General Motors reported full-year 2025 revenue of $182.4 billion, representing a 5.6% increase year-over-year. Adjusted EPS for the year came in at $9.85, a 12% rise compared to 2024. Growth was primarily driven by robust pricing power in the North American internal combustion engine (ICE) truck and SUV portfolio, alongside narrowing losses within the electric vehicle (EV) segment as production scales.
Note: General Motors's FY'25 ended on December 31, 2025.
GM has officially adjusted its propulsion strategy to reintroduce plug-in hybrid electric vehicles (PHEVs) to the North American market while maintaining its long-term commitment to a zero-emission future. This pivot aims to bridge the gap for consumers wary of pure battery electric vehicles (BEVs) and is expected to protect market share in key segments while the company works toward its goal of achieving variable profit positivity on its EV portfolio by the second half of 2026.
Below are key drivers of General Motors's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for General Motors at the top of the page.
General Motors designs, builds, and sells cars, trucks, and automobile parts worldwide, operating through segments including GM North America, GM International, Cruise, and GM Financial. The company is currently transitioning from a traditional hardware-focused automaker to a platform-driven innovator focusing on electric vehicles, autonomous driving software, and connected services.
GM's value is fundamentally anchored by its North American truck business, which generates the vast majority of the company's operating profit.
GM's structural advantage lies in its massive installed base and brand loyalty in the North American truck market. The company consistently captures the highest share of the full-size SUV market, often exceeding 40% when including Chevrolet, GMC, and Cadillac brands. This dominance creates a high-margin "profit engine" that subsidizes the capital-intensive transition to electric mobility.
GM Financial provides a competitive moat by offering integrated financing and leasing options to both dealers and consumers. This segment ensures a steady stream of earning assets and supports vehicle residual values, which is particularly vital as the company introduces new EV models with uncertain long-term depreciation curves.
The industry is shifting toward a vertical integration of the battery supply chain. GM's joint ventures in battery cell manufacturing (Ultium Cells LLC) are designed to drive battery costs below $100/kWh. This trend is essential for GM to reach price parity between ICE and EV models without relying solely on government subsidies.
GM has shifted its strategy toward aggressive capital return programs, including multi-billion dollar share buybacks and dividend increases. By prioritizing "capital efficiency," the company is focusing on returning cash to shareholders while exiting underperforming international markets and streamlining its product development cycles to reduce fixed costs.
