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GM
FY2025 Q4
Improving
General Motors Company earnings call
Buzzberg read
GM returns to 8-10% NA margins in 2026
GM reported solid Q4 2025 results and guided FY2026 EBIT adjusted of $13-15bn, EPS $11-13, and FCF $9-11bn, with North America margins returning to 8-10%. Management highlighted tariff mitigation, EV restructuring benefits, and strong product cycle as key drivers. No cross-company signal was present in the call. Q4 2025: Revenue $45bn, EBIT $2.8bn, EPS $2.51, FCF $2.8bn.
Buzzberg read GM returns to 8-10% NA margins in 2026 GM reported solid Q4 2025 results and guided FY2026 EBIT adjusted of $13-15bn, EPS $11-13, and FCF $9-11bn, with North America margins returning to 8-10%. Management highlighted tariff mitigation, EV restructuring benefits, and strong product cycle as key drivers. No cross-company signal was present in the call. Q4 2025: Revenue $45bn, EBIT $2.8bn, EPS $2.51, FCF $2.8bn. Read full analysisCollapse analysis
GM reported solid Q4 2025 results and guided FY2026 EBIT adjusted of $13-15bn, EPS $11-13, and FCF $9-11bn, with North America margins returning to 8-10%. Management highlighted tariff mitigation, EV restructuring benefits, and strong product cycle as key drivers. No cross-company signal was present in the call. Q4 2025: Revenue $45bn, EBIT $2.8bn, EPS $2.51, FCF $2.8bn.
- Full-year 2025: EBIT $12.7bn, FCF $10.6bn.
- FY2026 guidance: EBIT $13-15bn, EPS $11-13, FCF $9-11bn, capex $10-12bn.
- North America margins guided to 8-10% in 2026, up from 6.1% in Q4.
Revenue$45.286B-7% QoQ
EPS$2.51-10% QoQ
NORTH_AMERICA Operating margin6.1%Reported
Operating margin-8.05%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Software
Deferred software revenue to grow ~40% to $7.5B
Costs
Warranty costs expected to deliver $1B benefit in 2026
Show 3 more callouts
Capex
Capex to invest $10-12B annually with $5B for onshoring
AI
Super Cruise subscribers grew ~80% year-over-year
China
China NEV sales exceed half of total volume
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $45.286B | -7% QoQ |
| EPS | $2.51 | -10% QoQ |
| NORTH_AMERICA Operating margin | 6.1% | Reported |
| Operating margin | -8.05% | Reported |
| Free cash flow | $5.676B | +14% QoQ |
| Capex | $1.119B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $10B–$12B | $11B | Guided |
| EPS | FY2026 | $11.00–$13.00 | $12.00 | Guided |
| Free cash flow | FY2026 | $9B–$11B | $10B | Guided |
| Operating marginNORTH_AMERICA | FY2026 | 8%–10% | 9% | Guided |
AI, capex & demand read
Management read
Confident
Management expressed confidence in delivering 8-10% North America margins in 2026 and highlighted strong momentum, disciplined execution, and a clear path to profitability.
Management AI read
Management highlighted the use of AI, machine learning, and robotics in manufacturing to improve quality and speed, and plans to deploy advanced vision systems and 2,500 robots at Orion Assembly. They also discussed the launch of their eyes-off, hands-off driving technology on the Cadillac Escalade IQ in 2028, leveraging their Super Cruise experience and in-house expertise from Cruise.
Investment and capacity
GM expects to invest $10-$12 billion annually in 2026 and 2027, including approximately $5 billion to expand U.S. manufacturing capacity for high-demand vehicles and reduce tariff exposure. This investment supports onshoring production, new vehicle launches (e.g., full-size pickups), and software initiatives, with near-term headwinds of $1-$1.5 billion.
Methodology & coverage
Management-only analysis. All 0 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.