Direct Answer
10 SEC filers are classified under the Standard Industrial Classification code that describes the automobiles industry, and their latest annual reports show $512.8 billion of combined revenue and a median operating margin of -33.8%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Automobile makers design, build and sell cars and trucks, earning from vehicle sales, financing and parts. Volumes, pricing, mix and cost control decide profit, and electrification requires heavy investment. The first numbers to compare across companies here are global deliveries, average selling price and mix and automotive gross margin.
Key Industry Metrics
- Global deliveries: Count of vehicles delivered to customers worldwide. It reflects sales rather than production, and comparing it with production shows whether inventory is building at dealers.
- Average selling price and mix: Typical revenue per vehicle sold and the mix of trucks, SUVs and cars. Mix toward larger vehicles can raise average price and margin even when unit volume is flat.
- Automotive gross margin: Share of automotive revenue left after cost of goods, excluding financing arms. It shows profitability of making and selling vehicles, and incentives, mix and cost of materials move it.
- Capital spending on electrification: Money invested in plants, batteries and platforms for electric vehicles. High spending can pressure cash flow in the short term, while its payoff depends on later demand and costs.
- Free cash flow: Cash from operations after capital spending, available for debt, dividends or buybacks. In a cyclical industry with heavy investment, it is more informative than accounting profit alone.
Primary Macro Drivers
- Consumer demand and credit: Vehicle purchases need financing and confidence, so income and credit access set global deliveries and mix.
- Incentives and pricing: Discounts support volume but cut average selling price and margin, so the balance appears in automotive gross margin.
- EV transition and regulation: Emission rules and incentives push the product mix toward electrified vehicles, with heavy spending on batteries and platforms.
- Commodity and labor costs: Steel, aluminum, batteries and wages are large cost lines, so their moves change automotive gross margin.
Major Risks
- Cyclical demand: Vehicle sales fall sharply in recessions while plants and development costs persist, so margins and cash flow drop; watch deliveries.
- Large capital needs: New platforms, plants and batteries require heavy investment, which can strain free cash flow and increase debt.
- Recalls and warranty costs: Defects bring repair costs and reputational harm; watch warranty accruals and regulator recall notices.
- Competition and tariffs: New entrants and trade barriers affect prices, share and cost; watch pricing, market share and tariff commentary.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Automobiles Filers in the SEC Record
10 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3711. Their latest fiscal years end between 2025 and 2026, and together they reported $512.8 billion of revenue. Median revenue growth over the prior year was -0.9%. Median operating margin was -33.8% and median net margin -26.5%. Median total liabilities were 67% of total assets, and 4 of 10 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Ford Motor Co | $187.3 billion | 1.2% | -4.9% | -4.4% | FY 2025 |
| General Motors Co | $185.0 billion | -1.3% | 1.6% | 1.5% | FY 2025 |
| Tesla, Inc. | $94.8 billion | -2.9% | 4.6% | 4.0% | FY 2025 |
| Paccar Inc | $28.4 billion | -15.5% | n/a | 8.4% | FY 2025 |
| Oshkosh Corp | $10.4 billion | -2.9% | 9.0% | 6.2% | FY 2025 |
| Rivian Automotive, Inc. / De | $5.4 billion | 8.4% | -66.5% | -67.7% | FY 2025 |
| Lucid Group, Inc. | $1.4 billion | 67.6% | -258.7% | -199.3% | FY 2025 |
| Workhorse Group Inc. | $21 million | 201.1% | -223.7% | -302.2% | FY 2025 |
The 8 largest of 10 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Automobiles guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
More in Consumer Discretionary
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- Automobile Components
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- Auto Parts Retail
- Automotive Contract Manufacturing
- Auto Dealerships
- Automotive Distribution
- Athletic Apparel
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Frequently Asked Questions
What are the main KPIs for the Automobiles industry?
Key performance indicators for the Automobiles industry include: Global deliveries, Average selling price and mix, Automotive gross margin, Capital spending on electrification, Free cash flow. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Automobiles industry?
The Automobiles industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Automobiles industry?
The primary risks for Automobiles companies include: Cyclical demand, Large capital needs, Recalls and warranty costs, Competition and tariffs. Investors should assess each company's exposure to these factors and its track record of navigating them.