GENERAL MOTORS COMPANY FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$168.0B
Gross margin	— not reported
Operating income	$2.9B
Net income	$2.7B
Diluted EPS	$3.27
Cash & equivalents	$20.9B
Total assets	$281.3B
Long-term debt	$131.6B

Key takeaway

GM's 2025 results show revenue of $168.0 billion but operating income fell to $2.9 billion and net income to $2.7 billion, well below prior-year levels implied by the scale of the business.

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Beneath the surface

The $2.609 billion asset impairment charge and a $1.785 billion negative swing in equity-method investment income (versus $184 million in equity income before dividends) together explain most of the gap between healthy revenue and weak operating/net income — likely tied to EV or China joint-venture write-downs given the filing's discussion of EV realignment and China turnaround language.

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