General Motors has posted weaker annual earnings for 2025 after revenue slipped and large electric-vehicle (EV) charges pushed the fourth quarter into a loss.
The US-based carmaker said annual revenue fell 1.3% to $185bn, while EBIT-adjusted dropped 14.6% from 2024.
Net income margin narrowed sharply to 1.5% from 3.2%, a fall of 53.1%. Net income attributable to stockholders dropped 55.1% year-on-year to $2.6bn.
The company reported annual EBIT-adjusted profit of $12.7bn, together with a 20% rise in its quarterly dividend and a new $6bn share buyback authorisation.
In North America, the EBIT-adjusted margin fell to 6.8% from 9.2% year-over-year, even as US market share increased to 17.2% from 16.5%, driven primarily by trucks and crossovers.
GM reported that 27.5% of its wholesale vehicle volumes in 2025 came from outside the US, while North American operations ran at more than full two-shift capacity during the year.
The fourth quarter was marked by a swing to a $3.3bn loss, after the group recorded more than $7.2bn in special charges largely tied to a realignment of EV capacity and investments.
GM said the actions reflected weaker projected EV demand and shifts in US government policy, including the ending of consumer incentives and looser emissions rules.
Fourth-quarter EBIT-adjusted increased 13.3% year-on-year to $2.8bn.
For 2026, GM forecast net income attributable to stockholders of between $10.3bn and $11.7bn, with EBIT-adjusted projected at $13bn to $15bn.
Capital spending is expected to reach $10bn to $12bn, including outlays for battery-cell manufacturing joint ventures.
It also sanctioned a $6bn share repurchase programme with no expiry date.
GM reiterated its 2026 financial goals, including adjusted automotive free cash flow of $9bn to $11bn and EBIT-adjusted earnings per share of $110 to $130.
In a shareholder letter, CEO Mary Barra said: “GM delivered full-year EBIT-adjusted at the high end of our guidance range, and we are pleased that we delivered a total return of 54% for our investors. We believe this is sustainable, so we are increasing our dividend rate by 20% and our Board authorised a new $6bn share repurchase programme.”
