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General Motors Co 8-K Report, Financial Results (Jul 22, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 22, 2025
Period End
July 22, 2025
Security
GM
In the record · 2016–202610-K1110-Q338-K154

GM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 154 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Nov ’18Nov ’18
  2. Leadership change8-K · Oct ’20Oct ’20
  3. Leadership change8-K · Oct ’22Oct ’22
  4. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 22, 2025. Cited figures are marked; the original filing is the authoritative source.

General Motors reported second-quarter 2025 results on July 22, 2025, with revenue of $47.1 billiona, down 1.8% year over year, and net income attributable to stockholders of $1.9 billion, down 35.4%.

EBIT-adjusted fell 31.6% to $3.0 billionb, and the EBIT-adjusted margin compressed 2.9 percentage points to 6.4%. Diluted EPS was $1.91 on a GAAP basis and $2.53 on an adjusted basis, versus $3.06 a year earlier. The decline was concentrated in GM North America, where EBIT-adjusted dropped 45.5% to $2.4 billion and the margin fell to 6.1%.

Partial offsets came from GM International, which improved to $204 millionc from $50 million, and China equity income, which swung to $71 million from a $104 million loss. GM Financial EBT-adjusted declined 14.4% to $704 million. Cash generation weakened sharply.

Automotive operating cash flow fell 39.7% to $4.7 billiond, and adjusted automotive free cash flow fell 46.6% to $2.8 billion. For the first half, adjusted automotive free cash flow was $3.6 billion, down 43%. GM also repurchased $2.0 billion of common stock in the first six months, and its share count dropped sharply, with weighted-average diluted shares at 976 million in the quarter versus 1,147 million a year earlier.

Notable special items in the quarter included a $330 million Ultium strategic realignment charge, a $140 million China restructuring charge, and $87 million in employee separation costs. Management left full-year 2025 guidance unchanged, with EBIT-adjusted of $10.0 to $12.5 billion, adjusted EPS of $8.25 to $10.00, and adjusted automotive free cash flow of $7.5 to $10.0 billion. The unchanged outlook implies that the second half must carry much of the year's earnings and cash generation, which investors will want to test against tariff, pricing, and EV-related cost pressures.

02—Key points

Key Highlights

  1. Q2 2025 revenue of $47.1 billion, down 1.8% year over year; net income attributable to stockholders of $1.9 billion, down 35.4%
  2. EBIT-adjusted of $3.0 billion, down 31.6%, with the margin falling 2.9 points to 6.4%
  3. GM North America EBIT-adjusted fell 45.5% to $2.4 billion, with the margin down 4.8 points to 6.1%, driving most of the earnings decline
  4. Adjusted automotive free cash flow fell 46.6% to $2.8 billion; automotive operating cash flow fell 39.7% to $4.7 billion
  5. Diluted EPS of $1.91 (GAAP) and $2.53 (adjusted), versus $2.55 and $3.06 a year earlier
  6. Full-year 2025 guidance reaffirmed: EBIT-adjusted $10.0–12.5 billion, EPS-diluted-adjusted $8.25–10.00, adjusted automotive FCF $7.5–10.0 billion
  7. Special charges of $663 million in the quarter, including $330 million for Ultium strategic realignment and $140 million for China restructuring; GMI and China equity income improved year over year

03—Questions

Frequently Asked Questions

  1. Why did GM's earnings decline so sharply in the second quarter of 2025?

    The decline was driven mainly by GM North America, where EBIT-adjusted fell 45.5% to $2.4 billion and the margin dropped 4.8 points to 6.1%, even though revenue in the segment was broadly stable. The filing does not break out every driver in this document, but the sharp margin compression at GMNA is the primary factor behind the consolidated EBIT-adjusted decline of 31.6%.

  2. Did GM change its 2025 financial guidance?

    No. GM stated that its full-year financial guidance was unchanged. Expected EBIT-adjusted remains $10.0 to $12.5 billion, EPS-diluted-adjusted $8.25 to $10.00, and adjusted automotive free cash flow $7.5 to $10.0 billion. Because first-half results were weaker than the prior year, the guidance implies a stronger second half.

  3. How is GM's cash generation trending?

    Cash generation weakened significantly. Automotive operating cash flow fell 39.7% in the quarter to $4.7 billion, and adjusted automotive free cash flow fell 46.6% to $2.8 billion. For the first half, adjusted automotive free cash flow was $3.6 billion, down 43%. Capital expenditures of $2.1 billion in the quarter were lower than a year earlier, which partly offset the decline in operating cash flow.

  4. Are there one-time charges that affect the quarter's results?

    Yes. GM excluded $663 million of special items from EBIT-adjusted in Q2 2025. The largest were a $330 million Ultium Cells strategic realignment charge, a $140 million China restructuring charge (largely an impairment and restructuring in equity earnings from the Automotive China JVs), and $87 million in employee separation costs. Investors should note that GM has excluded such items in recent periods, so the gap between GAAP and adjusted results is a recurring feature to monitor.

  5. How did GM's share count change, and what does it mean for EPS?

    Weighted-average diluted shares fell to 976 million in Q2 2025 from 1,147 million a year earlier, reflecting share repurchases of $2.0 billion in the first half of 2025. The lower share count supports per-share results, so diluted EPS declined less than net income did (down 25.1% versus 35.4%). Buybacks, however, reduce cash available for other uses at a time when free cash flow is declining.

04—Continue

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