General Motors Co

gm.com

What Do They Do?

Sells trucks, crossovers, cars, and automobile parts to consumers and fleet customers, and provides software-enabled services and subscriptions. Also provides automotive financing services.

How Do They Make Money?

GM typically receives payment shortly after a sale; vehicle payments come when a vehicle is released to a carrier or delivered to a dealer, while parts are paid for on delivery. Some amounts paid at vehicle sale cover software, connectivity, maintenance, and warranty services to be provided later.

revenue

Segment	Share	How money arrives
Vehicle, parts, and accessories Sold outright	96% FY2022: 96%	Sold outright
Used vehicles Sold outright	1.0% FY2022: 0.4%	Sold outright
Services and other	3.4% FY2022: 3.3%

Who Are Their Customers?

Retail buyers generally reach GM through independent dealers and distributors. Fleet customers include rental companies, commercial fleets, leasing companies, and governments; they buy through dealers or, in some cases, directly from GM.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

2% of revenue

▼ −77% vs FY2024 ($12.8B, 7%)

Net income, FY2025

1% of revenue

▼ −55% vs FY2024 ($6B, 3%)

Free cash flow, FY2025

9% of revenue

▲ +89% vs FY2024 ($9.3B, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +3%; vs $48.6B in Q3 FY2025
Net income: ▲ +151%; vs $1.3B in Q3 FY2025

Vehicle, parts, and accessories share of automotive vs 95.3% in Q3 FY2025

Jul 21, 2026 Raises full-year financial guidance Updated EBIT-adjusted guidance to $14.0 billion-$16.0 billion.

Growing. Revenue grew 46% in 4 years, from $127B in FY2021 to $185B in FY2025, about 10% a year.

Cruise's role Cruise shifted from developing autonomous vehicles and running driverless ride services to helping develop automated-driving systems for personal vehicles; GM ended its robotaxi development funding and wound down those operations.

Revenue over time

Vehicle, parts, and accessories Used vehicles Services and other

$200B$100B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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