DETROIT, April 28, 2026 /PRNewswire/ -- General Motors (NYSE: GM) today reported first-quarter 2026 revenue of $43.6 billion, net income attributable to stockholders of $2.6 billion, and EBIT-adjusted of $4.3 billion.
The company is raising its full-year 2026 EBIT adjusted guidance due to a favorable adjustment of approximately $0.5 billion resulting from the U.S. Supreme Court decision regarding certain U.S. tariffs that were paid under the International Emergency Economic Powers Act. The company now expects gross tariff costs of $2.5 billion to $3.5 billion in 2026, down from the original estimate of $3.0 billion to $4.0 billion.
Updated 2026 guidance Previous 2026 guidance
Net income attributable to stockholders
$9.9 billion - $11.4 billion
$10.3 billion - $11.7 billion
EBIT-adjusted
$13.5 billion - $15.5 billion
$13.0 billion - $15.0 billion
Automotive operating cash flow
$16.8 billion - $20.8 billion
$19.0 billion - $23.0 billion
Adjusted automotive free cash flow
$9.0 billion - $11.0 billion
$9.0 billion - $11.0 billion
EPS-diluted
$10.62 - $12.62
$11.00 - $13.00
EPS-diluted-adjusted
$11.50 - $13.50
$11.00 - $13.00
GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable June 18, 2026, to holders of the company's common stock at the close of trading on June 5, 2026.
An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the?investment community at 8:30 a.m. ET today to discuss these results.
Conference call details are as follows:
- 1-800-857-9821 (U.S.)
- 1-517-308-9481 (international/caller-paid)
- Conference call passcode: General Motors
- An audio replay will be available on the GM Investor Relations website in the Events section.
Results Overview
Three Months Ended
($M) except per share amounts March 31, 2026 March 31, 2025 Change % Change
Revenue $43,624 $44,020 $(395) (0.9) %
Net income (loss) attributable to stockholders $2,627 $2,784 $(157) (5.7) %
EBIT-adjusted $4,253 $3,490 $764 21.9 %
Net income margin 6.0 % 6.3 % (0.3) ppts (4.8) %
EBIT-adjusted margin 9.7 % 7.9 % 1.8 ppts 22.8 %
Automotive operating cash flow $533 $2,404 $(1,871) (77.8) %
Adjusted automotive free cash flow $1,269 $811 $457 56.4 %
EPS-diluted $2.82 $3.35 $(0.53) (15.9) %
EPS-diluted-adjusted $3.70 $2.78 $0.92 33.0 %
GMNA EBIT-adjusted $3,661 $3,286 $375 11.4 %
GMNA EBIT-adjusted margin 10.1 % 8.8 % 1.3 ppts 14.8 %
GMI EBIT-adjusted(a) $123 $30 $94 n.m.
China equity income (loss)(a) $165 $45 $120 n.m.
GM Financial EBT-adjusted $688 $685 $4 0.5 %
__________
(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 Reconciliations
The 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
$ 9.9-11.4
$ 10.3-11.7
Income tax expense 2.6-3.1 2.6-3.2
Automotive interest expense, net 0.0 0.1
Adjustments 1.0
EBIT-adjusted
$ 13.5-15.5
$ 13.0-15.0
__________
(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
$ 10.62-12.62
$ 11.00-13.00
Adjustments 0.88
EPS-diluted-adjusted
$ 11.50-13.50
$ 11.00-13.00
__________
(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
$ 16.8-20.8
$ 19.0-23.0
Less: Capital expenditures 10.0-12.0 10.0-12.0
Adjustments 2.2
Adjusted automotive free cash flow
$ 9.0-11.0
$ 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 Subsidiaries(1)
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Automotive GM Reclassifications/ Combined Automotive Cruise GM Reclassifications/ Combined
Financial Eliminations Financial Eliminations
Net sales and revenue
Automotive $39,349
$ -
$ - $39,349 $39,860 $1
$ -
$ - $39,861
GM Financial - 4,276 (1) 4,275 4,164 (5) 4,159
Total net sales and revenue 39,349 4,276 (1) 43,624 39,860 1 4,164 (5) 44,020
Costs and expenses
Automotive and other cost of sales 35,027 1 35,028 35,029 163 (1) 35,191
GM Financial interest, operating, and other expenses - 3,602 (1) 3,601 3,491 3,491
Automotive and other selling, general, and administrative expense 2,070 (1) 2,069 1,874 111 1,985
Total costs and expenses 37,097 3,602 (1) 40,698 36,903 274 3,491 (1) 40,668
Operating income (loss) 2,252 675 2,926 2,957 (273) 673 (4) 3,352
Automotive interest expense 158 158 152 30 (29) 152
Interest income and other non-operating income, net 307 307 334 2 (25) 310
Equity income (loss) 258 14 272 50 12 62
Income (loss) before income taxes $2,658 $688
$ - $3,347 $3,188 $(301) $685
$ - $3,572
Income tax expense (benefit) 642 719
Net income (loss) 2,705 2,853
Net loss (income) attributable to noncontrolling interests (78) (69)
Net income (loss) attributable to stockholders $2,627 $2,784
Net income (loss) attributable to common stockholders $2,614 $3,361
________
(1) Certain columns and rows may not add due to rounding.
General Motors Company and Subsidiaries(1)
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months Ended
March 31, 2026 March 31, 2025
Basic earnings per share
Net income (loss) attributable to stockholders $2,627 $2,784
Adjustments(a) (13) 577
Net income (loss) attributable to common stockholders $2,614 $3,361
Weighted-average common shares outstanding 911 988
Basic earnings per common share $2.87 $3.40
Diluted earnings per share
Net income (loss) attributable to common stockholders - diluted $2,614 $3,361
Weighted-average common shares outstanding - diluted 926 1,002
Diluted earnings per common share $2.82 $3.35
Potentially dilutive securities(b) 3 4
__________
(a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from
noncontrolling interest holders in the three months ended March 31, 2025.
(b) Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at March 31,
2026 and outstanding stock options, PSUs, and RSUs at March 31, 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 Subsidiaries(1)
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
March 31, 2026
December 31, 2025
Automotive GM Reclassifications/ Combined Automotive Cruise GM Reclassifications/ Combined
Financial Eliminations Financial Eliminations
ASSETS
Current Assets
Cash and cash equivalents $14,670 $5,130
$ - $19,800 $15,062 $56 $5,826
$ - $20,945
Marketable debt securities 4,558 59 4,618 6,685 39 6,724
Accounts and notes receivable, net(a) 15,501 1,560 (679) 16,381 12,199 76 1,506 (727) 13,054
GM Financial receivables, net(b) - 44,130 (379) 43,751 45,661 (395) 45,266
Inventories 15,593 (4) 15,590 14,472 (5) 14,467
Other current assets 3,239 5,734 8 8,981 3,167 9 5,130 6 8,312
Total current assets 53,562 56,613 (1,054) 109,121 51,585 141 58,162 (1,120) 108,767
Non-current Assets
GM Financial receivables, net - 43,724 43,724 44,384 44,384
Equity in net assets of nonconsolidated affiliates 4,833 1,144 5,978 4,564 1,117 5,681
Property, net 52,038 128 52,166 51,458 99 126 51,683
Goodwill and intangible assets, net 2,986 1,349 4,336 3,018 1,348 4,366
Equipment on operating leases, net - 33,344 33,344 33,686 33,686
Deferred income taxes 24,254 (1,571) 22,682 24,446 (1,486) 22,960
Other assets 8,035 1,587 9,622 8,226 47 1,483 9,756
Total non-current assets 92,147 79,706 171,853 91,712 147 80,658 172,517
Total Assets $145,709 $136,319 $(1,054) $280,974 $143,297 $288 $138,820 $(1,120) $281,284
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a) $28,071 $516 $(675) $27,912 $24,075 $1 $491 $(649) $23,919
Short-term debt and current portion of long-term debt
Automotive(b) 785 (379) 406 1,120 7 (471) 656
GM Financial - 35,888 35,888 35,012 35,012
Cruise -
Accrued liabilities 26,071 4,443 30,514 28,956 54 4,744 33,754
Total current liabilities 54,927 40,847 (1,054) 94,720 54,151 63 40,248 (1,120) 93,342
Non-current Liabilities
Long-term debt
Automotive 15,522 15,522 15,522 70 15,591
GM Financial - 75,940 75,940 79,018 79,018
Cruise -
Postretirement benefits other than pensions 3,982 3,982 4,025 4,025
Pensions 4,701 11 4,712 4,977 11 4,988
Other liabilities 17,926 3,478 21,405 17,495 281 3,375 21,151
Total non-current liabilities 42,132 79,428 121,560 42,019 351 82,404 124,775
Total Liabilities 97,059 120,275 (1,054) 216,280 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) 19,540 1,077 (1,076) 19,541 18,086 1,842 1,077 (1,076) 19,928
Retained earnings 37,043 16,341 1 53,386 37,024 (1,968) 16,467 1 51,524
Accumulated other comprehensive loss (8,903) (1,374) (10,277) (8,966) (1,377) (10,343)
Total stockholders' equity 47,690 16,044 (1,075) 62,659 46,153 (126) 16,167 (1,075) 61,119
Noncontrolling interests(c) 961 1,075 2,036 974 1,075 2,049
Total Equity 48,650 16,044 64,694 47,127 (126) 16,167 63,168
Total Liabilities and Equity $145,709 $136,319 $(1,054) $280,974 $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 $0.1 billion due from GM Financial at March 31, 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 Subsidiaries(1)
Combining Cash Flow Information
(In millions) (Unaudited)
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
Automotive GM Reclassifications/ Combined Automotive Cruise GM Reclassifications/ Combined
Financial Eliminations Financial Eliminations
Cash flows from operating activities
Net income (loss) $2,188 $517
$ - $2,705 $2,659 $(302) $496
$ - $2,853
Depreciation and impairment of Equipment on operating leases, net - 1,331 1,331 1,203 1,203
Depreciation, amortization, and impairment charges on Property, net 1,689 10 1,699 1,716 5 9 1,731
Foreign currency remeasurement and transaction (gains) losses (60) (4) (64) 149 2 152
Undistributed earnings of nonconsolidated affiliates, net (252) (14) (266) 497 (12) 485
Pension contributions and OPEB payments (230) (1) (231) (194) (1) (195)
Pension and OPEB (income) expense, net 10 1 11 (1)
Provision (benefit) for deferred taxes 117 105 222 39 104 143
Change in other operating assets and liabilities(a)(c) (2,929) (312) 784 (2,456) (2,463) (237) 76 2,313 (311)
Net cash provided by (used in) operating activities 533 1,633 784 2,950 2,404 (533) 1,877 2,313 6,061
Cash flows from investing activities
Expenditures for property (1,500) (12) (1,512) (1,809) (2) (4) (1,816)
Available-for-sale marketable securities, acquisitions (682) (53) (734) (645) (645)
Available-for-sale marketable securities, liquidations 2,812 33 2,845 1,065 1,065
Purchases of finance receivables(b) - (8,402) (5) (8,407) (9,668) (390) (10,058)
Principal collections and recoveries on finance receivables(a) - 10,545 (1,445) 9,100 11,642 (2,685) 8,956
Proceeds from sale of finance receivables -
Purchases of leased vehicles - (3,274) (3,274) (4,212) (4,212)
Proceeds from termination of leased vehicles - 2,520 2,520 2,529 2,529
Other investing activities(b) 95 (1) 94 (1,059) 750 (310)
Net cash provided by (used in) investing activities 726 1,357 (1,451) 632 (2,448) (2) 286 (2,326) (4,490)
Cash flows from financing activities
Net increase (decrease) in short-term debt (2) 94 92 (18) 188 170
Proceeds from issuance of debt (original maturities greater than three months)(b) - 8,376 8,376 2 334 16,896 (334) 16,897
Payments on debt (original maturities greater than three months) (261) (10,568) 17 (10,813) (66) (1) (15,175) 26 (15,216)
Payment to purchase common stock (800) (800) (2,012) (2,012)
Issuance (redemption) of subsidiary stock(b) - (29) (29)
Dividends paid(c) (164) (709) 650 (223) (116) (409) 350 (175)
Other financing activities (291) (29) (321) (123) (55) (178)
Net cash provided by (used in) financing activities (1,519) (2,837) 667 (3,689) (2,334) 333 1,444 13 (543)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (123) 11 (113) 27 24 51
Net increase (decrease) in cash, cash equivalents, and restricted cash (383) 163 (221) (2,352) (202) 3,632 1,078
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 $14,857 $9,206
$ - $24,063 $12,209 $120 $11,714
$ - $24,042
__________
(a) Includes eliminations of $1.4 billion and $2.6 billion in the three months ended March 31, 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 three months ended March
31, 2025.
(c) Eliminations include dividends issued by GM Financial to Automotive in the three months ended March 31, 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 Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended March 31, 2026
Net sales and revenue $36,401 $2,859 $90
$ - $39,349
$ - $4,276 $(1) $43,624
Expenditures for property $1,427 $53 $21
$ - $1,500
$ - $12
$ - $1,512
Depreciation and amortization $1,541 $119 $5
$ - $1,665
$ - $1,341
$ - $3,005
Impairment charges $25
$ -
$ -
$ - $25
$ -
$ -
$ - $25
Equity income (loss)(a)(b) $136 $161 $(45)
$ - $252
$ - $14
$ - $266
GMNA GMI Corporate Eliminations Total Cruise GM Reclassifications/ Total
Eliminations
Automotive Financial
Three Months Ended March 31, 2025
Net sales and revenue $37,388 $2,427 $46
$ - $39,860 $1 $4,164 $(5) $44,020
Expenditures for property $1,705 $94 $11
$ - $1,809 $2 $4
$ - $1,816
Depreciation and amortization $1,588 $102 $27
$ - $1,716 $5 $1,212
$ - $2,934
Impairment charges
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
Equity income (loss)(a)(b) $242 $49
$ -
$ - $291
$ - $12
$ - $303
__________
(a) Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $165 million and $45 million in the
three months ended March 31, 2026 and 2025.
(b) Equity earnings related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, are 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). In the three months ended March 31, 2026 and 2025, equity earnings in
Ultium Cell Holdings LLC were insignificant and $241 million.
General Motors Company and Subsidiaries
Supplemental 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
March 31, 2026 March 31, 2025
Net income (loss) attributable to stockholders $2,627 $2,784
Income tax expense (benefit) 642 719
Automotive interest expense 158 152
Automotive interest income (173) (191)
Adjustments
EV strategic realignment(a) 1,077
China restructuring actions(b) (78)
Headquarters relocation(c) 26
Total adjustments 999 26
EBIT-adjusted 4,253 3,490
Operating segments
GM North America (GMNA) 3,661 3,286
GM International (GMI) 123 30
Cruise (273)
GM Financial(d) 688 685
Total operating segments 4,473 3,728
Corporate and eliminations(e) (219) (238)
EBIT-adjusted $4,253 $3,490
__________
(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 the GM headquarters relocation, primarily consisting of accelerated
depreciation and other relocation expenditures.
(d)
GM Financial amounts represent EBT-adjusted.
(e) GM's automotive interest income and interest expense, legacy costs from the Opel /Vauxhall Business (primarily pension costs),
corporate expenditures, 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
March 31, 2026
March 31, 2025
Amount Per Share Amount Per Share
Diluted earnings per common share $2,614 $2.82 $3,361 $3.35
Adjustments(a) 999 1.08 26 0.03
Tax effect on adjustments(b) (183) (0.20) (6) (0.01)
Return from preferred shareholders(c) (593) (0.59)
EPS-diluted-adjusted $3,430 $3.70 $2,789 $2.78
__________
(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 three months ended March 31, 2025.
The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months Ended
March 31, 2026
March 31, 2025
Income before income Income tax expense Effective tax Income before income Income tax expense Effective tax
rate rate
taxes (benefit) taxes (benefit)
Effective tax rate $3,347 $642 19.2 % $3,572 $719 20.1 %
Adjustments(a) 999 183 26 6
ETR-adjusted $4,346 $825 19.0 % $3,598 $725 20.1 %
__________
(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
March 31, 2026 March 31, 2025
Net income attributable to stockholders $2.5 $5.8
Average equity(a) $64.1 $67.9
ROE 4.0 % 8.6 %
__________
(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
March 31, 2026 March 31, 2025
EBIT-adjusted(a) $13.5 $14.6
Average equity(b) $64.1 $67.9
Add: Average automotive debt and interest liabilities (excluding finance leases) 16.3 16.0
Add: Average automotive net pension and OPEB liability 8.3 9.1
Less: Average automotive net income tax asset (23.7) (22.7)
ROIC-adjusted average net assets $65.0 $70.2
ROIC-adjusted 20.8 % 20.7 %
__________
(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
March 31, 2026 March 31, 2025
Net automotive cash provided by operating activities $533 $2,404
Less: Capital expenditures (1,500) (1,809)
Add: EV strategic realignment 2,232
Add: GMI exit costs 4 4
Add: Buick dealer strategy 160
Add: Separation costs 53
Adjusted automotive free cash flow $1,269 $811
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 three months ended March 31, 2026, 24.9% 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
March 31, 2026 March 31, 2025
GMNA 793 827
GMI 106 85
Total 899 912
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
March 31, 2026 March 31, 2025
Industry GM Market Share Industry GM Market Share
North America
United States 3,792 626 16.5 % 4,032 693 17.2 %
Other 924 117 12.6 % 941 126 13.4 %
Total North America 4,717 743 15.8 % 4,973 819 16.5 %
Asia/Pacific, Middle East, and Africa
China(a) 5,062 349 6.9 % 5,811 443 7.6 %
Other 5,786 108 1.9 % 5,733 102 1.8 %
Total Asia/Pacific, Middle East, and Africa 10,848 457 4.2 % 11,545 545 4.7 %
South America
Brazil 625 61 9.8 % 552 56 10.1 %
Other 454 33 7.3 % 400 29 7.2 %
Total South America 1,079 95 8.8 % 951 85 8.9 %
Total in GM markets 16,644 1,294 7.8 % 17,469 1,448 8.3 %
Total Europe 4,142 - % 4,238 1 - %
Total Worldwide(b) 20,786 1,295 6.2 % 21,706 1,449 6.7 %
United States
Cars 627 11 1.8 % 707 17 2.5 %
Trucks 1,010 324 32.1 % 1,053 344 32.7 %
Crossovers 2,155 291 13.5 % 2,272 332 14.6 %
Total United States 3,792 626 16.5 % 4,032 693 17.2 %
China(a)
SGMS 116 119
SGMW 233 324
Total 5,062 349 6.9 % 5,811 443 7.6 %
__________
(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
March 31, 2026 March 31, 2025
GMNA 184 172
GMI 82 67
Total fleet sales 266 239
Fleet sales as a percentage of total vehicle sales 20.6 % 16.5 %
View original content:https://www.prnewswire.com/news-releases/gm-releases-2026-first-quarter-results-declares-quarterly-dividend-302754977.html
SOURCE General Motors
CONTACTS: Jim Cain, GM Communications, 313-407-2843, james.cain@chevrolet.com; Ashish Kohli, CFA, GM Investor Relations, 847-964-3459, ashish.kohli@gm.com; David Caldwell, GM Communications, 586-899-7861, david.caldwell@gm.com