Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

General Motors Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Automotive net sales and revenue	157,658)	143,975)	113,590)	108,673)	122,697)
Automotive and other cost of sales	(141,330)	(126,892)	(100,544)	(97,539)	(110,651)
Automotive and other gross margin	16,328)	17,083)	13,046)	11,134)	12,046)
GM Financial net sales and revenue	14,184)	12,760)	13,414)	13,812)	14,540)
GM Financial interest, operating and other expenses	(11,374)	(8,862)	(8,582)	(11,274)	(12,614)
Automotive and other selling, general and administrative expense	(9,840)	(10,666)	(8,554)	(7,038)	(8,491)
Operating income	9,298)	10,315)	9,324)	6,634)	5,481)
Automotive interest expense	(911)	(987)	(950)	(1,098)	(782)
Non-service pension and OPEB income	184)	1,512)	1,909)	1,095)	797)
Interest income	1,109)	460)	146)	241)	429)
Licensing agreements income	172)	238)	195)	211)	165)
Revaluation of investments	(77)	(236)	571)	265)	80)
Other	148)	(542)	220)	73)	(2)
Interest income and other non-operating income, net	1,536)	1,432)	3,041)	1,885)	1,469)
Equity income	480)	837)	1,301)	674)	1,268)
Income before income taxes	10,403)	11,597)	12,716)	8,095)	7,436)
Income tax expense	(563)	(1,889)	(2,771)	(1,774)	(769)
Net income	9,840)	9,708)	9,945)	6,321)	6,667)
Net loss attributable to noncontrolling interests	287)	226)	74)	106)	65)
Net income attributable to stockholders	10,127)	9,934)	10,019)	6,427)	6,732)
Cumulative dividends on subsidiary preferred stock	(105)	(1,019)	(182)	(180)	(151)
Net income attributable to common stockholders	10,022)	8,915)	9,837)	6,247)	6,581)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Automotive net sales and revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	General Motors Co. automotive net sales and revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	General Motors Co. operating income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	General Motors Co. income before income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to stockholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	General Motors Co. net income attributable to stockholders decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

General Motors Co. (NYSE:GM)

Income Statement