v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Automotive The following table presents debt in our automotive operations:
December 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$164 $164 $105 $105 
Unsecured debt(a)15,468 15,434 14,980 14,709 
Finance lease liabilities615 614 383 391 
Total automotive debt(b)$16,247 $16,213 $15,467 $15,204 
Fair value utilizing Level 1 inputs$15,065 $14,366 
Fair value utilizing Level 2 inputs$1,148 $838 
Available under credit facility agreements(c)$13,913 $13,793 
Weighted-average interest rate on outstanding short-term debt(d)12.6 %7.3 %
Weighted-average interest rate on outstanding long-term debt(d)5.8 %5.8 %
__________
(a)Primarily consists of senior notes.
(b)Includes net discount and debt issuance costs of $445 million and $439 million at December 31, 2025 and 2024.
(c)Excludes our 364-day, $2.0 billion facility allocated for exclusive use by GM Financial.
(d)Includes coupon rates on debt denominated in various foreign currencies and interest free loans.

In March 2025, we renewed our five-year, $10.0 billion facility, which now matures March 25, 2030. We also renewed our three-year, $4.1 billion facility, which now matures March 25, 2028, and renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 24, 2026.

In May 2025, we issued $2.0 billion in aggregate principal amount of senior unsecured notes with a weighted average interest rate of 5.7% and maturity dates ranging from 2028 to 2035. The net proceeds from this offering were used for general corporate purposes, including to fund a portion of the $1.8 billion five-year term loan to Ultium Cells LLC and to refinance a portion of our senior notes. In September 2025, we exercised our option to redeem at par value the remaining $1.25 billion in aggregate principal balance of our $2.0 billion senior unsecured notes with a maturity date of October 1, 2025.
GM Financial The following table presents debt of GM Financial:
December 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Secured debt$46,904 $47,252 $49,573 $49,753 
Unsecured debt67,127 68,607 64,691 65,258 
Total GM Financial debt$114,031 $115,860 $114,264 $115,010 
Fair value utilizing Level 2 inputs$113,180 $112,941 
Fair value utilizing Level 3 inputs$2,679 $2,070 

Secured debt consists of revolving credit facilities and securitization notes payable. Most of the secured debt was issued by VIEs and is repayable only from proceeds related to the underlying pledged assets. Refer to Note 11 for additional information on GM Financial's involvement with VIEs. The weighted-average interest rate on secured debt was 4.92% at December 31, 2025. The revolving credit facilities have maturity dates ranging from 2026 to 2029 and securitization notes payable have maturity dates ranging from 2026 to 2037. At the end of the revolving period, if not renewed, the debt of revolving credit facilities will amortize over a defined period. In the year ended December 31, 2025, GM Financial renewed and upsized revolving credit facilities with total borrowing capacity of $27.8 billion and issued $19.6 billion in aggregate principal amount of securitization notes payable with an initial weighted-average interest rate of 4.65% and maturity dates ranging from 2026 to 2037.
Unsecured debt consists of senior notes, credit facilities, and other unsecured debt. Senior notes outstanding at December 31, 2025 have maturity dates ranging from 2026 to 2035 and have a weighted-average interest rate of 4.41%. In the year ended December 31, 2025, GM Financial issued $10.6 billion in aggregate principal amount of senior notes with an initial weighted-average interest rate of 5.05% and maturity dates ranging from 2027 to 2035.

Unsecured credit facilities and other unsecured debt have maturities of up to five years. The weighted-average interest rate on these credit facilities and other unsecured debt was 7.08% at December 31, 2025.
Years Ended December 31,
202520242023
Automotive interest expense$727 $846 $911 
Automotive Financing - GM Financial interest expense6,492 6,030 4,685 
Total interest expense$7,219 $6,876 $5,596 

The following table summarizes contractual maturities including finance leases at December 31, 2025:
AutomotiveAutomotive FinancingTotal
2026$663 $35,143 $35,806 
20271,881 23,984 25,865 
20281,623 18,253 19,876 
20291,081 13,135 14,216 
2030822 10,298 11,120 
Thereafter10,528 14,163 24,691 
$16,599 $114,976 $131,574 

Compliance with Debt Covenants Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as regular reporting to lenders, including providing certain subsidiary financial statements. Certain of GM Financial’s secured debt agreements also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. GM Financial’s unsecured debt obligations contain covenants including limitations on its ability to incur certain liens. Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements, or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December 31, 2025.