What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-01-27 compared with 2025-01-28 · 398 added, 340 removed, 1494 unchanged (33% of the section changed)

8 unchanged sentences

Total net sales and revenue (Note 3)

185,019 187,442 171,842

Costs and expenses

6 unchanged sentences

Interest income and other non-operating income, net (Note 19)

1,535 1,257 1,537

Equity income (loss) (Note 8)

( 600 ) ( 4,675 ) 480

Income (loss) before income taxes 3,117 8,519 10,403

Income tax expense (benefit) (Note 17)

338 2,556 563

Net income (loss) 2,780 5,963 9,840

15 unchanged sentences

Defined benefit plans 339 ( 4 ) ( 2,814 )

Unrealized gain (loss) on hedges 155 85 1

Other comprehensive income (loss), net of tax 953 ( 1,137 ) ( 2,355 )

1 unchanged sentence

Comprehensive loss (income) attributable to noncontrolling interests ( 126 ) 176 297

Comprehensive income attributable to stockholders (loss) $ 5,002 $ 7,781 $ 11,303

Comprehensive income (loss) attributable to stockholders $ 3,607 $ 5,002 $ 7,781

Reference should be made to the notes to consolidated financial statements.

6 unchanged sentences

Cash and cash equivalents (Note 4)

$ 20,945 $ 19,872

Marketable debt securities (Note 4)

4 unchanged sentences

Inventories (Note 6)

14,467 14,564

Other current assets (Note 4;

Note 11) 7,655 7,238

Total current assets 108,767 108,545

4 unchanged sentences

Property, net (Note 9)

51,683 51,904

Goodwill and intangible assets, net (Note 10)

Equipment on operating leases, net (Note 7;

Note 11) 31,586 30,582

33,686 31,586

Deferred income taxes (Note 17)

22,960 21,254

Other assets (Note 4;

Note 11) 8,346 7,686

Total non-current assets 172,517 171,216

6 unchanged sentences

GM Financial (Note 11)

35,012 37,291

Accrued liabilities (Note 12)

33,754 31,154

Total current liabilities 93,342 96,265

3 unchanged sentences

GM Financial (Note 11)

79,018 76,973

Postretirement benefits other than pensions (Note 15)

1 unchanged sentence

Other liabilities (Note 12)

21,151 17,836

Total non-current liabilities 124,775 117,906

Total Liabilities 218,116 214,171

Commitments and contingencies (Note 16)

Noncontrolling interest - Cruise stock incentive awards (Note 20) — 118

Commitments, contingencies, and uncertainties (Note 16)

Equity (Note 20)

21 unchanged sentences

Pension contributions and OPEB payments ( 539 ) ( 1,518 ) ( 1,100 )

Pension and OPEB income, net 89 90 ( 1,189 )

Pension and OPEB (income) expense, net 29 89 90

Provision (benefit) for deferred taxes ( 1,249 ) 1,368 ( 1,041 )

Change in other operating assets and liabilities (Note 24)

9,056 ( 1,529 ) 1,822

Other operating activities 54 ( 433 ) ( 1,163 )

6 unchanged sentences

Principal collections and recoveries on finance receivables 35,109 31,784 28,346

Proceeds from sale of finance receivables (Note 5)

Purchases of leased vehicles ( 15,793 ) ( 15,279 ) ( 13,640 )

7 unchanged sentences

Payments to purchase common stock (Note 20)

( 6,012 ) ( 7,064 ) ( 11,115 )

Issuance (redemption) of subsidiary stock (Note 20)

( 29 ) ( 101 ) —

Dividends paid ( 657 ) ( 653 ) ( 597 )

7 unchanged sentences

Non-cash property additions $ 3,859 $ 3,864 $ 6,013

Non-cash Ultium loan receivable reduction $ 390 $ — $ —

Reference should be made to the notes to consolidated financial statements.

10 unchanged sentences

Other comprehensive income (loss) — — — ( 2,346 ) ( 9 ) ( 2,355 ) —

Issuance (redemption) of subsidiary stock (Note 20) — — ( 909 ) — ( 1,212 ) ( 2,121 ) —

Purchase of common stock (Note 20)

( 2 ) ( 7,686 ) ( 3,426 ) — — ( 11,115 ) —

Stock based compensation — 259 ( 6 ) — — 253 24

5 unchanged sentences

Other comprehensive income (loss) — — — ( 1,006 ) ( 131 ) ( 1,137 ) —

Issuance (redemption) of subsidiary stock (Note 20) — 973 — — ( 1,074 ) ( 101 ) —

Purchase of common stock (Note 20)

( 2 ) 245 ( 7,307 ) — — ( 7,064 ) —

Stock based compensation — 552 ( 9 ) — — 543 —

6 unchanged sentences

Issuance (redemption) of subsidiary stock (Note 20)

— 538 — — ( 567 ) ( 29 ) —

Purchase of common stock (Note 20)

( 1 ) ( 1,969 ) ( 4,043 ) — — ( 6,012 ) —

Stock based compensation — 541 ( 10 ) — — 531 —

12 unchanged sentences

We analyze the results of our operations through the following segments:

GMNA, GMI, Cruise and GM Financial.

Cruise is our global segment responsible for the development of AV technology.

GMNA, GMI, and GM Financial.

In December 2024, we announced that we will no longer fund Cruise's robotaxi development work and in February 2025, began to wind down the Cruise robotaxi operations and combined the GM and Cruise autonomous technical efforts in our GMNA segment to focus on autonomous technology for personal vehicles.

Corporate includes certain centrally recorded income and costs such as interest, income taxes, corporate expenditures, and certain revenues and expenses that are not part of a reportable segment.

11 unchanged sentences

however, due to the inherent uncertainties in making estimates, actual results could differ from the original estimates, requiring adjustments to these balances in future periods.

GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax return and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group.

GM Financial The amounts presented for GM Financial are adjusted to reflect the impact on GM Financial's deferred tax positions and provision for income taxes resulting from the inclusion of GM Financial in our consolidated tax returns and to eliminate the effect of transactions between GM Financial and the other members of the consolidated group.

Accordingly, the amounts presented will differ from those presented by GM Financial on a stand-alone basis.

2 unchanged sentences

Revenue Recognition

Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts and accessories and services and other sales.

Automotive Automotive net sales and revenue represents the amount of consideration to which we expect to be entitled in exchange for vehicle, parts, accessories, services, and other sales.

The consideration recognized represents the amount received, typically shortly after the sale to a customer, net of estimated dealer and customer sales incentives we reasonably expect to pay.

1 unchanged sentence

Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time.

A portion of the consideration received is deferred for separate performance obligations, such as maintenance, services and vehicle connectivity, that will be provided to our customers at a future date.

A portion of the consideration received is deferred for separate performance obligations, such as software-enabled services and subscriptions, vehicle connectivity, customer rewards programs, maintenance, and extended warranty, that will be provided to our customers at a future date.

Taxes assessed by various government entities, such as sales, use, and value-added taxes, collected at the time of the vehicle sale are excluded from Automotive net sales and revenue.

8 unchanged sentences

Used Vehicles Proceeds from the auction of vehicles utilized by our employees are recognized in Automotive net sales and revenue upon transfer of control of the vehicle to the customer, and the related vehicle carrying value is recognized in Automotive and other cost of sales.

Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as maintenance, OnStar, Super Cruise, vehicle connectivity and extended service warranties.

Services and Other Services and other revenue primarily consists of revenue from vehicle-related service arrangements and after-sale services such as OnStar, Super Cruise, vehicle connectivity, maintenance, and extended service warranties.

For those service arrangements that are bundled with a vehicle sale, a portion of the revenue from the sale is allocated to the service component and recognized as deferred revenue within Accrued liabilities or Other liabilities.

1 unchanged sentence

Automotive Financing - GM Financial Finance charge income earned on finance receivables is recognized using the effective interest method.

Fees and commissions received (including manufacturer subvention) and direct costs of originating loans are deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full.

Fees and commissions received (including manufacturer subvention) and direct costs of originating loans are generally deferred and amortized over the term of the related finance receivables using the effective interest method and are removed from the consolidated balance sheets when the related finance receivables are fully charged off or paid in full.

Accrual of finance charge income on retail finance receivables is generally suspended on accounts that are more than 60 days delinquent, accounts in bankruptcy, and accounts in repossession.

Payments received on nonaccrual loans are first applied to any fees due, then to any interest due, and then any remaining amounts are applied to principal.

Interest accrual generally resumes once an account has received payments bringing the delinquency to less than 60 days past due.

Interest accrual generally resumes once an account has received payments bringing the delinquency status to less than 60 days past due.

Accrual of finance charge income on commercial finance receivables is generally suspended on accounts that are more than 90 days delinquent, upon receipt of a bankruptcy notice from a borrower, or where reasonable doubt exists about the full collectability of contractually agreed upon principal and interest.

33 unchanged sentences

Additions to the allowance are charged to bad debt expense reported in Automotive and other selling, general, and administrative expense and were insignificant in the years ended December 31, 2025, 2024, and 2023.

GM Financial Receivables Finance receivables are carried at amortized cost, net of allowance for loan losses.

GM Financial Receivables Finance receivables are carried at amortized cost basis, net of allowance for loan losses.

Provisions for loan losses are charged to operations in amounts sufficient to maintain the allowance for loan losses at levels considered adequate to cover expected credit losses on the finance receivables.

2 unchanged sentences

The economic forecasts incorporate factors which vary by region that GM Financial believes will have the largest impact on expected losses, including unemployment rates, interest rate spreads, disposable personal income, and growth rates in gross domestic product.

Commercial finance receivables are carried at amortized cost, net of allowance for loan losses and amounts held under a cash management program.

Commercial finance receivables are carried at amortized cost basis, net of allowance for loan losses and amounts held under a cash management program.

GM Financial establishes the allowance for loan losses based on historical loss experience, as well as forecasted auto industry conditions, which is the economic indicator believed to have the largest impact on expected losses.

4 unchanged sentences

Inventories are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete, with a primary focus on productive material, supplies, work in process, and parts and accessories.

Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of typically two to five years .

Equipment on Operating Leases Equipment on operating leases, net consists of vehicle leases to retail customers with lease terms of typically one to five years .

We are exposed to changes in the residual values of these assets.

8 unchanged sentences

Fair value is determined primarily using the anticipated cash flows, including estimated residual values.

In our automotive finance operations, when a leased vehicle is returned or repossessed, the asset is recorded in Other assets at the lower of amortized cost or net realizable value.

In our automotive finance operations, when a leased vehicle is returned or repossessed, the asset is recorded in Other assets at the lower of amortized cost basis or net realizable value.

Upon disposition a gain or loss is recorded in GM Financial interest, operating, and other expenses for any difference between the net book value of the leased asset and the proceeds from the disposition of the asset.

1 unchanged sentence

An impairment charge is recorded whenever a decline in value of an equity investment below its carrying amount is determined to be other-than-temporary.

Impairment charges related to equity method investments are recorded in Equity income.

Impairment charges related to equity method investments are recorded in Equity income (loss).

Equity investments that are not accounted for under the equity method of accounting are measured at fair value or in certain cases adjusted to fair value upon an observable price change, with changes in fair value recorded in Interest income and other non-operating income, net.

10 unchanged sentences

Expenditures for special tools are recorded at cost and are capitalized.

We amortize special tools over their estimated useful lives using the straight-line method or an accelerated amortization method based on their historical and estimated production volume.

We amortize special tools over their estimated useful lives generally using the straight-line method of amortization.

Impairment charges related to special tools are recorded in Automotive and other cost of sales.

3 unchanged sentences

Impairment exists when the carrying amount of a reporting unit exceeds its fair value.

Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, technology and intellectual property, customer relationships and dealer networks.

Intangible Assets, net Intangible assets, excluding goodwill, primarily include brand names, customer relationships, and dealer networks.

Intangible assets are amortized on a straight-line or an accelerated method of amortization over their estimated useful lives.

8 unchanged sentences

Government Incentives and Grants We receive incentives from federal, state, and local governments in different regions of the world that encourage us to establish, maintain, or increase investment, employment, or production in the region.

We are also entitled to certain advanced manufacturing production credits under the IRA.

We account for government incentives as a

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

entitled to certain advanced manufacturing production credits under the IRA.

We account for government incentives as a reduction of expense, a reduction of the cost of the capital investment or other income based on the substance of the incentive received.

reduction of expense, a reduction of the cost of the capital investment, or other income based on the substance of the incentive received.

The benefit from advanced manufacturing production credits are not accounted for or classified as an income tax credit.

Benefits are generally recorded when there is reasonable assurance of receipt or, as it relates to advanced manufacturing production credits, upon the generation of the credit.

Amounts are recorded in earnings as the expenses in which the incentive is meant to offset are incurred, as we meet the conditions of the grant or as the capital investment is depreciated or, as it relates to advanced manufacturing production credits, upon generation of the credit.

At December 31, 2024, cash incentives receivable in Accounts and notes receivable, net of allowance was $ 343 million, cash incentives credited to Property, net were $ 480 million, cash incentives receivable in Other assets was $ 292 million and deferred incentive income in Other liabilities was $ 212 million.

In the year ended December 31, 2024, we recognized $ 524 million in Automotive and other cost of sales associated with incentives.

Benefits are generally recorded when it is probable that we will comply with the conditions attached to the grant and the grant will be received or, as it relates to advanced manufacturing production credits, upon the generation of the credit.

Amounts are recorded in earnings on a systematic and rational basis as the expenses in which the incentive is meant to offset are incurred, as we meet the conditions of the grant, or indirectly as the capital investment is depreciated, or, as it relates to advanced manufacturing production credits, upon generation of the credit.

At December 31, 2025 and 2024, cash incentives receivable in Accounts and notes receivable, net of allowance was $ 341 million and $ 343 million, cash incentives credited to Property, net was $ 480 million, cash incentives receivable in Other assets was $ 293 million and $ 292 million, amounts refundable in Accrued liabilities was $ 319 million and insignificant, and deferred incentive income in Other liabilities was insignificant and $ 212 million.

In the years ended December 31, 2025, 2024, and 2023 we recognized $ 267 million, $ 524 million, and $ 251 million in Automotive and other cost of sales associated with incentives.

Current agreements expire at various dates through 2032 and we consider the risk that any amounts recognized will be returned to be remote.

1 unchanged sentence

Purchased credits are recorded at cost in Other current assets and Other assets and are recognized in expense over the periods in which the acquired credits facilitate our compliance with emission and fuel economy regulations.

In the years ended December 31, 2024, 2023 and 2022, we paid $ 2.0 billion, $ 0.5 billion and $ 1.0 billion to purchase credits to facilitate our compliance with regulations.

At December 31, 2024 and 2023, the carrying amount of acquired credits were $ 2.1 billion and $ 1.0 billion.

Compliance-related costs of $ 1.0 billion, $ 0.7 billion and $ 0.5 billion were recorded in Automotive and other costs of sales in the years ended December 31, 2024, 2023 and 2022.

Pension and OPEB Plans

13 unchanged sentences

Plan Asset Valuation Due to the lack of timely available market information for certain investments in the asset classes described below as well as the inherent uncertainty of valuation, reported fair values may differ from fair values that would have been used had timely available market information been available.

Cash Equivalents and Other Short-Term Investments Cash equivalents, including reverse repurchase agreements, trade deposits and other short-term investments, are valued based on pricing received from independent pricing services, dealers who

Cash Equivalents and Other Short-Term Investments Cash equivalents, including reverse repurchase agreements, trade deposits, and other short-term investments, are valued based on pricing received from independent pricing services, dealers who make markets in such securities, or held at amortized cost basis.

Cash equivalent pricing utilizes observable inputs and are classified in Level 2.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

make markets in such securities or held at amortized cost.

Cash equivalent pricing utilizes observable inputs and are classified in Level 2.

Common and Preferred Stock Common and preferred stock for which market prices are readily available at the measurement date are valued at the last reported sale price or official closing price on the primary market or exchange on which they are actively traded and are classified in Level 1.

10 unchanged sentences

Stock Incentive Plans Our stock incentive plans include RSUs, PSUs, stock options, and awards that may be settled in our stock, the stock of our subsidiaries, or in cash.

We measure and record compensation expense based on the fair value of GM or Cruise's common stock on the date of grant for RSUs and PSUs and the grant date fair value, determined utilizing the Black-Scholes formula or a lattice model, for stock options and PSUs.

We measure and record compensation expense based on the fair value of GM's common stock on the date of grant for RSUs and PSUs and the grant date fair value, determined utilizing the Black-Scholes formula or a lattice model, for stock options and PSUs.

We record compensation cost for service-based RSUs, PSUs, and service-based stock options on a straight-line basis over the entire vesting period, or for retirement eligible employees over the requisite service period.

Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established or are settled in cash is based on the fair value of GM or Cruise's common stock at the end of each reporting period.

In March 2022, all outstanding RSUs that settle in Cruise's common stock were modified to remove the liquidity vesting condition.

Prospectively, RSUs that will settle in Cruise's common stock will vest solely upon satisfaction of a service condition.

In April 2024, substantially all remaining outstanding unvested Cruise RSUs were exchanged by participants for unvested cash payment rights.

The remaining outstanding Cruise RSUs are insignificant and are presented in permanent equity.

Prior to the April 2024 modification, compensation cost was recorded on stock issued to settle awards based on the fair value of Cruise's common stock until such time that the stock had been issued for more than six months.

Compensation cost for awards that do not have an established accounting grant date, but for which the service inception date has been established or are settled in cash is based on the fair value of GM's common stock at the end of each reporting period.

In March 2022, all outstanding RSUs that settle in Cruise's common stock were modified to remove a liquidity vesting condition and will vest solely based upon satisfaction of a service condition.

Compensation cost was recorded on a straight-line basis over the entire vesting period based on the fair value of Cruise's common stock.

In April 2024, substantially all remaining outstanding unvested Cruise RSUs were exchanged by participants for unvested cash payment rights and as of December 31, 2025, no incentive awards settleable in Cruise common stock are outstanding.

Product Warranty and Recall Campaigns The estimated costs related to product warranties are accrued at the time products are sold and are charged to Automotive and other cost of sales.

2 unchanged sentences

The estimated costs related to recall campaigns are accrued when probable and estimable.

In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

estimated cost for each recall campaign.

In GMNA, we estimate the costs related to recall campaigns by applying a paid loss approach that considers the number of historical recall campaigns and the estimated cost for each recall campaign.

The estimated costs associated with recall campaigns in other geographical regions are determined using the estimated costs of repairs and the estimated number of vehicles to be repaired.

1 unchanged sentence

Revisions are made when necessary based on changes in these factors.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Income Taxes The liability method is used in accounting for income taxes.

10 unchanged sentences

We record uncertain tax positions on the basis of a two-step process whereby we determine whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position, and for those tax positions that meet the more likely than not criteria, we recognize the largest amount of tax benefit that is greater than 50 % likely to be realized upon ultimate settlement with the related tax authority.

We record interest and penalties on uncertain tax positions in Income tax expense.

We record interest and penalties on uncertain tax positions in Income tax expense (benefit).

Foreign Currency Transactions and Translation The assets and liabilities of foreign subsidiaries that use the local currency as their functional currency are translated to U.S.

5 unchanged sentences

Gains and losses arising from foreign currency transactions and the effects of remeasurements discussed in the preceding paragraph are recorded in Automotive and other cost of sales and GM Financial interest, operating, and other expenses unless related to Automotive debt, which are recorded in Interest income and other non-operating income, net.

Foreign currency transactions and remeasurements in the years ended December 31, 2024, 2023 and 2022 were gains of $ 321 million, losses of $ 349 million and losses of $ 172 million.

Foreign currency transactions and remeasurements in the years ended December 31, 2025, 2024, and 2023 were losses of $ 363 million, gains of $ 321 million, and losses of $ 349 million.

Derivative Financial Instruments Derivative financial instruments are recognized as either assets or liabilities at fair value.

6 unchanged sentences

The risks being hedged are foreign currency and commodity price risks related to forecasted transactions that are generally expected to occur in the next 12 months.

The change in the fair value of these forward contracts is recorded in Accumulated other comprehensive loss and will be recognized in Automotive net sales and revenue or Automotive and other cost of sales when the

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

hedged transaction impacts earnings.

Forward contracts designated as cash flow hedges are evaluated for effectiveness using regression analysis at inception and throughout the hedge period.

1 unchanged sentence

The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate.

The changes in both the fair value of the hedged debt and the hedging instrument are recorded in Automotive interest expense.

The changes in both the fair value of the hedged debt and the hedging instrument are recorded in

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Automotive interest expense.

When a fair value hedge is de-designated, or when the derivative is terminated prior to maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Automotive interest expense over its remaining life.

9 unchanged sentences

Changes in the fair value of amounts excluded from the assessment of effectiveness are recorded currently in earnings and are presented in the same income statement line as the earnings effect of the hedged item.

Accounting Standards Not Yet Adopted In September 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software" (ASU 2025-06) which modernizes the accounting for internal-use software to current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements.

This update is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted.

ASU 2025-06 is not expected to significantly change our current accounting for internal-use software.

In December 2025, the FASB issued ASU 2025-10 "Accounting for Government Grants Received by Business Entities" (ASU 2025-10) to establish guidance on the recognition, measurement, and presentation of government grants received by business entities.

The new guidance leverages the principles in the accounting framework for government assistance in International Accounting Standard 20 "Accounting for Government Grants and Disclosure of Government Assistance".

The new guidance is effective for public business entities in annual periods beginning after December 15, 2028, with early adoption permitted.

ASU 2025-10 is not expected to significantly change our current accounting for incentives from federal, state, and local governments.

The following table disaggregates our revenue by major source :

10 unchanged sentences

Net sales and revenue $ 154,317 $ 13,427 $ 227 $ 167,970 $ 1 $ 17,060 $ ( 12 ) $ 185,019

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Year Ended December 31, 2024

9 unchanged sentences

Net sales and revenue $ 157,509 $ 13,890 $ 206 $ 171,605 $ 257 $ 15,875 $ ( 296 ) $ 187,442

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Year Ended December 31, 2023

11 unchanged sentences

Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2025, 2024, and 2023.

Contract liabilities in our Automotive segments primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty and other contracts of $ 6.6 billion and $ 5.0 billion at December 31, 2024 and 2023, which are included in Accrued liabilities and Other liabilities.

Contract liabilities in our Automotive operations primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty, and other contracts of $ 8.2 billion and $ 6.6 billion at December 31, 2025 and 2024, which are included in Accrued liabilities and Other liabilities.

We recognized revenue of $ 2.6 billion and $ 2.0 billion related to contract liabilities during the years ended December 31, 2025 and 2024.

27 unchanged sentences

Total available-for-sale debt securities with contractual maturities $ 10,839

(a) Excludes mortgage and asset-backed securities of $ 591 million at December 31, 2024 as these securities are not due at a single maturity date.

(a) Excludes mortgage and asset-backed securities as these securities are not due at a single maturity date.

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $ 3.2 billion, $ 2.5 billion, and $ 2.1 billion in the years ended December 31, 2025, 2024, and 2023.

Available-for-sale debt securities had net unrealized gains of $ 86 million and $ 196 million in the years ended December 31, 2024 and 2023 and net unrealized losses of $ 319 million in the year ended December 31, 2022.

Cumulative unrealized losses on available-for-sale debt securities were $ 74 million and $ 160 million at December 31, 2024 and 2023.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:

Net unrealized gains on available-for-sale debt securities were insignificant in the years ended December 31, 2025 and 2024 and $ 196 million in the year ended December 31, 2023.

Cumulative unrealized losses on available-for-sale debt securities were insignificant at December 31, 2025 and 2024.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total shown in the consolidated statements of cash flows:

December 31, 2025 December 31, 2024

14 unchanged sentences

(a) Commercial finance receivables include dealer financing of $ 16.4 billion and $ 18.6 billion, and other financing of $ 596 million and $ 604 million at December 31, 2025 and 2024.

Commercial finance receivables are presented net of dealer cash management balances of $ 3.4 billion and $ 2.6 billion at December 31, 2024 and 2023.

Commercial finance receivables are presented net of dealer cash management balances of $ 3.4 billion at December 31, 2025 and 2024.

Under the cash management program, subject to certain conditions, a dealer may choose to reduce the amount of interest on its floorplan line by making principal payments to GM Financial in advance.

5 unchanged sentences

Recoveries 1,035 903 768

Effect of foreign currency and other ( 61 ) 76 9

Effect of foreign currency 40 ( 61 ) 76

Allowance for loan losses at end of period $ 2,725 $ 2,458 $ 2,344

The allowance for loan losses as a percentage of finance receivables was 2.9 % and 2.6 % at December 31, 2025 and 2024.

The allowance ratio is based on factors including portfolio credit quality, expectations for recovery rates, and economic outlook.

Retail Finance Receivables GM Financial's retail finance receivable portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use.

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Retail finance receivables are collateralized by vehicle titles and, subject to local laws, GM Financial generally has the right to repossess the vehicle in the event the customer defaults on the payment terms of the contract.

The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $ 958 million and $ 809 million at December 31, 2024 and 2023.

The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost of retail finance receivables for each vintage of the portfolio at December 31, 2024 and 2023:

The accrual of finance charge income had been suspended on delinquent retail finance receivables with contractual amounts due of $ 1.1 billion and $ 958 million at December 31, 2025 and 2024.

The following tables are consolidated summaries of the delinquency status of the outstanding amortized cost basis of retail finance receivables for each vintage of the portfolio at December 31, 2025 and 2024:

Year of Origination December 31, 2025

29 unchanged sentences

Dealers with III and IV risk ratings are subject to additional monitoring and restrictions on funding, including suspension of lines of credit and liquidation of assets.

The following tables summarize the dealer credit risk profile by dealer risk rating at December 31, 2024 and 2023:

The following tables summarize the dealer finance receivables portfolio by dealer risk rating at December 31, 2025 and 2024:

Year of Origination(a) December 31, 2025

17 unchanged sentences

There were no commercial finance receivables on nonaccrual status at December 31, 2025 and 2024.

Transfers of Finance Receivables During the year ended December 31, 2025, GM Financial sold, subject to standard representations and warranties, finance receivables to third-party purchasers for $ 2.0 billion in cash proceeds.

GM Financial has continuing involvement with the finance receivables transferred, primarily in its role as servicer.

The outstanding off-balance sheet amount of the transferred finance receivables subject to continuing involvement was $ 1.7 billion at December 31, 2025.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Transactions with GM Financial The following tables show transactions between our Automotive segments, Cruise and GM Financial.

Transactions with GM Financial The following tables show transactions between our Automotive operations, Cruise, and GM Financial.

These amounts are presented in GM Financial's consolidated balance sheets and statements of income.

11 unchanged sentences

(a) All balance sheet amounts are eliminated upon consolidation.

(b) Our Automotive segments made cash payments to GM Financial for subvention of $ 3.8 billion, $ 3.5 billion and $ 2.4 billion in the years ended December 31, 2024, 2023 and 2022.

GM Financial's Board of Directors declared and paid dividends on its common stock of $ 1.8 billion in the years ended December 31, 2024 and 2023 and $ 1.7 billion in the year ended December 31, 2022.

(b) Our Automotive operations made cash payments to GM Financial for subvention of $ 3.3 billion, $ 3.8 billion, and $ 3.5 billion in the years ended December 31, 2025, 2024, and 2023.

GM Financial's Board of Directors declared and paid dividends on its common stock of $ 1.5 billion in the year ended December 31, 2025 and $ 1.8 billion in the years ended December 31, 2024 and 2023.

December 31, 2025 December 31, 2024

Total productive material, supplies, and work in process $ 6,405 $ 6,444

$ 6,444 $ 7,422

Finished product, including service parts 8,062 8,120

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Inventories are reflected net of allowances totaling $ 2.4 billion and $ 2.0 billion, of which $ 1.7 billion and $ 1.4 billion are EV-related, to remeasure inventory on-hand to net realizable value at December 31, 2025 and 2024.

Tariffs, less available offsets and deductions, are capitalized into the cost of inventories as incurred.

Offset amounts in excess of tariffs incurred will be recognized as a reduction to future tariffs.

Operating Leases

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Variable lease costs were insignificant in the years ended December 31, 2025, 2024, and 2023.

At December 31, 2024 and 2023, operating lease right of use assets in Other assets were $ 919 million and $ 979 million, operating lease liabilities in Accrued liabilities were $ 254 million and $ 264 million and non-current operating lease liabilities in Other liabilities were $ 961 million and $ 907 million.

At December 31, 2025 and 2024, operating lease right of use assets in Other assets were $ 1.0 billion and $ 919 million, operating lease liabilities in Accrued liabilities were $ 266 million and $ 254 million, and non-current operating lease liabilities in Other liabilities were $ 1.0 billion.

Operating lease right of use assets obtained in exchange for lease obligations were $ 351 million and $ 368 million in the years ended December 31, 2025 and 2024.

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Payments for operating leases included in Net cash provided by (used in) operating activities were $ 393 million, $ 416 million, and $ 359 million in the years ended December 31, 2025, 2024, and 2023.

Lease agreements that have not yet commenced were $ 746 million at December 31, 2024.

Lease agreements that have not yet commenced were insignificant at December 31, 2025.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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Depreciation expense related to Equipment on operating leases, net was $ 4.9 billion, $ 4.8 billion, and $ 4.9 billion in the years ended December 31, 2025, 2024, and 2023.

In September 2025, GM Financial entered into $ 2.1 billion of purchase commitments with various dealers to acquire certain EVs through June 30, 2026.

As of December 31, 2025, GM Financial has up to approximately $ 293 million of purchase commitments remaining for any EVs that have not been placed in service by June 30, 2026.

The following table summarizes lease payments due to GM Financial on leases to retail customers:

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Total Equity income (loss) $ 184 $ ( 3,701 ) $ 773

(a) 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.

(a) Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution (LGES), 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.

Investments in Nonconsolidated Affiliates

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SGM Norsom, SGM DY, and SGM DYPT.

These three joint ventures are jointly held by SGM ( 50 %), SAIC ( 25 %) and ourselves.

These three joint ventures are jointly held by SGM ( 50 %), SAIC ( 25 %), and us.

These four joint ventures are engaged in the production, import, and sale of a range of products under the Buick, Chevrolet, and Cadillac brands.

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SAIC Financial Holdings Company, a subsidiary of SAIC, owns 45 % of SAIC-GMF Leasing Co., Ltd.

Impairment Charges Our Automotive China JVs generated an equity loss of $ 4.4 billion in the year ended December 31, 2024, which includes $ 2.0 billion of impairments and restructuring-related charges recorded by certain of the China JVs and a $ 2.1 billion other-than-temporary impairment charge to write down certain of our automotive investments to their fair values.

In response to intense competition in a market with significant excess capacity and an increasingly challenging regulatory environment related to emissions, fuel consumption and NEVs, we and our JV partners are restructuring our operations in China.

The charges recorded by the China JVs were primarily related to asset impairments associated with plant closures and portfolio optimization actions and the recognition of a valuation allowance on deferred tax assets.

As a result of the market challenges and competitive conditions, GM Financial also recorded a $ 0.3 billion other-than-temporary impairment charge to write down its SAIC-GMAC investment to its fair value.

Fair Value Measurements In performing our impairment testing, we utilize a third-party valuation specialist to assist in determining the fair values of our investments based on valuation techniques using the best available information.

The fair values of the investments in the China JVs are estimated based on their discounted cash flows (income approach).

We make significant assumptions and estimates about the extent and timing of future cash flows, growth rates, market share and discount rates that represent unobservable, Level 3, inputs into our valuation methodologies.

Where available and as appropriate, comparative market multiples are used to corroborate the results of the discounted cash flow method.

The investment balance for SGM, SGM Norsom, SGM DY and SGM DYPT that was tested for impairment was $ 2.4 billion and the estimated key assumptions utilized in our impairment testing were:

16.5 % discount rate;

0.5 % long-term growth rate;

passenger vehicle industry volumes of 23.3 - 24.0 million and a market share of 2.0 - 2.2 % in 2024 through 2028.

The investment balance for SAIC-GMAC that was tested for impairment was $ 1.5 billion and the estimated key assumptions utilized in our impairment testing were:

13.0 % discount rate;

3.5 % long-term growth rate;

and alignment with the Automotive China JVs on vehicle volumes and market share.

The discount rate considered various factors including bond yields, cost of equity, risk premiums and tax rates;

the terminal values were determined using a growth model that applied an investee's long-term growth rate to its projected cash flows beyond the forecast period;

and industry volumes and market share included annual estimates through the forecast period.

In addition, minimum operating cash needs that incorporate specific business, economic and regulatory factors giving rise to varying cash needs were estimated.

Our fair value estimates assume the achievement of the future financial results

Impairment and Restructuring Charges In response to intense competition in a market with significant excess capacity and an increasingly challenging regulatory environment related to emissions, fuel consumption, and NEVs, we and our JV partners are restructuring our operations in China.

Our Automotive China JVs generated an equity loss of $ 0.3 billion in the year ended December 31, 2025, which includes $ 0.6 billion of restructuring-related charges recorded by certain of the China JVs, and an equity loss of $ 4.4 billion in the year ended December 31, 2024, which includes $ 2.0 billion of restructuring-related charges and impairments recorded by certain of the China JVs and a $ 2.1 billion other-than-temporary impairment charge to write down certain of our automotive investments to their fair values.

The charges recorded by the China JVs were primarily related to supplier claims in 2025 and asset impairments associated with plant closures and portfolio optimization actions in 2024.

In the year ended December 31, 2025, we recorded an insignificant amount of restructuring-related charges in equity income in connection with settlements associated with Ultium Cells Holdings LLC's strategic realignment of manufacturing and cell capacity to meet EV demand.

Refer to Note 18 for information associated with commercial settlements with Ultium Cells Holdings LLC during the three months ended December 31, 2025.

Fair Value Measurements The investment balance for SGM, SGM Norsom, SGM DY, and SGM DYPT that was tested for impairment in the year ended December 31, 2024 was $ 2.4 billion, and the investment balance for SAIC-GMAC that was tested for impairment in the year ended December 31, 2024 was $ 1.5 billion.

In performing our impairment testing, we utilized a third-party valuation specialist to assist in determining the fair values of our investments in the China JVs based on their discounted cash flows (income approach).

We made significant assumptions and estimates about the extent and timing of future cash flows, growth rates, market share, and discount rates that represent unobservable, Level 3, inputs into our valuation methodologies.

Our fair value estimates assumed the achievement of the future financial results contemplated in our forecasted cash flows which is subject to significant uncertainties.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

contemplated in our forecasted cash flows which is subject to significant uncertainties.

There is no assurance that anticipated financial results will be achieved.

Summarized Financial Data of Nonconsolidated Affiliates

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Operating cash flows $ ( 2,881 ) $ ( 4,422 ) $ ( 941 )

Investing cash flows $ ( 2,011 ) $ ( 1,045 ) $ ( 739 )

December 31, 2025 December 31, 2024

Accounts and notes receivable, net $ 1,056 $ 589

Accounts payable $ 892 $ 806

Accounts, notes, and dividends receivable, net $ 2,523 $ 1,056

Accounts payable, accrued and other liabilities $ 1,698 $ 892

Undistributed earnings $ 1,789 $ 2,781

Undistributed losses $ ( 3,243 ) $ ( 2,775 )

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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The amount of capitalized software included in Property, net was $ 2.2 billion and $ 2.3 billion at December 31, 2025 and 2024.

The amount of interest capitalized and excluded from Automotive interest expense was $ 215 million in the year ended December 31, 2024 and insignificant in the years ended December 31, 2023 and 2022.

The amount of interest capitalized and excluded from Automotive interest expense was $ 316 million, $ 215 million, and insignificant in the years ended December 31, 2025, 2024, and 2023.

Years Ended December 31,

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Capitalized software amortization expense(b) $ 866 $ 798 $ 705

(a) In the year ended December 31, 2024, we recognized impairment charges primarily related to the indefinite delay of the Cruise Origin.

(a) Includes impairment charges primarily related to our EV strategic realignment in the year ended December 31, 2025 and impairment charges primarily related to the indefinite delay of the Cruise Origin in the year end December 31, 2024.

(b) Included in Depreciation and amortization expense.

Goodwill and Intangible Assets

Goodwill of $ 1.9 billion consisted of $ 1.3 billion in GM Financial at December 31, 2024 and 2023, and $ 569 million and $ 573 million in Cruise at December 31, 2024 and 2023.

In the three months ended December 31, 2024, we performed a goodwill impairment test for Cruise and determined that the goodwill was not impaired.

Goodwill of $ 1.9 billion consisted of $ 1.3 billion in GM Financial and $ 571 million in GMNA at December 31, 2025.

Goodwill of $ 1.9 billion consisted of $ 1.3 billion in GM Financial and $ 569 million in Cruise at December 31, 2024.

During the three months ended March 31, 2025, $ 571 million of goodwill recorded in the Cruise segment was reallocated to the GMNA segment.

The reallocation of the goodwill reflects the wind down of the Cruise robotaxi operations and combination of the GM and Cruise technical efforts in our GMNA segment to build on the success of Super Cruise and prioritize the development of ADAS on a path to fully autonomous personal vehicles.

We performed goodwill impairment tests prior to and after the reallocation and determined that the goodwill was not impaired.

December 31, 2025 December 31, 2024

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Our amortization expense related to intangible assets was $ 145 million, $ 146 million, and $ 114 million in the years ended December 31, 2025, 2024, and 2023.

In the year ended December 31, 2025, we recorded an insignificant amount of impairment charges associated with our EV strategic realignment.

In the year ended December 31, 2024, we recorded $ 142 million of impairment charges related to the write-off of technology and intellectual property associated with Cruise.

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The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs (Securitized Assets).

GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities.

GM Financial determined that it is the primary beneficiary of the SPEs because the servicing responsibilities for the Securitized Assets give GM Financial the power to direct the activities that most significantly impact the performance of the VIEs and the variable interests in the VIEs give GM Financial the obligation to absorb losses and the right to receive residual returns that could potentially be significant.

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GM Financial is not required to provide additional financial support to these SPEs.

While these subsidiaries are included in GM Financial's consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.

While these SPEs are included in GM Financial's consolidated financial statements, they are separate legal entities and the finance receivables, lease-related assets, and cash held by them are legally owned by them and are not available to GM Financial's creditors or creditors of GM Financial's other subsidiaries.

The following table summarizes the assets and liabilities related to GM Financial's consolidated VIEs:

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Weighted-average interest rate on outstanding long-term debt(d) 5.8 % 5.8 %

(a) Primarily consist of senior notes.

(a) Primarily consists of senior notes.

(b) Includes net discount and debt issuance costs of $ 445 million and $ 439 million at December 31, 2025 and 2024.

(d) Inc ludes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2024, we renewed our 364 -day, $ 2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 27, 2025.

Interest rates on obligations under the renewed credit facility are based on Term SOFR.

In March 2024, we terminated our unsecured 364 -day delayed draw term loan credit agreement that permitted the Company to borrow up to $ 3.0 billion executed in November 2023, resulting in an insignificant loss.

In December 2024, we exercised the make-whole provision on a portion of our $ 2.0 billion senior unsecured notes with a maturity date of October 2025, redeeming $ 750 million in aggregate principal amount.

Upon settlement in December 2024, we recorded an insignificant early extinguishment of debt loss.

In March 2025, we renewed our five-year , $ 10.0 billion facility, which now matures March 25, 2030.

We also renewed our three-year , $ 4.1 billion facility, which now matures March 25, 2028, and renewed our 364 -day, $ 2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.

In May 2025, we issued $ 2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7 % and maturity dates ranging from 2028 to 2035.

The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $ 1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes.

In September 2025, we exercised our option to redeem at par value the remaining $ 1.25 billion in aggregate principal balance of our $ 2.0 billion senior unsecured notes with a maturity date of October 1, 2025.

GM Financial The following table presents debt of GM Financial:

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Refer to Note 11 for additional information on GM Financial's involvement with VIEs.

GM Financial is required to hold certain funds in restricted cash accounts to provide additional collateral for borrowings under certain secured credit facilities.

The weighted-average interest rate on secured debt was 4.92 % at December 31, 2025.

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At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period.

In the year ended December 31, 2024, GM Financial renewed revolving credit facilities with total borrowing capacity of $ 27.4 billion and issued $ 24.8 billion in aggregate principal

In the year ended December 31, 2025, GM Financial renewed and upsized revolving credit facilities with total borrowing capacity of $ 27.8 billion and issued $ 19.6 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.65 % and maturity dates ranging from 2026 to 2037.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

amount of securitization notes payable with an initial weighted-average interest rate of 5.30 % and maturity dates ranging from 2024 to 2037.

Unsecured debt consists of senior notes, credit facilities, and other unsecured debt.

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In the year ended December 31, 2025, GM Financial issued $ 10.6 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.05 % and maturity dates ranging from 2027 to 2035.

Unsecured credit facilities and other unsecured debt have original maturities of up to five years .

Unsecured credit facilities and other unsecured debt have maturities of up to five years .

The weighted-average interest rate on these credit facilities and other unsecured debt was 7.08 % at December 31, 2025.

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Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels.

GM Financial’s unsecured debt obligations contain covenants including limitations on GM Financial's ability to incur certain liens.

GM Financial’s unsecured debt obligations contain covenants including limitations on its ability to incur certain liens.

Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement.

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Fair value hedges

Interest rate swaps(b) 2 $ 4,405 $ 13 $ 61 $ 670 $ 38 $ 4

Cash flow hedges(c)

Interest rate swaps 2 $ 5,825 $ 97 $ 2 $ 4,405 $ 13 $ 61

Cash flow hedges(b)

Foreign exchange contracts 2 7,176 23 101 6,555 190 124

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Total derivative financial instruments $ 14,244 $ 486 $ 106 $ 13,283 $ 227 $ 288

(a) The gains/losses included in our consolidated income statements and consolidated statements of comprehensive income for the years ended December 31, 2024, 2023 and 2022 were insignificant.

(b) Amounts accrued for interest payments in a net receivable position are included in Other assets.

(a) The gains/losses included in our consolidated income statements and consolidated statements of comprehensive income for the years ended December 31, 2025, 2024, and 2023 were insignificant, unless otherwise noted.

Amounts accrued for interest payments in a net receivable position are included in Other assets.

Amounts accrued for interest payments in a net payable position are included in Other liabilities.

(c) The effect of cash flow hedges recognized in the consolidated statements of comprehensive income were insignificant for the years ended December 31, 2024, 2023 and 2022.

The effect of cash flow hedges reclassified from Accumulated other comprehensive loss to the consolidated income statements were insignificant for the years ended December 31, 2024, 2023 and 2022.

We expect to recognize insignificant revenues and costs of goods sold over the next 12 months related to amounts included in Accumulated other comprehensive loss.

(b) The effect of cash flow hedges recognized into Accumulated other comprehensive income (loss) on the consolidated statements of comprehensive income included a gain of $ 385 million for the year ended December 31, 2025 and an insignificant amount for the years ended 2024 and 2023.

The effect of cash flow hedges reclassified from Accumulated other comprehensive income (loss) to the consolidated income statements were insignificant for the years ended December 31, 2025, 2024, and 2023.

We expect to recognize $ 367 million in revenues and costs of goods sold over the next 12 months related to amounts included in Accumulated other comprehensive loss.

The fair value for Level 2 instruments was derived using the market approach based on observable market inputs including quoted prices of similar instruments and foreign exchange and interest rate forward curves.

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Amounts accrued for interest payments in a net payable position are included in Other liabilities.

(b) The effect of fair value hedges in the consolidated income statements include losses of $ 200 million, an insignificant loss and an insignificant gain for the years ended December 31, 2024 , 2023 and 2022.

(c) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include losses of $ 375 million, gains of $ 139 million and losses of $ 529 million recognized in Accumulated other comprehensive loss and losses of $ 422 million, gains of $ 92 million and losses of $ 578 million reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2024, 2023 and 2022.

(d) GM Financial held $ 190 million and $ 457 million of collateral from counterparties available for netting against GM Financial's asset positions, and posted $ 1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2024 and 2023.

(b) The effect of fair value hedges in the consolidated income statements include losses of $ 210 million, $ 200 million, and an insignificant amount for the years ended December 31, 2025 , 2024, and 2023.

(c) The effect of foreign currency cash flow hedges in the consolidated statements of comprehensive income include gains of $ 538 million, losses of $ 375 million, and an insignificant amount recognized in Accumulated other comprehensive loss and gains of $ 649 million, losses of $ 422 million, and an insignificant amount reclassified from Accumulated other comprehensive loss into income for the years ended December 31, 2025, 2024, and 2023.

All amounts reclassified from Accumulated other comprehensive loss were recorded to GM Financial interest, operating, and other expenses in the consolidated income statements.

During the next 12 months, we expect an insignificant amount of gains will be reclassified into pre-tax earnings from foreign currency cash flow hedges designated for hedge accounting.

(d) The fair value of derivative instruments that are classified as assets or liabilities available for offset was $ 520 million and $ 693 million at December 31, 2025 and 2024.

GM Financial held an insignificant amount and $ 190 million of collateral from counterparties a vailable for netting against GM Financial's asset positions, and posted $ 615 million and $ 1.2 billion of collateral to counterparties available for netting against GM Financial's liability positions at December 31, 2025 and 2024.

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Defined Benefit Pension Plans Defined benefit pension plans covering eligible U.S.

hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age.

The benefits provided by the defined benefit pension plans covering eligible U.S.

(hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S.

locations are generally based on years of

hourly employees (hired prior to October 2007) and Canadian hourly employees (hired prior to October 2016) generally provide benefits of negotiated, stated

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

service and compensation history.

amounts for each year of service and supplemental benefits for employees who retire with 30 years of service before normal retirement age.

The benefits provided by the defined benefit pension plans covering eligible U.S.

(hired prior to January 1, 2001) and Canadian salaried employees and employees in certain other non-U.S.

locations are generally based on years of service and compensation history.

Accrual of defined pension benefits ceased in 2012 for U.S.

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Total recorded in Accumulated other comprehensive loss $ ( 3,937 ) $ ( 2,576 ) $ ( 261 ) $ ( 4,700 ) $ ( 2,359 ) $ ( 157 )

In the year ended December 31, 2024, the actuarial gain included in the benefit obligations was primarily due to an increase in discount rates.

In the year ended December 31, 2025, the actuarial loss included in the benefit obligations was primarily due to a decrease in discount rates.

In the year ended December 31, 2024, the actuarial gain included in the benefit obligations was primarily due to an increase in discount rates.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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pension plans.

As a result, the weighted-average long-term rate of ROA increased from 6.3 % at December 31, 2023 to 6.5 % at December 31, 2024.

As a result, the weighted-average long-term rate of ROA decreased from 6.5 % at December 31, 2024 to 6.0 % at December 31, 2025.

The expected long-term rate of return on plan assets used in determining pension expense for non-U.S.

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Total 100 % 100 % 100 % 100 %

(a) Primarily includes private equity, real estate and absolute return strategies, which mainly consis t of hedge funds.

(a) Primarily includes private equity, real estate, and absolute return strategies, which mainly consist of hedge funds.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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(b) Includes net derivative assets (liabilities).

reverse repurchase agreements at December 31, 2024, and approximately $ 185 million and $ 137 million of Canadian reverse repurchase agreements at December 31, 2024 and 2023.

reverse repurchase agreements at December 31, 2025 and 2024, and approximately $ 125 million and $ 185 million of Canadian reverse repurchase agreements at December 31, 2025 and 2024.

(d) Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees, and other expenses.

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common and preferred stocks as well as similar equity securities issued by companies incorporated, listed, or domiciled in developed and/or emerging market countries.

Fixed income funds include investments in high quality funds and, to a lesser extent, high yield funds.

High quality fixed income

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

funds invest in government securities, investment-grade corporate bonds and mortgage and asset-backed securities.

income funds include investments in high quality funds and, to a lesser extent, high yield funds.

High quality fixed income funds invest in government securities, investment-grade corporate bonds, and mortgage and asset-backed securities.

High yield fixed income funds invest in high yield fixed income securities issued by corporations, which are rated below investment grade.

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$ 15,237 $ 4,181 $ 1,636

Commitments and Contingencies

Litigation-Related Liability and Tax Administrative Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions and other litigation.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

Commitments, Contingencies, and Uncertainties

Litigation-Related Liability and Indirect Tax-Related Matters In the normal course of our business, we are named from time to time as a defendant in various legal actions, including arbitrations, class actions, and other litigation.

We identify below the material individual proceedings and investigations where we believe a material loss is reasonably possible or probable.

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At December 31, 2025 and 2024, we had accruals of $ 1.5 billion and $ 1.1 billion for such legal actions in Accrued liabilities and Other liabilities.

In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

of the potential loss.

In many matters, it is inherently difficult to determine whether a loss is probable or reasonably possible or to estimate the size or range of the potential loss.

Some matters may involve compensatory, punitive, or other treble damage claims, environmental remediation programs, or sanctions that, if granted, could require us to pay damages or make other expenditures in amounts that cannot be reasonably estimated.

Accordingly, while we believe that appropriate accruals have been established for losses that are probable and can be reasonably estimated, it is possible that adverse outcomes from such proceedings could exceed the amounts accrued by an amount that could be material to our results of operations or cash flows in any particular reporting period.

GM Korea Subcontract Workers Litigation GM Korea Company (GM Korea) is party to litigation with current and former subcontract workers over allegations that they are entitled to the same wages and benefits provided to full-time employees, and to be hired as full-time employees.

In May 2018 and September 2020, the Korean labor authorities issued adverse administrative orders finding that GM Korea must hire certain current subcontract workers as full-time employees.

GM Korea appealed the May 2018 and September 2020 orders.

Since June 2020, the Seoul High Court (an intermediate-level appellate court) ruled against GM Korea in eight subcontract worker claims.

While GM Korea's appeals were pending in the Supreme Court of the Republic of Korea (Korea Supreme Court), GM Korea hired certain of its subcontract workers as full-time employees.

During the third quarter of 2024, the Korea Supreme Court issued its decisions with respect to the appeal.

While the Korea Supreme Court ruled against GM Korea on most of the appeals, the Korea Supreme Court ruled in favor of GM Korea with regard to certain subcontract workers.

At December 31, 2024, our accrual covering certain asserted claims and claims that we believe are probable of assertion and for which liability is probable was insignificant.

We estimate the reasonably possible loss in excess of amounts accrued for other current subcontract workers who may assert similar claims to be insignificant at December 31, 2024.

Other Litigation-Related Liability and Tax Administrative Matters Various other legal actions, including class actions, governmental investigations, claims and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects;

Opel/Vauxhall Sale In 2017, we sold the Opel/Vauxhall Business to PSA Group, now Stellantis N.V.

(Stellantis), under a Master Agreement (the Agreement).

We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A.

and BNP Paribas Personal Finance S.A.

Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale.

General Motors Holdings LLC agreed, on behalf of our wholly owned subsidiary (the Seller), to indemnify Stellantis for certain losses resulting from any inaccuracy of the representations and warranties or breaches of our covenants included in the Agreement and for certain other liabilities, including costs related to certain emissions claims, product liabilities, and recalls.

We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis.

Certain of these indemnification obligations are subject to time limitations, thresholds, and/or caps as to the amount of required payments.

Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the UK, Austria, and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards.

In addition, we indemnified Stellantis for an immaterial amount for certain recalls that Stellantis has conducted or will conduct, including recalls in certain geographic locations that Stellantis intends to conduct related to Takata inflators in legacy Opel vehicles.

We may in the future be required to further indemnify Stellantis relating to certain of its Takata recalls.

Other Litigation-Related Liabilities Various other legal actions, including class actions, governmental investigations, claims, and proceedings are pending against us or our related companies or joint ventures, including, but not limited to, matters arising out of alleged product defects;

employment-related matters;

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competition issues;

tax-related matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" (indirect tax-related matters);

product design, manufacture, and performance;

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were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal.

In August 2024, the Sixth Circuit reversed the dismissal in one of the cases.

In October 2024, a panel of the Sixth Circuit vacated the judgment in favor of GM in one of the class actions, but a different panel has yet to rule in the other class action.

In August 2024, the Sixth Circuit reversed in part and affirmed in part the dismissal in one of the cases.

In June 2025, a different panel in the second case affirmed in part, vacated in part, and remanded for further proceedings.

We are currently unable to estimate any reasonably possible material loss or range of loss that may result from these actions.

GM has also faced a series of additional lawsuits in the U.S.

based on these allegations, including a shareholder demand lawsuit that remains pending.

There are several putative class actions and two certified class actions pending against GM in the U.S.

alleging that various 2011–2014 model year vehicles are defective because they excessively consume oil.

While many of these proceedings have been dismissed or have been settled for insignificant amounts, several remain outstanding.

In October 2022, we received an adverse jury verdict in a certified class action proceeding involving three states.

We have reached an agreement in principle to resolve these matters and have accrued an immaterial amount related to these proceedings.

GM is also defending other lawsuits in the U.S.

based on these allegations, including a shareholder demand lawsuit.

There is one putative class action and one certified class action pending against GM in the U.S.

alleging that various 2015–2022 model year vehicles are defective because they are equipped with faulty 8-speed transmissions.

In March 2023, the judge overseeing the class action concerning 2015–2019 model year vehicles certified 26 state subclasses.

In October 2024, a panel of the Sixth Circuit affirmed certification of these state subclasses;

in December 2024, the Sixth Circuit granted our petition for rehearing en banc.

In March 2023, the judge overseeing the class action concerning 2015–2019 model year vehicles certified 26 state subclasses and GM appealed.

In June 2025, the Sixth Circuit decertified all 26 state subclasses and remanded to the district court for further proceedings.

The putative class action concerning 2020–2022 model year vehicles is pending in front of a different judge that has not yet addressed class certification.

We have similar cases pending in Canada concerning these vehicles.

We are currently unable to estimate any

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currently unable to estimate any reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of amounts accrued.

There is a class action pending against GM in the U.S., and a putative class action in Canada, alleging that 2011–2016 model year Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles are equipped with defective fuel pumps that are prone to failure.

In March 2023, the U.S.

court certified seven state subclasses.

We reached an agreement to settle this matter on terms consistent with our accrual and the settlement agreement is pending final court approval.

reasonably possible or probable material loss or range of loss that may result from these proceedings in excess of the immaterial amounts accrued.

Beyond the class action litigations disclosed, we have several other class action litigations pending at any given time.

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Therefore, we will generally only disclose specific class actions if a class is certified and we believe there is a reasonably possible material exposure to the Company.

Indirect tax-related matters are being evaluated globally pertaining to value added taxes, customs, duties, sales tax, property taxes and other non-income tax exposures.

Certain administrative proceedings are indirect tax-related and may require that we deposit funds in escrow or provide an alternative form of security.

For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to approximately $ 5.6 billion at December 31, 2024.

Takata Matters In November 2020, NHTSA directed that we replace the Takata Corporation (Takata) airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and SUVs, and we decided not to contest NHTSA's decision.

While we have already begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed.

Takata Matters In November 2020, NHTSA directed that we replace the Takata airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and SUVs, and we decided not to contest NHTSA's decision.

While we have begun the process of executing the recall, given the number of vehicles in this population, the recall will take several years to be completed.

Accordingly, in the year ended December 31, 2020, we recorded a warranty accrual of $ 1.1 billion for the expected costs of complying with the recall remedy.

At December 31, 2024, our remaining accrual for these matters was $ 555 million, and we believe the currently accrued amount remains reasonable.

At December 31, 2025, our remaining accrual for these matters was $ 0.4 billion, and we believe the currently accrued amount remains reasonable.

GM has recalled certain vehicles sold outside of the U.S.

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court overseeing one of the putative class actions issued a final judgment in favor of GM on all claims in eight states at issue in that proceeding.

In August 2023, the U.S.

In August 2023, the same U.S.

court granted class certification as to a Louisiana claim, but denied certification as to seven other states.

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At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.

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Chevrolet Bolt Recall In July 2021, we initiated a voluntary recall for certain 2017–2019 model year Chevrolet Bolt EVs due to the risk that two manufacturing defects present in the same battery cell could cause a high voltage battery fire in certain of these vehicles.

After further investigation into the manufacturing processes at our battery supplier, LG Energy Solution (LGES), and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population.

After further investigation into the manufacturing processes at our battery supplier, LGES, and disassembling battery packs, we determined that the risk of battery cell defects was not confined to the initial recall population.

As a result, in August 2021, we expanded the recall to include all 2017–2022 model year Chevrolet Bolt EV and Chevrolet Bolt Electric Utility Vehicles (EUVs).

LG Electronics, Inc.

(LGE) and LGES (collectively, LG), have agreed to reimburse GM for certain costs and expenses associated with the recall.

and LGES (collectively, LG), have agreed to reimburse GM for certain costs and expenses associated with the recall.

The commercial negotiations with LG also resolved other commercial matters associated with our Ultium Cells Holdings LLC joint venture with LGES.

Accordingly, as of December 31, 2025, we had accrued a total of $ 2.7 billion and recognized receivables totaling $ 1.7 billion in connection with these matters.

At December 31, 2024, our remaining accrual for these matters was $ 0.3 billion.

At December 31, 2025, our

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remaining accrual for these matters was $ 0.3 billion.

These charges reflect our current best estimate for the cost of the recall remedy, which includes non-traditional recall remedies provided by GM to enhance customer satisfaction.

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GM has agreed to settle the U.S.

class actions for an immaterial amount and the settlement agreement is pending final court approval.

Opel/Vauxhall Sale In 2017, we sold the Opel/Vauxhall Business to PSA Group (now Stellantis) under a Master Agreement (the Agreement).

We also sold the European financing subsidiaries and branches to Banque PSA Finance S.A.

and BNP Paribas Personal Finance S.A.

Although the sale reduced our new vehicle presence in Europe, we may still be impacted by actions taken by regulators related to vehicles sold before the sale.

We are unable to estimate any reasonably possible material loss or range of loss that may result from these actions either directly or through an indemnification claim from Stellantis.

Certain of these indemnification obligations are subject to time limitations, thresholds and/or caps as to the amount of required payments.

Currently, various consumer lawsuits have been filed against the Seller and Stellantis in Germany, the UK, Austria and the Netherlands alleging that Opel and Vauxhall vehicles sold by the Seller violated applicable emissions standards.

We may in the future be required to further indemnify Stellantis relating to its Takata recalls, but we believe such further indemnification to be remote at this time.

European Commission and UK Competition and Markets Authority Matter In March 2022, the European Commission and UK Competition and Markets Authority (CMA) conducted inspections at the premises of, and sent out formal requests for information to, several companies and associations active in the automotive sector.

The investigations concern conduct related to coordination regarding the collection, treatment and recovery of end-of-life cars and vans, which are considered waste.

GM was not the subject of the inspections but has since received requests for information related to activities conducted by Opel, a former subsidiary business we sold to Stellantis in 2017.

GM has replied to the European Commission's and CMA's requests for information.

The inspections and requests for information are preliminary investigatory steps and do not prejudge the outcome of the investigations, and as of December 31, 2024, we had accrued an immaterial amount related to this matter.

If an infringement is established as to Opel's conduct, there are a range of possible outcomes, including fines, which could be material.

class actions for an immaterial amount and the settlement was given final approval by the court in the three months ended December 31, 2025.

Privacy and Consumer Protection Matters There are putative class actions pending against GM in federal courts in the U.S.

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In June 2024, those class actions were consolidated into a multi-district litigation proceeding in the Northern District of Georgia.

In addition, a number of federal and state agencies and attorneys general have opened investigations or made inquiries of us relating to these alleged consumer protection and privacy issues.

The Company is fully cooperating with these agencies and attorneys general.

At this stage, we are not able to estimate any reasonably possible or probable material loss or range of loss that may result from these actions.

In addition, several states have filed enforcement lawsuits against us, and other state attorneys general have opened investigations or made inquiries of us relating to these alleged consumer protection and privacy issues.

The Company resolved a Federal Trade Commission investigation through an agreed administrative consent order.

The Company is defending litigation filed against us and fully cooperating with agencies and attorneys general that are conducting investigations.

As of December 31, 2025, we had accrued $ 0.5 billion in connection with these investigations and litigations.

At this stage, we are not able to estimate any reasonably possible or probable material loss or range of loss that may result from these actions beyond this accrual.

Product Liability and Breach of Warranty We record liabilities related to product liability claims in Accrued liabilities and Other liabilities for the expected cost of all known product liability claims, plus an estimate of the expected cost for product liability claims that have already been incurred and are expected to be filed in the future for which we are self-insured.

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reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information.

It is reasonably possible that our accruals for product liability claims may increase in future periods in material amounts, although we cannot estimate a reasonable range of incremental loss based on currently available information.

We believe that any judgment against us involving our products for actual damages will be adequately covered by our recorded accruals and, where applicable, excess liability insurance coverage.

We are also subject to breach of warranty claims resulting from state and federal consumer protection laws which allow consumers to hold manufacturers legally responsible for "breaches" of implied or express warranties.

Claims can include but are not limited to a refund, a replacement vehicle, a recovery of legal and administrative fees or other monetary damages.

We are also subject to breach of warranty claims resulting from state and federal consumer protection laws that allow consumers to hold manufacturers legally responsible in situations where a product cannot be conformed to its warranties.

Consumer relief can include, but is not limited to, a refund, a replacement vehicle, a recovery of legal and administrative fees, or other monetary damages.

Losses that we believe to be probable and estimable based on evaluation of historical transactions are included in Accrued liabilities and Other liabilities and are reviewed regularly for adequacy.

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Our redemption liability and deferred revenue are recorded in Accrued liabilities and Other liabilities.

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Supplier Finance Programs Third-party finance providers offer certain suppliers the option for payment in advance of their invoice due date through financing programs that we established.

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Confirmed obligations outstanding at the end of the year $ 1.1 $ 0.9

Indirect Tax-Related Matters Tax matters not subject to the provision of Accounting Standards Codification 740, "Income Taxes" that pertain to value added taxes, customs, duties, sales tax, property taxes, and other non-income tax exposures are evaluated globally.

For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to $ 7.0 billion at December 31, 2025.

Certain indirect tax-related administrative proceedings may require that we deposit funds in escrow or provide an alternative form of security.

We are not able to estimate the timing or amount of potential deposits and currently believe any required amounts will not be material.

Emissions-Related Uncertainties We are subject to state and federal governmental regulations, as well as regulations from governments outside of the U.S., relating to fuel economy standards and GHG emissions.

There are several methods to comply with these regulations that we have utilized and may continue to utilize, including, but not limited to, increasing production and sales of certain vehicles;

curtailing production of certain vehicles;

certain technology changes;

the purchase of credits from third parties;

and/or the payment of civil penalties.

Recently, the U.S.

Government began to take actions to reduce the stringency and/or scope of these regulations.

During the year ended December 31, 2025, the Act set the civil penalties for noncompliance with CAFE standards to zero for all non-finalized model years, and NHTSA submitted a proposal for the 2022–2031 model years that would reduce the stringency from what was previously finalized.

The EPA also proposed to remove GHG regulations for light-, medium-, and heavy-duty on-highway vehicles on a retrospective and prospective basis.

We expect any final action to alter U.S.

CAFE and/or GHG regulations to be subject to legal challenges that could result in the revised rules being vacated until conclusion of the legal proceedings, which is unlikely to occur in the near term.

Under current regulations, shortfalls to certain emissions standards could result in legal or regulatory proceedings, the recall or decertification of one or more of our products, negotiated remedial actions, fines and penalties, and/or restricted product offerings.

Based on our current and forecasted sales mix, we currently have, and expect to continue to have shortfalls in complying with current U.S.

We recorded compliance-related costs of $ 0.9 billion, $ 1.0 billion, and $ 0.7 billion in the years ended December 31, 2025, 2024, and 2023 in Automotive and other cost of sales.

Our compliance-related costs in the year ended December 31, 2025 include an insignificant charge to write off acquired CAFE credits and $ 0.4 billion related to the GHG regulations that the EPA has proposed to remove.

Additional compliance costs, under current regulations, including potential fines and penalties, are not reasonably estimable and could be substantial.

In the years ended December 31, 2025, 2024, and 2023, we paid $ 0.4 billion, $ 2.0 billion, and $ 0.5 billion to purchase credits to facilitate our compliance with regulations.

At December 31, 2025 and 2024, the carrying amount of our acquired credits was $ 1.4 billion and $ 2.1 billion, of which we expect that $ 1.1 billion may be subject to impairment in the near term should the EPA remove GHG regulations.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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income (loss) 3,159 ( 1,196 ) 4,119

Income (loss) before income taxes and equity income (loss) $ 13,194 $ 9,924 $ 10,760

Income (loss) before income taxes $ 3,117 $ 8,519 $ 10,403

Years Ended December 31,

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state and local 211 309 490

1,243 676 874

Total current income tax expense (benefit) 1,587 1,188 1,605

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Taxes have not been provided on basis differences in investments primarily as a result of earnings in foreign subsidiaries which are deemed indefinitely reinvested of $ 7.6 billion and $ 6.1 billion at December 31, 2025 and 2024.

We have indefinitely reinvested basis differences related to investments in non-consolidated China JVs of $ 1.4 billion and $ 3.4 billion at December 31, 2024 and 2023 as a result of fresh-start reporting.

We have indefinitely reinvested basis differences related to investments in non-consolidated China JVs of $ 1.4 billion at December 31, 2025 and December 31, 2024 as a result of fresh-start reporting.

Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.

Refer to Note 8 for additional information regarding the decrease in our basis differences related to investments in nonconsolidated affiliates from fresh-start reporting.

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Year Ended December 31, 2025

In USD Percent of Pre-tax Income

federal statutory tax rate $ 655 21.0 %

State and local tax expense(a) 77 2.5 %

Foreign tax effects

China 126 4.0 %

Statutory tax rate difference between Mexico and U.S.

Other ( 48 ) ( 1.5 ) %

Changes in valuation allowances ( 367 ) ( 11.8 ) %

Changes in tax laws or rates 421 13.5 %

Other 9 0.3 %

Other foreign jurisdictions ( 21 ) ( 0.7 ) %

Effect of changes in tax laws or rates enacted in the current period — —

Effect of cross-border tax laws 33 1.1 %

Research and development tax credits ( 478 ) ( 15.3 ) %

Other ( 95 ) ( 3.1 ) %

Changes in valuation allowances ( 40 ) ( 1.3 ) %

Nontaxable or nondeductible items

IRA credits ( 181 ) ( 5.8 ) %

Other ( 18 ) ( 0.6 ) %

Changes in unrecognized tax benefits ( 91 ) ( 2.9 ) %

Equity income or loss 126 4.0 %

Other adjustments 107 3.4 %

Total income tax expense (benefit) $ 338 10.8 %

(a) State taxes in California, Michigan, Illinois, Florida, New Jersey, Pennsylvania, Minnesota, and Wisconsin made up the majority of the tax effect in this category.

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Years Ended December 31,

2024 2023 2022

Income tax expense at U.S.

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Foreign currency remeasurement 73 ( 62 )

Equity income or loss 982 ( 101 )

Other adjustments 204 31

Total income tax expense (benefit) $ 2,556 $ 563

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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Deferred Income Tax Assets and Liabilities Deferred income tax assets and liabilities at December 31, 2025 and 2024 reflect the effect of temporary differences between amounts of assets, liabilities, and equity for financial reporting purposes and the bases of such assets, liabilities, and equity as measured based on tax laws, as well as tax loss and tax credit carryforwards.

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operating loss and tax credit carryforwards(b) 5,550 5,239

Deferred revenue 2,162 1,565

Miscellaneous 3,429 2,737

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At December 31, 2025, Non-U.S.

tax credit carryforwards were $ 68 million, where $ 45 million can be carried forward indefinitely and $ 23 million will expire by 2043, if not utilized.

Valuation Allowances As a result of improving profitability in the Korean operating business evidenced by cumulative earnings in recent years and the completion of our near-and long-term business plans in the three months ended December 31, 2023 that forecasted continuing profitability, we determined that it was more likely than not that future earnings would be sufficient to realize the deferred tax assets in Korea.

Accordingly, we released Korea's $ 870 million valuation allowance during 2023 resulting in an income tax benefit.

During the years ended December 31, 2024 and 2023, valuation allowances against deferred tax assets of $ 6.5 billion and $ 7.0 billion were comprised of cumulative losses, credits and other timing differences, primarily in Germany, Spain, the U.S.

tax credit carryforwards were $ 67 million, all of which will expire by 2045, if not utilized.

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Valuation Allowances During the years ended December 31, 2025 and 2024, valuation allowances against deferred tax assets of $ 6.8 billion and $ 6.5 billion were comprised of cumulative losses, credits, and other timing differences, primarily in Germany, Spain, the U.S., and Brazil.

Uncertain Tax Positions The following table summarizes activity of the total amounts of unrecognized tax benefits:

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At December 31, 2025 and 2024, liabilities for income tax-related interest and penalties were insignificant.

At December 31, 2024, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months.

Income Taxes Paid

Year Ended December 31, 2025

federal $ 277

Total income taxes paid, net $ 1,548

Income taxes paid, net, for the periods ended December 31, 2024 and 2023 were $ 1.5 billion and $ 1.7 billion.

Income taxes paid exceeds 5% of total income taxes paid, net of refunds, in the following jurisdictions.

No individual state represents 5% of the total income taxes paid.

Year Ended December 31, 2025

Other Matters Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities throughout the world.

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These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing, or inclusion of revenue and expenses, or the sustainability of income tax credits for a given audit cycle.

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Restructuring and Other Initiatives

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Balance at end of period $ 3,948 $ 1,243 $ 779

We have made significant investments and contractual commitments in the development of EVs to help our vehicle fleet comply with emissions and fuel economy regulations that were scheduled to become increasingly stringent.

Following recent U.S.

Government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, industry-wide consumer demand for EVs in North America began to slow in 2025.

In the three months ended September 30, 2025 and December 31, 2025, we reassessed our EV capacity and manufacturing footprint to align to expected consumer demand and U.S.

Government policy and recorded charges of $ 1.6 billion and $ 6.0 billion.

For the year ended December 31, 2025, we recorded total charges in GMNA of $ 7.9 billion.

These charges include non-cash impairment and other charges of $ 3.2 billion, which are not reflected in the table above and cash related charges of $ 4.7 billion, of which $ 4.3 billion are reflected in the table above, primarily consisting of supplier commercial settlements, contract cancellation fees, battery cell JV settlements, and other charges that will have a cash impact when paid.

The non-cash impairment charges include the cost of writing down EV-related tooling and equipment to its nominal salvage value.

We incurred cash outflows of $ 400 million in the year ended December 31, 2025 related to these charges.

While we have completed the reassessment of our EV capacity and manufacturing footprint, we expect to recognize additional material cash and non-cash charges in 2026 related to continued commercial negotiations with our supply base.

We expect such charges will be significantly less than the EV-related charges incurred in 2025.

In addition, should the EPA remove GHG regulations, we expect that $ 1.1 billion of the total $ 1.4 billion carrying amount of our acquired credits may be subject to impairment in the near term.

In the years ended December 31, 2025, 2024, and 2023, restructuring and other initiatives included strategic activities in GMNA related to Buick dealerships.

We recorded charges of $ 964 million in the year ended December 31, 2024, which are included in the table above, and incurred $ 530 million in net cash outflows resulting from these dealer restructurings, in

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addition to the charges of $ 569 million and $ 511 million and net cash outflows of $ 674 million and $ 120 million in the years ended December 31, 2023 and 2022.

We expect remaining cash outflows related to these activities of $ 719 million to be substantially completed by the end of 2025.

In April 2024, we announced restructuring actions in GMI related to the closure of manufacturing operations in Colombia and Ecuador.

In the year ended December 31, 2024, we recorded $ 170 million before noncontrolling interest primarily related to employee separations and supplier-related charges of $ 88 million, which are included in the table above, and non-cash restructuring charges of $ 79 million primarily related to accelerated depreciation and amortization, which are not reflected in the table above.

As of December 31, 2024, we have incurred $ 48 million of cash outflows resulting from these restructuring activities.

We expect the remaining cash outflows related to these activities to be substantially completed by the end of 2025.

In the year ended December 31, 2024, we recorded restructuring charges of $ 200 million, primarily in GMNA, related to employee separations.

As of December 31, 2024, we have incurred $ 163 million of cash outflows resulting from these restructuring actions.

We expect the remaining cash outflows related to these activities to be substantially completed by the end of 2025.

In March 2023, we announced a VSP to accelerate attrition related to the cost reduction program announced in January 2023.

We recorded charges in GMNA of $ 1.0 billion in the year ended December 31, 2023, primarily related to employee separation charges of $ 905 million, which are reflected in the table above, and non-cash pension curtailment and settlement charges of approximately $ 130 million, not reflected in the table above.

We incurred cash outflows of $ 58 million and $ 820 million in the years ended December 31, 2024 and 2023.

This program is complete as of December 31, 2024.

We recorded no charges and incurred $ 718 million in cash outflows resulting from these dealer restructurings in the year ended December 31, 2025, in addition to the charges of $ 964 million and $ 569 million and cash outflows of $ 530 million and $ 674 million in the years ended December 31, 2024 and 2023.

Cumulatively, we have incurred charges of approximately $ 2.0 billion and cash outflows of $ 2.0 billion related to this initiative, which is complete as of December 31, 2025.

In October 2023, Cruise voluntarily paused all of its driverless, supervised, and manual AV operations in the U.S.

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In June 2024, Cruise indefinitely delayed the Cruise Origin and recognized primarily non-cash charges before noncontrolling interest of $ 631 million.

In December 2024, in conjunction with GM’s announcement of its decision to no longer fund Cruise’s robotaxi development work and its plans, subject to approval by the Cruise Board of Directors, to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, Cruise recorded net charges before noncontrolling interest of $ 522 million, which included net non-cash restructuring charges of $ 173 million.

In December 2024, in conjunction with GM’s announcement of its decision to no longer fund Cruise’s robotaxi development work and its plans to combine the Cruise and GM technical efforts to advance autonomous and assisted driving, Cruise recorded net charges before noncontrolling interest of $ 522 million, which included net non-cash restructuring charges of $ 173 million.

The non-cash restructuring charges are not reflected in the table above.

In the year ended December

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31, 2025, we incurred $ 347 million of cash outflows and reversed $ 76 million of restructuring accruals associated with Cruise.

Cumulatively, we have incurred $ 633 million of cash outflows resulting from these restructuring activities.

We expect the remaining cash outflows related to these activities of approximately $ 389 million to be completed by the end of 2025.

These restructuring activities are complete as of December 31, 2025.

In March 2023, we announced a voluntary separation program (VSP) to accelerate attrition related to the cost reduction program announced in January 2023.

We incurred insignificant cash outflows in the year ended December 31, 2024 and cash outflows of $ 820 million in the year ended December 31, 2023.

This program is complete as of December 31, 2024.

In the year ended December 31, 2024, we recorded restructuring charges of $ 200 million, primarily in GMNA, related to employee separations.

We incurred insignificant cash outflows in the year ended December 31, 2025 and cash outflows of $ 163 million in the year ended December 31, 2024.

This program is substantially complete as of December 31, 2025.

In the years ended December 31, 2025 and 2024, we announced various restructuring actions in GMI and recorded restructuring charges before noncontrolling interest of $ 170 million in 2024 primarily due to our decision to close our manufacturing operations in Colombia and Ecuador.

The $ 170 million restructuring charges primarily related to employee separations and supplier-related charges of $ 88 million, which are included in the table above, and non-cash restructuring charges of $ 79 million primarily related to accelerated depreciation and amortization, which are not reflected in the table above.

We incurred insignificant cash outflows in the years ended December 31, 2025 and 2024, and the 2024 program is substantially complete as of December 31, 2025.

Interest Income and Other Non-Operating Income

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Total interest income and other non-operating income, net $ 1,535 $ 1,257 $ 1,537

In the year ended December 31, 2022, we shut down our Russia business and recorded a $ 657 million charge, included in Other in the table above, to write off our net investment and release accumulated translation losses into earnings.

Stockholders’ Equity and Noncontrolling Interests

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We had no shares of preferred stock issued and outstanding at December 31, 2025 and 2024.

We had 1.0 billion and 1.2 billion shares of common stock issued and outstanding at December 31, 2024 and 2023.

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We had 904 million and 995 million shares of common stock issued and outstanding at December 31, 2025 and 2024.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors.

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The liquidation rights of holders of our common stock are secondary to the payment or provision for payment of all our debts and liabilities and to holders of our preferred stock, if any such shares are then outstanding.

In November 2023, our Board of Directors increased the capacity under our share repurchase program by $ 10.0 billion to an aggregate of $ 11.4 billion and we entered into the ASR Agreements to repurchase an aggregate amount of $ 10.0 billion of our common stock under the authorized share repurchase program.

In December 2023, we advanced the $ 10.0 billion and received approximately 215 million shares of our common stock with a value of $ 6.8 billion, which were immediately retired.

In the year ended December 31, 2024, we received and retired approximately 29 million additional shares upon settlement of the transactions contemplated under the ASR Agreements.

In the year ended December 31, 2023, we entered into ASR agreements to repurchase an aggregate amount of $ 10.0 billion of our common stock under our authorized share repurchase program, and immediately received and retired 215 million shares of our common stock.

In the year ended December 31, 2024, we received and retired 29 million additional shares upon settlement of the transactions contemplated under the ASR agreements.

Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained earnings.

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In February 2025, our Board of Directors increased the capacity under our existing share repurchase program by $ 6.0 billion to an aggregate of $ 6.3 billion, which was used to execute an ASR program to repurchase an aggregate amount of $ 2.0 billion of our outstanding common stock.

Pursuant to the agreements entered into in connection with the ASR, we advanced the $ 2.0 billion and received an initial delivery of approximately 33 million shares of our common stock with a value of $ 1.6 billion, which were immediately retired.

In the year ended December 31, 2025, we received and retired 43 million shares upon settlement of the transactions contemplated under these ASR agreements.

The final number of shares received was based on the average of the daily volume-weighted average prices of our common stock during the term of the ASR agreements, less a discount pursuant to the terms and conditions of the ASR agreements.

Because of our ability to settle in shares, the $ 3.2 billion prepaid forward contract was classified as a reduction to Additional paid-in capital within the consolidated statement of equity at December 31, 2023.

Upon settlement, the amount over par was allocated on a pro-rata basis, between Additional paid-in capital and Retained earnings.

In June 2024, our Board of Directors approved a new share repurchase authorization to repurchase up to an additional $ 6.0 billion of our outstanding common stock.

In the years ended December 31, 2024 and 2023, in addition to shares received under the ASR program, we purchased approximately 140 million and 30 million shares of our outstanding common stock for $ 7.1 billion and $ 1.1 billion.

In the year ended December 31, 2022, we purchased approximately 64 million shares of our outstanding common stock for $ 2.5 billion.

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $ 6.0 billion to an aggregate of $ 6.3 billion.

In the years ended December 31, 2025, 2024, and 2023, in addition to shares received under the ASR programs, we purchased approximately 61 million, 140 million, and 30 million shares of our outstanding common stock for $ 4.0 billion, $ 7.1 billion, and $ 1.1 billion.

Shares are immediately retired upon purchase and the amount of the purchase price over par is allocated on a pro-rata basis, subject to the availability of paid-in capital calculated on a per-share basis, between Additional paid-in capital and Retained earnings.

Cruise Preferred Shares In March 2022, we acquired SoftBank Vision Fund (AIV M2) L.P.’s (SoftBank) Cruise Class A-1, Class F and Class G Preferred Shares for $ 2.1 billion and made an additional $ 1.35 billion investment in Cruise in place of SoftBank.

In December 2024, we acquired Class F and Class G Preferred Shares from noncontrolling shareholders for an insignificant amount.

Cruise Common Shares During the years ended December 31, 2024, 2023 and 2022, Cruise Holdings issued an insignificant amount, $ 0.4 billion and $ 0.8 billion of Class B Common Shares to net settle vested awards under Cruise's 2018 Employee Incentive Plan and issued an insignificant amount, $ 0.2 billion and $ 0.5 billion of Class B Common Shares, primarily to us, to fund the payment of statutory tax withholding obligations resulting from the settlement or exercise of vested awards.

GM conducted quarterly tender offers and paid approximately $ 0.2 billion, $ 0.3 billion and $ 0.6 billion in cash to purchase tendered Cruise Class B Common Shares during the years ended December 31, 2024, 2023 and 2022.

The Class B Common Shares are classified as noncontrolling interests in our consolidated financial statements except for certain shares that are liability classified that have a recorded value of approximately $ 42 million at December 31, 2023.

Refer to Note 22 for additional information on Cruise stock incentive awards.

In December 2024, we acquired Class E Common Shares from a noncontrolling shareholder for an insignificant amount.

During the year ended December 31, 2024, the effect on the equity attributable to us for changes in our ownership interest in Cruise was a decrease in Additional paid-in capital of $ 0.9 billion and during the years ended December 31, 2023 and 2022 was insignificant.

For the year ended December 31, 2024, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $ 7.0 billion, which included a $ 1.0 billion increase in equity attributable to us, mainly due to the redemption of Cruise preferred shares.

For the year ended December 31, 2023, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $ 10.3 billion.

For the year ended December 31, 2022, net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $ 9.2 billion, which included a $ 0.7 billion decrease in equity attributable to us, mainly due to the redemption of Cruise preferred shares.

Cruise Common and Preferred Shares In February 2025, we acquired all of the Cruise common shares and Cruise Class F and Class G Preferred Shares held by noncontrolling shareholders for an insignificant amount.

We have completed the process of compensating the former Cruise Shareholders.

The effect on the equity attributable to us for changes in our ownership interest in Cruise was insignificant in the years ended December 31, 2025 and 2023, and a decrease in Additional paid-in capital of $ 0.9 billion during the year ended December 31, 2024.

Net income attributable to shareholders and transfers to the noncontrolling interest in Cruise and other subsidiaries was $ 3.2 billion, which included a $ 538 million increase in equity attributable to us primarily due to the redemption of Cruise preferred shares in the year ended December 31, 2025;

$ 7.0 billion, which included a $ 1.0 billion increase in equity attributable to us primarily due to the redemption of Cruise preferred shares in the year ended December 31, 2024;

and $ 10.3 billion in the year ended December 31, 2023.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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Balance at end of period(d) $ ( 7,330 ) $ ( 7,669 ) $ ( 7,665 )

Unrealized Gain (Loss) on Cash Flow Hedges

Balance at beginning of period $ 86 $ ( 20 ) $ ( 21 )

Other comprehensive income (loss) and noncontrolling interest before reclassification adjustment, net of tax(a)(c) 899 ( 313 ) 101

Reclassification adjustment, net of tax(c) ( 759 ) 420 ( 99 )

Other comprehensive income (loss), net of tax(a)(c) 140 106 1

Balance at end of period $ 226 $ 86 $ ( 20 )

(a) The noncontrolling interests were insignificant in the years ended December 31, 2025, 2024, and 2023.

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Earnings Per Share

Basic and diluted earnings per share are computed by dividing Net income attributable to common stockholders by the weighted-average common shares outstanding in the period.

Diluted earnings per share is computed by giving effect to all potentially dilutive securities that are outstanding using the treasury stock method for awards under stock incentive plans.

Basic and diluted EPS are computed by dividing Net income attributable to common stockholders by the weighted-average common shares outstanding in the period.

Diluted EPS is computed by giving effect to all potentially dilutive securities that are outstanding using the treasury stock method for awards under stock incentive plans.

Years Ended December 31,

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Potentially dilutive securities(b) — — 23

(a) Includes a $ 1.2 billion and $( 909 ) million return from (return to) 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 for the years ended December 31, 2024 and 2022.

(b) Potentially dilutive securities attributable to outstanding stock options and RSUs at December 31, 2023 and 2022, were excluded from the computation of diluted EPS because the securities would have had an antidilutive effect.

(a) Includes a $ 593 million and $ 1.2 billion return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders for the years ended December 31, 2025 and 2024.

(b) Potentially dilutive securities attributable to 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.

Stock Incentive Plans

GM Stock Incentive Awards We grant to certain employees RSUs, PSUs, and stock options (collectively, stock incentive awards) under our 2020 LTIP and prior to the 2020 LTIP, under our 2017 and 2014 LTIP.

The 2020 LTIP was approved by stockholders in June 2020.

Any new awards granted after the approval of the 2020 LTIP in June 2020 will be issued under the 2020 LTIP.

To the extent any shares remain available for issuance under the 2017 LTIP and/or the 2014 LTIP, such shares will only be used to settle outstanding awards that were previously granted under such plans prior to June 2020.

The awards under the plans are subject to forfeiture if the participant leaves the Company for reasons other than those permitted under the plans such as retirement, death, or disability.

RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award.

RSU awards granted ratably vest generally over a three-year service period, as defined in the terms of each award.

PSU awards vest at the end of a three-year performance period, based on performance criteria determined by the Executive Compensation Committee of the Board of Directors at the time of award.

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(a) Includes the target amount of PSUs.

There were no stock options issued during the year ended December 31, 2024.

Our weighted-average assumptions used to value our stock options are a dividend yield of 1.90 % and 1.60 %, expected volatility of 34.0 % and 41.0 %, a risk-free interest rate of 3.70 % and 1.88 %, and an expected option life of 6.00 years for options issued during the years ended December 31, 2023 and 2022.

There were no stock options issued during the years ended December 31, 2025 and 2024.

Our weighted-average assumptions used to value our stock options are a dividend yield of 1.90 %, expected volatility of 34.0 %, a risk-free interest rate of 3.70 %, and an expected option life of 6.00 years for options issued during the year ended December 31, 2023.

The expected volatility is based on the average of the implied volatility of publicly traded options for our common stock.

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The total compensation expense and cash paid to settle these awards was insignificant in the years ended December 31, 2025, 2024, and 2023.

Cruise Stock Incentive Awards Cruise granted RSUs that will settle in common shares of Cruise Holdings in the years ended December 31, 2024, 2023 and 2022.

Stock options were granted in common shares of Cruise Holdings in the year ended December 31, 2022.

These awards were granted under Cruise's 2018 Employee Incentive Plan approved by Cruise Holdings' Board of Directors in August 2018.

Shares awarded under the plan are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan.

In March 2022, Cruise modified its RSUs that settle in Cruise Class B Common Shares to remove the liquidity vesting condition such that all granted RSU awards vest solely upon satisfaction of a service condition.

The service condition for the majority of these awards is satisfied over four years .

Upon modification, 31 million RSUs whose service condition was previously met became immediately vested, thereby resulting in the immediate recognition of compensation expense.

Subsequent to the modification, holders of Cruise Class B Common Shares issued to settle vested awards could tender their shares generally at the fair value of Cruise’s common stock.

The ability to tender the Class B Common Shares results in certain awards to be classified as liabilities and other awards to be presented in temporary equity.

Cruise Stock Incentive Awards Cruise granted RSUs that settled in common shares of Cruise Holdings in the years ended December 31, 2024 and 2023.

Beginning in March 2022, holders of Cruise Class B Common Shares issued to settle vested awards could tender their shares.

A final tender offer was completed in April 2024, after which substantially all remaining outstanding unvested Cruise RSUs were exchanged by participants for unvested cash payment rights.

The remaining outstanding Cruise RSUs are insignificant and are now presented in permanent equity.

Total compensation expense related to Cruise Holdings' share-based awards was insignificant, $ 0.4 billion and $ 1.6 billion for the years ended December 31, 2024, 2023 and 2022.

GM conducted quarterly tender offers for the years ended December 31, 2023 and 2022 and paid approximately $ 0.2 billion, $ 0.3 billion and $ 0.6 billion in cash to settle tendered Cruise Class B Common Shares during the years ended December 31, 2024, 2023 and 2022.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

No remaining Cruise RSUs are outstanding.

Total compensation expense related to Cruise Holdings' share-based awards was insignificant for the years ended December 31, 2025 and 2024, and was $ 0.4 billion for the year ended December 31, 2023.

GM conducted quarterly tender offers and paid approximately $ 0.2 billion and $ 0.3 billion in cash to settle tendered Cruise Class B Common Shares during the years ended December 31, 2024 and 2023.

Segment Reporting

Our chief operating decision-maker, who is our Chair and Chief Executive Officer, analyzes the results of our business through the following reportable segments:

GMNA, GMI, Cruise and GM Financial.

Our chief operating decision-maker evaluates the operating results and performance of our automotive segments and Cruise through EBIT-adjusted, which is presented net of noncontrolling interests.

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 operations through EBIT-adjusted, which is presented net of noncontrolling interests.

Our chief operating decision-maker evaluates GM Financial through EBT-adjusted because interest income and interest expense are an integral part of its operational and financial performance.

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Each segment has a manager responsible for executing our strategic initiatives.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

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.

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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.

Cruise is our global segment responsible for the development of AV technology, and includes AV-related engineering and other costs.

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 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.

Our automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs), 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.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

The following tables summarize key financial information by segment:

At and For the Year Ended December 31, 2025

GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total

GMNA GMI Cruise GM Financial Total Reportable Segments

Net sales and revenue $ 154,317 $ 13,427 $ 1 $ 17,060 $ 184,805

Segment expenses and other items(a) ( 143,866 ) ( 12,690 ) ( 274 ) ( 14,258 )

Adjustments(b) 738 4,262 64 — 5,064 1,107 320 — 6,491

Earnings (loss) before interest and taxes-adjusted $ 10,452 $ 737 $ ( 273 ) $ 2,802 $ 13,718

Adjustments(b) ( 8,709 ) ( 918 ) — — ( 9,627 )

Corporate ( 1,180 )

Eliminations ( 4 )

Automotive interest income 854

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Income (loss) before income taxes $ 3,117

Income tax benefit (expense) ( 2,556 )

Net income (loss) 5,963

Net loss (income) attributable to noncontrolling interests 45

Net income (loss) attributable to stockholders $ 6,008

GMNA GMI Cruise GM Financial Total Reportable Segments Corporate Eliminations Total

Net sales and revenue $ 154,317 $ 13,427 $ 1 $ 17,060 $ 184,805 $ 227 $ ( 13 ) $ 185,019

Equity in net assets of nonconsolidated affiliates $ 3,187 $ 1,073 $ — $ 1,117 $ 5,377 $ 304 $ — $ 5,681

$ 4,447 $ 1,449 $ — $ — $ 5,896 $ — $ 1,206 $ — $ 7,102

Goodwill and intangibles $ 2,371 $ 647 $ — $ 1,348 $ 4,366 $ — $ — $ 4,366

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Equity income (loss)(c) $ 558 $ ( 306 ) $ — $ 39 $ 291 $ ( 108 ) $ — $ 184

(a) Segment expenses and other items for Automotive segments primarily include material and logistics;

(a) Segment expenses and other items for GMNA and GMI primarily include material and logistics;

manufacturing;

equity income;

equity income (loss);

selling, general, and administrative people-related costs;

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and policy, campaign, and warranty.

GM Financial items consist primarily of GM Financial interest expense;

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 people-related costs.

(b) Consists of charges related to the Buick dealerships and restructuring actions in GMNA;

charges related to manufacturing operations wind down in GMI;

China restructuring actions in GMI, GMNA and GM Financial;

headquarters relocation in Corporate;

and charges related to Cruise restructuring and Cruise realignment.

(c) Equity loss associated with our Automotive China JVs include impacts of the other-than-temporary impairment and our portion of restructuring charges.

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 our EV strategic realignment, legal matters, and Cruise restructuring activities in GMNA;

China restructuring actions in GMNA and GMI;

and separation and exit costs in GMI.

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.

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At and For the Year Ended December 31, 2024

GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total

GMNA GMI Cruise GM Financial Total Reportable Segments

Net sales and revenue $ 157,509 $ 13,890 $ 257 $ 15,875 $ 187,532

Segment expenses and other items(a) ( 142,981 ) ( 13,587 ) ( 1,958 ) ( 12,911 )

Adjustments(b) 1,604 ( 217 ) — — 1,387 478 — — 1,865

Earnings (loss) before interest and taxes-adjusted

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Adjustments(b) ( 738 ) ( 4,262 ) ( 1,107 ) ( 320 ) ( 6,427 )

Corporate ( 1,193 )

Eliminations ( 33 )

Automotive interest income 967

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Income (loss) before income taxes $ 8,519

Income tax benefit (expense) ( 563 )

Net income (loss) 9,840

Net loss (income) attributable to noncontrolling interests 287

Net income (loss) attributable to stockholders $ 10,127

GMNA GMI Cruise GM Financial Total Reportable Segments Corporate Eliminations Total

Net sales and revenue $ 157,509 $ 13,890 $ 257 $ 15,875 $ 187,532 $ 206 $ ( 296 ) $ 187,442

Equity in net assets of nonconsolidated affiliates $ 4,447 $ 1,449 $ — $ 1,206 $ 7,102 $ — $ — $ 7,102

$ 2,595 $ 6,348 $ — $ — $ 8,943 $ — $ 1,670 $ — $ 10,613

Goodwill and intangibles $ 1,966 $ 676 $ 570 $ 1,339 $ 4,551 $ — $ — $ 4,551

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manufacturing;

equity income;

equity income (loss);

selling, general, and administrative people-related costs;

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and policy, campaign, and warranty.

GM Financial items consist primarily of GM Financial interest expense;

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.

provision for loan losses;

and gains and losses on termination of leased vehicles.

Cruise items primarily consist of people-related costs.

(b) Consists of charges related to the VSP and strategic activities related to Buick dealerships in GMNA;

the gain associated with India asset sales and the partial resolution of Korean subcontractor matters 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.

(b) Consists of charges related to the Buick dealerships and restructuring actions in GMNA;

charges related to manufacturing operations wind down in GMI;

China restructuring actions in GMI, GMNA, and GM Financial;

and charges related to Cruise restructuring and Cruise realignment.

(c) Equity loss associated with our Automotive China JVs includes impacts of the other-than-temporary impairment and our portion of restructuring charges.

Refer to Note 8 for additional information.

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At and For the Year Ended December 31, 2023

GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Eliminations/Reclassifications Total

GMNA GMI Cruise GM Financial Total Reportable Segments

Net sales and revenue $ 141,445 $ 15,949 $ 102 $ 14,225 $ 171,720

Segment expenses and other items(a) ( 129,139 ) ( 14,739 ) ( 2,797 ) ( 11,239 )

Adjustments(b) 411 657 — — 1,068 1,057 — — 2,125

Earnings (loss) before interest and taxes-adjusted

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Adjustments(b) ( 1,604 ) 217 ( 478 ) — ( 1,865 )

Corporate ( 1,413 )

Eliminations ( 35 )

Automotive interest income 1,109

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Income (loss) before income taxes $ 10,403

Income tax benefit (expense) ( 1,888 )

Net income (loss) 9,708

Net loss (income) attributable to noncontrolling interests 226

Net income (loss) attributable to stockholders $ 9,934

GMNA GMI Cruise GM Financial Total Reportable Segments Corporate Eliminations Total

Net sales and revenue $ 141,445 $ 15,949 $ 102 $ 14,225 $ 171,720 $ 273 $ ( 151 ) $ 171,842

Equity in net assets of nonconsolidated affiliates $ 2,595 $ 6,348 $ — $ 1,670 $ 10,613 $ — $ — $ 10,613

$ 1,820 $ 6,691 $ — $ — $ 8,511 $ — $ 1,665 $ — $ 10,176

Goodwill and intangibles $ 2,083 $ 710 $ 715 $ 1,354 $ 4,862 $ — $ — $ 4,862

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Impairment charges $ — $ — $ 209 $ — $ 209 $ — $ — $ 209

Equity income (loss) $ ( 9 ) $ 672 $ — $ — $ 663 $ — $ 173 $ — $ 837

Equity income (loss)(c) $ 196 $ 440 $ — $ 138 $ 773 $ — $ — $ 773

(a) Segment expenses and other items for Automotive segments primarily include material and logistics;

manufacturing;

equity income;

equity income (loss);

selling, general, and administrative people-related costs;

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and policy, campaign, and warranty.

GM Financial items consist primarily of GM Financial interest expense;

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.

provision for loan losses;

and gains and losses on termination of leased vehicles.

Cruise items primarily consist of people-related costs.

(b) Consists of charges for strategic activities related to Buick dealerships and the resolution of substantially all royalty matters accrued with respect to past-year vehicle sales in GMNA;

charges related to the shutdown of our Russia business in GMI;

and charges related to the one-time modification of Cruise stock incentive awards.

(b) Consists of charges related to the VSP and strategic activities related to Buick dealerships in GMNA;

the gain associated with India asset sales and the partial resolution of Korean subcontractor matters in GMI;

and charges related to Cruise restructuring.

Refer to Note 8 for additional information.

Automotive revenue is attributed to geographic areas based on the country of sale.

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No individual country other than the U.S.

represented more than 10% of our total net sales and revenue or long-lived assets, other than Mexico, whose long-lived assets were approximately 12 %, 12 % and 11 % of our total long-lived assets at December 31, 2024, 2023 and 2022.

represented more than 10% of our total net sales and revenue or long-lived assets, other than Mexico, whose long-lived assets as a percentage of our total long-lived assets were approximately 11 % at December 31, 2025 and approximately 12 % at December 31, 2024 and 2023.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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Supplemental Information for the Consolidated Statements of Cash Flows

The following table summarizes the sources (uses) of cash provided by Change in other operating assets and liabilities and Cash paid for income taxes and interest:

The following table summarizes the sources of cash provided by (used in) Change in other operating assets and liabilities and cash paid for interest:

Change in other operating assets and liabilities Years Ended December 31,

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Total $ 9,056 $ ( 1,529 ) $ 1,822

Cash paid for income taxes and interest

Cash paid for income taxes, net $ 1,475 $ 1,726 $ 1,191

Cash paid for interest

Cash paid for interest (net of amounts capitalized) – Automotive $ 539 $ 777 $ 863

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data