General Motors Company
GM · NYSE
Dec 2026
Next quarter
Expected to report Jan 26, 2027 — estimated from last year’s reporting date.
Consensus is $2.44 EPS for Dec 2026 across 7 estimates, ranging $2.28 to $2.69.
GM Sep 2026
- 4.23%
- $3.55
- $3.70
- —
- $45.71B
Reported results
- $45.71B
- $3.60B
- 7.87%
- $3.33B
- $3.73
Highlights
- Earnings beat: Adjusted diluted EPS was $3.70, 4.2% above the supplied $3.55 consensus; GAAP diluted EPS was $3.73.
- Revenue and profit growth: Consolidated revenue reached $50.015 billion, up 2.9% year over year; adjusted EBIT rose 21.6% to $4.106 billion and net income attributable to stockholders increased to $3.335 billion from $1.327 billion.
- North America led: GMNA adjusted EBIT increased 43.4% to $3.592 billion, with an 8.7% margin, up 2.5 percentage points year over year, driven by pickup mix, lower warranty expense and reduced EV losses.
- Cash flow strengthened: Adjusted automotive free cash flow was $5.882 billion, up 40% year over year; GM raised its full-year 2026 target to $11.5–$12.5 billion from $9.5–$11.5 billion.
- Guidance narrowed and improved on cash: 2026 adjusted EBIT guidance is now $14.5–$15.5 billion versus $14–$16 billion previously; adjusted EPS is $12.75–$13.75 versus $12–$14, and adjusted automotive free cash flow has a higher midpoint.
- Capital returns expanded: GM completed its prior $6 billion repurchase program and authorized an additional $20 billion multi-year buyback with no expiration; it repurchased $2.5 billion of shares in Q3 and declared a $0.18 quarterly dividend.
- Truck launch and costs define the outlook: New full-size pickups are expected to reduce Q4 volumes by about 35,000 units; commodity, logistics and memory costs are now expected to create roughly $2 billion of full-year headwind.
- Digital revenue continued to scale: OnStar Digital and Super Cruise generated more than $800 million of Q3 recognized revenue, up 15%; GM expects more than $3 billion for 2026 and nearly $7.5 billion in deferred revenue by year-end.
Analysis
GM delivered a strong Q3, with adjusted EPS of $3.70 beating the supplied $3.55 consensus by 4.2%. Consolidated revenue was $50.015 billion, up 2.9% year over year; automotive revenue was $45.706 billion, compared with $43.76 billion in Q2. Adjusted EBIT rose 21.6% to $4.106 billion, while net income attributable to stockholders of $3.335 billion compared with $1.327 billion a year ago and $1.30 billion last quarter. GAAP diluted EPS of $3.73 was up from $1.35 a year ago and $1.41 in Q2. The year-ago comparison also reflects $1.592 billion of EV strategic realignment adjustments in Q3 2025.
The print was led by GM North America, where adjusted EBIT grew 43% and margin reached 8.7%, as stronger full-size pickup mix, lower warranty costs and EV capacity reductions outweighed inflation and onshoring costs. Cash generation also improved: adjusted automotive free cash flow rose 40% to $5.882 billion, prompting GM to lift its full-year range. At the same time, the company narrowed adjusted EBIT and EPS ranges, reflecting a firm operating year but more difficult cost conditions. A new truck launch will weigh on near-term volumes, while management’s 2027 growth outlook depends partly on commodity and logistics pressures easing. The $20 billion buyback authorization underscores the scale of planned capital returns.
North America earnings
- Segment performance: GMNA adjusted EBIT rose to $3.592 billion from $2.506 billion, and margin expanded to 8.7% from 6.2%. Higher full-size pickup mix, lower warranty expense and reduced EV losses supported the gain; commodity inflation, logistics, DRAM and U.S. onshoring costs partly offset it.
- Truck demand: U.S. sales exceeded 670,000 vehicles. Full-size light-duty pickup sales rose 9% year over year, and GM said it remained on track for a seventh consecutive year leading U.S. full-size pickup sales.
- Launch transition: Production of the next-generation Silverado and Sierra has begun at Silao, with initial deliveries expected late in Q4. GM anticipates a roughly 35,000-unit year-over-year Q4 headwind from full-size pickups as plants transition, and expects 2027 truck volumes roughly flat with 2026 before capacity supports growth in 2028.
Guidance and cost pressures
- Updated 2026 outlook: Adjusted EBIT guidance narrowed to $14.5–$15.5 billion from $14–$16 billion. Adjusted diluted EPS narrowed to $12.75–$13.75 from $12–$14, while adjusted automotive free cash flow rose to $11.5–$12.5 billion from $9.5–$11.5 billion.
- Cash flow drivers: GM cited operational execution, capital spending expected in the lower half of its $10–$12 billion range, and tariff-refund timing. Management estimated $600–$800 million of 2026 cash benefit from IEEPA refunds to GM and its supply base.
- Inflation is the key offset: GM now expects about $2 billion of 2026 headwind from commodity inflation, logistics and DRAM, including roughly $400 million of incremental costs from recent price moves. It has incurred about $1.3 billion of this headwind year to date.
- Other assumptions: Year-to-date tariff costs were about $1.8 billion net of IEEPA reversal benefits; gross full-year tariff costs are expected at the low end of the prior $2.5–$3.5 billion range. The company expects $1–$1.5 billion of 2026 spending on onshoring, supply-chain resilience and software capabilities.
Cash generation and returns
- Quarterly cash: Automotive operating cash flow was $8.049 billion, up 32.6% year over year, and adjusted automotive free cash flow was $5.882 billion versus $4.201 billion. Through nine months, adjusted automotive free cash flow reached $12.184 billion.
- Repurchases: GM completed the prior $6 billion authorization and reported $2.5 billion of Q3 repurchases, reducing diluted shares by about 27 million. It repurchased another $1 billion in October; year-to-date buybacks were $6.3 billion.
- New authorization and dividend: The board approved a new $20 billion multi-year repurchase authorization with no expiration date. Shares outstanding were 849 million at September 30, down from 904 million at 2025 year-end. The board also declared a $0.18 quarterly dividend, payable December 17.
Software and services
- Current revenue: OnStar Digital and Super Cruise generated more than $800 million in recognized revenue during Q3, up 15% year over year. GM expects more than $3 billion in realized revenue for 2026 and double-digit growth in 2027.
- Subscription base: Management expects to approach $7.5 billion of deferred revenue by year-end, supported by one million new OnStar subscriptions and a one-million-vehicle Super Cruise-equipped fleet. Deferred revenue was up 40% year over year.
- Truck monetization: GM plans to make Super Cruise standard on high-end Silverado and Sierra light-duty trims and offer it on most other trims. Management expects full-size truck Super Cruise penetration to increase four to five times next year.
EV realignment
- Loss reduction: GM remains on track to reduce EV losses by $1–$1.5 billion in 2026, mainly through lower volumes and capacity and fixed-cost reductions. Management expects further, but more modest, improvement in 2027, with another step-up as next-generation battery technology arrives in 2028–2029.
- Cash settlements: The company incurred an additional $0.2 billion of EV-related cash charges in Q3, bringing cumulative charges since the end of the first half of 2025 to $7.4 billion. Of that, $4.6 billion had been paid, including $4.2 billion in 2026 to date; about $1 billion is expected to be paid in Q4, with the remainder in 2027.
- Capacity and demand: EV volumes declined year over year as GM aligned production with demand and compared against the prior-year period before consumer purchase incentives expired. Management said it remains prepared for EV penetration to rise, but did not provide a break-even volume target.
International and finance
- International operations: GMI adjusted EBIT was $28 million, down from $226 million a year earlier. Management said GMI excluding China was approximately breakeven, with a roughly $100 million negative mark-to-market adjustment on Momenta and higher manufacturing and logistics costs partly offset by South American volume and foreign exchange.
- China: Equity income was $32 million, down from $80 million, marking an eighth consecutive profitable quarter. GM China sales fell to 358,000 vehicles from 469,000, and its market share declined to 6.6% from 6.8%; new energy vehicles made up more than 60% of Q3 sales.
- GM Financial: Adjusted pretax earnings were $668 million, down 16.9% year over year, and the segment paid GM $250 million in dividends. Credit performance remained within expectations; more than 30-day retail delinquencies were 3.7% of receivables versus 3.2% a year earlier.
