Stock Analysis on Net
Stock Analysis on Net

General Motors Co. (NYSE:GM)

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

General Motors Co., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
U.S. federal 202 240 389 20 84
U.S. state and local 309 490 368 142 272
Non-U.S. 677 874 707 395 493
Current income tax expense 1,188 1,604 1,464 557 849
U.S. federal 891 (120) 263 1,699 632
U.S. state and local 101 (43) 109 229 (15)
Non-U.S. 376 (878) 53 286 308
Deferred income tax expense (benefit) 1,368 (1,041) 425 2,214 925
Income tax expense 2,556 563 1,889 2,771 1,774

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Current income tax expense Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. General Motors Co. current income tax expense increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Deferred income tax expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. General Motors Co. deferred income tax expense (benefit) decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Income tax expense Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. General Motors Co. income tax expense decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Effective Income Tax Rate (EITR)

General Motors Co., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
U.S. federal statutory income tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
Effective income tax rate 19.37% 5.67% 17.55% 24.28% 23.91%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. General Motors Co. effective income tax rate decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Components of Deferred Tax Assets and Liabilities

General Motors Co., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Postretirement benefits other than pensions 1,024 1,119 1,120 1,572 1,742
Pension and other employee benefit plans 1,421 1,522 997 1,540 2,999
Warranties, dealer and customer allowances, claims and discounts 4,215 3,684 4,341 4,253 5,538
U.S. capitalized research expenditures 10,111 9,879 8,851 7,285 6,763
U.S. operating loss and tax credit carryforwards 6,582 6,033 5,861 6,959 7,254
Non-U.S. operating loss and tax credit carryforwards 5,239 6,204 6,296 6,593 7,216
Miscellaneous 4,302 5,121 2,774 3,468 3,479
Deferred tax assets before valuation allowances 32,894 33,562 30,240 31,670 34,991
Valuation allowances (6,529) (6,979) (7,744) (8,855) (9,095)
Deferred tax assets 26,365 26,583 22,496 22,815 25,896
Property, plant and equipment (5,111) (4,233) (1,957) (1,775) (1,670)
Intangible assets (635) (699) (707) (729) (744)
Deferred tax liabilities (5,746) (4,932) (2,664) (2,504) (2,414)
Net deferred tax assets (liabilities) 20,619 21,651 19,832 20,311 23,482

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Deferred tax assets before valuation allowances Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. General Motors Co. deferred tax assets before valuation allowances increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. General Motors Co. deferred tax assets increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. General Motors Co. net deferred tax assets (liabilities) increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Deferred Tax Assets and Liabilities, Classification

General Motors Co., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Deferred tax assets 21,254 22,339 20,539 21,152 24,136
Deferred tax liabilities 635 688 707 841 654

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. General Motors Co. deferred tax assets increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. General Motors Co. deferred tax liabilities decreased from 2022 to 2023 and from 2023 to 2024.

Adjustments to Financial Statements: Removal of Deferred Taxes

General Motors Co., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported) 279,761 273,064 264,037 244,718 235,194
Less: Noncurrent deferred tax assets, net 21,254 22,339 20,539 21,152 24,136
Total assets (adjusted) 258,507 250,725 243,498 223,566 211,058
Adjustment to Total Liabilities
Total liabilities (as reported) 214,171 204,757 191,752 178,903 185,517
Less: Noncurrent deferred tax liabilities, net 635 688 707 841 654
Total liabilities (adjusted) 213,536 204,069 191,045 178,062 184,863
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported) 63,072 64,286 67,792 59,744 45,030
Less: Net deferred tax assets (liabilities) 20,619 21,651 19,832 20,311 23,482
Stockholders’ equity (adjusted) 42,453 42,635 47,960 39,433 21,548
Adjustment to Net Income Attributable To Stockholders
Net income attributable to stockholders (as reported) 6,008 10,127 9,934 10,019 6,427
Add: Deferred income tax expense (benefit) 1,368 (1,041) 425 2,214 925
Net income attributable to stockholders (adjusted) 7,376 9,086 10,359 12,233 7,352

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

General Motors Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

General Motors Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin 3.50% 6.42% 6.90% 8.82% 5.91%
Adjusted net profit margin 4.30% 5.76% 7.19% 10.77% 6.77%
Total Asset Turnover
Reported total asset turnover 0.61 0.58 0.55 0.46 0.46
Adjusted total asset turnover 0.66 0.63 0.59 0.51 0.51
Financial Leverage
Reported financial leverage 4.44 4.25 3.89 4.10 5.22
Adjusted financial leverage 6.09 5.88 5.08 5.67 9.79
Return on Equity (ROE)
Reported ROE 9.53% 15.75% 14.65% 16.77% 14.27%
Adjusted ROE 17.37% 21.31% 21.60% 31.02% 34.12%
Return on Assets (ROA)
Reported ROA 2.15% 3.71% 3.76% 4.09% 2.73%
Adjusted ROA 2.85% 3.62% 4.25% 5.47% 3.48%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Motors Co. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Motors Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 General Motors Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. General Motors Co. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Motors Co. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

General Motors Co., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Profitability Ratio
Net profit margin1 3.50% 6.42% 6.90% 8.82% 5.91%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to stockholders 7,376 9,086 10,359 12,233 7,352
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Profitability Ratio
Adjusted net profit margin2 4.30% 5.76% 7.19% 10.77% 6.77%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Net profit margin = 100 × Net income attributable to stockholders ÷ Automotive net sales and revenue
= 100 × 6,008 ÷ 171,606 = 3.50%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to stockholders ÷ Automotive net sales and revenue
= 100 × 7,376 ÷ 171,606 = 4.30%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. General Motors Co. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Total assets 279,761 273,064 264,037 244,718 235,194
Activity Ratio
Total asset turnover1 0.61 0.58 0.55 0.46 0.46
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Automotive net sales and revenue 171,606 157,658 143,975 113,590 108,673
Adjusted total assets 258,507 250,725 243,498 223,566 211,058
Activity Ratio
Adjusted total asset turnover2 0.66 0.63 0.59 0.51 0.51

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Total asset turnover = Automotive net sales and revenue ÷ Total assets
= 171,606 ÷ 279,761 = 0.61

2 Adjusted total asset turnover = Automotive net sales and revenue ÷ Adjusted total assets
= 171,606 ÷ 258,507 = 0.66

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. General Motors Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets 279,761 273,064 264,037 244,718 235,194
Stockholders’ equity 63,072 64,286 67,792 59,744 45,030
Solvency Ratio
Financial leverage1 4.44 4.25 3.89 4.10 5.22
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets 258,507 250,725 243,498 223,566 211,058
Adjusted stockholders’ equity 42,453 42,635 47,960 39,433 21,548
Solvency Ratio
Adjusted financial leverage2 6.09 5.88 5.08 5.67 9.79

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity
= 279,761 ÷ 63,072 = 4.44

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 258,507 ÷ 42,453 = 6.09

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 General Motors Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Stockholders’ equity 63,072 64,286 67,792 59,744 45,030
Profitability Ratio
ROE1 9.53% 15.75% 14.65% 16.77% 14.27%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to stockholders 7,376 9,086 10,359 12,233 7,352
Adjusted stockholders’ equity 42,453 42,635 47,960 39,433 21,548
Profitability Ratio
Adjusted ROE2 17.37% 21.31% 21.60% 31.02% 34.12%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROE = 100 × Net income attributable to stockholders ÷ Stockholders’ equity
= 100 × 6,008 ÷ 63,072 = 9.53%

2 Adjusted ROE = 100 × Adjusted net income attributable to stockholders ÷ Adjusted stockholders’ equity
= 100 × 7,376 ÷ 42,453 = 17.37%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. General Motors Co. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to stockholders 6,008 10,127 9,934 10,019 6,427
Total assets 279,761 273,064 264,037 244,718 235,194
Profitability Ratio
ROA1 2.15% 3.71% 3.76% 4.09% 2.73%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to stockholders 7,376 9,086 10,359 12,233 7,352
Adjusted total assets 258,507 250,725 243,498 223,566 211,058
Profitability Ratio
Adjusted ROA2 2.85% 3.62% 4.25% 5.47% 3.48%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

1 ROA = 100 × Net income attributable to stockholders ÷ Total assets
= 100 × 6,008 ÷ 279,761 = 2.15%

2 Adjusted ROA = 100 × Adjusted net income attributable to stockholders ÷ Adjusted total assets
= 100 × 7,376 ÷ 258,507 = 2.85%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. General Motors Co. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.