For the full year, we achieved $14.5 billion in EBIT-adjusted 9.2% EBIT-adjusted margins, and $7.59 in EPS diluted-adjusted. These results were above the record profits we achieved in 2021 and at the high end of our revised EBIT-adjusted guidance range of $13.5 billion to $14.5 billion as December revenue and FX came in better than expected. They also speak to the robust health of our underlying business, which allowed us to offset $5.5 billion of commodity and logistics headwinds, $2 billion of incremental EV and growth spend, and $1 billion lower GM financial results. We generated adjusted free cash flow of $10.5 billion, which allowed us to both reinvest in growth opportunities and return excess cash to shareholders. In the fourth quarter, we repurchase an additional $1 billion of stock, bringing the 2022 total to $2.5 billion and retiring 65 million shares.
We also opportunistically early retired $1 billion of senior unsecured notes in the U.S. and $0.5 billion of unsecured term loans in GM International, both maturing in 2023. Our goal remains to be responsible stewards of your capital. Getting into the fourth quarter results, revenue was $43.1 billion, up 28% year-over-year. We achieved $3.8 billion in EBIT-adjusted 8.8% EBIT-adjusted margins, and $2.12 in EPS diluted-adjusted. These results were driven by solid unit volume growth of 30% year-over-year during the quarter and robust pricing. North America delivered Q4 EBIT-adjusted of $3.7 billion, up $1.5 billion year-over-year, and EBIT-adjusted margins of 10.3%, primarily driven by higher volume and pricing, partially offset by mix and higher commodity and logistics costs.
Production in the second half of 2022 increased with strengthening supply chain and logistics, allowing us to improve dealer inventory for certain vehicles. We ended the year with total dealer inventory, including in-transit vehicles running around 50 days with the number of vehicles physically on dealer lots improving gradually, but still approximately one third the level we were at in mid-2019, supporting a favorable supply and demand environment. I’d also like to share our perspective on inventory levels going forward. We are committed to actively managing production levels to balance supply with demand, and are targeting to end 2023 with 50 to 60 days of total dealer inventory on a portfolio basis. This is down 20 to 30 days from mid-2019 and is reliant on a continued improvement in logistical challenges the industry has faced.
Within this portfolio target, trucks are expected to run at higher levels, reflecting greater customer driven variation requirements, and sedans and SUVs are expected to run at this range or lower. Throughout the year, sales seasonality, production schedules and timing of fleet deliveries may take us out of this range from time to time, but that is the targeted range at which we’ll manage. We continue to see strong demand for our EVs with inventory turning on the Bolt EV and EUV in less than 10 days. The GMC HUMMER EV and Chevrolet Silverado EV have generated incredible demand and excitement leading to over 250,000 combined reservations. We’ve also seen strong demand for the Cadillac LYRIQ, GMC Sierra EVs as well.
Edition 1: GM International delivered Q4 EBIT-adjusted of $300 million, flat year-over-year, as the team did an impressive job executing in a volatile environment. This included $200 million of equity income in China, down slightly year-over-year due to lower volume and pricing pressure, partially offset by cost actions. EBIT-adjusted in GM International, excluding China equity income was a $100 million, up slightly year-over-year and profitable in all four quarters. These consistent results were driven by favorable pricing and volume, partially offset by mix and commodity costs. I want to take a moment and recognize the transformation this team has executed over the last few years, achieving over $2 billion of EBIT-adjusted improvements since 2018.
