37045V118 Filings — General Motors Company - FilingSpy
37045V118
General Motors Company
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A giant automaker that designs, builds, and sells gas and electric vehicles worldwide under the Chevrolet, Cadillac, Buick, and GMC brands, and finances them through GM Financial. Billy Durant founded it in 1908 as a holding company that snapped up other carmakers under one "general" umbrella — hence the name. Fun fact: Durant, who started in the horse-drawn carriage business, was so persuasive he was said to be able to "sell sand to the Arabs."
GM enters $4.5B supply chain financing program with Procura Auto Parts
On August 7, 2026, General Motors and its subsidiary General Motors LLC entered into a Master IPU Agreement with Procura Auto Parts LLC.
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Under the program, GM will issue irrevocable payment undertakings (IPUs) up to a $4.5 billion facility limit to fund suppliers to acquire and hold critical inventory.
The program aims to secure supply of critical inventory against disruptions like extreme weather, natural disasters, cyberattacks, excessive demand, and similar events.
IPUs accrue interest at SOFR plus 1.55% per annum, with a ticking fee of 0.25% on the unutilized facility amount during the 12-month availability period.
The program will be accounted for as a product financing arrangement, with IPUs recorded as unsecured debt and payments excluded from Adjusted Automotive Free Cash Flow until inventory is purchased.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 8.01 Other Events · 9.01 Financial Statements and Exhibits
GM shareholders approve Amendment No. 2 to 2020 Long-Term Incentive Plan at 2026 Annual Meeting
All 10 director nominees were elected, including Mary T. Barra, Wesley G. Bush, and Patricia F. Russo, each for a one-year term.
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At the June 2, 2026 Annual Meeting, GM shareholders approved Amendment No. 2 to the 2020 Long-Term Incentive Plan, increasing available shares by 27 million and extending the plan term to June 3, 2036.
Shareholders ratified Ernst & Young LLP as GM's independent registered public accounting firm for 2026.
Advisory votes approved named executive officer compensation and selected 1 Year as the frequency for future advisory votes.
Shareholder proposals to separate Chair and CEO roles and to report on human rights standards for indigenous peoples were not approved.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
GM reports Q1 2026 revenue of $43.6B, net income of $2.6B, and EBIT-adjusted of $4.3B.
First-quarter 2026 revenue was $43.6 billion, down 0.9% from $44.0 billion in Q1 2025.
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Net income attributable to stockholders was $2.6 billion, down 5.7% year-over-year.
EBIT-adjusted was $4.3 billion, up 21.9% from $3.5 billion in Q1 2025.
The company raised its full-year 2026 EBIT-adjusted guidance to $13.5-$15.5 billion, citing a favorable $0.5 billion adjustment from a U.S. Supreme Court tariff decision.
GM declared a quarterly dividend of $0.18 per share, payable June 18, 2026, to shareholders of record on June 5, 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
GM enters $2.0B 364-day revolving credit facility maturing March 2027
On March 23, 2026, General Motors Company entered into an Eighth Amended and Restated 364-Day Revolving Credit Agreement.
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The unsecured facility is for $2.0 billion, matures on March 22, 2027, and is allocated for exclusive use by General Motors Financial Company, Inc.
JPMorgan Chase Bank, N.A. serves as administrative agent and Citibank, N.A. as syndication agent.
GM has guaranteed the obligations of subsidiary borrowers under the facility.
The facility requires GM to maintain at least $4.0 billion in global liquidity and $2.0 billion in U.S. liquidity.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 9.01 Financial Statements and Exhibits
GM reports 2025 full-year net income of $2.7B and EBIT-adjusted of $12.7B; issues 2026 guidance
Full-year 2025 net income attributable to stockholders was $2.7 billion, down 55.1% from $6.0 billion in 2024.
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Full-year 2025 EBIT-adjusted was $12.7 billion, down 14.6% from $14.9 billion in 2024.
Fourth-quarter 2025 net loss attributable to stockholders was $3.3 billion, including over $7.2 billion in special charges related to EV capacity realignment and policy changes.
2026 guidance includes net income attributable to stockholders of $10.3-$11.7 billion and EBIT-adjusted of $13.0-$15.0 billion.
Board approved a 20% higher quarterly dividend of $0.18 per share and a new $6.0 billion share repurchase authorization.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
General Motors expects to record approximately $6.0 billion in charges for Q4 2025, primarily in GM North America, related to EV capacity and investment review.
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The EV-related charges include ~$1.8 billion non-cash impairments and ~$4.2 billion in supplier settlements, contract cancellation fees, and other cash-impact charges.
GM also expects ~$1.1 billion in non-EV charges for Q4 2025, mainly from China JV restructuring (SAIC-GM) and an additional legal accrual, with ~$0.5 billion cash impact.
GM previously recorded $1.6 billion in GMNA charges in Q3 2025 and has reduced EV capacity, including pivoting Orion, MI plant to ICE full-size SUVs/pickups and selling Ultium Cells Lansing interest to LG Energy Solution.
Additional material cash and non-cash charges are expected in 2026 from supply base negotiations, and proposed GHG rule changes could impair emissions credits.