AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 28/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Repeated U.S. full-size pickup and SUV leadership, reinforced by a favorable GMNA price contribution distinct from mix and volume, supports a demonstrated franchise brand advantage. Overall U.S. share losses limit its breadth. The evidence does not establish company-wide cost leadership, network effects or customer lock-in.
durability · 3/4 · Six consecutive years of pickup leadership and 51 years of SUV leadership demonstrate unusually persistent category positions across product cycles. This history supports durability, but current overall share losses and exposure to changing fuel preferences prevent an exceptional grade or assurance that the advantage will persist.
customer dependency · 1/4 · Leadership and substantial software subscriber populations show preference and engagement, rather than dependence. GM identifies numerous competing purchase considerations, including price, reliability and functionality. No material switching penalty or indispensable workflow is demonstrated; subscriber growth alone cannot establish customer lock-in.
erosion resilience · 2/4 · Favorable first-half GMNA pricing and improved nine-month consolidated operating income demonstrate resilience. However, realized U.S. share losses and substantial EV realignment charges show uneven protection across the portfolio. Historical industry excess capacity remains a risk, rather than evidence that current GMNA pricing has already deteriorated.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · GMNA reported a favorable $0.6 billion price contribution in both the second quarter and first half of 2026, separately identifying volume and mix effects. Management attributed quarterly pricing to strong demand and lean dealer inventories. This demonstrates pricing strength for those periods, without establishing third-quarter pricing or full-cycle persistence.
retention · 2/4 · Longstanding vehicle-category leadership and growth to 12 million global OnStar subscribers and more than 620,000 Super Cruise subscribers indirectly support continuing demand and engagement. These are not repeat-purchase or renewal rates. Falling overall U.S. market share tempers the evidence and prevents a strong retention assessment.
margin resilience · 2/4 · GMNA adjusted margins improved in the first half, with favorable pricing and costs. Consolidated operating income subsequently rose year over year for the nine months ended September 30, 2026. Large EV charges and the exclusions embedded in EBIT-adjusted nevertheless show that franchise pricing does not uniformly protect reported earnings.
contractual freedom · 2/4 · Brand-, model- and region-specific incentive programs, with defined periods that may be extended, demonstrate tactical discretion over commercial terms. Dealer contracts and franchise laws constrain aspects of contractual relationships. The passages support mixed freedom, without establishing unrestricted repricing or contractual cost pass-through.
Predictability90
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 10.33
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.99
- observedAnnualPeriods
- 5.00
Financial strength17
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 7.27
- netDebtEbitGrade
- 0.00
- interestCoverageGrade
- 27.74
- currentRatioGrade
- 33.22
- Debt / FCF (x)
- 7.49
- Net debt / operating income (x)
- 38.03
- Current ratio (x)
- 1.17
- cashInterestPaid
- 6631.00
- cashInterestCoverage
- 4.05
Capital allocation80
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 4.80
- 3-year average dilution (%)
- -12.74
- 3-year average SBC / revenue (%)
- 0.20
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Positive operating cash generation, completed repurchases and a lower share count demonstrate capital-management outcomes. Against this, EV realignment charges and $4.1 billion of related first-half cash outflows reveal costly commitments. Consolidated cash flow includes financing operations; the new repurchase authorization is not spending or proof of value creation.
incentive alignment · 2/4 · Existing ownership requirements, multiyear performance awards, clawbacks and hedging restrictions support alignment. The completed PSU cycle paid 162% despite mixed EV results, while a $3.8 billion tariff adjustment increased cash flow used for annual compensation. These actual arrangements and outcomes support a mixed assessment rather than exceptional alignment.
execution · 2/4 · Category leadership, subscriber growth and recovered nine-month consolidated operating income demonstrate operating achievements. Execution is assessed partly through these indirect outcomes. Realized U.S. market-share losses and major EV realignment charges offset those successes, showing that stronger established franchises have coexisted with costly strategic execution problems.
governance · 3/4 · Independent standing committees except the Executive Committee, annual elections, majority voting, shareholder meeting rights and one-share-one-vote provide strong formal protections. Substantive lead-director powers counterbalance combined chair and CEO roles. These disclosed arrangements support a strong grade, while issuer-only evidence limits conclusions about actual oversight effectiveness.
Evidence
Performance Highlights U.S. Market Leader #1 in total sales with 2.9M deliveries #1 in full-size pickup trucks for 6th straight year #1 in full-size SUVs for 51st year •Deferred revenue from OnStar services, including Super Cruise, was $5.4B at the end of 2025; up 65% year-over-year •Full-year EV sales rose 48% year-over- year and GM remained #2 in the U.S.
2026 proxy, filed 2026-04-20; 2025 performance highlights and U.S. category leadership · Filed 20/04/2026
34 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES GM North America Three Months Ended Favorable/ (Unfavorable) % Variance Due To June 30, 2026 June 30, 2025 Volume Mix Price Cost Other (Dollars in billions) Total net sales and revenue $ 39,912 $ 39,486 $ 426 1.1 % $ — $ (0.5) $ 0.6 $ 0.4 EBIT-adjusted $ 3,446 $ 2,415 $ 1,030 42.7 % $ — $ 0.2 $ 0.6 $ 0.4 $ (0.2) EBIT-adjusted margin 8.6 % 6.1 % 2.5 % (Vehicles in thousands) Wholesale vehicle sales 848 849 (1) (0.1) % Six Months Ended Favorable/ (Unfavorable) % Variance Due To June 30, 2026 June 30, 2025 Volume Mix Price Cost Other (Dollars in billions) Total net sales and revenue $ 76,312 $ 76,873 $ (561) (0.7) % $ (1.4) $ (0.7) $ 0.6 $ 0.9 EBIT-adjusted $ 7,107 $ 5,702 $ 1,405 24.6 % $ (0.4) $ 0.3 $ 0.6 $ 0.7 $ 0.2 EBIT-adjusted margin 9.3 % 7.4 % 1.9 % (Vehicles in thousands) Wholesale vehicle sales 1,641 1,676 (35) (2.1) % GMNA Total Net Sales and Revenue In the three months ended June 30, 2026, Total net sales and revenue increased primarily due to: (1) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; and (2) favorable Other due to increased revenue of software-enabled services and subscriptions and net foreign currency changes; partially offset by (3) unfavorable Mix associated with decreased sales of crossover vehicles, including EVs, and increased sales of cars and full-size SUVs, partially offset by decreased sales of mid-size pickup trucks and vans.
2026 second-quarter 10-Q, filed 2026-07-21; GMNA results and separate volume, mix, price and cost contributions · Filed 21/07/2026
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Industry
GM
Market Share
Industry
GM
Market Share
Industry
GM
Market Share
Industry
GM
Market Share
North America
United States
4,174
671
16.1
%
4,229
710
16.8
%
12,277
2,012
16.4
%
12,567
2,150
17.1
%
Other
1,045
126
12.1
%
1,015
127
12.5
%
3,032
376
12.4
%
3,007
384
12.8
%
Total North America
5,219
797
15.3
%
5,244
837
16.0
%
15,309
2,388
15.6
%
15,574
2,534
16.3
%
Asia/Pacific, Middle East, and Africa
China(a)
5,403
358
6.6
%
6,934
469
6.8
%
15,816
1,065
6.7
%
19,333
1,359
7.0
%
Other
5,778
115
2.0
%
5,718
149
2.6
%
17,501
329
1.9
%
17,010
369
2.2
%
Total Asia/Pacific, Middle East, and Africa
11,181
474
4.2
%
12,652
618
4.9
%
33,317
1,394
4.2
%
36,342
1,729
4.8
%
South America
Brazil
836
84
10.1
%
711
72
10.1
%
2,255
225
10.0
%
1,910
192
10.1
%
Other
485
35
7.1
%
456
35
7.7
%
1,408
103
7.3
%
1,268
95
7.5
%
Total South America
1,321
119
9.0
%
1,168
107
9.2
%
3,663
328
9.0
%
3,177
287
9.0
%
Total in GM markets
2026 third-quarter results exhibit, filed 2026-10-20; total vehicle sales and market shares for three and nine months ended September 30 · Filed 20/10/2026
We operate in a highly competitive industry that has historically had excess manufacturing capacity, and attempts by our competitors to sell more vehicles could have a significant negative effect on our vehicle pricing, market share, and results of operations.
2025 10-K, filed 2026-01-27; competitive industry, historical excess capacity and pricing risk · Filed 27/01/2026
The increased prices of oil and gasoline will increase energy and transportation costs across our supply chain and, if prolonged, could shift consumer preferences toward smaller, more fuel-efficient vehicles, which could weaken the demand for our higher margin vehicles, such as full-size ICE SUVs and pickup trucks.
2026 first-quarter 10-Q, filed 2026-04-28; fuel-price exposure of full-size ICE SUVs and pickups · Filed 28/04/2026
During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment.
2026 second-quarter 10-Q, filed 2026-07-21; 2025 GMNA EV strategic realignment charges · Filed 21/07/2026
In the six months ended June 30, 2026, we recorded additional net charges of $3.4 billion, primarily related to $2.4 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.1 billion of losses on contractual supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement.
2026 second-quarter 10-Q, filed 2026-07-21; additional first-half 2026 EV-related net charges and components · Filed 21/07/2026
We also accelerated our high-margin software and services lines of business, which included a record 12 million global subscribers for OnStar and nearly 80 percent year-over-year growth for Super Cruise to more than 620,000 subscribers, together driving over $5.4 billion in deferred revenue at the end of 2025.
2026 proxy, filed 2026-04-20; 2025 OnStar and Super Cruise subscribers and deferred revenue · Filed 20/04/2026
Competitive Position and Vehicle Sales The principal factors that determine consumer vehicle preferences in the markets in which we operate include overall vehicle design, price, quality, available options, safety, reliability, fuel economy or range, and functionality.
2025 10-K, filed 2026-01-27; factors determining consumer vehicle preferences · Filed 27/01/2026
Incentive programs are generally specific to brand, model, or sales region and are for specified time periods, which may be extended.
2025 10-K, filed 2026-01-27; scope and duration of vehicle incentive programs · Filed 27/01/2026
In addition to the terms of our contracts with our dealers, we are regulated by various country and state franchise laws and regulations that may supersede those contractual terms and impose specific regulatory requirements and standards for initiating dealer network changes, pursuing terminations for cause, and other contractual matters.
2025 10-K, filed 2026-01-27; dealer contracts and franchise-law constraints · Filed 27/01/2026
116,462
116,416
GM Financial interest, operating, and other expenses
3,651
3,542
10,926
10,600
Automotive and other selling, general, and administrative expense
2,027
2,037
6,293
6,161
Total costs and expenses
46,416
47,515
133,681
133,177
Operating income (loss)
3,598
1,076
7,984
6,555
Automotive interest expense
162
209
472
560
Interest income and other non-operating income, net
274
475
803
1,151
Equity income (loss) (Note 7)
233
77
542
219
Income (loss) before income taxes
3,943
1,419
8,858
7,366
Income tax expense (benefit) (Note 14)
565
127
1,422
1,326
Net income (loss)
3,377
1,293
7,436
6,040
Net loss (income) attributable to noncontrolling interests
(42)
35
(168)
(33)
Net income (loss) attributable to stockholders
$
3,335
$
1,327
$
7,267
$
6,007
Net income (loss) attributable to common stockholders
$
3,305
$
1,297
$
7,206
$
6,510
Earnings per share (Note 17)
Basic earnings per common share
$
3.79
$
1.37
$
8.07
$
6.75
Weighted-average common shares outstanding – basic
872
944
893
965
Diluted earnings per common share
$
3.73
$
1.35
$
7.94
$
6.64
Weighted-average common shares outstanding – diluted
887
964
908
980
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions) (Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Net income (loss)
$
3,377
$
1,293
$
7,436
$
6,040
2026 third-quarter 10-Q, filed 2026-10-20; consolidated income statement continuation and three- and nine-month results · Filed 20/10/2026
2 Table of Contents GENERAL MOTORS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Six Months Ended June 30, 2026 June 30, 2025 Cash flows from operating activities Net income (loss) $ 4,058 $ 4,747 Depreciation and impairment of Equipment on operating leases, net 2,647 2,438 Depreciation, amortization, and impairment charges on Property, net 3,486 3,537 Foreign currency remeasurement and transaction (gains) losses 30 262 Undistributed earnings of nonconsolidated affiliates, net 93 583 Pension contributions and OPEB payments (432) (309) Pension and OPEB (income) expense, net 22 32 Provision (benefit) for deferred taxes 289 205 Change in other operating assets and liabilities (891) 1,473 Net cash provided by (used in) operating activities 9,304 12,969 Cash flows from investing activities Expenditures for property (3,454) (3,953) Available-for-sale marketable securities, acquisitions (1,511) (1,248) Available-for-sale marketable securities, liquidations 3,644 1,719 Purchases of finance receivables (18,736) (19,275) Principal collections and recoveries on finance receivables 17,713 17,286 Purchases of leased vehicles (6,591) (8,591) Proceeds from termination of leased vehicles 5,549 5,326 Other investing activities (97) (2,422) Net cash provided by (used in) investing activities (3,483) (11,158) Cash flows from financing activities Net increase (decrease) in short-term debt (16) 29 Proceeds from issuance of debt (original maturities greater than three months) 23,350 30,668 Payments on debt (original maturities greater than three months) (25,696) (27,316) Payments to purchase common stock (Note 16) (2,800) (2,012) Issuance (redemption) of subsidiary stock (Note 16) — (29) Dividends paid (831) (319) Other financing activities (452) (322) Net cash provided by (used in) financing activities (6,445) 699 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (83) 327 Net increase (decrease) in cash, cash equivalents, and restricted cash (708) 2,836 Cash, cash equivalents, and restricted cash at beginning of period 24,284 22,964 Cash, cash equivalents, and restricted cash at end of period $ 23,576 $ 25,800 Significant non-cash investing and financing activity Non-cash property additions $ 5,036 $ 3,443 Reference should be made to the notes to condensed consolidated financial statements.
2026 second-quarter 10-Q, filed 2026-07-21; consolidated cash flows, in millions, six months ended June 30 · Filed 21/07/2026
We incurred cash outflows of $4.1 billion related to these charges in the six months ended June 30, 2026.
2026 second-quarter 10-Q, filed 2026-07-21; first-half cash outflows related to EV realignment charges · Filed 21/07/2026
The company also announced it has completed the $6.0 billion share repurchase program announced in January of 2026, and its Board of Directors has approved a new $20.0 billion multi-year share repurchase authorization.
2026 third-quarter results exhibit, filed 2026-10-20; completed repurchase program and newly approved authorization · Filed 20/10/2026
As of September 30, 2026, the company had 849 million shares outstanding, down from 904 million at the end of 2025.
2026 third-quarter results exhibit, filed 2026-10-20; shares outstanding at September 30, 2026 versus year-end 2025 · Filed 20/10/2026
2026 Proxy Statement 47 ITEM 3 Proposal to Approve, on an Advisory Basis, Named Executive Officer Compensation Compensation Governance Best Practices WHAT WE DO Provide short-term and long-term incentive plans with performance targets aligned to business goals Maintain a Compensation Committee composed entirely of independent directors who are advised by an independent compensation consultant Require stock ownership for all senior leaders to align with the interests of our shareholders Engage with shareholders and other stakeholders on various topics with members of management and directors, including our Compensation Committee and our Independent Lead Director Maintain an Insider Trading Policy requiring directors, executive officers, and all other senior leaders to trade only during pre-established periods after receiving preclearance from the GM legal staff Require equity awards to have double-trigger (change in control and termination of employment) vesting provisions; no single-trigger vesting provisions Complete an annual risk review evaluating incentive compensation plans Require short-term cash and long-term equity awards for all executive officers to be subject to clawback and cancellation provisions Conduct an annual audit of senior executive expenses and perquisites that is reviewed by the Audit Committee Include non-compete and non-solicitation terms in all grant agreements with senior leaders, where enforceable WHAT WE DON’T DO Provide gross-up payments to cover personal income taxes or excise taxes pertaining to executive severance benefits Pay above-market interest on deferred compensation in retirement plans Allow any director or employee to engage in hedging or pledging of GM securities Reward executives for excessive, imprudent, inappropriate, or unnecessary risk-taking Allow the repricing, spring-loading, or backdating of equity awards 48 ITEM 3 Proposal to Approve, on an Advisory Basis, Named Executive Officer Compensation 2025 NEO Compensation Target Compensation Target compensation for each of our NEOs comprises an appropriate mix of short-term and long-term pay elements and is intended to be competitive with that paid to comparable individuals at peer group companies so that GM can attract, motivate, and retain talent.
2026 proxy, filed 2026-04-20; existing compensation governance, ownership, clawbacks and hedging restrictions · Filed 20/04/2026
PSUs cliff-vest following a three-year performance period based on the achievement of performance goals and are capped at 200% of target, and RSUs vest ratably over three years.
2026 proxy, filed 2026-04-20; PSU performance period, payout cap and RSU vesting · Filed 20/04/2026
•2023-2025 LTIP PSUs: For the 2023-2025 PSU portion of our LTIP, we outperformed on our three-year EBIT-adjusted margin and relative TSR goals, with mixed results on our three EV goals, leading to a payout of 162% of target.
2026 proxy, filed 2026-04-20; completed 2023–2025 PSU cycle and reported payout · Filed 20/04/2026
($B) 2024 2025 Net Automotive Cash Provided by Operating Activities $23.9 $18.7 Less: Capital expenditures (10.7) (9.2) Adjustments: Add: Buick dealer strategy 0.5 0.7 Add: EV strategic realignment 0.0 0.4 Add: China restructuring actions 0.0 0.2 Add: Separation costs 0.2 0.1 Add: GMI exit costs 0.1 0.0 Add: Incentive compensation adjustments for 2025 STIP Result(1) 0.0 3.8 Less: Ultium strategic realignment 0.0 (0.4) Total adjustments 0.8 4.9 2025 Adjusted Automotive Free Cash Flow for 2025 STIP Result $14.0 $14.4 (1)As discussed in CD&A, the Compensation Committee determined for the Adjusted Automotive Free Cash Flow result that it was appropriate to apply a $3.8B adjustment due to the direct cash impact of new 2025 tariffs measured across materials, components, raw materials and vehicles.
2026 proxy, filed 2026-04-20; automotive cash flow reconciliation and tariff adjustment used for 2025 STIP · Filed 20/04/2026
Highlights of GM’s governance structures include the following: Independence •Ten out of 11 director nominees are independent •Strong Independent Lead Director with clearly delineated duties •All standing Board committees, other than the Executive Committee, composed entirely of independent directors •Regular executive sessions of independent directors without management present •Board and committees may hire outside advisors independently of management Best Practices •CEO and executive leadership succession planning •Routine engagement with shareholders and other key stakeholders •Diversified Board in terms of experiences, skill sets, and qualifications •Strategy and risk oversight by full Board and committees •Stock ownership requirements for all senior leaders and non-employee directors •“Overboarding” limits for our directors •Orientation program for new directors and continuing education for all directors Accountability •Annual election of all directors •Annual election of Chair and, if CEO, Independent Lead Director, by non-employee directors •Majority voting for director elections with director resignation policy (plurality voting in contested elections) •Annual Board and committee self-evaluations •Annual evaluation of CEO (including compensation) by independent directors •Clawback policy that applies to our short- and long-term incentive plans •Oversight of political contributions and lobbying •Comprehensive code of conduct, “Winning with Integrity” Shareholder Rights •Proxy access •Shareholder right to call special meetings •No poison pill or dual-class shares •One-share, one-vote standard 30 Corporate Governance Related Party Transactions and Potential Conflicts of Interest Our Code of Conduct requires all of our employees and directors to avoid any activity that is in conflict with our business interests.
2026 proxy, filed 2026-04-20; governance arrangements, committee independence and shareholder rights · Filed 20/04/2026
The Board believes that a combined role is in the best interests of shareholders at this time.
2026 proxy, filed 2026-04-20; board position on combined chair and CEO roles · Filed 20/04/2026
2026 Proxy Statement 19 Corporate Governance Below is a summary of the key duties and responsibilities of GM’s Independent Lead Director: •Presiding over all Board meetings when the Board Chair is not present, including executive sessions of non-management directors, and advising the Board Chair of any actions taken; •Providing Board leadership if circumstances arise in which the Board Chair actually has, potentially has, or is perceived to have, a conflict of interest; •Calling executive sessions for non-management directors, relaying feedback from these sessions to the Board Chair, and implementing decisions made by the non-management directors; •Leading non-management directors in the annual evaluation of the CEO’s performance, communicating the results of that evaluation to the CEO, and overseeing CEO succession planning; •Approving Board meeting agendas, materials and meeting schedules to ensure sufficient time for discussion of all items; •Advising on the scope, quality, quantity, and timeliness of the flow of information between management and the Board; •Serving as a liaison between non-management directors and the Board Chair when requested to do so (although all non-management directors have direct and complete access to the Board Chair at any time they may deem necessary or appropriate); •Interviewing, along with the Chair of the Governance Committee, all director candidates and making recommendations to the Governance Committee and the Board; •Being available to advise the Board committee chairs in fulfilling their designated roles and responsibilities to the Board; and •Engaging, when requested to do so, with shareholders.
2026 proxy, filed 2026-04-20; Independent Lead Director responsibilities · Filed 20/04/2026
Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
2026 third-quarter results exhibit, filed 2026-10-20; estimation methodology for total vehicle sales · Filed 20/10/2026
While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles.
2026 third-quarter results exhibit, filed 2026-10-20; distinction between total vehicle sales and recognized revenue · Filed 20/10/2026
EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations.
2026 third-quarter results exhibit, filed 2026-10-20; definition and exclusions of EBIT-adjusted · Filed 20/10/2026
