General Motors (GM) · Automotive
General Motors Q2 2026 earnings: summary, key numbers & outlook
Results filed 21 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
GM reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion, and raised its full-year 2026 EBIT-adjusted guidance to $14.0 billion - $16.0 billion.
General Motors had a solid second quarter. Revenue was $48.0 billion, up 1.9% from a year ago. EBIT-adjusted, GM's operating profit measure that leaves out special items, rose 29.8% to $3.9 billion, led by North America. Net income attributable to stockholders fell 31.1% to $1.3 billion because of $2,279 million in EV strategic realignment charges. Adjusted automotive free cash flow rose 78.0% to $5,033 million.
Management raised its 2026 outlook for the second time this year. It now expects EBIT-adjusted of $14.0 billion - $16.0 billion and EPS-diluted-adjusted of $12.00 - $14.00. The tension is that expected GAAP net income was cut to $8.4 billion to $9.8 billion as EV-related adjustments grow. U.S. market share also slipped to 16.6% from 17.4%, and fleet sales, which are generally less profitable, rose to 22.3% of total vehicle sales.
Key numbers
- Revenue · GAAP
- $48.0 billion
- Net income attributable to stockholders · GAAP
- $1.3 billion
- EPS-diluted · GAAP
- $1.41
- EPS-diluted-adjusted · non-GAAP
- $3.57
- Operating income (combined) · GAAP
- $1.5B
- Automotive operating cash flow · GAAP
- $5.1B
- Adjusted automotive free cash flow · non-GAAP
- $5.0B
- EBIT-adjusted · non-GAAP
- $3.9B
up 1.9% from a year ago
down 31.1% from a year ago
down 26.0% from a year ago
up 41.3% from a year ago
compared with 2,127 a year ago
up 9.0% from a year ago
up 78.0% from a year ago
up 29.8% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| GMNA EBIT-adjusted | $3.4B | up 42.7% from a year ago |
| GMI EBIT-adjusted | $190.0M | down 6.6% from a year ago |
| China equity income | $83.0M | up 16.9% from a year ago |
| GM Financial EBT-adjusted | $605.0M | down 14.0% from a year ago |
| Total wholesale vehicle sales | $990.0K | up from 974 thousand a year ago |
| U.S. market share | 16.6% | down from 17.4% a year ago |
| Fleet sales as a percentage of total vehicle sales | 22.3% | up from 17.8% a year ago |
| ROIC-adjusted (four quarters) | 22.9% | up from 19.0% a year ago |
Where each number comes from
- Revenue: “General Motors (NYSE: GM) today reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion.”
- Net income attributable to stockholders: “General Motors (NYSE: GM) today reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion.”
- EPS-diluted: “EPS-diluted | $1.41 | $1.91 | $(0.50) | (26.0)% EPS-diluted-adjusted | $3.57 | $2.53 | $1.04 | 41.3%”
- EPS-diluted-adjusted: “EPS-diluted | $1.41 | $1.91 | $(0.50) | (26.0)% EPS-diluted-adjusted | $3.57 | $2.53 | $1.04 | 41.3%”
- Operating income (combined): “Operating income (loss) | 867 | 593 | — | 1,459 | 1,438 | — | 688 | — | 2,127”
- Automotive operating cash flow: “Automotive operating cash flow | $5,071 | $4,653 | $418 | 9.0% Adjusted automotive free cash flow | $5,033 | $2,827 | $2,206 | 78.0%”
- Adjusted automotive free cash flow: “Automotive operating cash flow | $5,071 | $4,653 | $418 | 9.0% Adjusted automotive free cash flow | $5,033 | $2,827 | $2,206 | 78.0%”
- EBIT-adjusted: “Net income (loss) attributable to stockholders | $1,305 | $1,895 | $(590) | (31.1)% EBIT-adjusted | $3,943 | $3,037 | $906 | 29.8%”
- GMNA EBIT-adjusted: “GMNA EBIT-adjusted | $3,446 | $2,415 | $1,030 | 42.7% GMNA EBIT-adjusted margin | 8.6% | 6.1% | 2.5 ppts | 41.0%”
- GMI EBIT-adjusted: “GMI EBIT-adjusted | $190 | $204 | $(13) | (6.6)% China equity income (loss) | $83 | $71 | $12 | 16.9%”
- China equity income: “GMI EBIT-adjusted | $190 | $204 | $(13) | (6.6)% China equity income (loss) | $83 | $71 | $12 | 16.9%”
- GM Financial EBT-adjusted: “China equity income (loss) | $83 | $71 | $12 | 16.9% GM Financial EBT-adjusted | $605 | $704 | $(99) | (14.0)%”
- Total wholesale vehicle sales: “GMNA | 848 | 849 | 1,641 | 1,676 GMI | 142 | 125 | 248 | 209 Total | 990 | 974 | 1,889 | 1,885”
- U.S. market share: “North America United States | 4,310 | 715 | 16.6% | 4,294 | 747 | 17.4% | 8,056 | 1,341 | 16.7%”
- Fleet sales as a percentage of total vehicle sales: “Total fleet sales | 318 | 274 | 584 | 514 Fleet sales as a percentage of total vehicle sales | 22.3% | 17.8% | 21.5% | 17.2%”
- ROIC-adjusted (four quarters): “ROIC-adjusted average net assets | $62.8 | $69.1 ROIC-adjusted | 22.9% | 19.0%”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $48.0B | +1.9% | +10.1% |
| Operating income | $1.5B | −31.4% | −50.1% |
| Net income | $1.3B | −31.1% | −50.3% |
| Diluted EPS | $1.41 | −26.2% | −50.0% |
| Free cash flow | $4.4B | −7.5% | +206.8% |
| Operating margin | 3.0% | −1.5 pts | −3.7 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| EBIT-adjusted | full-year 2026 | $14.0 billion - $16.0 billion |
| Adjusted automotive free cash flow | full-year 2026 | $9.5 billion - $11.5 billion |
| EPS-diluted-adjusted | full-year 2026 | $12.00 - $14.00 |
| Net income attributable to stockholders | full-year 2026 | $8.4 billion to $9.8 billion |
| Automotive operating cash flow | full-year 2026 | $15.4 billion to $19.4 billion |
| EPS-diluted | full-year 2026 | $8.98 to $10.98 |
| Automotive capital expenditures (billions) | full-year 2026 | 10.0-12.0 |
| Income tax expense (billions) | full-year 2026 | 2.2-2.8 |
Key takeaways
EBIT-adjusted jumped 29.8% on North America strength
EBIT-adjusted was $3,943 million versus $3,037 million a year ago, and the margin rose to 8.2% from 6.4%. GMNA EBIT-adjusted rose 42.7% to $3,446 million.
EV charges pushed GAAP net income down 31.1%
Net income attributable to stockholders was $1,305 million versus $1,895 million. Total adjustments were $2,456 million, including $2,279 million of EV strategic realignment.
Adjusted free cash flow rose 78.0% to $5,033 million
Adjusted automotive free cash flow was $5,033 million versus $2,827 million a year ago. Automotive operating cash flow rose 9.0% to $5,071 million.
Full-year EBIT-adjusted guidance raised for second time
EBIT-adjusted guidance is now $14.0 billion - $16.0 billion, up from $13.5 billion - $15.5 billion. Expected net income attributable to stockholders fell to $8.4 billion to $9.8 billion as expected adjustments rose to 3.5.
U.S. share slipped while fleet mix increased
U.S. market share was 16.6% versus 17.4% a year ago. Fleet sales were 22.3% of total vehicle sales versus 17.8%, and fleet transactions are generally less profitable than retail sales.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $47.7B * |
| Q1 2025 | $44.0B |
| Q2 2025 | $47.1B |
| Q3 2025 | $48.6B |
| Q4 2025 | $45.3B * |
| Q1 2026 | $43.6B |
| Q2 2026 | $48.0B |
| Q3 2026 | $50.0B |
Data
| Q1 2025 | $3.35 |
| Q2 2025 | $1.91 |
| Q3 2025 | $1.35 |
| Q1 2026 | $2.82 |
| Q2 2026 | $1.41 |
| Q3 2026 | $3.73 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 3.2% |
| Q1 2025 | 7.6% |
| Q2 2025 | 4.5% |
| Q3 2025 | 2.2% |
| Q4 2025 | -8.1% |
| Q1 2026 | 6.7% |
| Q2 2026 | 3.0% |
| Q3 2026 | 7.2% |
Data
| Q4 2024 | $907.0M |
| Q1 2025 | $4.2B |
| Q2 2025 | $4.8B |
| Q3 2025 | $5.0B |
| Q4 2025 | $3.6B |
| Q1 2026 | $1.4B |
| Q2 2026 | $4.4B |
| Q3 2026 | $5.0B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were GM's main results for Q2 2026?
GM reported revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion and EBIT-adjusted of $3.9 billion. EPS-diluted was $1.41 and EPS-diluted-adjusted was $3.57.
Did GM change its 2026 guidance?
Yes. EBIT-adjusted guidance rose to $14.0 billion - $16.0 billion from $13.5 billion - $15.5 billion, and EPS-diluted-adjusted guidance rose to $12.00 - $14.00 from $11.50 - $13.50. Adjusted automotive free cash flow guidance rose to $9.5 billion - $11.5 billion.
Why did GAAP net income fall while EBIT-adjusted rose?
GAAP net income fell 31.1% to $1,305 million partly because of $2,279 million of EV strategic realignment adjustments. EBIT-adjusted excludes those items and rose 29.8% to $3,943 million.
How did GM's cash generation look?
Automotive operating cash flow was $5,071 million, up 9.0% from a year ago. Adjusted automotive free cash flow was $5,033 million, up 78.0%.
How did GM's regions perform?
GMNA EBIT-adjusted rose 42.7% to $3,446 million, GMI EBIT-adjusted fell 6.6% to $190 million, and GM Financial EBT-adjusted fell 14.0% to $605 million. China equity income rose to $83 million from $71 million.
Documents
SEC filing