General Motors · Earnings release

News

GM Releases Full-Year and Fourth-Quarter 2024 Results and 2025 Guidance

DETROIT – General Motors (NYSE: GM) today reported full-year 2024 net income attributable to shareholders of $6.0 billion and EBIT-adjusted of $14.9 billion. Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion and EBIT-adjusted was $2.5 billion.

Fourth quarter net income was reduced by more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures, and $0.5 billion in charges related to the decision to stop funding the Cruise robotaxi business.

The chart below summarizes GM's 2024 financial guidance and 2024 results, as well as the company's 2025 guidance, which is for a year of strong financial performance.

Net income attributable to stockholders

EBIT-adjusted

Automotive operating cash flow

Adjusted automotive free cash flow

EPS-diluted

EPS-diluted-adjusted

GM's 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of $0.5 billion from reduced year-over-year expenses at Cruise. The financial guidance also includes G1anticipated capital spending of $10.0 billion - $11.0 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.

Conference Call for Investors and Analysts

GM Chair and CEO Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

•Conference call passcode: General Motors

•An audio replay will be available on the GM Investor Relations website in the Events section.

Visit the GM Investor Relations website to download the company’s earnings deck and GM Chair and CEO Mary Barra’s letter to shareholders.

1

Results Overview

Three Months Ended

$M except per share amounts

Change

% Change

Revenue

$

$

$

%

Net income (loss) attributable to stockholders

$

$

$

n.m.

EBIT-adjusted

$

$

$

%

Net income margin

%

%

n.m.

EBIT-adjusted margin

%

%

%

Automotive operating cash flow

$

$

$

%

Adjusted automotive free cash flow

$

$

$

%

EPS-diluted(a)

$

$

$

n.m.

EPS-diluted-adjusted(a)

$

$

$

%

GMNA EBIT-adjusted

$

$

$

%

GMNA EBIT-adjusted margin

%

%

%

GMI EBIT-adjusted

$

$

$

%

China equity income

$

$

$

n.m.

GM Financial EBT-adjusted

$

$

$

%

__________

(a)EPS-diluted and EPS-diluted-adjusted include a $0.02 and $(0.05) impact from revaluation on equity investments in the three months ended December 31, 2024 and 2023.

(b)n.m. = not meaningful

Years Ended

$M except per share amounts

Change

% Change

Revenue

$

$

$

%

Net income attributable to stockholders

$

$

$

%

EBIT-adjusted

$

$

$

%

Net income margin

%

%

%

EBIT-adjusted margin

%

%

%

Automotive operating cash flow

$

$

$

%

Adjusted automotive free cash flow

$

$

$

%

EPS-diluted(a)

$

$

$

%

EPS-diluted-adjusted(a)

$

$

$

%

GMNA EBIT-adjusted

$

$

$

%

GMNA EBIT-adjusted margin

%

%

%

GMI EBIT-adjusted

$

$

$

%

China equity income

$

$

$

n.m.

GM Financial EBT-adjusted

$

$

$

%

__________

(a)EPS-diluted and EPS-diluted-adjusted include a $(0.11) and $(0.10) impact from revaluation on equity investments in the years ended December 31, 2024 and 2023.

(b)n.m. = not meaningful

2

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

###

CONTACTS:

Jim Cain

GM Communications

james.cain@chevrolet.com

Ashish Kohli

GM Investor Relations

ashish.kohli@gm.com

David Caldwell

GM Communications

david.caldwell@gm.com

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S.

Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

3

2024 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

Year Ending

Net income attributable to stockholders

Income tax expense

Automotive interest income, net

Adjustments(a)

EBIT-adjusted

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):

Year Ending

Net automotive cash provided by operating activities

Less: Capital expenditures

Adjustments(a)

Adjusted automotive free cash flow

The following table reconciles expected EPS-diluted under U.S. GAAP to expected EPS-diluted-adjusted:

Year Ending

Diluted earnings per common share

Adjustments(a)

EPS-diluted-adjusted

__________

(a)Adjustments as of September 30, 2024. See our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, for full details. We do not consider the potential future impact of adjustments on our expected financial results.

4

2025 Guidance Reconciliations

The following table reconciles expected Net income attributable to stockholders under U.S. GAAP to expected EBIT-adjusted (dollars in billions):

Year Ending

Net income attributable to stockholders

Income tax expense

Automotive interest income, net

EBIT-adjusted(a)

The following table reconciles expected automotive net cash provided by operating activities under U.S. GAAP to expected adjusted automotive free cash flow (dollars in billions):

Year Ending

Net automotive cash provided by operating activities

Less: Capital expenditures

Adjusted automotive free cash flow(a)

__________

(a)We do not consider the potential future impact of adjustments on our expected financial results.

5

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

Net sales and revenue

Automotive

$

$

$

—

$

$

$

$

$

—

$

$

GM Financial

—

—

—

—

Total net sales and revenue

Costs and expenses

Automotive and other cost of sales

—

(3)

—

GM Financial interest, operating and other expenses

—

—

(1)

—

—

(2)

Automotive and other selling, general and administrative expense

—

(4)

—

(2)

Total costs and expenses

(8)

Operating income (loss)

Automotive interest expense

—

—

Interest income and other non-operating income, net

(1)

(1)

Equity income (loss)

—

—

—

—

Income (loss) before income taxes

—

—

Income tax expense (benefit)

Net income (loss)

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to stockholders

$

$

Net income (loss) attributable to common stockholders

$

$

__________

1 Certain columns and rows may not add due to rounding.

6

General Motors Company and Subsidiaries1

Basic and Diluted Earnings per Share

(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

Three Months Ended

Years Ended

Basic earnings per share

Net income (loss) attributable to stockholders

$

$

$

$

Adjustments(a)

Net income (loss) attributable to common stockholders

$

$

$

$

Weighted-average common shares outstanding

Basic earnings per common share

$

$

$

$

Diluted earnings per share

Net income (loss) attributable to common stockholders – diluted

$

$

$

$

Weighted-average common shares outstanding – diluted

Diluted earnings per common share

$

$

$

$

Potentially dilutive securities(b)

—

__________

(a)Includes a $1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders and an insignificant amount in participating securities income from a subsidiary in the three months ended December 31, 2024 and for the year ended December 31, 2024.

(b)Potentially dilutive securities attributable to outstanding stock options, restricted stock units (RSUs) and performance stock units at December 31, 2024 and outstanding stock options and RSUs at December 31, 2023, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.

7

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

ASSETS

Current Assets

Cash and cash equivalents

$

$

$

$

—

$

$

$

$

$

—

$

Marketable debt securities

—

—

—

—

—

—

Accounts and notes receivable, net(a)

—

GM Financial receivables, net(e)

—

—

—

—

Inventories

—

—

(5)

—

—

(6)

Other current assets(b)

2

Total current assets

Non-current Assets

GM Financial receivables, net(d)

—

—

—

—

Equity in net assets of nonconsolidated affiliates

—

—

—

—

Property, net

—

—

Goodwill and intangible assets, net

—

—

Equipment on operating leases, net

—

—

—

—

—

—

Deferred income taxes

—

—

Other assets(c)

Total non-current assets

Total Assets

$

$

$

$

$

$

$

$

$

$

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally trade)(a)

$

$

$

$

$

$

$

$

$

$

Short-term debt and current portion of long-term debt

Automotive(a)(e)

7

—

—

GM Financial

—

—

—

—

—

—

Cruise(e)

—

—

—

—

6

—

(6)

—

Accrued liabilities(b)

(4)

Total current liabilities

Non-current Liabilities

Long-term debt

Automotive(c)

—

—

GM Financial

—

—

—

—

—

—

Cruise(d)

—

—

—

—

—

—

Postretirement benefits other than pensions

—

—

—

—

—

—

Pensions

—

7

—

—

8

—

Other liabilities

—

—

Total non-current liabilities

Total Liabilities

Noncontrolling interest - Cruise stock incentive awards

—

—

—

—

—

—

—

—

Equity

Common stock, $0.01 par value

—

—

—

—

—

—

Additional paid-in capital(f)

Retained earnings

1

1

Accumulated other comprehensive loss

(3)

—

1

—

Total stockholders’ equity

Noncontrolling interests(f)

—

—

Total Equity

—

—

Total Liabilities and Equity

$

$

$

$

$

$

$

$

$

$

__________

(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.2 billion primarily due from GM Financial and Cruise at December 31, 2024; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive and Automotive accounts receivable of $0.8 billion due from GM Financial and Cruise at December 31, 2023.

(b)Eliminations primarily related to intercompany asset transfer between Automotive and Cruise for autonomous vehicle (AV) capital at December 31, 2023.

(c)Eliminations primarily related to convertible note issued by Cruise to Automotive at December 31, 2024 and deferral agreement between Cruise and Automotive as regards to engineering, capital spending, restructuring and other costs incurred by Automotive on behalf of Cruise resulting in a long-term payable for Cruise offset by a long-term receivable for Automotive.

(d)Eliminations primarily related to intercompany loans due from Cruise to GM Financial.

(e)Eliminations primarily related to GM Financial accounts receivables due from Automotive and Cruise.

(f)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

8

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

Automotive

Cruise

GM Financial

Reclassifications/Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$

$

$

$

—

$

$

$

$

$

—

$

Depreciation and impairment of Equipment on operating leases, net

—

—

—

—

—

—

Depreciation, amortization and impairment charges on Property, net

—

—

Foreign currency remeasurement and transaction (gains) losses

—

(7)

—

—

5

—

Undistributed earnings and impairment of nonconsolidated affiliates, net

—

—

—

—

Pension contributions and OPEB payments

—

—

—

—

—

—

Pension and OPEB income, net

—

2

—

—

2

—

Provision (benefit) for deferred taxes

—

—

Change in other operating assets and liabilities(a)

Other operating activities(c)

Net cash provided by (used in) operating activities

Cash flows from investing activities

Expenditures for property

(7)

Available-for-sale marketable securities, acquisitions

—

—

—

—

—

Available-for-sale marketable securities, liquidations

—

—

—

—

—

Purchases of finance receivables(a)

—

—

—

—

Principal collections and recoveries on finance receivables

—

—

1

—

—

4

Purchases of leased vehicles

—

—

—

—

—

—

Proceeds from termination of leased vehicles

—

—

—

—

—

—

Other investing activities(b)

—

2

—

—

Net cash provided by (used in) investing activities

(7)

Cash flows from financing activities

Net increase (decrease) in short-term debt

—

—

(6)

—

—

Proceeds from issuance of debt (original maturities greater than three months)(b)

Payments on debt (original maturities greater than three months)

(8)

6

3

Payments to purchase common stock

—

—

—

—

—

—

Issuance (redemption) of subsidiary stock(b)

—

—

—

—

—

Dividends paid(c)

—

—

Other financing activities

—

—

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash, cash equivalents and restricted cash

—

—

—

—

Net increase (decrease) in cash, cash equivalents and restricted cash

—

—

Cash, cash equivalents and restricted cash at beginning of period

—

—

Cash, cash equivalents and restricted cash at end of period

$

$

$

$

—

$

$

$

$

$

—

$

__________

(a)Includes eliminations of $6.4 billion and $3.0 billion in the years ended December 31, 2024 and 2023 for purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b)Includes eliminations of $0.9 billion convertible note issued by Cruise to Automotive in the year ended December 31, 2024, $0.4 billion and $0.5 billion in the years ended December 31, 2024 and 2023 for Automotive investment in Cruise.

(c)Eliminations include dividends issued by GM Financial to Automotive in the years ended December 31, 2024 and 2023.

9

General Motors Company and Subsidiaries1

The following tables summarize key financial information by segment (dollars in millions):

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/Eliminations

Total

Net sales and revenue

$

$

$

$

—

$

$

$

$

$

Expenditures for property

$

$

$

$

—

$

$

2

$

8

$

7

$

Depreciation and amortization

$

$

$

$

—

$

$

7

$

$

—

$

Impairment charges

$

—

$

—

$

—

$

—

$

—

$

$

—

$

—

$

Equity income (loss)(a)(b)

$

$

$

—

$

—

$

$

—

$

$

—

$

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/Eliminations

Total

Net sales and revenue

$

$

$

$

—

$

$

$

$

$

Expenditures for property

$

$

$

3

$

—

$

$

$

4

$

$

Depreciation and amortization

$

$

$

5

$

—

$

$

$

$

—

$

Impairment charges

$

—

$

—

$

—

$

—

$

—

$

$

—

$

—

$

Equity income (loss)(a)

$

$

$

—

$

—

$

$

—

$

$

—

$

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/Eliminations

Total

Net sales and revenue

$

$

$

$

—

$

$

$

$

$

Expenditures for property

$

$

$

$

—

$

$

7

$

$

$

Depreciation and amortization

$

$

$

$

—

$

$

$

$

—

$

Impairment charges

$

—

$

—

$

—

$

—

$

—

$

$

—

$

—

$

Equity income (loss)(a)(b)

$

$

$

—

$

—

$

$

—

$

$

—

$

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/Eliminations

Total

Net sales and revenue

$

$

$

$

—

$

$

$

$

$

Expenditures for property

$

$

$

$

—

$

$

$

$

$

Depreciation and amortization

$

$

$

$

—

$

$

$

$

—

$

Impairment charges

$

—

$

—

$

—

$

—

$

—

$

$

—

$

—

$

Equity income (loss)(a)

$

$

$

—

$

—

$

$

—

$

$

—

$

__________

(a)Includes Automotive China joint ventures (Automotive China JVs) equity loss of $4.1 billion and $4.4 billion in the three months ended December 31, 2024 and in the year ended December 31, 2024 and Automotive China JVs equity income of $93 million and $446 million in the three months ended December 31, 2023 and in the year ended December 31, 2023.

(b)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 electric vehicles. Equity earnings related to Ultium Cells Holdings LLC were $186 million and $102 million in the three months ended December 31, 2024 and 2023 and $975 million and $293 million in the year ended December 31, 2024 and 2023.

General Motors Company and Subsidiaries

Supplemental Material1

(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes-adjusted (EBT-adjusted) for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item.

Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are part of operating results when assessing and measuring the operational and financial performance of the segment.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we do not provide an expected effective tax rate because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is considered to be the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

General Motors Company and Subsidiaries

Supplemental Material1

(Unaudited)

The following table reconciles Net income (loss) attributable to stockholders under U.S. GAAP to EBIT-adjusted and segment profit (loss) (dollars in millions):

Three Months Ended