The headline net income number from GM’s filing was a net loss of $2.96 billion for the fourth quarter, a huge swing from $2.1 billion in net income from the year-ago period. That said, GM then proceeded to add back $5.2 billion in adjustments, which led to non-GAAP adjusted net income of $2.51 billion for the quarter. 

What were those adjustments? Using the Export Data Tables feature that we’ve discussed previously, Calcbench pulled each one from GM’s earnings release and listed them all in table format. See Figure 1, below.

As you can see, the single largest adjustment was a $4.01 billion restructuring charge GM declared to extricate itself from joint-venture business in China. The company also declared a $500 million restructuring charge stemming from its decision (announced last month) to get out of the robotaxi business; and a $643 million charge related to previously announced buyouts of Buick dealerships.

It’s also interesting to note that the $5.2 billion worth of adjustments in Q4 accounted for the lion’s share of all non-GAAP adjustments GM made for the entire 2024 year. 

Adjusted earnings for the entire year were $14.94 billion, buoyed by $6.49 billion of adjustments. If you do the math, 80 percent of those adjustments happened in Q4. 

What we don’t yet know is the exact breakdown of that $2.96 billion loss reported in the top line of the earnings release. GM did report quarterly revenue of $47.7 billion, an 11 percent increase from the year-ago period; but details on cost of revenue and other operating expenses will need to wait until the company files its complete Form 10-K, which could be another few weeks.