General Motors Co.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 21 October 2025: press release. Guidance figures: 7 raised, 2 lowered, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Quarter revenue and net income: Revenue was $48.6 billion, down 0.3% from $48.8 billion. Net income attributable to stockholders was $1.3 billion, against $3.1 billion a year earlier. Source
• Full-year guidance updated: Management updated 2025 full-year guidance. EBIT-adjusted and cash flow ranges were raised; the top ends of net income and diluted EPS ranges were lowered. Source
• GMNA profit fell sharply: GM North America EBIT-adjusted was $2.5 billion against $4.0 billion a year earlier, a decline of 37.1%. Source
• Wholesale units fell year on year: Wholesale vehicle sales were 977 thousand against 1,033 thousand, with GMNA at 840 thousand and GMI at 137 thousand. Nine-month wholesale sales were 2,862 thousand against 2,971 thousand. Source
• Adjusting items reached $1.9 billion: Total adjustments excluded from EBIT-adjusted were $1,933 million in the quarter against $417 million a year earlier, and $2,622 million in the nine months against $1,274 million. Source
• Automotive operating cash flow fell 23%: Automotive operating cash flow was $6.1 billion against $7.9 billion a year earlier. Source

“today reported third-quarter 2025 revenue of $48.6 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.4 billion.”

General Motors Co., press release

Guidance

What changed from last quarter

• Guidance raised: Full-year EBIT-adjusted range raised to $12.0-13.0 billion from $10.0-12.5 billion. Source
• Guidance raised: Full-year automotive operating cash flow range raised to $19.2-21.2 billion from $17.0-20.5 billion. Source
• Guidance raised: Full-year adjusted automotive free cash flow range raised to $10.0-11.0 billion from $7.5-10.0 billion. Source
• Guidance raised: Full-year EPS-diluted-adjusted range raised to $9.75-10.50 from $8.25-10.00. Source
• Guidance lowered: Full-year net income attributable to stockholders range narrowed to $7.7-8.3 billion from $7.7-9.5 billion; top end lowered. Source
• Guidance lowered: Full-year EPS-diluted range narrowed to $8.30-9.05 from $8.22-9.97; top end lowered. Source
• Guidance kept: Full-year capital expenditures guidance of $10.0-11.0 billion is unchanged. Source
• New: Third-quarter EV strategic realignment adjustment of $1,592 million appears in the reconciliation; no such line in the prior quarter's table. Source

Results and full-year guidance

• Quarter revenue and net income: Revenue was $48.6 billion, down 0.3% from $48.8 billion. Net income attributable to stockholders was $1.3 billion, against $3.1 billion a year earlier. Source
• Full-year guidance updated: Management updated 2025 full-year guidance. EBIT-adjusted and cash flow ranges were raised; the top ends of net income and diluted EPS ranges were lowered. Source
• Diluted EPS down year on year: Diluted EPS was $1.35 against $2.68. Adjusted diluted EPS was $2.80 against $2.96, down 5.4%. Source

Segments and regions

• GMNA profit fell sharply: GM North America EBIT-adjusted was $2.5 billion against $4.0 billion a year earlier, a decline of 37.1%. Source
• GMI EBIT-adjusted rose: GM International EBIT-adjusted was $226 million against $42 million a year earlier. Source
• GM Financial earnings rose: GM Financial EBT-adjusted was $804 million, up 17.0% from $687 million. Source
• China equity income turned positive: China equity income was $80 million, against a loss of $137 million a year earlier. Source
• Cruise loss narrowed over nine months: Cruise EBIT-adjusted was nil in the quarter against $(383) million a year earlier. The nine-month loss was $(273) million against $(1,284) million. Source

“These adjustments were excluded because they relate to our planned strategic realignment of our EV capacity and manufacturing footprint to expected consumer demand.”

General Motors Co., press release

Vehicle sales and market share

• Wholesale units fell year on year: Wholesale vehicle sales were 977 thousand against 1,033 thousand, with GMNA at 840 thousand and GMI at 137 thousand. Nine-month wholesale sales were 2,862 thousand against 2,971 thousand. Source
• US market share rose: GM sold 710 thousand vehicles in the United States against 660 thousand, a share of 17.0% against 16.5%, on industry sales of 4,187 thousand. Source
• Worldwide total sales rose: GM total worldwide vehicle sales were 1,564 thousand against 1,477 thousand, with a worldwide share of 6.9% against 6.7%. Source
• Fleet share of sales rose slightly: Fleet sales were 16.3% of total vehicle sales, against 15.9% a year earlier. Source

Costs, margins and capacity

• GMNA margin fell to 6.2%: GMNA EBIT-adjusted margin was 6.2% against 9.7%, down 3.5 percentage points. Source
• North America plants ran above 118%: North America capacity two-shift utilization was 118.3% against 109.1% a year earlier; nine-month utilization was 115.1% against 106.4%. Source
• Adjusting items reached $1.9 billion: Total adjustments excluded from EBIT-adjusted were $1,933 million in the quarter against $417 million a year earlier, and $2,622 million in the nine months against $1,274 million. Source

Cash flow and shareholder returns

• Automotive operating cash flow fell 23%: Automotive operating cash flow was $6.1 billion against $7.9 billion a year earlier. Source
• Adjusted free cash flow fell 28%: Adjusted automotive free cash flow was $4.2 billion against $5.8 billion a year earlier. Source
• Nine-month share purchases rose: Payments to purchase common stock were $3,512 million in the nine months, against $2,378 million a year earlier. Source
• ROIC-adjusted eased: ROIC-adjusted was 18.5% on average net assets of $67.1 billion, against 19.4% on $73.0 billion a year earlier. Source
• Cash balance higher than year-end: Combined cash and cash equivalents were $22,910 million at 30 September 2025, against $19,872 million at 31 December 2024. Source

Restructuring and realignment charges

• Ultium realignment charge in nine months: Ultium Cells Holdings charges from a strategic realignment were $330 million in the nine months, with none in the quarter. Source
• China restructuring charges in nine months: China restructuring actions totalled $140 million in the nine months, with none in the quarter. Source
• Headquarters relocation costs: Headquarters relocation adjustments were $16 million in the quarter against $34 million a year earlier, and $50 million in the nine months against $34 million. Source

Risks management discussed

• Demand: Management said fleet sales, including to daily rental car companies, are generally less profitable than retail sales to end customers. Source
• Regulatory: A $300 million charge in the quarter was excluded from EBIT-adjusted and relates to investigations and litigation over the former OnStar Smart Driver product. Source
• Financial: Impairment charges of $1,044 million were recorded in GMNA in the quarter, against none a year earlier. Source
• Operational: Cruise restructuring charges relate to combining Cruise and GM technical efforts on autonomous and assisted driving, and to the indefinite delay of the Cruise Origin. Source

Earlier plans management reported on

• Not stated: The prior quarter's release said full-year financial guidance was unchanged; this quarter's release updates that guidance.

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.