- Full year net income of $2.1 billion; fourth quarter net income of $460 million
- Full year retail loan and operating lease originations of $55.9 billion; $12.6 billion for the fourth quarter
- Earning assets of $126.5 billion at December 31, 2025
- Available liquidity of $35.8 billion at December 31, 2025
FORT WORTH, Texas–(BUSINESS WIRE)–GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”) announced net income of $460 million for the quarter ended December 31, 2025, compared to $589 million for the quarter ended September 30, 2025, and $215 million for the quarter ended December 31, 2024. Net income for the year ended December 31, 2025 was $2.1 billion, compared to $1.9 billion for the year ended December 31, 2024.
The Company recorded a $320 million impairment charge in the quarter ended December 31, 2024 to write down its SAIC-GMAC equity investment to its fair value. Net income adjusted for this impairment was $535 million for the quarter ended December 31, 2024 and $2.2 billion for the year ended December 31, 2024.
Retail loan originations were $8.4 billion for the quarter ended December 31, 2025, compared to $8.8 billion for the quarter ended September 30, 2025, and $10.6 billion for the quarter ended December 31, 2024. Retail loan originations for the year ended December 31, 2025 were $36.3 billion, compared to $37.0 billion for the year ended December 31, 2024. The outstanding balance of retail finance receivables was $75.4 billion at December 31, 2025, compared to $75.9 billion at September 30, 2025 and $76.1 billion at December 31, 2024.
Operating lease originations were $4.2 billion for the quarter ended December 31, 2025, compared to $5.0 billion for the quarter ended September 30, 2025 and $4.9 billion for the quarter ended December 31, 2024. Operating lease originations for the year ended December 31, 2025 were $19.6 billion, compared to $19.1 billion for the year ended December 31, 2024. Leased vehicles, net was $33.7 billion at December 31, 2025, compared to $33.6 billion at September 30, 2025 and $31.6 billion at December 31, 2024.
The outstanding balance of commercial finance receivables was $17.4 billion at December 31, 2025, compared to $17.1 billion at September 30, 2025 and $19.9 billion at December 31, 2024.
Retail finance receivables 31-60 days delinquent were 2.7% of the portfolio at December 31, 2025 and 2.5% at December 31, 2024. Accounts more than 60 days delinquent were 1.1% of the portfolio at December 31, 2025 and 0.9% at December 31, 2024.
Annualized net charge-offs were 1.5% of average retail finance receivables for the quarter ended December 31, 2025 and 1.3% for the quarter ended December 31, 2024. For the year ended December 31, 2025, retail net charge-offs were 1.3%, compared to 1.2% for the year ended December 31, 2024.
The Company had total available liquidity of $35.8 billion at December 31, 2025, consisting of $5.9 billion of cash, cash equivalents and marketable debt securities, $25.9 billion of borrowing capacity under secured credit facilities, $1.0 billion of borrowing capacity under committed unsecured credit facilities, $1.0 billion of borrowing capacity under the Junior Subordinated Revolving Credit Facility from GM, and $2.0 billion of borrowing capacity under the GM Revolving 364-Day Credit Facility.
About GM Financial
General Motors Financial Company, Inc. is the wholly owned captive finance subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. Additional materials addressing the Company’s results of operations for the quarter and full year ended December 31, 2025 can be accessed via the Investor Relations section of the Company’s website at https://investor.gmfinancial.com.
|
General Motors Financial Company, Inc. |
|||||||||||||
|
Condensed Consolidated Statements of Income |
|||||||||||||
|
(Unaudited, in millions) |
|||||||||||||
|
|
|||||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
Revenue |
|
|
|
|
|
|
|
||||||
|
Finance charge income |
$ |
2,041 |
|
$ |
2,042 |
|
|
$ |
8,173 |
|
$ |
7,669 |
|
|
Leased vehicle income |
|
1,990 |
|
|
1,866 |
|
|
|
7,800 |
|
|
7,297 |
|
|
Other income |
|
273 |
|
|
206 |
|
|
|
1,086 |
|
|
909 |
|
|
Total revenue |
|
4,304 |
|
|
4,114 |
|
|
|
17,059 |
|
|
15,875 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
||||||
|
Operating expenses |
|
625 |
|
|
387 |
|
|
|
2,206 |
|
|
1,802 |
|
|
Leased vehicle expenses |
|
1,185 |
|
|
1,067 |
|
|
|
4,391 |
|
|
4,113 |
|
|
Provision for loan losses |
|
281 |
|
|
353 |
|
|
|
1,207 |
|
|
1,029 |
|
|
Interest expense |
|
1,606 |
|
|
1,598 |
|
|
|
6,492 |
|
|
6,030 |
|
|
Total costs and expenses |
|
3,697 |
|
|
3,405 |
|
|
|
14,296 |
|
|
12,974 |
|
|
Equity income (loss) |
|
2 |
|
|
9 |
|
|
|
39 |
|
|
64 |
|
|
Impairment of investment in nonconsolidated affiliate |
|
— |
|
|
(320 |
) |
|
|
— |
|
|
(320 |
) |
|
Income (loss) before income taxes |
|
609 |
|
|
399 |
|
|
|
2,802 |
|
|
2,645 |
|
|
Income tax expense (benefit) |
|
149 |
|
|
184 |
|
|
|
744 |
|
|
784 |
|
|
Net income (loss) |
|
460 |
|
|
215 |
|
|
|
2,058 |
|
|
1,860 |
|
|
Less: cumulative dividends on preferred stock |
|
30 |
|
|
30 |
|
|
|
119 |
|
|
119 |
|
|
Net income (loss) attributable to common shareholder |
$ |
430 |
|
$ |
185 |
|
|
$ |
1,940 |
|
$ |
1,742 |
|
|
|
|||||||||||||
|
Amounts may not add due to rounding. |
|||||||||||||
|
Condensed Consolidated Balance Sheets |
|||||
|
(Unaudited, in millions) |
|||||
|
|
|||||
|
|
December 31, 2025 |
|
December 31, 2024 |
||
|
ASSETS |
|
|
|
||
|
Cash and cash equivalents |
$ |
5,826 |
|
$ |
5,094 |
|
Finance receivables, net of allowance for loan losses of $2,725 and $2,458 |
|
90,045 |
|
|
93,510 |
|
Leased vehicles, net |
|
33,686 |
|
|
31,586 |
|
Goodwill and intangible assets |
|
1,177 |
|
|
1,169 |
|
Equity in net assets of nonconsolidated affiliates |
|
1,117 |
|
|
1,206 |
|
Related party receivables |
|
515 |
|
|
473 |
|
Other assets |
|
8,110 |
|
|
7,992 |
|
Total assets |
$ |
140,477 |
|
$ |
141,030 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||
|
Liabilities |
|
|
|
||
|
Secured debt |
$ |
46,904 |
|
$ |
49,573 |
|
Unsecured debt |
|
67,127 |
|
|
64,691 |
|
Deferred income |
|
2,494 |
|
|
2,389 |
|
Related party payables |
|
136 |
|
|
106 |
|
Other liabilities |
|
8,004 |
|
|
9,079 |
|
Total liabilities |
|
124,664 |
|
|
125,838 |
|
Total shareholders’ equity |
|
15,813 |
|
|
15,193 |
|
Total liabilities and shareholders’ equity |
$ |
140,477 |
|
$ |
141,030 |
|
|
|||||
|
Amounts may not add due to rounding. |
|||||
|
Operational and Financial Data |
|||||||||||
|
(Unaudited, Dollars in millions) |
|||||||||||
|
Amounts may not add due to rounding |
|||||||||||
|
|
|||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||
|
Reconciliation for Net Income – Adjusted |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net income |
$ |
460 |
|
$ |
215 |
|
$ |
2,802 |
|
$ |
1,860 |
|
Adjustment – impairment charge |
|
— |
|
|
320 |
|
|
— |
|
|
320 |
|
Net income – adjusted |
$ |
460 |
|
$ |
535 |
|
$ |
2,802 |
|
$ |
2,181 |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||
|
Originations |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Retail finance receivables originations |
$ |
8,404 |
|
$ |
10,637 |
|
$ |
36,314 |
|
$ |
36,960 |
|
Lease originations |
|
4,229 |
|
|
4,943 |
|
|
19,567 |
|
|
19,089 |
|
Total originations |
$ |
12,633 |
|
$ |
15,580 |
|
$ |
55,881 |
|
$ |
56,049 |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||
|
Average Earning Assets |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Average retail finance receivables |
$ |
75,610 |
|
$ |
75,318 |
|
$ |
76,717 |
|
$ |
73,917 |
|
Average commercial finance receivables |
|
17,334 |
|
|
19,609 |
|
|
17,203 |
|
|
16,704 |
|
Average finance receivables |
|
92,944 |
|
|
94,927 |
|
|
93,920 |
|
|
90,621 |
|
Average leased vehicles, net |
|
33,662 |
|
|
31,288 |
|
|
32,925 |
|
|
30,641 |
|
Average earning assets |
$ |
126,606 |
|
$ |
126,215 |
|
$ |
126,844 |
|
$ |
121,262 |
|
Ending Earning Assets |
December 31, 2025 |
|
December 31, 2024 |
||
|
Retail finance receivables |
$ |
75,404 |
|
$ |
76,066 |
|
Commercial finance receivables |
|
17,365 |
|
|
19,901 |
|
Leased vehicles, net |
|
33,686 |
|
|
31,586 |
|
Ending earning assets |
$ |
126,456 |
|
$ |
127,554 |
|
Finance Receivables |
December 31, 2025 |
|
December 31, 2024 |
||||
|
Retail |
|
|
|
||||
|
Retail finance receivables |
$ |
75,404 |
|
|
$ |
76,066 |
|
|
Less: allowance for loan losses |
|
(2,656 |
) |
|
|
(2,400 |
) |
|
Total retail finance receivables, net |
|
72,748 |
|
|
|
73,667 |
|
|
Commercial |
|
|
|
||||
|
Commercial finance receivables |
|
17,365 |
|
|
|
19,901 |
|
|
Less: allowance for loan losses |
|
(68 |
) |
|
|
(58 |
) |
|
Total commercial finance receivables, net |
|
17,297 |
|
|
|
19,843 |
|
|
Total finance receivables, net |
$ |
90,045 |
|
|
$ |
93,510 |
|
|
Allowance for Loan Losses |
December 31, 2025 |
|
December 31, 2024 |
||
|
Allowance for loan losses as a percentage of retail finance receivables |
3.5 |
% |
|
3.2 |
% |
|
Allowance for loan losses as a percentage of commercial finance receivables |
0.4 |
% |
|
0.3 |
% |
|
Delinquencies |
December 31, 2025 |
|
December 31, 2024 |
||
|
Loan delinquency as a percentage of retail finance receivables: |
|
|
|
||
|
31 – 60 days |
2.7 |
% |
|
2.5 |
% |
|
Greater than 60 days |
1.1 |
|
|
0.9 |
|
|
Total |
3.7 |
% |
|
3.4 |
% |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
Charge-offs and Recoveries |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Charge-offs |
$ |
537 |
|
|
$ |
499 |
|
|
$ |
1,998 |
|
|
$ |
1,754 |
|
|
Less: recoveries |
|
(257 |
) |
|
|
(249 |
) |
|
|
(1,035 |
) |
|
|
(901 |
) |
|
Net charge-offs |
$ |
280 |
|
|
$ |
250 |
|
|
$ |
963 |
|
|
$ |
853 |
|
|
Net charge-offs as an annualized percentage of average retail finance receivables |
|
1.5 |
% |
|
|
1.3 |
% |
|
|
1.3 |
% |
|
|
1.2 |
% |
|
|
|
|
|
|
|
||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||
|
Operating Expenses |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|
Operating expenses as an annualized percentage of average earning assets |
2.0 |
% |
|
1.2 |
% |
|
1.7 |
% |
|
1.5 |
% |
Contacts
Investor Relations contact:
Meagan Trampe
Vice President, Investor Relations
(817) 302-7385
[email protected]
