General Motors today reported full-year 2024 net income attributable to shareholders of $6.0 billion and EBIT-adjusted of $14.9 billion. Fourth-quarter 2024 net income attributable to shareholders was a loss of $3.0 billion and EBIT-adjusted was $2.5 billion.
Fourth quarter net income was reduced by more than $5 billion in special charges driven primarily by $4 billion of non-cash restructuring charges and impairment of our interests in certain China Joint Ventures, and $0.5 billion in charges related to the decision to stop funding the Cruise robotaxi business.
The chart below summarizes GM’s 2024 financial guidance and 2024 results, as well as the company’s 2025 guidance, which is for a year of strong financial performance.
| Final 2024 Guidance | 2024 Results | 2025 Guidance | |
| Net income attributable to stockholders | $10.4 billion – $11.1 billion | $6.0 billion | $11.2 billion – $12.5 billion |
| EBIT-adjusted | $14.0 billion – $15.0 billion | $14.9 billion | $13.7 billion – $15.7 billion |
| Automotive operating cash flow | $22.0 billion – $24.0 billion | $23.9 billion | $21.0 billion – $24.0 billion |
| Adjusted automotive free cash flow | $12.5 billion – $13.5 billion | $14.0 billion | $11.0 billion – $13.0 billion |
| EPS-diluted | $9.14 – $9.64 | $6.37 | $11.00 – $12.00 |
| EPS-diluted-adjusted | $10.00 – $10.50 | $10.60 | $11.00 – $12.00 |
GM’s 2025 financial guidance assumes a stable policy environment in North America and an estimated benefit of $0.5 billion from reduced year-over-year expenses at Cruise. The financial guidance also includes anticipated capital spending of $10.0 billion – $11.0 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.
Results Overview
| Three Months Ended | ||||
| $M except per share amounts | 2024 | 2023 | Change | % Change |
| Revenue | $47,702 | $42,980 | $4,722 | 11.0 % |
| Net income (loss) attributable to stockholders | $(2,961) | $2,102 | $(5,063) | n.m. |
| EBIT-adjusted | $2,509 | $1,757 | $752 | 42.8 % |
| Net income margin | (6.2) % | 4.9 % | (11.1) ppts | n.m. |
| EBIT-adjusted margin | 5.3 % | 4.1 % | 1.2 ppts | 29.3 % |
| Automotive operating cash flow | $4,765 | $4,688 | $77 | 1.6 % |
| Adjusted automotive free cash flow | $1,823 | $1,341 | $482 | 35.9 % |
| EPS-diluted(a) | $(1.64) | $1.59 | $(3.23) | n.m. |
| EPS-diluted-adjusted(a) | $1.92 | $1.24 | $0.68 | 54.8 % |
| GMNA EBIT-adjusted | $2,274 | $2,011 | $263 | 13.1 % |
| GMNA EBIT-adjusted margin | 5.8 % | 5.7 % | 0.1 ppts | 1.8 % |
| GMI EBIT-adjusted | $221 | $269 | $(48) | (17.8) % |
| equity income | $(4,060) | $93 | $(4,153) | n.m. |
| GM Financial EBT-adjusted | $ 719 | $ 707 | $12 | 1.7 % |
(a) EPS-diluted and EPS-diluted-adjusted include a $0.02 and $(0.05) impact from revaluation on equity investments in the three months ended and 2023.
(b) n.m. = not meaningful
| Years Ended | ||||
| $M except per share amounts | 2024 | 2023 | Change | % Change |
| Revenue | $187,442 | $171,842 | $15,600 | 9.1 % |
| Net income attributable to stockholders | $6,008 | $10,127 | $(4,119) | (40.7) % |
| EBIT-adjusted | $14,934 | $12,357 | $2,577 | 20.9 % |
| Net income margin | 3.2 % | 5.9 % | (2.7) ppts | (45.8) % |
| EBIT-adjusted margin | 8.0 % | 7.2 % | 0.8 ppts | 11.1 % |
| Automotive operating cash flow | $23,939 | $20,828 | $3,111 | 14.9 % |
| Adjusted automotive free cash flow | $14,045 | $11,666 | $2,379 | 20.4 % |
| EPS-diluted(a) | $6.37 | $7.32 | $(0.95) | (13.0) % |
| EPS-diluted-adjusted(a) | $10.60 | $7.68 | $2.92 | 38.0 % |
| GMNA EBIT-adjusted | $14,528 | $12,306 | $2,222 | 18.1 % |
| GMNA EBIT-adjusted margin | 9.2 % | 8.7 % | 0.5 ppts | 5.7 % |
| GMI EBIT-adjusted | $303 | $1,210 | $(907) | (75.0) % |
| equity income | $(4,407) | $446 | $(4,853) | n.m. |
| GM Financial EBT-adjusted | $2,965 | $2,985 | $(20) | (0.7) % |
(a)EPS-diluted and EPS-diluted-adjusted include a $(0.11) and $(0.10) impact from revaluation on equity investments in the years ended and 2023.
(b)n.m. = not meaningful
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SOURCE: GM
