GM Reports 2021 Full-Year and Fourth-Quarter Results, Including Record Earnings

General Motors Co. today reported 2021 full-year earnings that include net income of $10 billion, EBIT-adjusted of $14.3 billion, net income margin of 7.9%, EBIT-adjusted margin of 11.3%, EPS-diluted of $6.70 and EPS-diluted-adjusted of $7.07. GM’s full-year net income, EBIT-adjusted, EBIT-adjusted margin and EPS measures are all records.

GM’s fourth-quarter results include net income of $1.7 billion, net income margin of 5.2%, EPS-diluted of $1.16, EPS-diluted-adjusted of $1.35, EBIT-adjusted of $2.8 billion and EBIT-adjusted margin of 8.5%.

The company expects full-year 2022 net income to be in a range of $9.4 billion – $10.8 billion and EBIT-adjusted to be in a range of $13.0 billion – $15.0 billion, assuming continued steady demand for new vehicles and no significant new economic or supply chain challenges.

• GM Chair and CEO Mary Barra’s Letter to Shareholders
• Earnings Deck Q4 and CY 2021
• 2021 Q4 and CY Consolidated Financial Highlights

Results overview
Years Ended
($M) except where noted December 31, 2021 December 31, 2020 Change
Revenue $ 127,004 $ 122,485 $ 4,519
Net income attributable to stockholders $ 10,019 $ 6,427 $ 3,592
EBIT-adjusted $ 14,295 $ 9,710 $ 4,585
Net income margin 7.9 % 5.2 % 2.7 ppts
EBIT-adjusted margin 11.3 % 7.9 % 3.4 ppts
Automotive operating cash flow $ 9,693 $ 7,519 $ 2,174
Adjusted automotive free cash flow $ 2,564 $ 2,610 $ (46)
EPS-diluted(a) $ 6.70 $ 4.33 $ 2.37
EPS-diluted-adjusted(a) $ 7.07 $ 4.90 $ 2.17
GMNA EBIT-adjusted $ 10,318 $ 9,071 $ 1,247
GMNA EBIT-adjusted margin 10.2 % 9.4 % 0.8 ppts
GMI EBIT-adjusted $ 827 $ (528) $ 1,355
China equity income $ 1,098 $ 512 $ 586
GM Financial EBT-adjusted $ 5,036 $ 2,702 $ 2,334
__________
(a) EPS-diluted and EPS-diluted-adjusted include a $0.30 and $0.12 impact from revaluation on equity investments in the years ended December 31, 2021 and 2020.
Three Months Ended
($M) except where noted December 31, 2021 December 31, 2020 Change
Revenue $ 33,584 $ 37,518 $ (3,934)
Net income attributable to stockholders $ 1,741 $ 2,846 $ (1,105)
EBIT-adjusted $ 2,839 $ 3,712 $ (873)
Net income margin 5.2 % 7.6 % (2.4) ppts
EBIT-adjusted margin 8.5 % 9.9 % (1.4) ppts
Automotive operating cash flow $ 9,384 $ 5,243 $ 4,141
Adjusted automotive free cash flow $ 6,403 $ 3,433 $ 2,970
EPS-diluted(a) $ 1.16 $ 1.93 $ (0.77)
EPS-diluted-adjusted(a) $ 1.35 $ 1.93 $ (0.58)
GMNA EBIT-adjusted $ 2,165 $ 2,612 $ (447)
GMNA EBIT-adjusted margin 8.1 % 8.7 % (0.6) ppts
GMI EBIT-adjusted $ 275 $ 283 $ (8)
China equity income $ 244 $ 248 $ (4)
GM Financial EBT-adjusted $ 1,180 $ 1,039 $ 141
__________
(a) EPS-diluted and EPS-diluted-adjusted include a $0.02 and $0.26 impact from revaluation on equity investments in the three months ended December 31, 2021 and 2020.

2022 guidance
• Full-year EPS-diluted and EPS-diluted-adjusted of between $6.25 and $7.25
• Full-year net income of between $9.4 billion and $10.8 billion, and EBIT-adjusted of between $13.0 billion and $15.0 billion

See below for reconciliations of non-GAAP measures to their most directly comparable GAAP measures or visit the GM Investor Relations website for complete details.

Conference call for investors and analysts

Mary Barra and Chief Financial Officer Paul Jacobson will host a conference call for investors and analysts at 5 p.m. ET today to discuss these results and the company’s growth strategy. Introductory remarks will be followed by a question-and-answer session.
Those who wish to listen to the call may dial in using the following numbers:
• United States: 1-800-857-9821
• International: +1-517-308-9481
• Name of call: General Motors Q4 2021 Earnings Call