Revenue
The following table disaggregates our revenue by major source:
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| Year Ended December 31, 2025 |
| GMNA | | GMI | | Corporate | | Total Automotive | | Cruise | | GM Financial | | Eliminations/ Reclassifications | | Total |
| Vehicle, parts, and accessories | $ | 148,076 | | | $ | 12,290 | | | $ | 145 | | | $ | 160,511 | | | $ | — | | | $ | — | | | $ | — | | | $ | 160,511 | |
| Used vehicles | 1,700 | | | 37 | | | — | | | 1,737 | | | — | | | — | | | — | | | 1,737 | |
| Services and other | 4,541 | | | 1,100 | | | 82 | | | 5,723 | | | 1 | | | — | | | — | | | 5,724 | |
| Automotive net sales and revenue | 154,317 | | | 13,427 | | | 227 | | | 167,970 | | | 1 | | | — | | | — | | | 167,971 | |
| Leased vehicle income | — | | | — | | | — | | | — | | | — | | | 7,800 | | | — | | | 7,800 | |
| Finance charge income | — | | | — | | | — | | | — | | | — | | | 8,173 | | | (4) | | | 8,169 | |
| Other income | — | | | — | | | — | | | — | | | — | | | 1,087 | | | (8) | | | 1,079 | |
| GM Financial net sales and revenue | — | | | — | | | — | | | — | | | — | | | 17,060 | | | (12) | | | 17,048 | |
| Net sales and revenue | $ | 154,317 | | | $ | 13,427 | | | $ | 227 | | | $ | 167,970 | | | $ | 1 | | | $ | 17,060 | | | $ | (12) | | | $ | 185,019 | |
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| Year Ended December 31, 2024 |
| GMNA | | GMI | | Corporate | | Total Automotive | | Cruise | | GM Financial | | Eliminations/ Reclassifications | | Total |
| Vehicle, parts, and accessories | $ | 152,306 | | | $ | 12,775 | | | $ | 90 | | | $ | 165,171 | | | $ | — | | | $ | — | | | $ | (1) | | | $ | 165,170 | |
| Used vehicles | 1,259 | | | 31 | | | — | | | 1,290 | | | — | | | — | | | — | | | 1,290 | |
| Services and other | 3,944 | | | 1,084 | | | 116 | | | 5,145 | | | 257 | | | — | | | (255) | | | 5,147 | |
| Automotive net sales and revenue | 157,509 | | | 13,890 | | | 206 | | | 171,605 | | | 257 | | | — | | | (256) | | | 171,606 | |
| Leased vehicle income | — | | | — | | | — | | | — | | | — | | | 7,297 | | | — | | | 7,297 | |
| Finance charge income | — | | | — | | | — | | | — | | | — | | | 7,669 | | | (33) | | | 7,636 | |
| Other income | — | | | — | | | — | | | — | | | — | | | 910 | | | (7) | | | 903 | |
| GM Financial net sales and revenue | — | | | — | | | — | | | — | | | — | | | 15,875 | | | (40) | | | 15,836 | |
| Net sales and revenue | $ | 157,509 | | | $ | 13,890 | | | $ | 206 | | | $ | 171,605 | | | $ | 257 | | | $ | 15,875 | | | $ | (296) | | | $ | 187,442 | |
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| Year Ended December 31, 2023 |
| GMNA | | GMI | | Corporate | | Total Automotive | | Cruise | | GM Financial | | Eliminations/ Reclassifications | | Total |
| Vehicle, parts, and accessories | $ | 136,983 | | | $ | 14,424 | | | $ | 113 | | | $ | 151,520 | | | $ | — | | | $ | — | | | $ | (10) | | | $ | 151,510 | |
| Used vehicles | 954 | | | 37 | | | — | | | 991 | | | — | | | — | | | — | | | 991 | |
| Services and other | 3,508 | | | 1,487 | | | 160 | | | 5,155 | | | 102 | | | — | | | (100) | | | 5,157 | |
| Automotive net sales and revenue | 141,445 | | | 15,949 | | | 273 | | | 157,667 | | | 102 | | | — | | | (110) | | | 157,658 | |
| Leased vehicle income | — | | | — | | | — | | | — | | | — | | | 7,266 | | | — | | | 7,266 | |
| Finance charge income | — | | | — | | | — | | | — | | | — | | | 6,204 | | | (18) | | | 6,187 | |
| Other income | — | | | — | | | — | | | — | | | — | | | 754 | | | (23) | | | 732 | |
| GM Financial net sales and revenue | — | | | — | | | — | | | — | | | — | | | 14,225 | | | (41) | | | 14,184 | |
| Net sales and revenue | $ | 141,445 | | | $ | 15,949 | | | $ | 273 | | | $ | 157,667 | | | $ | 102 | | | $ | 14,225 | | | $ | (151) | | | $ | 171,842 | |
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Adjustments to sales incentives for previously recognized sales were insignificant during the years ended December 31, 2025, 2024, and 2023.
Contract liabilities in our Automotive operations primarily consist of vehicle connectivity, customer rewards programs, maintenance, extended warranty, and other contracts of $8.2 billion and $6.6 billion at December 31, 2025 and 2024, which are included in Accrued liabilities and Other liabilities. We recognized revenue of $2.6 billion and $2.0 billion related to contract liabilities during the years ended December 31, 2025 and 2024. We expect to recognize revenue of $2.6 billion, $1.5 billion, and $4.1 billion in the years ending December 31, 2026, 2027, and thereafter related to contract liabilities at December 31, 2025.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.