Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Net sales and revenue
Automotive	$	39,349	$	39,861
GM Financial	4,275		4,159
Total net sales and revenue (Note 2)	43,624		44,020
Costs and expenses
Automotive and other cost of sales	35,028		35,191
GM Financial interest, operating, and other expenses	3,601		3,491
Automotive and other selling, general, and administrative expense	2,069		1,985

Total costs and expenses	40,698		40,668
Operating income (loss)	2,926		3,352
Automotive interest expense	158		152
Interest income and other non-operating income, net	307		310

Equity income (loss) (Note 7)	272		62
Income (loss) before income taxes	3,347		3,572
Income tax expense (benefit) (Note 14)	642		719


Net income (loss)	2,705		2,853
Net loss (income) attributable to noncontrolling interests	(78)		(69)
Net income (loss) attributable to stockholders	$	2,627	$	2,784

Net income (loss) attributable to common stockholders	$	2,614	$	3,361

Earnings per share (Note 17)
Basic earnings per common share	$	2.87	$	3.40
Weighted-average common shares outstanding – basic	911		988
Diluted earnings per common share	$	2.82	$	3.35
Weighted-average common shares outstanding – diluted	926		1,002

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions) (Unaudited)


	Three Months Ended
		March 31, 2026		March 31, 2025
Net income (loss)		$	2,705	$	2,853
Other comprehensive income (loss), net of tax (Note 16)
Foreign currency translation adjustments and other		(137)		188
Defined benefit plans		72		(37)
Unrealized gain (loss) on hedges		63		(17)
Other comprehensive income (loss), net of tax		(2)		134
Comprehensive income (loss)		2,702		2,987
Comprehensive loss (income) attributable to noncontrolling interests		(11)		(72)
Comprehensive income (loss) attributable to stockholders		$	2,692	$	2,915

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts) (Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents (Note 3)	$	19,800	$	20,945
Marketable debt securities (Note 3)	4,618		6,724

Accounts and notes receivable, net of allowance of $272 and $244	16,381		13,054
GM Financial receivables, net of allowance of $1,160 and $1,168 (Note 4; Note 8)	43,751		45,266
Inventories (Note 5)	15,590		14,467

Other current assets (Note 3; Note 8)	8,981		8,312
Total current assets	109,121		108,767
Non-current Assets

GM Financial receivables, net of allowance of $1,563 and $1,557 (Note 4; Note 8)	43,724		44,384
Equity in net assets of nonconsolidated affiliates (Note 7)	5,978		5,681
Property, net	52,166		51,683
Goodwill and intangible assets, net	4,336		4,366
Equipment on operating leases, net (Note 6; Note 8)	33,344		33,686
Deferred income taxes	22,682		22,960
Other assets (Note 3; Note 8)	9,622		9,756
Total non-current assets	171,853		172,517
Total Assets	$	280,974	$	281,284

LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)	$	27,912	$	23,919
Short-term debt and current portion of long-term debt (Note 9)
Automotive	406		656
GM Financial (Note 8)	35,888		35,012
Accrued liabilities	30,514		33,754
Total current liabilities	94,720		93,342
Non-current Liabilities
Long-term debt (Note 9)
Automotive	15,522		15,591
GM Financial (Note 8)	75,940		79,018
Postretirement benefits other than pensions (Note 12)	3,982		4,025
Pensions (Note 12)	4,712		4,988
Other liabilities	21,405		21,151
Total non-current liabilities	121,560		124,775
Total Liabilities	216,280		218,116
Commitments, contingencies, and uncertainties (Note 13)

Equity (Note 16)
Common stock, $0.01 par value	9		9
Additional paid-in capital	19,541		19,928
Retained earnings	53,386		51,524
Accumulated other comprehensive loss	(10,277)		(10,343)
Total stockholders’ equity	62,659		61,119
Noncontrolling interests	2,036		2,049
Total Equity	64,694		63,168
Total Liabilities and Equity	$	280,974	$	281,284

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) (Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Cash flows from operating activities
Net income (loss)	$	2,705	$	2,853
Depreciation and impairment of Equipment on operating leases, net	1,331		1,203
Depreciation, amortization, and impairment charges on Property, net	1,699		1,731
Foreign currency remeasurement and transaction (gains) losses	(64)		152

Undistributed earnings of nonconsolidated affiliates, net	(266)		485
Pension contributions and OPEB payments	(231)		(195)
Pension and OPEB (income) expense, net	11		—

Provision (benefit) for deferred taxes	222		143
Change in other operating assets and liabilities	(2,456)		(311)




Net cash provided by (used in) operating activities	2,950		6,061
Cash flows from investing activities
Expenditures for property	(1,512)		(1,816)
Available-for-sale marketable securities, acquisitions	(734)		(645)

Available-for-sale marketable securities, liquidations	2,845		1,065






Purchases of finance receivables	(8,407)		(10,058)
Principal collections and recoveries on finance receivables	9,100		8,956

Purchases of leased vehicles	(3,274)		(4,212)
Proceeds from termination of leased vehicles	2,520		2,529
Other investing activities	94		(310)


Net cash provided by (used in) investing activities	632		(4,490)
Cash flows from financing activities
Net increase (decrease) in short-term debt	92		170
Proceeds from issuance of debt (original maturities greater than three months)	8,376		16,897
Payments on debt (original maturities greater than three months)	(10,813)		(15,216)
Payments to purchase common stock (Note 16)	(800)		(2,012)
Issuance (redemption) of subsidiary stock (Note 16)	—		(29)
Dividends paid	(223)		(175)
Other financing activities	(321)		(178)


Net cash provided by (used in) financing activities	(3,689)		(543)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(113)		51
Net increase (decrease) in cash, cash equivalents, and restricted cash	(221)		1,078
Cash, cash equivalents, and restricted cash at beginning of period	24,284		22,964
Cash, cash equivalents, and restricted cash at end of period	$	24,063	$	24,042








Significant non-cash investing and financing activity
Non-cash property additions	$	2,255	$	1,811

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions) (Unaudited)


	Common Stockholders’											Noncontrolling Interests		Total Equity (Permanent Equity)
Common Stock			Additional Paid-in Capital			Retained Earnings			Accumulated Other Comprehensive Loss



















Balance at January 1, 2025	$	10		$	20,843		$	53,472		$	(11,253)	$	2,518	$	65,590

Net income (loss)	—			—			2,784			—		69		2,853
Other comprehensive income (loss)	—			—			—			131		3		134
Issuance (redemption) of subsidiary stock (Note 16)	—			538			—			—		(567)		(29)
Purchase of common stock (Note 16)	—			(1,027)			(984)			—		—		(2,012)
Stock based compensation	—			(7)			(2)			—		—		(9)
Cash dividends paid on common stock	—			—			(116)			—		—		(116)

Other	—			(2)			(14)			—		32		16
Balance at March 31, 2025	$	10		$	20,345		$	55,140		$	(11,122)	$	2,054	$	66,427














































Balance at January 1, 2026	$	9		$	19,928		$	51,524		$	(10,343)	$	2,049	$	63,168


Net income (loss)	—			—			2,627			—		78		2,705
Other comprehensive income (loss)	—			—			—			65		(67)		(2)

Purchase of common stock (Note 16)	—			(205)			(595)			—		—		(800)
Stock based compensation	—			(182)			(6)			—		—		(188)
Cash dividends paid on common stock	—			—			(164)			—		—		(164)
Dividends to noncontrolling interests	—			—			—			—		(40)		(40)
Other	—			—			(1)			—		16		15
Balance at March 31, 2026	$	9		$	19,541		$	53,386		$	(10,277)	$	2,036	$	64,694

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

Amounts may not add due to rounding.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Nature of Operations and Basis of Presentation

General Motors Company (sometimes referred to in this Quarterly Report on Form 10-Q as we, our, us, ourselves, the Company, General Motors, or GM) designs, builds, and sells trucks, crossovers, cars, and automobile parts, and provides software-enabled services and subscriptions worldwide. We also provide automotive financing services through General Motors Financial Company, Inc. (GM Financial). We analyze the results of our operations through the following segments: GM North America (GMNA), GM International (GMI), and GM Financial. In December 2024, we announced that we would no longer fund Cruise's robotaxi development work and will refocus our autonomous driving strategy on personal vehicles, and, in February 2025 we completed the acquisition of the noncontrolling interests in Cruise, began to wind down the Cruise robotaxi operations, and combined the GM and Cruise autonomous technical efforts in our GMNA segment. 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.

The condensed consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements include all adjustments, which consist of normal recurring adjustments and transactions or events discretely impacting the interim periods, considered necessary by management to fairly state our results of operations, financial position, and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (2025 Form 10-K). Except for per share amounts or as otherwise specified, amounts presented within tables are stated in millions. Certain columns and rows may not add due to rounding.

Throughout this report, we refer to General Motors Company and its consolidated subsidiaries in a simplified manner and on a collective basis, using words like "we," "our," "us," and "the Company." This drafting style is suggested by the SEC and is not meant to indicate that General Motors Company, the publicly traded parent company, or any particular subsidiary of the parent company, owns or operates any particular asset, business, or property. The operations and businesses described in this report are owned and operated by distinct subsidiaries of General Motors Company.

Principles of Consolidation We consolidate entities that we control due to ownership of a majority voting interest and we consolidate variable interest entities (VIEs) when we are the primary beneficiary. All intercompany balances and transactions are eliminated in consolidation. Our share of earnings or losses of nonconsolidated affiliates is included in our consolidated operating results using the equity method of accounting when we are able to exercise significant influence over the operating and financial decisions of the affiliate.

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.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 2. Revenue

The following table disaggregates our revenue by major source:



	Three Months Ended March 31, 2026
	GMNA		GMI		Corporate		Total Automotive		GM Financial		Eliminations/Reclassifications		Total
Vehicle, parts, and accessories	$	34,802	$	2,571	$	67	$	37,440	$	—	$	—	$	37,440
Used vehicles	416		9		—		425		—		—		425
Services and other	1,183		279		23		1,485		—		—		1,485
Automotive net sales and revenue	36,401		2,859		90		39,349		—		—		39,349
Leased vehicle income	—		—		—		—		1,985		—		1,985
Finance charge income	—		—		—		—		1,966		—		1,966
Other income	—		—		—		—		326		(1)		325
GM Financial net sales and revenue	—		—		—		—		4,276		(1)		4,275
Net sales and revenue	$	36,401	$	2,859	$	90	$	39,349	$	4,276	$	(1)	$	43,624



	Three Months Ended March 31, 2025
	GMNA		GMI		Corporate		Total Automotive		Cruise		GM Financial		Eliminations/Reclassifications		Total
Vehicle, parts, and accessories	$	36,125	$	2,125	$	18	$	38,268	$	—	$	—	$	—	$	38,268
Used vehicles	317		8		—		325		—		—		—		325
Services and other	946		294		28		1,268		1		—		—		1,269
Automotive net sales and revenue	37,388		2,427		46		39,860		1		—		—		39,861
Leased vehicle income	—		—		—		—		—		1,902		—		1,902
Finance charge income	—		—		—		—		—		2,025		(4)		2,021
Other income	—		—		—		—		—		237		(1)		236
GM Financial net sales and revenue	—		—		—		—		—		4,164		(5)		4,159
Net sales and revenue	$	37,388	$	2,427	$	46	$	39,860	$	1	$	4,164	$	(5)	$	44,020

Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant in the three months ended March 31, 2026 and 2025.

Contract liabilities in our Automotive operations primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty, and other contracts of $8.7 billion and $8.2 billion at March 31, 2026 and December 31, 2025, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $766 million and $578 million related to contract liabilities in the three months ended March 31, 2026 and 2025. We expect to recognize revenue of $2.1 billion in the nine months ending December 31, 2026 and $1.7 billion, $1.3 billion, and $3.5 billion in the years ending December 31, 2027, 2028, and thereafter related to contract liabilities at March 31, 2026.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 3. Marketable and Other Securities

The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:


	Fair Value Level	March 31, 2026		December 31, 2025
Cash and cash equivalents
Cash and time deposits		$	11,160	$	10,884
Available-for-sale debt securities
U.S. government and agencies	2	452		451
Corporate debt	2	3,794		3,317
Sovereign debt	2	968		923
Total available-for-sale debt securities – cash equivalents		5,214		4,691
Money market funds	1	3,427		5,369
Total cash and cash equivalents		$	19,800	$	20,945
Marketable debt securities

U.S. government and agencies	2	$	631	$	2,370
Corporate debt and other	2	3,480		3,796

Mortgage and asset-backed	2	507		558

Total available-for-sale debt securities – marketable securities		$	4,618	$	6,724
Restricted cash
Cash and cash equivalents		$	440	$	357
Money market funds	1	3,822		2,981
Total restricted cash		$	4,263	$	3,339

Available-for-sale debt securities included above with contractual maturities(a)
Due in one year or less		$	5,934
Due between one and five years		3,348

Total available-for-sale debt securities with contractual maturities		$	9,282

(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 $2.6 billion and $1.5 billion in the three months ended March 31, 2026 and 2025. Net unrealized gains and losses on available-for-sale debt securities were insignificant in the three months ended March 31, 2026 and 2025. Cumulative unrealized losses on available-for-sale debt securities were insignificant at March 31, 2026 and December 31, 2025.

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


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	19,800	$	20,945
Restricted cash included in Other current assets	3,831		2,912
Restricted cash included in Other assets	431		426
Total	$	24,063	$	24,284

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 4. GM Financial Receivables and Transactions


	March 31, 2026						December 31, 2025
	Retail		Commercial(a)		Total		Retail		Commercial(a)		Total


GM Financial receivables	$	74,893	$	15,305	$	90,198	$	75,404	$	16,970	$	92,374
Less: allowance for loan losses	(2,664)		(59)		(2,723)		(2,656)		(68)		(2,725)
GM Financial receivables, net	$	72,229	$	15,246	$	87,476	$	72,748	$	16,902	$	89,650

Fair value of GM Financial receivables utilizing Level 2 inputs					$	15,246					$	16,902
Fair value of GM Financial receivables utilizing Level 3 inputs					$	73,269					$	74,409

(a)Commercial finance receivables include dealer financing of $14.8 billion and $16.4 billion, and other financing of $462 million and $596 million at March 31, 2026 and December 31, 2025. Commercial finance receivables are presented net of dealer cash management balances of $3.4 billion at March 31, 2026 and December 31, 2025. 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.


	Three Months Ended
	March 31, 2026		March 31, 2025
Allowance for loan losses at beginning of period	$	2,725	$	2,458

Provision for loan losses	267		328
Charge-offs	(541)		(479)
Recoveries	270		250
Effect of foreign currency	3		9
Allowance for loan losses at end of period	$	2,723	$	2,567

The allowance for loan losses as a percentage of finance receivables was 3.0% and 2.9% at March 31, 2026 and December 31, 2025. 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 receivables portfolio includes loans made to consumers and businesses to finance the purchase of vehicles for personal and commercial use. The following tables are consolidated summaries of the retail finance receivables by FICO score or its equivalent, determined at origination, for each vintage of the retail finance receivables portfolio at March 31, 2026 and December 31, 2025:


	Year of Origination												March 31, 2026
	2026		2025		2024		2023		2022		Prior		Total		Percent
Prime – FICO score 680 and greater	$	5,711	$	20,875	$	13,611	$	8,028	$	4,568	$	2,939	$	55,732	74.4	%
Near-prime – FICO score 620 to 679	1,026		3,382		2,201		1,269		790		635		9,303		12.4	%
Sub-prime – FICO score less than 620	1,300		3,534		2,280		1,222		794		728		9,858		13.2	%
Retail finance receivables	$	8,037	$	27,790	$	18,092	$	10,519	$	6,152	$	4,303	$	74,893	100.0	%


	Year of Origination												December 31, 2025
	2025		2024		2023		2022		2021		Prior		Total		Percent
Prime – FICO score 680 and greater	$	22,850	$	15,204	$	9,298	$	5,350	$	2,712	$	1,027	$	56,440	74.9	%
Near-prime – FICO score 620 to 679	3,702		2,456		1,439		908		571		225		9,303		12.3	%
Sub-prime – FICO score less than 620	3,847		2,530		1,395		958		614		318		9,661		12.8	%
Retail finance receivables	$	30,399	$	20,191	$	12,132	$	7,216	$	3,897	$	1,570	$	75,404	100.0	%

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

GM Financial reviews the ongoing credit quality of retail finance receivables based on customer payment activity. A retail account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date the payment was contractually due. 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 $1.0 billion and $1.1 billion at March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025, as well as summary totals for March 31, 2025:


	Year of Origination												March 31, 2026				March 31, 2025
	2026		2025		2024		2023		2022		Prior		Total		Percent		Total		Percent
0-to-30 days	$	8,014	$	27,184	$	17,423	$	10,009	$	5,768	$	3,939	$	72,338	96.6	%	$	74,707	97.0	%
31-to-60 days	22		423		476		362		279		266		1,828		2.4	%	1,667		2.2	%
Greater-than-60 days	—		159		171		133		95		91		651		0.9	%	556		0.7	%
Finance receivables more than 30 days delinquent	23		582		647		495		375		358		2,479		3.3	%	2,223		2.9	%
In repossession	—		24		22		15		9		6		76		0.1	%	65		0.1	%
Finance receivables more than 30 days delinquent or in repossession	23		605		669		510		384		363		2,555		3.4	%	2,288		3.0	%
Retail finance receivables	$	8,037	$	27,790	$	18,092	$	10,519	$	6,152	$	4,303	$	74,893	100.0	%	$	76,995	100.0	%


	Year of Origination												December 31, 2025
	2025		2024		2023		2022		2021		Prior			Total		Percent
0-to-30 days	$	29,871	$	19,413	$	11,524	$	6,744	$	3,576	$	1,395		$	72,523	96.2	%
31-to-60 days	370		536		419		334		230		122			2,011		2.7	%
Greater-than-60 days	140		218		172		129		86		51			795		1.1	%
Finance receivables more than 30 days delinquent	510		753		591		463		316		173			2,806		3.7	%
In repossession	18		24		17		10		6		2			75		0.1	%
Finance receivables more than 30 days delinquent or in repossession	527		777		608		472		321		175			2,881		3.8	%
Retail finance receivables	$	30,399	$	20,191	$	12,132	$	7,216	$	3,897	$	1,570		$	75,404	100.0	%

Commercial Finance Receivables GM Financial's commercial finance receivables consist of dealer financing, primarily for dealer inventory purchases, and other financing, which includes loans to commercial vehicle upfitters. For dealer financing, proprietary models are used to assign a risk rating to each dealer. GM Financial performs periodic credit reviews of each dealership and adjusts the dealership's risk rating, if necessary. The credit risk associated with other financing is limited due to the structure of the business relationships.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

GM Financial's dealer risk model and risk rating categories are as follows:


Rating						Description
I						Performing accounts with strong to acceptable financial metrics with at least satisfactory capacity to meet financial commitments.
II						Performing accounts experiencing potential weakness in financial metrics and repayment prospects resulting in increased monitoring.
III						Non-Performing accounts with inadequate paying capacity for current obligations and have the distinct possibility of creating a loss if deficiencies are not corrected.
IV						Non-Performing accounts with inadequate paying capacity for current obligations and inherent weaknesses that make collection of liquidation in full highly questionable or improbable.

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 finance receivables portfolio by dealer risk rating at March 31, 2026 and December 31, 2025:


	Year of Origination(a)														March 31, 2026
Dealer Risk Rating	Revolving		2026		2025		2024		2023		2022		Prior		Total		Percent
I	$	11,884	$	191	$	285	$	177	$	98	$	287	$	254	$	13,176	88.8	%
II	992		7		16		39		27		7		34		1,121		7.6	%
III	453		1		5		47		1		14		25		546		3.7	%
IV	—		—		—		—		—		—		—		—		—	%
Balance at end of period	$	13,329	$	198	$	306	$	263	$	125	$	307	$	314	$	14,843	100.0	%

(a)Floorplan advances comprise 99.0% of the total revolving balance. Dealer term loans are presented by year of origination.


	Year of Origination(a)														December 31, 2025
Dealer Risk Rating	Revolving		2025		2024		2023		2022		2021		Prior			Total		Percent
I	$	13,421	$	337	$	191	$	121	$	298	$	160	$	147		$	14,674	89.6	%
II	985		10		33		25		7		35		2			1,096		6.7	%
III	507		5		48		3		14		14		12			603		3.7	%
IV	—		—		—		—		—		—		—			—		—	%
Balance at end of period	$	14,913	$	352	$	271	$	149	$	319	$	209	$	161		$	16,374	100.0	%

(a)Floorplan advances comprise 99.1% of the total revolving balance. Dealer term loans are presented by year of origination.

There were no commercial finance receivables on nonaccrual status at March 31, 2026 and December 31, 2025.

Transfers of Finance Receivables During the three months ended March 31, 2026, GM Financial had no transfers of finance receivables to third parties. GM Financial has continuing involvement with finance receivables previously transferred, primarily in its role as servicer. The outstanding balance of the previously transferred finance receivables subject to continuing involvement was $1.5 billion at March 31, 2026.

Transactions with GM Financial The following tables show transactions between our Automotive operations and GM Financial. These amounts are presented in GM Financial's condensed consolidated balance sheets and statements of income.


	March 31, 2026		December 31, 2025
Condensed Consolidated Balance Sheets(a)
Commercial finance receivables due from GM consolidated dealers	$	379	$	395

Subvention receivable from GM(b)	$	449	$	452

Commercial loan funding payable to GM	$	109	$	94

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)


	Three Months Ended
	March 31, 2026		March 31, 2025
Condensed Consolidated Statements of Income
Interest subvention earned on finance receivables	$	310	$	367
Leased vehicle subvention earned	$	485	$	415

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

(b)Our Automotive operations made cash payments to GM Financial for subvention of $644 million and $704 million in the three months ended March 31, 2026 and 2025.

GM Financial's Board of Directors declared and paid dividends of $650 million and $350 million on its common stock in the three months ended March 31, 2026 and 2025.

Note 5. Inventories


	March 31, 2026		December 31, 2025
Total productive material, supplies, and work in process	$	6,782	$	6,405
Finished product, including service parts	8,808		8,062
Total inventories	$	15,590	$	14,467

Inventories are reflected net of allowances totaling $2.3 billion and $2.4 billion, of which $1.5 billion and $1.7 billion are electric vehicle (EV)-related, to remeasure inventory on-hand to net realizable value at March 31, 2026 and December 31, 2025. 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.

Note 6. Equipment on Operating Leases

Equipment on operating leases consists of leases to retail customers of GM Financial.


	March 31, 2026		December 31, 2025
Equipment on operating leases	$	40,469	$	40,596
Less: accumulated depreciation	(7,125)		(6,909)
Equipment on operating leases, net	$	33,344	$	33,686

The estimated residual value of our leased assets at the end of the lease term was $25.0 billion at March 31, 2026 and December 31, 2025.

Depreciation expense related to Equipment on operating leases, net was $1.3 billion and $1.2 billion in the three months ended March 31, 2026 and 2025.

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


	Years Ending December 31,
	2026		2027		2028		2029		2030		Thereafter		Total
Lease receipts under operating leases	$	4,198	$	3,806	$	1,595	$	224	$	6	$	—	$	9,828

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 7. Equity in Net Assets of Nonconsolidated Affiliates

Nonconsolidated affiliates are entities in which we maintain an equity ownership interest and for which we use the equity method of accounting due to our ability to exert significant influence over decisions relating to their operating and financial affairs. Revenue and expenses of our joint ventures are not consolidated into our financial statements; rather, our proportionate share of the earnings of each joint venture is reflected as Equity income (loss) or Automotive and other cost of sales.


	Three Months Ended
	March 31, 2026		March 31, 2025
Automotive China joint ventures equity income (loss)	$	165	$	45

Other joint ventures equity income (loss)(a)	101		258
Total Equity income (loss)	$	266	$	303

(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 has historically been integral to the operations of our business by providing battery cells for our EVs. In the three months ended March 31, 2026 and 2025, equity earnings in Ultium Cells Holdings LLC were insignificant and $241 million.

There have been no significant ownership changes in our Automotive China joint ventures (Automotive China JVs) or Ultium Cells Holdings LLC since December 31, 2025.


	Three Months Ended
	March 31, 2026		March 31, 2025
Summarized Operating Data of Automotive China JVs
Automotive China JVs' net sales	$	5,692	$	5,065
Automotive China JVs' net income (loss)	$	339	$	70

Dividends declared but not paid from our nonconsolidated affiliates were $931 million and $926 million at March 31, 2026 and December 31, 2025. Dividends received from our nonconsolidated affiliates were insignificant and $788 million in the three months ended March 31, 2026 and 2025. We had net undistributed losses from our nonconsolidated affiliates of $1.2 billion and $1.5 billion at March 31, 2026 and December 31, 2025, including $3.2 billion of undistributed losses at March 31, 2026 and December 31, 2025 offset by $2.0 billion and $1.8 billion of undistributed earnings at March 31, 2026 and December 31, 2025.

In the three months ended March 31, 2026 and 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 15 for information associated with commercial settlements with Ultium Cells Holdings LLC during the three months ended March 31, 2026 and December 31, 2025.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 8. Variable Interest Entities

Consolidated VIEs

Automotive Financing – GM Financial

GM Financial uses special purpose entities (SPEs) that are considered VIEs to issue variable funding notes to third-party, bank-sponsored warehouse facilities, or asset-backed securities to investors in securitization transactions. 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. The assets of the VIEs serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to GM Financial or its other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that GM Financial provides as the servicer. GM Financial is not required to provide additional financial support to these SPEs. While these SPEs are included in GM Financial's condensed 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:


	March 31, 2026		December 31, 2025
Restricted cash – current	$	3,473	$	2,635
Restricted cash – non-current	$	244	$	253
GM Financial receivables – current	$	27,377	$	29,126
GM Financial receivables – non-current	$	20,653	$	20,128
GM Financial equipment on operating leases, net	$	13,483	$	13,791
GM Financial short-term debt and current portion of long-term debt	$	19,278	$	17,681
GM Financial long-term debt	$	27,566	$	29,232

GM Financial recognizes finance charge, leased vehicle, and fee income on the Securitized Assets and interest expense on the secured debt issued in a securitization transaction and records a provision for loan losses to recognize loan losses expected over the remaining life of the finance receivables.

Nonconsolidated VIEs

Automotive

Nonconsolidated VIEs primarily include our battery cell manufacturing joint ventures to which we provided financial support to ensure that our supply needs for production are met or are not disrupted. Our variable interests in these nonconsolidated VIEs include equity investments, accounts and loans receivable, committed financial support, and other off-balance sheet arrangements. The carrying amounts of assets were approximately $3.7 billion and $3.6 billion, and liabilities were insignificant related to our nonconsolidated VIEs at March 31, 2026 and December 31, 2025. Our maximum exposure to loss as a result of our involvement with these VIEs was approximately $8.4 billion and $8.5 billion, inclusive of $4.0 billion in committed capital contributions to our battery cell manufacturing joint ventures, at March 31, 2026 and December 31, 2025. Our maximum exposure to loss, and required capital contributions, could vary depending on our battery cell manufacturing joint ventures' requirements and access to capital. We currently lack the power through voting or similar rights to direct the activities of these entities that most significantly affect their economic performance.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 9. Debt

Automotive The following table presents debt in our automotive operations:


	March 31, 2026					December 31, 2025
	Carrying Amount		Fair Value			Carrying Amount		Fair Value
Secured debt	$	106	$	106		$	164	$	164
Unsecured debt(a)	15,390		15,055			15,468		15,434
Finance lease liabilities	431		431			615		614
Total automotive debt(b)	$	15,927	$	15,592		$	16,247	$	16,213

Fair value utilizing Level 1 inputs			$	14,724				$	15,065
Fair value utilizing Level 2 inputs			$	868				$	1,148


Available under credit facility agreements(c)			$	13,961				$	13,913
Weighted-average interest rate on outstanding short-term debt(d)			5.1		%			12.6		%
Weighted-average interest rate on outstanding long-term debt(d)			5.8		%			5.8		%

(a)Primarily consists of senior notes.

(b)Includes net discount and debt issuance costs of $443 million and $445 million at March 31, 2026 and December 31, 2025.

(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.

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

In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on March 22, 2027.

GM Financial The following table presents debt of GM Financial:


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Secured debt	$	46,823	$	47,026	$	46,904	$	47,252
Unsecured debt	65,005		65,795		67,127		68,607
Total GM Financial debt	$	111,827	$	112,821	$	114,031	$	115,860

Fair value utilizing Level 2 inputs			$	110,015			$	113,180
Fair value utilizing Level 3 inputs			$	2,806			$	2,679

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 8 for additional information on GM Financial's involvement with VIEs. In the three months ended March 31, 2026, GM Financial renewed revolving credit facilities with total borrowing capacity of $2.5 billion and issued $4.5 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.18% and maturity dates ranging from 2026 to 2034.

Unsecured debt consists of senior notes, credit facilities, and other unsecured debt. In the three months ended March 31, 2026, GM Financial issued $2.0 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 4.96% and maturity dates ranging from 2029 to 2036.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 10. Derivative Financial Instruments

The following table presents the gross fair value amounts of GM Financial's derivative financial instruments and the associated notional amounts:


	Fair Value Level	March 31, 2026						December 31, 2025
		Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Derivatives designated as hedges(a)
Fair value hedges
Interest rate swaps(b)	2	$	36,367	$	55	$	421	$	33,880	$	88	$	457

Cash flow hedges
Interest rate swaps	2	2,486		28		15		2,302		18		23
Foreign currency swaps(c)	2	8,190		334		109		9,226		580		58
Derivatives not designated as hedges(a)
Interest rate contracts	2	118,692		420		582		122,505		421		637

Total derivative financial instruments(d)		$	165,734	$	836	$	1,127	$	167,913	$	1,107	$	1,175

(a)The gains/losses included in our condensed consolidated income statements and statements of comprehensive income for the three months ended March 31, 2026 and 2025 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.

(b)The effect of fair value hedges in the condensed consolidated income statements includes insignificant losses for the three months ended March 31, 2026 and 2025.

(c)The effect of foreign currency cash flow hedges recognized in Accumulated other comprehensive loss in the condensed consolidated statements of comprehensive income includes losses of $163 million and gains of $157 million for the three months ended March 31, 2026 and 2025. The effect of foreign currency cash flow hedges reclassified from Accumulated other comprehensive loss in the condensed consolidated statements of comprehensive income into income includes insignificant losses and gains of $231 million for the three months ended March 31, 2026 and 2025. All amounts reclassified from Accumulated other comprehensive loss were recorded to GM Financial interest, operating, and other expenses in the condensed consolidated income statements.

(d)The fair value of derivative instruments that are classified as assets or liabilities available for offset was $515 million at March 31, 2026 and $520 million at December 31, 2025. GM Financial held an insignificant amount of collateral from counterparties available for netting against GM Financial's asset positions, and posted $585 million and $615 million of collateral to counterparties available for netting against GM Financial's liability positions at March 31, 2026 and December 31, 2025.

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

The following amounts were recorded in the condensed consolidated balance sheets related to items designated and qualifying as hedged items in fair value hedging relationships:


	March 31, 2026				December 31, 2025
	Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)		Carrying Amount of Hedged Items		Cumulative Amount of Fair Value Hedging Adjustments(a)
Short-term unsecured debt	$	4,219	$	31	$	4,633	$	17
Long-term unsecured debt	29,321		645		30,554		676
GM Financial unsecured debt	$	33,540	$	677	$	35,187	$	693

(a)Includes $363 million and $428 million of unamortized losses remaining on hedged items for which hedge accounting has been discontinued at March 31, 2026 and December 31, 2025.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 11. Product Warranty and Related Liabilities


	Three Months Ended
	March 31, 2026		March 31, 2025
Product warranty and related liabilities
Warranty balance at beginning of period	$	13,631	$	10,571
Warranties issued and assumed in period – recall campaigns	148		143
Warranties issued and assumed in period – product warranty	927		789
Payments	(1,415)		(1,203)
Adjustments to pre-existing warranties	331		565
Effect of foreign currency and other	(16)		8
Warranty balance at end of period	13,605		10,873
Less: Supplier recoveries balance at end of period(a)	392		408
Warranty balance, net of supplier recoveries at end of period	$	13,213	$	10,465

(a)The current portion of supplier recoveries is recorded in Accounts and notes receivable, net of allowance and the non-current portion is recorded in Other assets.


	Three Months Ended
	March 31, 2026		March 31, 2025
Product warranty expense, net of recoveries
Warranties issued and assumed in period	$	1,075	$	932
Supplier recoveries accrued in period	(132)		(151)
Adjustments and other	314		573
Warranty expense, net of supplier recoveries	$	1,257	$	1,354

For estimates related to reasonably possible losses in excess of amounts accrued for recall campaigns, refer to Note 13 for additional information.

Note 12. Pensions and Other Postretirement Benefits


	Three Months Ended March 31, 2026							Three Months Ended March 31, 2025
	Pension Benefits				Global OPEB Plans			Pension Benefits					Global OPEB Plans
	U.S.		Non-U.S.				U.S.			Non-U.S.
Service cost	$	39	$	36	$	2		$	41		$	30	$	2
Interest cost	431		116		50			499			20		55
Expected return on plan assets	(571)		(125)		—			(648)			(25)		—
Amortization of prior service cost (credit)	16		2		—			16			2		—
Amortization of net actuarial (gains) losses	3		14		(2)			2			10		(4)


Net periodic pension and OPEB (income) expense	$	(82)	$	43	$	50		$	(90)		$	37	$	53

The non-service cost components of net periodic pension and other postretirement benefits (OPEB) income presented in Interest income and other non-operating income, net are insignificant in the three months ended March 31, 2026 and 2025.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 13. 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. We accrue for matters when we believe that losses are probable and can be reasonably estimated. At March 31, 2026 and December 31, 2025, we had accruals of $1.5 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 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.

Opel/Vauxhall Sale In 2017, we sold the Opel and Vauxhall businesses and certain other assets in Europe (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 United Kingdom, 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 Corporation (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; product and workplace safety, vehicle emissions, and fuel economy regulations; product warranties; financial services; dealer, supplier, and other contractual relationships; competition issues; product design, manufacture, and performance; consumer protection laws; and environmental protection laws, including laws regulating air emissions, water discharges, waste management, and environmental remediation from stationary sources. We also from time to time receive subpoenas and other inquiries or requests for information from agencies or other representatives of U.S. federal, state, and foreign governments on a variety of issues.

There are several putative class actions pending against GM in the U.S. and Canada alleging that various vehicles sold, including model year 2011–2016 Duramax Diesel Chevrolet Silverado and GMC Sierra vehicles, violate federal and state laws because they release more emissions than a reasonable customer would expect. In July 2023, the two putative class actions pending in the U.S. were dismissed with prejudice and judgment entered in favor of GM, and plaintiffs appealed the dismissal. 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 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 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

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

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. Historically, relatively few classes have been certified in these types of cases. 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.

Takata Matters In November 2020, the National Highway Traffic Safety Administration (NHTSA) directed that we replace the Takata airbag inflators in our GMT900 vehicles, which are full-size pickup trucks and sport utility vehicles (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. 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 March 31, 2026, 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. to replace Takata inflators in those vehicles. There are significant differences in vehicle and inflator design between the relevant vehicles sold internationally and those sold in the U.S. We continue to gather and analyze evidence about these inflators and to share our findings with regulators. Any additional recalls relating to these inflators could be material to our results of operations and cash flows.

There are several putative class actions that have been filed against GM, including in the U.S. and Canada, arising out of allegations that airbag inflators manufactured by Takata are defective. In March 2023, a U.S. 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 same U.S. court granted class certification as to a Louisiana claim, but denied certification as to seven other states. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.

ARC Matters In May 2023, we initiated a voluntary recall covering nearly one million 2014–2017 model year Buick Enclave, Chevrolet Traverse, and GMC Acadia SUVs equipped with driver front airbag inflators manufactured by ARC Automotive, Inc. (ARC), and accrued an insignificant amount for the expected costs of the recall. As part of its ongoing investigation into ARC airbag inflators, on September 5, 2023, NHTSA issued an Initial Decision that approximately 52 million frontal driver and passenger airbag inflators manufactured by ARC and Delphi Automotive Systems LLC over a roughly 20-year period contain a safety-related defect and must be recalled. On July 31, 2024, NHTSA issued a Supplemental Initial Decision reaffirming its September 2023 Initial Decision and reopening the administrative record to additional public comments. The Initial Decision and the Supplemental Initial Decision are primarily based on the occurrence of seven field ruptures involving ARC-manufactured frontal airbag inflators. We are continuing to investigate the cause of the ruptures in GM vehicles in connection with our existing recalls. On December 13, 2024, NHTSA issued a memorandum indicating that, based on the public comments it had received to date, the agency would be "conducting additional investigation of the issues related to the Supplemental Initial Decision." As indicated in GM's filed comments in the record, we do not believe that further GM vehicle recalls are necessary or appropriate at this time. However, depending on the outcome of the dispute between NHTSA and ARC, and the possibility of additional recalls, the cost of which may not be fully recoverable, it is reasonably possible that the costs associated with these matters in excess of amounts accrued could be material, but we are unable to provide an estimate of the amounts or range of reasonably possible material loss at this time.

There are several putative class actions that have been filed against GM, including in the U.S., Canada, and Israel, arising out of allegations that airbag inflators manufactured by ARC are defective. At this stage of these proceedings, we are unable to provide an estimate of the amounts or range of reasonably possible material loss.

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, 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. LG Electronics, Inc. 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 March 31, 2026, we had accrued a total of $2.7 billion and recognized receivables totaling $1.7 billion in connection with these matters. At March 31, 2026, our remaining

GENERAL MOTORS COMPANY AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

accrual for these matters was $0.2 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. The actual costs of the recall could be materially higher or lower.

Privacy and Consumer Protection Matters There are putative class actions pending against GM in federal courts in the U.S. alleging violations of state and federal privacy and consumer protection laws related to the collection and use of certain consumer data obtained through our former OnStar Smart Driver product. In June 2024, those class actions were consolidated into a multi-district litigation proceeding in the Northern District of Georgia. 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 March 31, 2026, 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. 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 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. We believe that any judgment against us involving our warranties for actual damages will be adequately covered by our recorded accruals.

Guarantees We enter into indemnification agreements for liability claims involving products manufactured primarily by certain joint ventures. These guarantees terminate in years ranging from 2026 to 2031, or upon the occurrence of specific events, or are ongoing. We believe that the related potential costs incurred are adequately covered by our recorded accruals, which are insignificant. The maximum future undiscounted payments mainly based on royalties received associated with vehicles sold to date were $3.7 billion and $3.5 billion for these guarantees at March 31, 2026 and December 31, 2025, the majority of which relates to the indemnification agreements.

We provide payment guarantees on commercial loans outstanding with third parties such as dealers. In some instances, certain assets of the party or our payables to the party whose debt or performance we have guaranteed may offset, to some degree, the amount of any potential future payments. We are also exposed to residual value guarantees associated with certain sales to rental car companies.

We periodically enter into agreements that incorporate indemnification provisions in the normal course of business. It is not possible to estimate our maximum exposure under these indemnifications or guarantees due to the conditional nature of these obligations. Insignificant amounts have been recorded for such obligations as the majority of them are not probable or estimable at this time and the fair value of the guarantees at issuance was insignificant. Refer to the Opel/Vauxhall Sale section of this note for additional information on our indemnification obligations to Stellantis under the Agreement.

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. We retain our obligation to the participating suppliers, and we make payments directly to the third-party finance providers on the original invoice due date pursuant to the original invoice terms. There are no assets pledged as security or other forms of guarantees provided for committed payments. Our outstanding eligible balances under our supplier finance programs were $1.3 billion and $1.1 billion at March 31, 2026 and December 31, 2025, which are recorded in Accounts payable (principally trade).

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

evaluated globally. For indirect tax-related matters, we estimate our reasonably possible loss in excess of amounts accrued to be up to $5.7 billion at March 31, 2026. 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 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; making certain technology changes; purchasing credits from third parties; and/or paying 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 civil penalties for noncompliance with corporate average fuel economy (CAFE) standards were set 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 Environmental Protection Agency (EPA) also finalized a rule (effective April 20, 2026) repealing its "endangerment finding" and removing greenhouse gas (GHG) regulations for light-, medium-, and heavy-duty on-highway vehicles on a retrospective and prospective basis. Litigation over the EPA's endangerment repeal has commenced, and we also expect any final action to alter U.S. CAFE 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 against us, 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. regulations. We recorded compliance-related costs of $0.1 billion and $0.2 billion in the three months ended March 31, 2026 and 2025 in Automotive and other cost of sales. Additional compliance costs, under current regulations, including potential fines and penalties, are not reasonably estimable. At March 31, 2026, the carrying amount of our acquired credits was $1.3 billion, of which up to $1.0 billion is subject to impairment in the near term upon enactment of the EPA's endangerment repeal.

Note 14. Income Taxes

In the three months ended March 31, 2026 and 2025, Income tax expense of $642 million and $719 million was primarily due to tax expense attributable to entities included in our effective tax rate calculation.

Note 15. Restructuring and Other Initiatives

We have executed various restructuring and other initiatives and we may execute additional initiatives in the future, if necessary, to streamline manufacturing capacity and reduce other costs to improve the utilization of remaining facilities. To the extent these programs involve voluntary separations, a liability is generally recorded at the time offers to employees are accepted. To the extent these programs provide separation benefits in accordance with pre-existing agreements, a liability is recorded once the amount is probable and reasonably estimable. If employees are involuntarily terminated, a liability is generally recorded at the communication date. Related charges are recorded in Automotive and other cost of sales and Automotive and other selling, general, and administrative expense.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

The following table summarizes the reserves and charges related to restructuring and other initiatives, including postemployment benefit reserves and charges:


	Three Months Ended
	March 31, 2026		March 31, 2025
Balance at beginning of period	$	3,948	$	1,243
Additions, interest accretion, and other	1,070		131
Reductions and payments(a)	(2,429)		(353)
Revisions to estimates and effect of foreign currency	(2)		—
Balance at end of period	$	2,588	$	1,021

(a)Includes amounts that have been reclassified to accounts payable that are being processed for payment.

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 U.S. Government policy changes in 2025, 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. During the year ended 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 in GMNA of $7.9 billion. These charges included non-cash impairment and other charges of $3.2 billion and cash related charges of $4.7 billion, 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. In the three months ended March 31, 2026, we recorded additional charges of $1.1 billion primarily related to $1.0 billion for ongoing commercial negotiations with our supply base and joint venture partners associated with our reassessment of our EV capacity, which are included in the table above and will have a cash impact when paid. We incurred cash outflows of $2.2 billion in the three months ended March 31, 2026 and $400 million in the year ended December 31, 2025 related to these charges. While we completed the reassessment of our EV capacity and manufacturing footprint in 2025, we expect to recognize additional material cash and non-cash charges in 2026 related to continued commercial negotiations with our supply base and joint venture partners. We expect such charges will be significantly less than the EV-related charges incurred in 2025.

We have completed restructuring activities for our Cruise robotaxi development work as of December 31, 2025 and did not incur any additional charges or cash payments in the three months ended March 31, 2026. In the year ended December 31, 2025, we incurred $347 million of cash outflows and reversed $76 million of restructuring accruals associated with Cruise.

Note 16. Stockholders' Equity and Noncontrolling Interests

We have 2.0 billion shares of preferred stock and 5.0 billion shares of common stock authorized for issuance. We had no shares of preferred stock issued and outstanding at March 31, 2026 and December 31, 2025. We had 902 million and 904 million shares of common stock issued and outstanding at March 31, 2026 and December 31, 2025.

Common Stock Holders of our common stock are entitled to dividends at the sole discretion of our Board of Directors. Our dividends declared per common share were $0.18 and $0.12 and our total dividends paid on common stock were $164 million and $116 million for the three months ended March 31, 2026 and 2025.

In February 2025, we executed an accelerated share repurchase (ASR) program to repurchase an aggregate amount of $2.0 billion of our outstanding common stock. Pursuant to the agreements, we advanced $2.0 billion and received and immediately retired approximately 33 million shares of our common stock with a value of $1.6 billion in the three months ended March 31, 2025. The remaining ASR settled in the three months ended June 30, 2025. In total, we received and retired 43 million shares from the program.

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, with no expiration date.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

In the three months ended March 31, 2026, we repurchased 11 million outstanding shares of our common stock for $800 million, and in the three months ended March 31, 2025, we repurchased an insignificant amount of shares in addition to those received under the ASR program.

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.

During the three months ended March 31, 2025, net income attributable to stockholders and transfers to the noncontrolling interest in Cruise and other subsidiaries were $3.3 billion, which includes a $538 million increase in equity attributable to us, primarily due to the redemption of Cruise preferred shares in February 2025.

The following table summarizes the significant components of Accumulated other comprehensive loss:


	Three Months Ended
		March 31, 2026		March 31, 2025
Foreign Currency Translation Adjustments
Balance at beginning of period		$	(3,277)	$	(3,630)
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(b)(c)		(42)		148
Balance at end of period		$	(3,319)	$	(3,482)

Defined Benefit Plans
Balance at beginning of period		$	(7,330)	$	(7,669)
Other comprehensive income (loss) and noncontrolling interests before reclassification adjustment, net of tax(a)(c)		45		(59)
Reclassification adjustment, net of tax(c)		27		22
Other comprehensive income (loss) and noncontrolling interests, net of reclassification adjustment and tax(a)(c)		72		(37)
Balance at end of period(d)		$	(7,258)	$	(7,706)

Unrealized Gain (Loss) on Cash Flow Hedges
Balance at beginning of period		$	226	$	86
Other comprehensive income (loss) and noncontrolling interest before reclassification adjustment, net of tax(a)(c)		1		238
Reclassification adjustment, net of tax(c)		73		(256)
Other comprehensive income (loss), net of tax(a)(c)		74		(18)
Balance at end of period		$	300	$	68

(a)The noncontrolling interests were insignificant in the three months ended March 31, 2026 and 2025.

(b)The reclassification adjustment was insignificant in the three months ended March 31, 2026 and 2025.

(c)The income tax effect was insignificant in the three months ended March 31, 2026 and 2025.

(d)Primarily consists of unamortized actuarial loss on our defined benefit plans. Refer to Note 2. Significant Accounting Policies of our 2025 Form 10-K for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

Note 17. Earnings Per Share


	Three Months Ended
	March 31, 2026		March 31, 2025
Basic earnings per share
Net income (loss) attributable to stockholders	$	2,627	$	2,784
Adjustments(a)	(13)		577
Net income (loss) attributable to common stockholders	$	2,614	$	3,361

Weighted-average common shares outstanding	911		988

Basic earnings per common share	$	2.87	$	3.40
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted	$	2,614	$	3,361

Weighted-average common shares outstanding – basic	911		988
Dilutive effect of awards under stock incentive plans	16		14
Weighted-average common shares outstanding – diluted	926		1,002

Diluted earnings per common share	$	2.82	$	3.35
Potentially dilutive securities(b)	3		4

(a)Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the three months ended March 31, 2025.

(b)Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at March 31, 2026 and outstanding stock options, PSUs, and RSUs at March 31, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

Note 18. Segment Reporting

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 earnings before interest and income taxes (EBIT)-adjusted, which is presented net of noncontrolling interests. Our chief operating decision-maker evaluates GM Financial through earnings before income taxes-adjusted (EBT-adjusted) because interest income and interest expense are an integral part of its operational and financial performance. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions, and to monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, our chief operating decision-maker is regularly provided and reviews expense information at a consolidated, functional level for our global purchasing and supply chain, manufacturing, and engineering functions. Warranty and quality metrics are also viewed on a consolidated basis. Currently, a focus is being placed on driving an efficient, consolidated fixed cost structure and managing overall global headcount. Vehicle-level profitability metrics are also reviewed during the planning stage and throughout a program's life cycle on a forecasted basis, and not on an actual basis. Each segment has a manager responsible for executing our strategic initiatives.

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. In addition to the products sold to dealers for consumer retail sales, trucks, crossovers, and cars are also sold to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. Fleet sales are completed through the dealer network and in some cases directly with fleet customers. Retail and fleet customers can obtain a wide range of after-sale vehicle services and products through the dealer network, such as maintenance, light repairs, collision repairs, vehicle accessories, and extended service warranties.

GMNA meets the demands of customers in North America and GMI primarily meets the demands of customers outside North America with vehicles developed, manufactured, and/or marketed under the Buick, Cadillac, Chevrolet, and GMC brands. We also have equity ownership stakes in entities that meet the demands of customers in other countries, primarily China, with

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)

vehicles developed, manufactured, and/or marketed under the Baojun, Buick, Cadillac, Chevrolet, and Wuling brands. Our Cruise business was pursuing the development and commercialization of autonomous vehicle (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. 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, 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.

The following tables summarize key financial information by segment:


	At and For the Three Months Ended March 31, 2026
	GMNA		GMI		GM Financial		Total Reportable Segments
Net sales and revenue	$	36,401	$	2,859	$	4,276	$	43,536
Segment expenses and other items(a)	(32,740)		(2,735)		(3,588)

Earnings (loss) before interest and taxes-adjusted	$	3,661	$	123	$	688	$	4,473
Adjustments(b)	(1,077)		78		—		(999)
Corporate							(219)
Eliminations							—
Automotive interest income							173
Automotive interest expense							(158)
Net income (loss) attributable to noncontrolling interests							78
Income (loss) before income taxes							$	3,347


	GMNA		GMI		GM Financial		Total Reportable Segments		Corporate		Eliminations		Total
Net sales and revenue	$	36,401	$	2,859	$	4,276	$	43,536	$	90	$	(1)	$	43,624
Equity in net assets of nonconsolidated affiliates	$	3,262	$	1,224	$	1,144	$	5,631	$	347	$	—	$	5,978
Goodwill and intangibles	$	2,347	$	639	$	1,349	$	4,336	$	—	$	—	$	4,336
Total assets	$	164,049	$	19,973	$	136,319	$	320,341	$	21,355	$	(60,722)	$	280,974
Expenditures for property	$	1,427	$	53	$	12	$	1,491	$	21	$	—	$	1,512
Depreciation and amortization	$	1,541	$	119	$	1,341	$	3,001	$	5	$	—	$	3,005
Impairment charges	$	25	$	—	$	—	$	25	$	—	$	—	$	25
Equity income (loss)(c)	$	136	$	161	$	14	$	311	$	(45)	$	—	$	266

(a)Segment expenses and other items for GMNA and GMI primarily include material and logistics; manufacturing; equity income (loss); selling, general, and administrative people-related costs; advertising; information technology; engineering; professional services; and policy, campaign, and warranty. 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.

(b)Consists of charges for EV strategic realignment in GMNA and China restructuring actions in GMI.

(c)Equity earnings associated with our Automotive China JVs include impacts of our portion of restructuring charges. Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS —— (Continued)


					At and For the Three Months Ended March 31, 2025
	GMNA		GMI		Cruise		GM Financial		Total Reportable Segments
Net sales and revenue	$	37,388	$	2,427	$	1	$	4,164	$	43,979
Segment expenses and other items(a)	(34,101)		(2,397)		(274)		(3,479)

Earnings (loss) before interest and taxes-adjusted	$	3,286	$	30	$	(273)	$	685	$	3,728
Adjustments	—		—		—		—		—
Corporate									(260)
Eliminations									(4)
Automotive interest income									191
Automotive interest expense									(152)
Net income (loss) attributable to noncontrolling interests									69
Income (loss) before income taxes									$	3,572


	GMNA		GMI		Cruise		GM Financial		Total Reportable Segments		Corporate		Eliminations		Total
Net sales and revenue	$	37,388	$	2,427	$	1	$	4,164	$	43,979	$	46	$	(5)	$	44,020
Equity in net assets of nonconsolidated affiliates	$	3,970	$	1,492	$	—	$	1,226	$	6,688	$	190	$	—	$	6,877
Goodwill and intangibles	$	2,508	$	669	$	1	$	1,342	$	4,520	$	—	$	—	$	4,520
Total assets	$	170,812	$	21,428	$	251	$	141,056	$	333,546	$	40,355	$	(91,797)	$	282,104
Expenditures for property	$	1,705	$	94	$	2	$	4	$	1,805	$	11	$	—	$	1,816
Depreciation and amortization	$	1,588	$	102	$	5	$	1,212	$	2,907	$	27	$	—	$	2,934
Impairment charges	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Equity income (loss)(b)	$	242	$	49	$	—	$	12	$	303	$	—	$	—	$	303

(b)Equity earnings related to Ultium Cells Holdings LLC are presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our EVs. Refer to Note 7 for additional information.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

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