# General Motors (GM) Q2 2026 earnings

Results filed 2026-07-21 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/gm/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1467858/000146785826000049/0001467858-26-000049-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $48.0 billion | up 1.9% from a year ago | GAAP |
| Net income attributable to stockholders | $1.3 billion | down 31.1% from a year ago | GAAP |
| EPS-diluted | $1.41 | down 26.0% from a year ago | GAAP |
| EPS-diluted-adjusted | $3.57 | up 41.3% from a year ago | non-GAAP |
| Operating income (combined) | 1,459 | compared with 2,127 a year ago | GAAP |
| Automotive operating cash flow | $5,071 | up 9.0% from a year ago | GAAP |
| Adjusted automotive free cash flow | $5,033 | up 78.0% from a year ago | non-GAAP |
| EBIT-adjusted | $3,943 | up 29.8% from a year ago | non-GAAP |
| EBIT-adjusted margin | 8.2% | up 1.8 ppts from a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| GMNA EBIT-adjusted | $3,446 | up 42.7% from a year ago |
| GMI EBIT-adjusted | $190 | down 6.6% from a year ago |
| China equity income | $83 | up 16.9% from a year ago |
| GM Financial EBT-adjusted | $605 | down 14.0% from a year ago |
| Total wholesale vehicle sales (thousands) | 990 | 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 |

## 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

1. **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.
2. **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.
3. **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.
4. **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.
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.

## 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.