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Arphra AIPlain-English read on General Motors Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $127B | $156.74B | $171.84B | $187.44B | $185.02B | $185.92B | $191.91B | $194.66B | $202.24B |
| Cost of revenue | $101.23B | $125.95B | $142.8B | $154.84B | $164.92B | $156.27B | $161.81B | $167.09B | $174.71B |
| Gross profit | $25.78B | $30.78B | $29.04B | $32.61B | $20.1B | $27.83B | $29.55B | $28.59B | $29.61B |
| Gross margin | +20.30% | +19.64% | +16.90% | +17.39% | +10.86% | +14.97% | +15.40% | +14.69% | +14.64% |
| Operating | |||||||||
| Research & development | $7.9B | $9.8B | $9.9B | $9.2B | $8.5B | $9.18B | $9.96B | $10.09B | $10.12B |
| Selling, general & administrative | $8.55B | $10.67B | $9.84B | $10.62B | $8.69B | $10.22B | $10.38B | $10.43B | $10.65B |
| Total operating expenses | $16.45B | $20.47B | $19.74B | $19.82B | $17.19B | $18.95B | $19.8B | $19.81B | $21.01B |
| Operating income | $9.32B | $10.31B | $9.3B | $12.78B | $2.91B | $8.52B | $8.76B | $9.08B | $9.17B |
| Operating margin | +7.34% | +6.58% | +5.41% | +6.82% | +1.57% | +4.58% | +4.56% | +4.67% | +4.53% |
| EBITDA | $21.38B | $21.6B | $21.19B | $25.17B | $17.5B | $21.95B | $22B | $23.41B | $23.49B |
| EBIT | $9.32B | $10.31B | $9.3B | $12.78B | $2.91B | $8.65B | $8.82B | $8.86B | $9.26B |
| Below the line | |||||||||
| Interest expense | $950M | $987M | $911M | $846M | $727M | $840.57M | $878.53M | $877.66M | $901.85M |
| Interest income | $146M | $460M | $1.11B | $967M | $854M | $1.04B | $1.05B | $1.07B | $1.11B |
| Other income / expense | $3.39B | $1.28B | $1.11B | -$4.27B | $208M | — | — | — | — |
| Pre-tax income | $12.72B | $11.6B | $10.4B | $8.52B | $3.12B | $7.55B | $7.82B | $8.2B | $8.23B |
| Income tax expense | $2.77B | $1.89B | $563M | $2.56B | $338M | $1.16B | $1.23B | $1.23B | $1.24B |
| Earnings | |||||||||
| Net income | $10.02B | $9.93B | $10.13B | $6.01B | $2.7B | $6.47B | $6.77B | $6.83B | $6.96B |
| Net income · continuing ops | $9.95B | $9.71B | $9.84B | $5.96B | $2.78B | $6.62B | $6.67B | $6.6B | $7.16B |
| Net margin | +7.89% | +6.34% | +5.89% | +3.21% | +1.46% | +3.48% | +3.53% | +3.51% | +3.44% |
| EPS · basic | $6.78 | $6.17 | $7.35 | $6.45 | $3.33 | $13.07 | $14.58 | $15.46 | $13.49 |
| EPS · diluted | $6.70 | $6.13 | $7.32 | $6.37 | $3.27 | $12.80 | $14.24 | $15.24 | $13.30 |
| EPS · low estimate | — | — | — | — | — | $12.45 | $12.54 | $12.39 | $12.85 |
| EPS · high estimate | — | — | — | — | — | $13.79 | $15.03 | $18.29 | $14.21 |
| Shares · basic | 1.45B | 1.45B | 1.36B | 1.12B | 919.44M | 922.96M | 922.54M | 919.46M | 915.47M |
| Shares · diluted | 1.47B | 1.45B | 1.37B | 1.13B | 973M | 970.22M | 965.47M | 964.36M | 975.3M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 14 | 15 | 4 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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