GM releases 2026 third-quarter results and updates full-year 2026 guidance; Board approves new $20 billion share repurchase authorization, declares quarterly dividend

PR Newswire

DETROIT, Oct. 20, 2026

DETROIT, Oct. 20, 2026 /PRNewswire/ — General Motors (NYSE: GM) today reported third-quarter 2026 revenue of $50.0 billion, net income attributable to stockholders of $3.3 billion, and EBIT-adjusted of $4.1 billion. 

The company is updating its full-year 2026 EBIT-adjusted guidance, narrowing the range. The company expects net income attributable to stockholders to be $8.9 billion to $9.5 billion; Automotive operating cash flow to be $17.3 billion to $20.3 billion; and EPS-diluted to be $9.72 to $10.72 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

$14.5 billion – $15.5 billion

$14.0 billion – $16.0 billion

Adjusted automotive free cash flow

$11.5 billion – $12.5 billion

$9.5 billion – $11.5 billion

EPS-diluted-adjusted

$12.75 – $13.75

$12.00 – $14.00

Board approves share repurchase program and quarterly dividend
The company also announced it has completed the $6.0 billion share repurchase program announced in January of 2026, and its Board of Directors has approved a new $20.0 billion multi-year share repurchase authorization.

The new share repurchase program, which has no expiration date, will be executed in accordance with applicable securities laws and regulations and may be suspended or discontinued at any time at the company’s discretion.

As of September 30, 2026, the company had 849 million shares outstanding, down from 904 million at the end of 2025. There were 995 million shares outstanding at the end of 2024, and 1.2 billion at the end of 2023.   

GM also 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 December 17, 2026, to holders of the company’s common stock at the close of trading on December 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

September 30, 2026

September 30, 2025

Change

% Change

Revenue

$            50,015

$            48,591

$       1,424

2.9 %

Net income (loss) attributable to stockholders(a)

$              3,335

$              1,327

$       2,008

n.m.

EBIT-adjusted

$              4,106

$              3,376

$          730

21.6 %

Net income margin(a)

6.7 %

2.7 %

4.0 ppts

n.m.

EBIT-adjusted margin

8.2 %

6.9 %

1.3 ppts

18.8 %

Automotive operating cash flow

$              8,049

$              6,070

$       1,979

32.6 %

Adjusted automotive free cash flow

$              5,882

$              4,201

$       1,681

40.0 %

EPS-diluted(a)

$                3.73

$                1.35

$         2.38

n.m.

EPS-diluted-adjusted

$                3.70

$                2.80

$         0.90

32.2 %

GMNA EBIT-adjusted

$              3,592

$              2,506

$       1,087

43.4 %

GMNA EBIT-adjusted margin

8.7 %

6.2 %

2.5 ppts

40.3 %

GMI EBIT-adjusted

$                   28

$                 226

$         (198)

(87.7) %

China equity income (loss)

$                   32

$                   80

$           (48)

(60.3) %

GM Financial EBT-adjusted

$                 668

$                 804

$         (136)

(16.9) %

(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 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

$ 8.9-9.5

$ 8.4-9.8

Income tax expense

2.0-2.4

2.2-2.8

Automotive interest (income) expense, net

(0.1)

(0.1)

Adjustments

3.7

3.5

EBIT-adjusted

$ 14.5-15.5

$ 14.0-16.0

(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

$ 9.72-10.72

$ 8.98-10.98

Adjustments

3.03

3.02

EPS-diluted-adjusted

$ 12.75-13.75

$ 12.00-14.00

(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

$ 17.3-20.3

$ 15.4-19.4

Less: Capital expenditures

10.0-12.0

10.0-12.0

Adjustments

4.2

4.1

Adjusted automotive free cash flow

$ 11.5-12.5

$ 9.5-11.5

(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 September 30, 2026

Three Months Ended September 30, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$  45,706

$     —

$          —

$   45,706

$  44,256

$    —

$     —

$          —

$   44,256

GM Financial

—

4,312

(3)

4,309

—

—

4,337

(2)

4,335

Total net sales and revenue

45,706

4,312

(3)

50,015

44,256

—

4,337

(2)

48,591

Costs and expenses

Automotive and other cost of
     sales

40,739

—

—

40,739

41,937

—

—

(1)

41,936

GM Financial interest,
     operating, and other
     expenses

—

3,651

(1)

3,651

—

—

3,542

—

3,542

Automotive and other selling,
     general, and
     administrative expense

2,029

—

(2)

2,027

2,038

—

—

(1)

2,037

Total costs and expenses

42,768

3,651

(3)

46,416

43,975

—

3,542

(2)

47,515

  Operating income (loss)

2,938

660

—

3,598

281

—

795

—

1,076

Automotive interest expense

162

—

—

162

206

—

—

3

209

Interest income and other non-
     operating income, net

274

—

—

274

473

—

—

3

475

Equity income (loss)

225

8

—

233

68

—

9

—

77

Income (loss) before income
     taxes

$   3,274

$    668

$          —

$     3,943

$     615

$    —

$    804

$          —

$     1,419

Income tax expense (benefit)

565

127

Net income (loss)

3,377

1,293

Net loss (income) attributable to
     noncontrolling interests

(42)

35

Net income (loss) attributable
     to stockholders

$     3,335

$     1,327

Net income (loss) attributable
     to common stockholders

$     3,305

$     1,297

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 128,817

$       —

$          —

$ 128,817

$ 126,985

$      1

$       —

$          —

$ 126,986

GM Financial

—

12,855

(7)

12,848

—

—

12,756

(9)

12,747

Total net sales and revenue

128,817

12,855

(7)

141,665

126,985

1

12,756

(9)

139,732

Costs and expenses

Automotive and other cost of
     sales

116,462

—

—

116,462

116,255

163

—

(2)

116,416

GM Financial interest,
     operating, and other
     expenses

—

10,928

(2)

10,926

—

—

10,599

—

10,600

Automotive and other selling,
     general, and
     administrative expense

6,298

—

(5)

6,293

6,054

111

—

(3)

6,161

Total costs and expenses

122,760

10,928

(7)

133,681

122,309

274

10,599

(5)

133,177

  Operating income (loss)

6,056

1,928

—

7,984

4,676

(273)

2,156

(4)

6,555

Automotive interest expense

472

—

—

472

557

30

—

(27)

560

Interest income and other non-
     operating income, net

804

(1)

—

803

1,174

2

(1)

(23)

1,151

Equity income (loss)

507

35

—

542

182

—

37

—

219

Income (loss) before income
     taxes

$   6,896

$  1,962

$          —

$     8,858

$     5,474

$ (301)

$  2,193

$          —

$     7,366

Income tax expense (benefit)

1,422

1,326

Net income (loss)

7,436

6,040

Net loss (income) attributable
     to noncontrolling interests

(168)

(33)

Net income (loss)
     attributable to
     stockholders

$    7,267

$     6,007

Net income (loss)
     attributable to
     common stockholders

$    7,206

$     6,510

1

Certain columns and rows may not add due to rounding.

General Motors Company and Subsidiaries1
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

Nine Months Ended

September 30,
2026

September 30,
2025

September 30,
2026

September 30,
2025

Basic earnings per share

Net income (loss) attributable to stockholders

$          3,335

$          1,327

$          7,267

$          6,007

Adjustments(a)

(31)

(30)

(62)

503

Net income (loss) attributable to common stockholders

$          3,305

$          1,297

$          7,206

$          6,510

Weighted-average common shares outstanding

872

944

893

965

Basic earnings per common share

$            3.79

$            1.37

$            8.07

$            6.75

Diluted earnings per share

Net income (loss) attributable to common stockholders –
     diluted

$          3,305

$          1,297

$          7,206

$          6,510

Weighted-average common shares outstanding – diluted

887

964

908

980

Diluted earnings per common share

$            3.73

$            1.35

$            7.94

$            6.64

Potentially dilutive securities(b)

—

—

—

—

(a)

Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

(b)

Potentially dilutive securities attributable to Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at September 30, 2026 and outstanding stock options, PSUs, and RSUs at September 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)

September 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

$    18,765

$     4,431

$             —

$   23,196

$   15,062

$     56

$     5,826

$             —

$   20,945

Marketable debt securities

4,351

258

—

4,609

6,685

—

39

—

6,724

Accounts and notes receivable, net(a)

15,589

2,335

(786)

17,138

12,199

76

1,506

(727)

13,054

GM Financial receivables, net(b)

—

46,802

(349)

46,453

—

—

45,661

(395)

45,266

Inventories

15,644

—

(3)

15,640

14,472

—

—

(5)

14,467

Other current assets

3,158

5,664

8

8,831

3,167

9

5,130

6

8,312

Total current assets

57,507

59,491

(1,130)

115,867

51,585

141

58,162

(1,120)

108,767

Non-current Assets

GM Financial receivables, net

—

44,979

—

44,979

—

—

44,384

—

44,384

Equity in net assets of
     nonconsolidated affiliates

4,387

992

—

5,379

4,564

—

1,117

—

5,681

Property, net

54,657

142

—

54,798

51,458

99

126

—

51,683

Goodwill and intangible assets, net

2,926

1,350

—

4,276

3,018

—

1,348

—

4,366

Equipment on operating leases, net

—

32,244

—

32,244

—

—

33,686

—

33,686

Deferred income taxes

23,789

(1,644)

—

22,145

24,446

—

(1,486)

—

22,960

Other assets(b)

7,751

1,744

—

9,495

8,226

47

1,483

—

9,756

Total non-current assets

93,510

79,805

—

173,315

91,712

147

80,658

—

172,517

Total Assets

$  151,017

$ 139,296

$       (1,130)

$ 289,183

$  143,297

$    288

$ 138,820

$       (1,120)

$ 281,284

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally trade)(a)

$    29,917

$        628

$          (781)

$   29,764

$    24,075

$        1

$        491

$          (649)

$   23,919

Short-term debt and current portion of
     long-term debt

Automotive(b)

878

—

(349)

529

1,120

7

—

(471)

656

GM Financial

—

42,939

—

42,939

—

—

35,012

—

35,012

Cruise

—

—

—

—

—

—

—

—

—

Accrued liabilities

27,534

5,563

—

33,097

28,956

54

4,744

—

33,754

Total current liabilities

58,329

49,130

(1,130)

106,330

54,151

63

40,248

(1,120)

93,342

Non-current Liabilities

Long-term debt

Automotive

15,270

—

—

15,270

15,522

70

—

—

15,591

GM Financial

—

70,005

—

70,005

—

—

79,018

—

79,018

Cruise

—

—

—

—

—

—

—

—

—

Postretirement benefits other than
     pensions

3,905

—

—

3,905

4,025

—

—

—

4,025

Pensions

4,482

14

—

4,496

4,977

—

11

—

4,988

Other liabilities

21,033

3,626

—

24,659

17,495

281

3,375

—

21,151

Total non-current liabilities

44,690

73,645

—

118,335

42,019

351

82,404

—

124,775

Total Liabilities

103,019

122,775

(1,130)

224,664

96,170

414

122,652

(1,120)

218,116

Equity

Common stock, $0.01 par value

8

—

—

8

9

—

—

—

9

Additional paid-in capital(c)

18,749

1,018

(1,017)

18,749

18,086

1,842

1,077

(1,076)

19,928

Retained earnings

37,434

16,775

1

54,210

37,024

(1,968)

16,467

1

51,524

Accumulated other comprehensive
     loss

(8,889)

(1,273)

—

(10,162)

(8,966)

—

(1,377)

—

(10,343)

Total stockholders’ equity

47,302

16,521

(1,016)

62,806

46,153

(126)

16,167

(1,075)

61,119

Noncontrolling interests(c)

696

—

1,016

1,712

974

—

—

1,075

2,049

Total Equity

47,998

16,521

—

64,518

47,127

(126)

16,167

—

63,168

Total Liabilities and Equity

$  151,017

$ 139,296

$       (1,130)

$ 289,183

$  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 primarily due from GM Financial at September 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)

Nine Months Ended September 30, 2026

Nine Months Ended September 30, 2025

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$   6,000

$    —

$ 1,436

$           —

$    7,436

$    4,732

$ (302)

$         1,610

$           —

$     6,040

Depreciation and impairment of
     Equipment on operating leases, net

—

—

3,882

—

3,882

—

—

3,675

—

3,675

Depreciation, amortization, and
     impairment charges on Property, net

5,099

—

26

—

5,126

6,375

12

25

—

6,412

Foreign currency remeasurement and
     transaction (gains) losses

(37)

—

(8)

—

(45)

276

—

9

—

285

Undistributed earnings of
     nonconsolidated affiliates, net

(99)

—

(35)

—

(134)

433

—

(37)

—

396

Pension contributions and OPEB
     payments

(618)

—

(1)

—

(619)

(432)

—

(1)

—

(433)

Pension and OPEB (income) expense,
     net

44

—

2

—

46

21

—

1

—

23

Provision (benefit) for deferred taxes

757

—

174

—

931

(64)

—

191

—

127

Change in other operating assets and
     liabilities(a)(c)

2,508

—

(532)

(1,978)

(3)

1,787

(511)

594

1,678

3,548

Net cash provided by (used in)
     operating activities

13,653

—

4,945

(1,978)

16,620

13,127

(800)

6,067

1,678

20,072

Cash flows from investing activities

Expenditures for property

(5,758)

—

(42)

—

(5,800)

(6,054)

(2)

(27)

—

(6,083)

Available-for-sale marketable
     securities, acquisitions

(1,915)

—

(351)

—

(2,266)

(1,768)

—

(17)

—

(1,785)

Available-for-sale marketable
     securities, liquidations

4,232

—

128

—

4,361

2,398

—

—

—

2,398

Purchases of finance receivables(a)

—

—

(29,287)

782

(28,505)

—

—

(28,246)

(5)

(28,251)

Principal collections and recoveries on
     finance receivables(a)(b)

—

—

26,676

—

26,676

—

—

29,539

(3,016)

26,524

Proceeds from sale of finance
     receivables

—

—

—

—

—

—

—

2,005

—

2,005

Purchases of leased vehicles

—

—

(9,565)

—

(9,565)

—

—

(12,609)

—

(12,609)

Proceeds from termination of leased
     vehicles

—

—

8,267

—

8,267

—

—

7,780

—

7,780

Other investing activities(b)

209

—

—

66

276

(3,353)

—

1

901

(2,451)

Net cash provided by (used in)
     investing activities

(3,231)

—

(4,173)

848

(6,556)

(8,777)

(2)

(1,574)

(2,120)

(12,473)

Cash flows from financing activities

Net increase (decrease) in short-term
     debt

(3)

—

(56)

—

(59)

(10)

—

23

—

13

Proceeds from issuance of debt
     (original maturities greater than
     three months)(b)

190

—

34,127

—

34,316

2,019

555

35,103

(555)

37,122

Payments on debt (original maturities
     greater than three months)

(315)

—

(34,375)

(20)

(34,710)

(1,862)

(4)

(35,502)

(24)

(37,391)

Payments to purchase common stock

(5,301)

—

—

—

(5,301)

(3,512)

—

—

—

(3,512)

Issuance (redemption) of subsidiary
     stock(b)

—

—

—

—

—

—

—

—

(29)

(29)

Dividends paid(c)

(927)

—

(1,269)

1,150

(1,046)

(401)

—

(1,169)

1,050

(519)

Other financing activities

(401)

—

(95)

—

(496)

(160)

—

(114)

—

(274)

Net cash provided by (used in)
     financing activities

(6,757)

—

(1,667)

1,130

(7,295)

(3,926)

551

(1,658)

442

(4,591)

Effect of exchange rate changes on
     cash, cash equivalents, and
     restricted cash

(34)

—

5

—

(29)

163

1

73

—

237

Net increase (decrease) in cash, cash
     equivalents, and restricted cash

3,631

—

(890)

—

2,740

588

(250)

2,909

—

3,246

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

$  18,871

$    —

$ 8,153

$           —

$  27,024

$  15,148

$    72

$       10,990

$           —

$  26,210

(a)

Includes eliminations of $0.9 billion and $2.7 billion in the nine months ended September 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 nine months ended September 30, 2025.

(c)

Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2026 and 2025.

Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

General Motors Company and Subsidiaries1

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 September 30, 2026

Net sales and revenue

$      41,419

$  4,085

$    201

$       —

$   45,706

$     —

$   4,312

$           (3)

$   50,015

Expenditures for property

$        2,235

$       98

$        1

$       —

$     2,333

$     —

$        13

$           —

$     2,346

Depreciation and amortization

$        1,564

$     121

$        6

$       —

$     1,691

$     —

$   1,244

$           —

$     2,935

Impairment charges

$           (79)

$       19

$      —

$       —

$        (60)

$     —

$        —

$           —

$        (60)

Equity income (loss)(a)(b)(c)

$           229

$       30

$     (39)

$       —

$        219

$     —

$          8

$           —

$        228

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Three Months Ended September 30, 2025

Net sales and revenue

$      40,551

$   3,645

$      60

$       —

$   44,256

$     —

$   4,337

$           (2)

$   48,591

Expenditures for property

$        2,011

$        92

$      11

$       —

$     2,113

$     —

$        17

$           —

$     2,130

Depreciation and amortization

$        1,703

$      114

$        4

$       —

$     1,821

$     —

$   1,245

$           —

$     3,066

Impairment charges

$        1,044

$        —

$      —

$       —

$     1,044

$     —

$        —

$           —

$     1,044

Equity income (loss)(a)(b)

$           214

$        83

$    (16)

$       —

$        281

$     —

$          9

$           —

$        290

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2026

Net sales and revenue

$    117,732

$ 10,635

$    450

$       —

$  128,817

$     —

$ 12,855

$           (7)

$ 141,665

Expenditures for property

$        5,495

$      211

$      52

$       —

$      5,758

$     —

$        42

$           —

$     5,800

Depreciation and amortization

$        4,754

$      362

$      17

$       —

$      5,133

$     —

$   3,909

$           —

$     9,042

Impairment charges

$           (53)

$        19

$      —

$       —

$         (34)

$     —

$        —

$           —

$         (34)

Equity income (loss)(a)(b)(c)

$           (18)

$      273

$   (121)

$       —

$         134

$     —

$        35

$           —

$        169

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications
/Eliminations

Total

Nine Months Ended September 30, 2025

Net sales and revenue

$    117,424

$   9,398

$    163

$       —

$  126,985

$       1

$ 12,756

$           (9)

$ 139,732

Expenditures for property

$        5,729

$      274

$      50

$       —

$      6,054

$       2

$        27

$           —

$     6,083

Depreciation and amortization

$        4,933

$      347

$      39

$       —

$      5,319

$       5

$   3,701

$           —

$     9,026

Impairment charges

$        1,044

$        18

$      —

$       —

$      1,063

$     —

$        —

$           —

$     1,063

Equity income (loss)(a)(b)

$           469

$      208

$    (30)

$       —

$         647

$     —

$        37

$           —

$        684

(a)

Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $32 million and $280 million in the three and nine months ended September 30, 2026 and $80 million and $197 million in the three and nine months ended September 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 Cells Holdings LLC was insignificant in the three and nine months ended September 30, 2026 and $213 million and $465 million in the three and nine months ended September 30, 2025.

(c)

Equity income (loss) in GMNA includes gains from the sale of an equity investment in the three and nine months ended September 30, 2026 and impacts of impairment charges for EV strategic realignment in the nine months ended September 30, 2026.

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 starting with automotive operating cash flow from operations. We subtract capital expenditures, add the imputed cash effects of third-party payments made on our behalf for inventory banking, and subtract the cash effects when the banked inventory is consumed. The result is then adjusted for management actions, which 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

Nine Months Ended

September 30,
2026

September 30,
2025

September 30,
2026

September 30,
2025

Net income (loss) attributable to stockholders

$            3,335

$            1,327

$             7,267

$            6,007

Income tax expense (benefit)

565

127

1,422

1,326

Automotive interest expense

162

209

472

560

Automotive interest income

(195)

(220)

(551)

(611)

Adjustments

EV strategic realignment(a)

238

1,592

3,594

1,922

China restructuring actions(b)

—

—

99

140

Legal matters(c)

—

300

—

300

Restructuring and other strategic actions(d)

—

41

—

260

Total adjustments

238

1,933

3,693

2,622

EBIT-adjusted

4,106

3,376

12,302

9,903

Operating segments

GM North America (GMNA)

3,592

2,506

10,699

8,207

GM International (GMI)

28

226

342

460

Cruise

—

—

—

(273)

GM Financial(e)

668

804

1,962

2,193

Total operating segments

4,289

3,536

13,003

10,587

Corporate and eliminations(f)

(183)

(160)

(700)

(684)

EBIT-adjusted

$            4,106

$            3,376

$           12,302

$            9,903

(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 investigations and litigation associated with our former OnStar Smart Driver product.

(d)

These adjustments were excluded because they relate to restructuring and strategic actions associated with employee separations, autonomous and assisted driving, manufacturing operations in Colombia and Ecuador, and the GM headquarters relocation.

(e)

GM Financial amounts represent EBT-adjusted.

(f)

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

Nine Months Ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted earnings per common share

$ 3,305

$  3.73

$ 1,297

$  1.35

$ 7,206

$  7.94

$ 6,510

$  6.64

Adjustments(a)

238

0.27

1,933

2.01

3,693

4.07

2,622

2.67

Tax effect on adjustments(b)

(57)

(0.06)

(536)

(0.56)

(736)

(0.81)

(606)

(0.62)

Tax adjustments(c)

(208)

(0.23)

—

—

(208)

(0.23)

—

—

Return from preferred shareholders(d)

—

—

—

—

—

—

(593)

(0.60)

EPS-diluted-adjusted

$ 3,278

$  3.70

$ 2,694

$  2.80

$ 9,955

$ 10.97

$ 7,933

$  8.09

(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)

These adjustments consist of tax benefits from a change to a subsidiary’s legal entity tax classification.

(d)

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):

Three Months Ended

Nine Months Ended

September 30, 2026

September 30, 2025

September 30, 2026

September 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

$ 3,943

$  565

14.3 %

$       1,419

$ 127

8.9 %

$      8,858

$       1,422

16.1 %

$       7,366

$       1,326

18.0 %

Adjustments(a)

238

57

1,933

536

3,693

736

2,622

606

Tax adjustments(b)

—

208

—

—

—

208

—

—

ETR-adjusted

$ 4,181

$  830

19.9 %

$       3,352

$ 663

19.8 %

$    12,551

$       2,366

18.9 %

$       9,988

$       1,932

19.3 %

(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.

(b)

Refer to the reconciliation of diluted earnings (loss) per common share to EPS-diluted adjusted for adjustment details.

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

September 30, 2026

September 30, 2025

Net income attributable to stockholders

$             4.0

$             3.0

Average equity(a)

$           62.1

$           65.2

ROE

6.4 %

4.7 %

(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

September 30,
2026

September 30,
2025

EBIT-adjusted(a)

$           15.1

$           12.4

Average equity(b)

$           62.1

$           65.2

Add: Average automotive debt and interest liabilities (excluding finance leases)

15.9

16.1

Add: Average automotive net pension and OPEB liability

7.6

8.7

Less: Average automotive net income tax asset

(24.5)

(22.9)

ROIC-adjusted average net assets

$           61.1

$           67.1

ROIC-adjusted

24.8 %

18.5 %

(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

Nine Months Ended

September 30,
2026

September 30,
2025

September 30,
2026

September 30,
2025

Net automotive cash provided by operating activities

$         8,049

$         6,070

$       13,653

$       13,127

Less: Capital expenditures

(2,333)

(2,113)

(5,758)

(6,054)

Add: Imputed operating cash outflows

39

—

39

—

Add(less): EV strategic realignment

139

—

4,242

(103)

Add: Restructuring and other strategic actions

1

243

7

859

Add: China restructuring actions

—

1

—

10

Less: Legal matters

(13)

—

—

—

Adjusted automotive free cash flow

$         5,882

$         4,201

$       12,184

$         7,840

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 nine months ended September 30, 2026, 27.6% 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

Nine Months Ended

September 30,
2026

September 30,
2025

September 30,
2026

September 30,
2025

GMNA

870

840

2,511

2,516

GMI

159

137

407

346

Total

1,028

977

2,917

2,862

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

Nine Months Ended

September 30, 2026

September 30, 2025

September 30, 2026

September 30, 2025

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

North America

United States

4,174

671

16.1 %

4,229

710

16.8 %

12,277

2,012

16.4 %

12,567

2,150

17.1 %

Other

1,045

126

12.1 %

1,015

127

12.5 %

3,032

376

12.4 %

3,007

384

12.8 %

Total North America

5,219

797

15.3 %

5,244

837

16.0 %

15,309

2,388

15.6 %

15,574

2,534

16.3 %

Asia/Pacific, Middle East,
     and Africa

China(a)

5,403

358

6.6 %

6,934

469

6.8 %

15,816

1,065

6.7 %

19,333

1,359

7.0 %

Other

5,778

115

2.0 %

5,718

149

2.6 %

17,501

329

1.9 %

17,010

369

2.2 %

Total Asia/Pacific, Middle
     East, and Africa

11,181

474

4.2 %

12,652

618

4.9 %

33,317

1,394

4.2 %

36,342

1,729

4.8 %

South America

Brazil

836

84

10.1 %

711

72

10.1 %

2,255

225

10.0 %

1,910

192

10.1 %

Other

485

35

7.1 %

456

35

7.7 %

1,408

103

7.3 %

1,268

95

7.5 %

Total South America

1,321

119

9.0 %

1,168

107

9.2 %

3,663

328

9.0 %

3,177

287

9.0 %

Total in GM markets

17,721

1,390

7.8 %

19,064

1,562

8.2 %

52,288

4,111

7.9 %

55,093

4,549

8.3 %

Total Europe

4,007

1

— %

4,002

1

— %

13,020

1

— %

12,611

2

— %

Total Worldwide(b)

21,729

1,390

6.4 %

23,066

1,563

6.8 %

65,309

4,112

6.3 %

67,704

4,551

6.7 %

United States

Cars

667

12

1.7 %

649

12

1.8 %

1,991

36

1.8 %

2,076

44

2.1 %

Trucks

1,159

359

31.0 %

1,142

369

32.3 %

3,343

1,061

31.7 %

3,414

1,115

32.6 %

Crossovers

2,348

300

12.8 %

2,437

330

13.5 %

6,943

915

13.2 %

7,076

992

14.0 %

Total United States

4,174

671

16.1 %

4,229

710

16.8 %

12,277

2,012

16.4 %

12,567

2,150

17.1 %

China(a)

SGMS

90

130

300

381

SGMW

269

339

765

978

Total

5,403

358

6.6 %

6,934

469

6.8 %

15,816

1,065

6.7 %

19,333

1,359

7.0 %

(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

Nine Months Ended

September 30,
2026

September 30,
2025

September 30,
2026

September 30,
2025

GMNA

160

148

551

498

GMI

107

113

302

277

Total fleet sales

267

261

853

775

Fleet sales as a percentage of total vehicle sales

19.2 %

16.7 %

20.7 %

17.0 %

 

Cision View original content:https://www.prnewswire.com/news-releases/gm-releases-2026-third-quarter-results-and-updates-full-year-2026-guidance-board-approves-new-20-billion-share-repurchase-authorization-declares-quarterly-dividend-302913358.html

SOURCE General Motors

About The Author
General Motors