1)
Income (loss) before income taxes2,375 
Income tax benefit (expense)(481)
Net income (loss)1,894 
Net loss (income) attributable to noncontrolling interests1 
Net income (loss) attributable to stockholders$1,895 
Equity in net assets of nonconsolidated affiliates$3,109 $1,511 $226 $— $4,846 $— $1,257 $— $6,103 
Goodwill and intangibles$2,479 $663 $— $— $3,141 $1 $1,346 $— $4,488 
Total assets$161,262 $23,418 $28,335 $(65,630)$147,384 $441 $142,893 $(1,335)$289,384 
Expenditures for property$2,014 $89 $28 $— $2,131 $— $6 $— $2,137 
Depreciation and amortization$1,642 $131 $9 $— $1,782 $— $1,243 $— $3,026 
Impairment charges$— $18 $— $— $18 $— $— $— $18 
Equity income (loss)(c)$12 $77 $(14)$— $75 $— $16 $— $91 
__________
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles.
(b)Consists of charges for Ultium Cells Holdings LLC strategic realignment and Cruise restructuring in GMNA; charges related to restructuring activities and manufacturing operations wind down in GMI; and headquarters relocation in Corporate.
(c)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.
At and For the Three Months Ended June 30, 2024
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$40,725 $3,298 $37 $— $44,060 $25 $3,918 $(35)$47,969 
Segment expenses and other items(a)(36,367)(3,351)(437)— (40,156)(1,066)(3,096)27 (44,291)
Adjustments(b)75 103 — — 178 583 — — 761 
Earnings (loss) before interest and taxes-adjusted$4,433 $50 $(401)$— $4,082 $(458)$822 $(8)$4,438 
Adjustments(b)(761)
Automotive interest income229 
Automotive interest expense(206)
Net income (loss) attributable to noncontrolling interests(57)
Income (loss) before income taxes3,643 
Income tax benefit (expense)(767)
Net income (loss)2,877 
Net loss (income) attributable to noncontrolling interests57 
Net income (loss) attributable to stockholders$2,933 
Equity in net assets of nonconsolidated affiliates$3,357 $5,701 $— $— $9,059 $— $1,675 $— $10,734 
Goodwill and intangibles$2,025 $692 $— $— $2,717 $714 $1,346 $— $4,778 
Total assets$163,099 $25,867 $41,356 $(83,178)$147,144 $3,882 $135,902 $(3,972)$282,956 
Expenditures for property$2,461 $74 $4 $— $2,539 $(10)$6 $35 $2,569 
Depreciation and amortization$1,515 $147 $20 $— $1,682 $7 $1,192 $— $2,880 
Impairment charges$— $— $— $— $— $605 $— $— $605 
Equity income (loss)(c)$330 $(103)$— $— $227 $— $14 $— $240 
__________
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items primarily consist of impairment charges and people-related costs.
(b)Consists of charges for strategic activities related to Buick dealerships in GMNA, charges related to manufacturing operations wind down in GMI and charges related to Cruise restructuring.
(c)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.
For the Six Months Ended June 30, 2025
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$76,873 $5,753 $103 $— $82,729 $1 $8,419 $(7)$91,141 
Segment expenses and other items(a)(71,567)(5,779)(657)— (78,003)(274)(7,030)4 (85,303)
Adjustments(b)395 260 34 — 689 — — — 689 
Earnings (loss) before interest and taxes-adjusted$5,702 $234 $(520)$— $5,415 $(273)$1,389 $(4)$6,527 
Adjustments(b)(689)
Automotive interest income391 
Automotive interest expense(350)
Net income (loss) attributable to noncontrolling interests68 
Income (loss) before income taxes5,946 
Income tax benefit (expense)(1,199)
Net income (loss)4,747 
Net loss (income) attributable to noncontrolling interests(68)
Net income (loss) attributable to stockholders$4,680 
Expenditures for property$3,719 $182 $39 $— $3,940 $2 $10 $— $3,953 
Depreciation and amortization$3,230 $233 $36 $— $3,499 $5 $2,456 $— $5,959 
Impairment charges$— $18 $— $— $18 $— $— $— $18 
Equity income (loss)(c)$255 $125 $(14)$— $366 $— $28 $— $394 
__________
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items primarily consist of ongoing costs incurred related to the wind down of Cruise robotaxi activities.
(b)Consists of charges for Ultium Cells Holdings LLC strategic realignment and Cruise restructuring in GMNA; charges related to restructuring activities and manufacturing operations wind down in GMI; and headquarters relocation in Corporate.
(c)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.
For the Six Months Ended June 30, 2024
GMNAGMICorporateEliminationsTotal AutomotiveCruiseGM FinancialEliminations/ReclassificationsTotal
Net sales and revenue$76,824 $6,380 $68 $— $83,272 $51 $7,730 $(69)$90,983 
Segment expenses and other items(a)(68,722)(6,443)(714)— (75,879)(1,534)(6,171)53 (83,530)
Adjustments(b)171 103 — — 274 583 — — 857 
Earnings (loss) before interest and taxes-adjusted$8,273 $40 $(645)$— $7,667 $(900)$1,559 $(16)$8,310 
Adjustments(b)(857)
Automotive interest income414 
Automotive interest expense(425)
Net income (loss) attributable to noncontrolling interests(83)
Income (loss) before income taxes7,359 
Income tax benefit (expense)(1,529)
Net income (loss)5,830 
Net loss (income) attributable to noncontrolling interests83 
Net income (loss) attributable to stockholders$5,913 
Expenditures for property$5,091 $167 $8 $— $5,267 $2 $10 $73 $5,352 
Depreciation and amortization$2,924 $272 $25 $— $3,221 $12 $2,445 $— $5,678 
Impairment charges$— $— $— $— $— $605 $— $— $605 
Equity income (loss)(c)$457 $(211)$— $— $245 $— $45 $— $291 
__________
(a)Segment expenses and other items for Automotive segments primarily include material and logistics; manufacturing; equity income; selling, general and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign and warranty. GM Financial items primarily consist of GM Financial interest expense; leased vehicle depreciation; people-related costs; provision for loan losses and gains and losses on termination of leased vehicles. Cruise items primarily consist of impairment charges and people-related costs.
(b)Consists of charges for strategic activities related to Buick dealerships in GMNA, charges related to manufacturing operations wind down in GMI and charges related to Cruise restructuring.
(c)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity is integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.