DETROIT, July 21, 2026 /PRNewswire/ -- 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.
The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date. These expected financial results do not include the potential impact of future adjustments related to special items.
The table below shows the revised guidance and how it compares to prior guidance.
Updated 2026 guidance Previous 2026 guidance | EBIT-adjusted $14.0 billion - $16.0 billion $13.5 billion - $15.5 billion | Adjusted automotive free cash flow $9.5 billion - $11.5 billion $9.0 billion - $11.0 billion | EPS-diluted-adjusted $12.00 - $14.00 $11.50 - $13.50 |
GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable September 17, 2026, to holders of the company's common stock at the close of trading on September 4, 2026.
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
- 1-800-857-9821 (U.S.)
- 1-517-308-9481 (international/caller-paid)
- Conference call passcode: General Motors
- An audio replay will be available on the GM Investor Relations website in the Events section.
Results Overview
Three Months Ended | ($M) except per share amounts June 30, 2026 June 30, 2025 Change % Change | Revenue $ 48,026 $ 47,122 $ 904 1.9 % | Net income (loss) attributable to stockholders $ 1,305 $ 1,895 $ (590) (31.1) % | EBIT-adjusted $ 3,943 $ 3,037 $ 906 29.8 % | Net income margin 2.7 % 4.0 % (1.3) ppts (32.5) % | EBIT-adjusted margin 8.2 % 6.4 % 1.8 ppts 28.1 % | Automotive operating cash flow $ 5,071 $ 4,653 $ 418 9.0 % | Adjusted automotive free cash flow $ 5,033 $ 2,827 $ 2,206 78.0 % | EPS-diluted $ 1.41 $ 1.91 $ (0.50) (26.0) % | EPS-diluted-adjusted $ 3.57 $ 2.53 $ 1.04 41.3 % | 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 $ 190 $ 204 $ (13) (6.6) % | China equity income (loss) $ 83 $ 71 $ 12 16.9 % | GM Financial EBT-adjusted $ 605 $ 704 $ (99) (14.0) % | Six Months Ended | ($M) except per share amounts June 30, 2026 June 30, 2025 Change % Change | Revenue $ 91,650 $ 91,141 $ 509 0.6 % | Net income (loss) attributable to stockholders $ 3,932 $ 4,680 $ (747) (16.0) % | EBIT-adjusted $ 8,196 $ 6,527 $ 1,669 25.6 % | Net income margin 4.3 % 5.1 % (0.8) ppts (15.7) % | EBIT-adjusted margin 8.9 % 7.2 % 1.7 ppts 23.6 % | Automotive operating cash flow $ 5,604 $ 7,057 $ (1,453) (20.6) % | Adjusted automotive free cash flow $ 6,302 $ 3,639 $ 2,663 73.2 % | EPS-diluted $ 4.25 $ 5.28 $ (1.03) (19.6) % | EPS-diluted-adjusted $ 7.27 $ 5.31 $ 1.96 36.9 % | GMNA EBIT-adjusted $ 7,107 $ 5,702 $ 1,405 24.6 % | GMNA EBIT-adjusted margin 9.3 % 7.4 % 1.9 ppts 25.7 % | GMI EBIT-adjusted $ 314 $ 234 $ 80 34.4 % | China equity income (loss)(a) $ 248 $ 116 $ 132 n.m. | GM Financial EBT-adjusted $ 1,294 $ 1,389 $ (95) (6.9) % |
__________ | (a) n.m. = not meaningful |
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.
Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
Guidance ReconciliationsThe following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
Year Ending December 31, 2026 | Updated(a) Previous | Net income attributable to stockholders $ 8.4-9.8 $ 9.9-11.4 | Income tax expense 2.2-2.8 2.6-3.1 | Automotive interest (income) expense, net (0.1) — | Adjustments 3.5 1.0 | EBIT-adjusted $ 14.0-16.0 $ 13.5-15.5 |
__________ | (a) Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. |
The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:
Year Ending December 31, 2026 | Updated(a) Previous | Diluted earnings per common share $ 8.98-10.98 $ 10.62-12.62 | Adjustments 3.02 0.88 | EPS-diluted-adjusted $ 12.00-14.00 $ 11.50-13.50 |
__________ | (a) Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items. |
The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):
Year Ending December 31, 2026 | Updated(a) Previous | Net automotive cash provided by operating activities $ 15.4-19.4 $ 16.8-20.8 | Less: Capital expenditures 10.0-12.0 10.0-12.0 | Adjustments 4.1 2.2 | Adjusted automotive free cash flow $ 9.5-11.5 $ 9.0-11.0 |
__________ | (a) These expected financial results do not include the potential impact of future adjustments related to special items. |
General Motors Company and Subsidiaries1 | Combining Income Statement Information (In millions) (Unaudited) | Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 | Automotive GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined | Net sales and revenue | Automotive $ 43,762 $ — $ — $ 43,762 $ 42,869 $ — $ — $ — $ 42,869 | GM Financial — 4,267 (3) 4,264 — — 4,255 (2) 4,253 | Total net sales and revenue 43,762 4,267 (3) 48,026 42,869 — 4,255 (2) 47,122 | Costs and expenses | Automotive and other cost of sales 40,696 — — 40,696 39,289 — — (1) 39,289 | GM Financial interest, operating, and other expenses — 3,674 (1) 3,674 — — 3,567 — 3,567 | Automotive and other selling, general, and administrative expense 2,199 — (2) 2,197 2,141 — — (2) 2,139 | Total costs and expenses 42,896 3,674 (3) 46,567 41,431 — 3,567 (2) 44,995 | Operating income (loss) 867 593 — 1,459 1,438 — 688 — 2,127 | Automotive interest expense 151 — — 151 199 — — (1) 198 | Interest income and other non-operating income, net 223 — — 223 367 — — (1) 366 | Equity income (loss) 24 13 — 36 64 — 16 — 80 | Income (loss) before income taxes $ 963 $ 605 $ — $ 1,568 $ 1,671 $ — $ 704 $ — $ 2,375 | Income tax expense (benefit) 214 481 | Net income (loss) 1,354 1,894 | Net loss (income) attributable to noncontrolling interests (48) 1 | Net income (loss) attributable to stockholders $ 1,305 $ 1,895 | Net income (loss) attributable to common stockholders $ 1,287 $ 1,865 | Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 | Automotive GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined | Net sales and revenue | Automotive $ 83,111 $ — $ — $ 83,111 $ 82,729 $ 1 $ — $ — $ 82,730 | GM Financial — 8,543 (4) 8,539 — — 8,419 (7) 8,412 | Total net sales and revenue 83,111 8,543 (4) 91,650 82,729 1 8,419 (7) 91,141 | Costs and expenses | Automotive and other cost of sales 75,723 — 1 75,724 74,318 163 — (1) 74,480 | GM Financial interest, operating, and other expenses — 7,276 (1) 7,275 — — 7,058 — 7,058 | Automotive and other selling, general, and administrative expense 4,270 — (3) 4,266 4,016 111 — (2) 4,124 | Total costs and expenses 79,993 7,276 (4) 87,265 78,334 274 7,058 (4) 85,662 | Operating income (loss) 3,118 1,267 — 4,385 4,395 (273) 1,361 (4) 5,479 | Automotive interest expense 309 — — 309 351 30 — (30) 350 | Interest income and other non-operating income, net 530 (1) — 530 701 2 — (26) 676 | Equity income (loss) 282 27 — 309 114 — 28 — 142 | Income (loss) before income taxes $ 3,621 $ 1,294 $ — $ 4,915 $ 4,859 $ (301) $ 1,389 $ — $ 5,946 | Income tax expense (benefit) 856 1,199 | Net income (loss) 4,058 4,747 | Net loss (income) attributable to noncontrolling interests (126) (68) | Net income (loss) attributable to stockholders $ 3,932 $ 4,680 | Net income (loss) attributable to common stockholders $ 3,901 $ 5,224 |
________ | 1 Certain columns and rows may not add due to rounding. |
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Basic earnings per share | Net income (loss) attributable to stockholders $ 1,305 $ 1,895 $ 3,932 $ 4,680 | Adjustments(a) (18) (30) (31) 544 | Net income (loss) attributable to common stockholders $ 1,287 $ 1,865 $ 3,901 $ 5,224 | Weighted-average common shares outstanding 896 963 904 976 | Basic earnings per common share $ 1.44 $ 1.94 $ 4.32 $ 5.35 | Diluted earnings per share | Net income (loss) attributable to common stockholders – diluted $ 1,287 $ 1,865 $ 3,901 $ 5,224 | Weighted-average common shares outstanding – diluted 910 976 918 989 | Diluted earnings per common share $ 1.41 $ 1.91 $ 4.25 $ 5.28 | Potentially dilutive securities(b) — 6 — 6 |
__________ | (a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025. | (b) Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at June 30, 2026 and outstanding stock options, PSUs, and RSUs at June 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect. |
General Motors Company and Subsidiaries1 | Combining Balance Sheet Information (In millions, except per share amounts) (Unaudited) | June 30, 2026 December 31, 2025 | Automotive GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined | ASSETS | Current Assets | Cash and cash equivalents $ 15,147 $ 4,987 $ — $ 20,134 $ 15,062 $ 56 $ 5,826 $ — $ 20,945 | Marketable debt securities 4,503 82 — 4,585 6,685 — 39 — 6,724 | Accounts and notes receivable, net(a) 16,001 1,559 (790) 16,770 12,199 76 1,506 (727) 13,054 | GM Financial receivables, net(b) — 45,262 (393) 44,870 — — 45,661 (395) 45,266 | Inventories 15,955 — (5) 15,950 14,472 — — (5) 14,467 | Other current assets 2,767 4,929 4 7,700 3,167 9 5,130 6 8,312 | Total current assets 54,374 56,818 (1,184) 110,008 51,585 141 58,162 (1,120) 108,767 | Non-current Assets | GM Financial receivables, net — 44,454 — 44,454 — — 44,384 — 44,384 | Equity in net assets of nonconsolidated affiliates 4,485 1,178 — 5,663 4,564 — 1,117 — 5,681 | Property, net 53,179 138 — 53,316 51,458 99 126 — 51,683 | Goodwill and intangible assets, net 2,954 1,351 — 4,305 3,018 — 1,348 — 4,366 | Equipment on operating leases, net — 32,881 — 32,881 — — 33,686 — 33,686 | Deferred income taxes 24,190 (1,547) — 22,643 24,446 — (1,486) — 22,960 | Other assets 7,804 1,668 — 9,472 8,226 47 1,483 — 9,756 | Total non-current assets 92,612 80,121 — 172,733 91,712 147 80,658 — 172,517 | Total Assets $ 146,986 $ 136,939 $ (1,184) $ 282,742 $ 143,297 $ 288 $ 138,820 $ (1,120) $ 281,284 | LIABILITIES AND EQUITY | Current Liabilities | Accounts payable (principally trade)(a) $ 28,974 $ 657 $ (791) $ 28,840 $ 24,075 $ 1 $ 491 $ (649) $ 23,919 | Short-term debt and current portion of long-term debt | Automotive(b) 907 — (393) 514 1,120 7 — (471) 656 | GM Financial — 36,498 — 36,498 — — 35,012 — 35,012 | Cruise — — — — — — — — — | Accrued liabilities 26,280 4,701 — 30,982 28,956 54 4,744 — 33,754 | Total current liabilities 56,162 41,856 (1,184) 96,834 54,151 63 40,248 (1,120) 93,342 | Non-current Liabilities | Long-term debt | Automotive 15,465 — — 15,465 15,522 70 — — 15,591 | GM Financial — 75,220 — 75,220 — — 79,018 — 79,018 | Cruise — — — — — — — — — | Postretirement benefits other than pensions 3,939 — — 3,939 4,025 — — — 4,025 | Pensions 4,528 13 — 4,541 4,977 — 11 — 4,988 | Other liabilities 19,541 3,560 — 23,101 17,495 281 3,375 — 21,151 | Total non-current liabilities 43,473 78,793 — 122,267 42,019 351 82,404 — 124,775 | Total Liabilities 99,635 120,650 (1,184) 219,101 96,170 414 122,652 (1,120) 218,116 | Equity | Common stock, $0.01 par value 9 — — 9 9 — — — 9 | Additional paid-in capital(c) 19,184 1,018 (1,017) 19,185 18,086 1,842 1,077 (1,076) 19,928 | Retained earnings 36,466 16,523 1 52,990 37,024 (1,968) 16,467 1 51,524 | Accumulated other comprehensive loss (8,932) (1,251) — (10,183) (8,966) — (1,377) — (10,343) | Total stockholders' equity 46,726 16,290 (1,016) 62,000 46,153 (126) 16,167 (1,075) 61,119 | Noncontrolling interests(c) 625 — 1,016 1,641 974 — — 1,075 2,049 | Total Equity 47,351 16,290 — 63,641 47,127 (126) 16,167 — 63,168 | Total Liabilities and Equity $ 146,986 $ 136,939 $ (1,184) $ 282,742 $ 143,297 $ 288 $ 138,820 $ (1,120) $ 281,284 |
__________ | (a) Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.2 billion due from GM Financial at June 30, 2026; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025. | (b) Eliminations primarily related to GM Financial accounts receivable due from Automotive. | (c) Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets. |
General Motors Company and Subsidiaries1 | Combining Cash Flow Information (In millions) (Unaudited) | Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 | Automotive GM Financial Reclassifications/Eliminations Combined Automotive Cruise GM Financial Reclassifications/Eliminations Combined | Cash flows from operating activities | Net income (loss) $ 3,117 $ 941 $ — $ 4,058 $ 4,040 $ (302) $ 1,008 $ — $ 4,747 | Depreciation and impairment of Equipment on operating leases, net — 2,647 — 2,647 — — 2,438 — 2,438 | Depreciation, amortization, and impairment charges on Property, net 3,468 18 — 3,486 3,511 9 17 — 3,537 | Foreign currency remeasurement and transaction (gains) losses 37 (7) — 30 251 — 11 — 262 | Undistributed earnings of nonconsolidated affiliates, net 120 (27) — 93 611 — (28) — 583 | Pension contributions and OPEB payments (431) (1) — (432) (308) — (1) — (309) | Pension and OPEB (income) expense, net 21 1 — 22 31 — 1 — 32 | Provision (benefit) for deferred taxes 209 79 — 289 (3) — 208 — 205 | Change in other operating assets and liabilities(a)(c) (937) (70) 117 (891) (1,077) (432) 410 2,573 1,473 | Net cash provided by (used in) operating activities 5,604 3,582 117 9,304 7,057 (725) 4,065 2,573 12,969 | Cash flows from investing activities | Expenditures for property (3,425) (29) — (3,454) (3,940) (2) (10) — (3,953) | Available-for-sale marketable securities, acquisitions (1,391) (120) — (1,511) (1,248) — — — (1,248) | Available-for-sale marketable securities, liquidations 3,566 77 — 3,644 1,719 — — — 1,719 | Purchases of finance receivables — (18,727) (8) (18,736) — — (19,270) (6) (19,275) | Principal collections and recoveries on finance receivables(a)(b) — 18,725 (1,011) 17,713 — — 20,902 (3,616) 17,286 | Purchases of leased vehicles — (6,591) — (6,591) — — (8,591) — (8,591) | Proceeds from termination of leased vehicles — 5,549 — 5,549 — — 5,326 — 5,326 | Other investing activities(b) (103) — 6 (97) (3,320) — — 898 (2,422) | Net cash provided by (used in) investing activities (1,352) (1,117) (1,014) (3,483) (6,790) (2) (1,642) (2,724) (11,158) | Cash flows from financing activities | Net increase (decrease) in short-term debt 1 (18) — (16) (13) — 41 — 29 | Proceeds from issuance of debt (original maturities greater than three months)(b) 124 23,226 — 23,350 2,018 499 28,650 (499) 30,668 | Payments on debt (original maturities greater than three months) (300) (25,392) (3) (25,696) (571) (3) (26,722) (20) (27,316) | Payment to purchase common stock (2,800) — — (2,800) (2,012) — — — (2,012) | Issuance (redemption) of subsidiary stock(b) — — — — — — — (29) (29) | Dividends paid(c) (771) (959) 900 (831) (260) — (759) 700 (319) | Other financing activities (379) (73) — (452) (227) — (95) — (322) | Net cash provided by (used in) financing activities (4,125) (3,217) 897 (6,445) (1,064) 496 1,115 152 699 | Effect of exchange rate changes on cash, cash equivalents, and restricted cash (96) 13 — (83) 261 1 64 — 327 | Net increase (decrease) in cash, cash equivalents, and restricted cash 31 (738) — (708) (536) (230) 3,602 — 2,836 | Cash, cash equivalents, and restricted cash at beginning of period 15,241 9,043 — 24,284 14,561 322 8,081 — 22,964 | Cash, cash equivalents, and restricted cash at end of period $ 15,271 $ 8,305 $ — $ 23,576 $ 14,025 $ 92 $ 11,683 $ — $ 25,800 |
__________ | (a) Includes eliminations of $1.0 billion and $3.3 billion in the six months ended June 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial. | (b) Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025. | (c) Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2026 and 2025. | Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis. |
The following tables summarize key financial information (dollars in millions):
GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total | Three Months Ended June 30, 2026 | Net sales and revenue $ 39,912 $ 3,691 $ 159 $ — $ 43,762 $ — $ 4,267 $ (3) $ 48,026 | Expenditures for property $ 1,834 $ 61 $ 30 $ — $ 1,924 $ — $ 18 $ — $ 1,942 | Depreciation and amortization $ 1,649 $ 122 $ 6 $ — $ 1,777 $ — $ 1,325 $ — $ 3,102 | Impairment charges $ 1 $ — $ — $ — $ 1 $ — $ — $ — $ 1 | Equity income (loss)(a)(b)(c) $ (383) $ 82 $ (37) $ — $ (337) $ — $ 13 $ — $ (324) | GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total | Three Months Ended June 30, 2025 | Net sales and revenue $ 39,486 $ 3,326 $ 57 $ — $ 42,869 $ — $ 4,255 $ (2) $ 47,122 | Expenditures for property $ 2,014 $ 89 $ 28 $ — $ 2,131 $ — $ 6 $ — $ 2,137 | Depreciation and amortization $ 1,642 $ 131 $ 9 $ — $ 1,782 $ — $ 1,243 $ — $ 3,026 | Impairment charges $ — $ 18 $ — $ — $ 18 $ — $ — $ — $ 18 | Equity income (loss)(a)(b) $ 12 $ 77 $ (14) $ — $ 75 $ — $ 16 $ — $ 91 | GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total | Six Months Ended June 30, 2026 | Net sales and revenue $ 76,312 $ 6,550 $ 249 $ — $ 83,111 $ — $ 8,543 $ (4) $ 91,650 | Expenditures for property $ 3,260 $ 113 $ 51 $ — $ 3,425 $ — $ 29 $ — $ 3,454 | Depreciation and amortization $ 3,190 $ 241 $ 11 $ — $ 3,442 $ — $ 2,665 $ — $ 6,107 | Impairment charges $ 26 $ — $ — $ — $ 26 $ — $ — $ — $ 26 | Equity income (loss)(a)(b)(c) $ (247) $ 243 $ (82) $ — $ (85) $ — $ 27 $ — $ (58) | GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications/Eliminations Total | Six Months Ended June 30, 2025 | Net sales and revenue $ 76,873 $ 5,753 $ 103 $ — $ 82,729 $ 1 $ 8,419 $ (7) $ 91,141 | Expenditures for property $ 3,719 $ 182 $ 39 $ — $ 3,940 $ 2 $ 10 $ — $ 3,953 | Depreciation and amortization $ 3,230 $ 233 $ 36 $ — $ 3,499 $ 5 $ 2,456 $ — $ 5,959 | Impairment charges $ — $ 18 $ — $ — $ 18 $ — $ — $ — $ 18 | Equity income (loss)(a)(b) $ 255 $ 125 $ (14) $ — $ 366 $ — $ 28 $ — $ 394 |
__________ | (a) Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $83 million and $248 million in the three and six months ended June 30, 2026 and $71 million and $116 million in the three and six months ended June 30, 2025. | (b) Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity income (loss) related to Ultium Cell Holdings LLC was insignificant in the three and six months ended June 30, 2026 and insignificant and $252 million in the three and six months ended June 30, 2025. | (c) Equity income (loss) in GMNA includes impacts of our portion of impairment charges for EV strategic realignment. |
General Motors Company and SubsidiariesSupplemental Material1(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.
These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.
EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.
EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.
ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.
ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.
Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.
The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Net income (loss) attributable to stockholders $ 1,305 $ 1,895 $ 3,932 $ 4,680 | Income tax expense (benefit) 214 481 856 1,199 | Automotive interest expense 151 198 309 350 | Automotive interest income (183) (200) (356) (391) | Adjustments | EV strategic realignment(a) 2,279 330 3,356 330 | China restructuring actions(b) 177 140 99 140 | Separation costs(c) — 87 — 87 | Cruise restructuring(d) — 65 — 65 | GMI exit costs(e) — 33 — 33 | Headquarters relocation(f) — 8 — 34 | Total adjustments 2,456 663 3,455 689 | EBIT-adjusted 3,943 3,037 8,196 6,527 | Operating segments | GM North America (GMNA) 3,446 2,415 7,107 5,702 | GM International (GMI) 190 204 314 234 | Cruise — — — (273) | GM Financial(g) 605 704 1,294 1,389 | Total operating segments 4,241 3,323 8,714 7,051 | Corporate and eliminations(h) (298) (286) (518) (524) | EBIT-adjusted $ 3,943 $ 3,037 $ 8,196 $ 6,527 |
__________ | (a) These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment. | (b) These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs. | (c) These adjustments were excluded because they relate to employee separation charges. | (d) These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs. | (e) These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Columbia and Ecuador. | (f) These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures. | (g) GM Financial amounts represent EBT-adjusted. | (h) GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel / Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate. |
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Amount Per Share Amount Per Share Amount Per Share Amount Per Share | Diluted earnings per common share $ 1,287 $ 1.41 $ 1,865 $ 1.91 $ 3,901 $ 4.25 $ 5,224 $ 5.28 | Adjustments(a) 2,456 2.70 663 0.68 3,455 3.76 689 0.70 | Tax effect on adjustments(b) (496) (0.54) (64) (0.07) (679) (0.74) (70) (0.07) | Return from preferred shareholders(c) — — — — — — (593) (0.60) | EPS-diluted-adjusted $ 3,247 $ 3.57 $ 2,464 $ 2.53 $ 6,677 $ 7.27 $ 5,250 $ 5.31 |
__________ | (a) Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. | (b) The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. | (c) This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025. |
The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate | Effective tax rate $ 1,568 $ 214 13.7 % $ 2,375 $ 481 20.2 % $ 4,915 $ 856 17.4 % $ 5,946 $ 1,199 20.2 % | Adjustments(a) 2,456 496 663 64 3,455 679 689 70 | ETR-adjusted $ 4,024 $ 710 17.6 % $ 3,038 $ 545 17.9 % $ 8,370 $ 1,535 18.3 % $ 6,635 $ 1,269 19.1 % |
__________ | (a) Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates. |
We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended | June 30, 2026 June 30, 2025 | Net income attributable to stockholders $ 1.9 $ 4.8 | Average equity(a) $ 63.0 $ 66.8 | ROE 3.1 % 7.1 % |
__________ | (a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders. |
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended | June 30, 2026 June 30, 2025 | EBIT-adjusted(a) $ 14.4 $ 13.2 | Average equity(b) $ 63.0 $ 66.8 | Add: Average automotive debt and interest liabilities (excluding finance leases) 16.0 16.2 | Add: Average automotive net pension and OPEB liability 7.9 8.9 | Less: Average automotive net income tax asset (24.1) (22.8) | ROIC-adjusted average net assets $ 62.8 $ 69.1 | ROIC-adjusted 22.9 % 19.0 % |
__________ | (a) Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. | (b) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted. |
The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Net automotive cash provided by operating activities $ 5,071 $ 4,653 $ 5,604 $ 7,057 | Less: Capital expenditures (1,924) (2,131) (3,425) (3,940) | Add: EV strategic realignment 1,871 — 4,103 — | Add: Legal Matters 13 — 13 — | Add: GMI exit costs 2 8 6 12 | Add: Buick dealer strategy — 305 — 465 | Add: Separation costs — 86 — 139 | Add: China restructuring actions — 9 — 9 | Less: Ultium strategic realignment — (103) — (103) | Adjusted automotive free cash flow $ 5,033 $ 2,827 $ 6,302 $ 3,639 |
General Motors Company and SubsidiariesSupplemental Material1(Unaudited)
Vehicle Sales
GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2026, 26.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | GMNA 848 849 1,641 1,676 | GMI 142 125 248 209 | Total 990 974 1,889 1,885 |
Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | Industry GM Market Share Industry GM Market Share Industry GM Market Share Industry GM Market Share | North America | United States 4,310 715 16.6 % 4,294 747 17.4 % 8,056 1,341 16.7 % 8,323 1,440 17.3 % | Other 1,059 133 12.6 % 1,052 131 12.5 % 1,987 250 12.6 % 1,992 257 12.9 % | Total North America 5,369 848 15.8 % 5,345 878 16.4 % 10,042 1,592 15.8 % 10,315 1,697 16.5 % | Asia/Pacific, Middle East, and Africa | China(a) 5,434 357 6.6 % 6,587 448 6.8 % 10,346 706 6.8 % 12,398 890 7.2 % | Other 5,611 106 1.9 % 5,442 118 2.2 % 11,497 213 1.9 % 11,291 220 1.9 % | Total Asia/Pacific, Middle East, and Africa 11,044 464 4.2 % 12,028 565 4.7 % 21,842 919 4.2 % 23,690 1,110 4.7 % | South America | Brazil 795 79 10.0 % 647 64 9.9 % 1,419 141 9.9 % 1,199 120 10.0 % | Other 464 35 7.6 % 411 31 7.6 % 921 69 7.5 % 811 60 7.4 % | Total South America 1,259 115 9.1 % 1,058 95 9.0 % 2,340 209 8.9 % 2,010 180 8.9 % | Total in GM markets 17,672 1,427 8.1 % 18,432 1,538 8.3 % 34,225 2,720 7.9 % 36,015 2,987 8.3 % | Total Europe 4,591 — — % 4,372 — — % 8,972 1 — % 8,609 1 — % | Total Worldwide(b) 22,263 1,427 6.4 % 22,804 1,538 6.7 % 43,197 2,721 6.3 % 44,623 2,988 6.7 % | United States | Cars 720 13 1.8 % 712 15 2.1 % 1,322 25 1.9 % 1,415 32 2.3 % | Trucks 1,163 378 32.5 % 1,223 401 32.8 % 2,170 702 32.4 % 2,277 746 32.8 % | Crossovers 2,428 324 13.4 % 2,359 330 14.0 % 4,564 615 13.5 % 4,631 662 14.3 % | Total United States 4,310 715 16.6 % 4,294 747 17.4 % 8,056 1,341 16.7 % 8,323 1,440 17.3 % | China(a) | SGMS 94 132 210 251 | SGMW 263 315 496 639 | Total 5,434 357 6.6 % 6,587 447 6.8 % 10,346 706 6.8 % 12,398 890 7.2 % |
__________ | (a) Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW). | (b) Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share. |
As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months Ended Six Months Ended | June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 | GMNA 207 178 391 350 | GMI 111 96 193 164 | Total fleet sales 318 274 584 514 | Fleet sales as a percentage of total vehicle sales 22.3 % 17.8 % 21.5 % 17.2 % |
SOURCE General Motors