GM releases 2026 third-quarter results and updates full-year 2026 guidance;
GM releases 2026 third-quarter results and updates full-year 2026 guidance; Board approves new $20 billion share repurchase authorization, declares quarterly dividend
– 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
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 $14.0 billion - $16.0 billion billion Adjusted automotive $11.5 billion - $12.5 $9.5 billion - $11.5 free cash flow billion 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.
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.
• An audio replay will be available on the GM Investor Relations website in the Events section. 1
(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.
CONTACTS: Jim Cain Ashish Kohli, CFA GM Communications GM Investor Relations 313-407-2843 847-964-3459 james.cain@chevrolet.com ashish.kohli@gm.com David Caldwell GM Communications 586-899-7861 david.caldwell@gm.com
: 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. 3
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):
(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:
(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):
(a) These expected financial results do not include the potential impact of future adjustments related to special items. 4
(Unaudited) The following table summarizes basic and diluted ea rnings pe r share (in millions, except per share amounts):
(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. 6
__________ (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. 7
__________ (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. 8
(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. 9
(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.
(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.
(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.
(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.
(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.
(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. 10
(Unaudited) The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
(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.
(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. 11
(Unaudited) The following table reconciles diluted earnin gs pe r common share to EPS- diluted-adjusted (dollars in millions, except per share amounts):
(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):
(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):
(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders. 12
(Unaudited) The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters September 30, September 30, Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── EBIT-adjuste… $ 15.1 $ 12.4 Average $ 62.1 $ 65.2 equity(b) Add: Average automotive debt and interest 15.9 16.1 liabilities (excluding finance leases) Add: Average automotive net pension 7.6 8.7 and OPEB liability Less: Average automotive net income -24.5 -22.9 tax asset ROIC-adjusted average net $ 61.1 $ 67.1 assets 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):
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):
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. 14
(Unaudited) The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
(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):
Full text with the tables
Exhibit 99.1 News
For Release: Tuesday, October 20, 2026, at 6:30 a.m. ET
GM releases 2026 third-quarter results and updates full-year 2026 guidance;
Board approves new $20 billion share repurchase authorization, declares
quarterly dividend
DETROIT
– 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 $14.0 billion - $16.0
billion billion
Adjusted automotive $11.5 billion - $12.5 $9.5 billion - $11.5
free cash flow billion 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 $0.18 per share,
payable December 17, 2026, to holders of the company's common stock at the close
of trading on December 4, 2026.
An overview of quarterly results and financial highlights appears below. Visit
the GM Investor Relations website to download the company's earnings deck and GM
Chair and CEO Mary Barra's Letter to Shareholders.
Conference call for investors and analysts
Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference
call for the investment community at 8:30 a.m. ET today to discuss these
results.
Conference call details are as follows:
• 1-800-857-9821 (U.S.)
• 1-517-308-9481 (international/caller-paid)
• Conference call passcode: General Motors
• An audio replay will be available on the GM Investor Relations website in the
Events section.
1
Results Overview
($M)
exce…
per Three Sept… Septe…
share Months 30, 30, %
amou… Ended 2026 2025 Chan… Chan…
──────────────────────────────────────────────────────────────────────────────
Rev… $ 50,0… $ 48,591 $ 1,424 2.9 %
Net
inc…
(lo… $ 3,335 $ 1,327 $ 2,008 n.m.
att…
to
sto…
EBI… $ 4,106 $ 3,376 $ 730 21.6 %
Net 4.0
inc… 6.7 % 2.7 % ppts n.m.
mar…
EBI… 8.2 % 6.9 % 1.3 18.8 %
mar… ppts
Aut…
ope… $ 8,049 $ 6,070 $ 1,979 32.6 %
cash
flow
Adj…
aut…
free $ 5,882 $ 4,201 $ 1,681 40.0 %
cash
flow
EPS… $ 3.73 $ 1.35 $ 2.38 n.m.
EPS… $ 3.70 $ 2.80 $ 0.90 32.2 %
GMNA $ 3,592 $ 2,506 $ 1,087 43.4 %
EBI…
GMNA 2.5
EBI… 8.7 % 6.2 % ppts 40.3 %
mar…
GMI $ 28 $ 226 $ -198 -87.7 %
EBI…
Chi…
equ… $ 32 $ 80 $ -48 -60.3 %
inc…
(lo…
GM
Fin… $ 668 $ 804 $ -136 -16.9 %
EBT…
__________
(a) n.m. = not meaningful
2
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.
###
CONTACTS:
Jim Cain Ashish Kohli, CFA
GM Communications GM Investor Relations
313-407-2843 847-964-3459
james.cain@chevrolet.com ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@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.
3
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
attributab… $ 8.9-9.5 $ 8.4-9.8
to
stockholde…
Income tax 2.0-2.4 2.2-2.8
expense
Automotive
interest
(income) -0.1 -0.1
expense,
net
Adjustments 3.7 3.5
EBIT-adjus… $ 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 $ $ 8.98-10.98
per common 9.72-10.72
share
Adjustmen… 3.03 3.02
EPS-dilut… $ $
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 $ 17.3-20.3 $ 15.4-19.4
by
operating
activities
Less: Capital 10.0-12.0 10.0-12.0
expenditures
Adjustments 4.2 4.1
Adjusted
automotive $ 11.5-12.5 $ 9.5-11.5
free cash
flow
__________
(a) These expected financial results do not include the potential impact of
future adjustments related to special items.
4
General Motors Company and Subsidiaries
1
Combining Income Statement Information
(In millions) (Unaudited)
… …
… …
… …
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… … … … … … GM R… C…
… F…
$ … $ — $ — $ … $ 4… $ — $ — $ — $ …
— … … … — — … … …
… … … … 4… — … … …
… — — … 4… — — … …
— … … … — — … — …
… — … … 2… — — … …
… … … … 4… — … … …
… … — … 2… — … — …
… — — … 2… — — 3 …
… — — … 4… — — 3 …
… 8 — … 68 — 9 — …
$ … $ … $ — $ … $ 6… $ — $ … $ — $ …
… …
… …
… …
$ … $ …
$ … $ …
… …
… …
… …
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… … … … … C… GM R… C…
… F…
$ … $ — $ — $ … $ … $ 1 $ — $ — $ …
— … … … — — … … …
… … … … … 1 … … …
… — — … … … — … …
— … … … — — … — …
… — … … … … — … …
… … … … … … … … …
… … — … … … … … …
… — — … … … — … …
… … — … … 2 … … …
… … — … … — … — …
$ … $ … $ — $ … $ … $ … $ … $ — $ …
… …
… …
… …
$ … $ …
$ … $ …
________
1 Certain columns and rows may not add due to rounding.
5
General Motors Company and Subsidiaries
1
Basic and Diluted Earnings per Share
(Unaudited)
The following table summarizes basic and diluted ea rnings pe r share (in
millions, except per share amounts):
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Basic
earni…
per
share
Net
income
(loss) $ 3,335 $ 1,327 $ 7,267 $ 6,007
attri…
to
stock…
Adjus… -31 -30 -62 503
Net
income
(loss)
attri… $ 3,305 $ 1,297 $ 7,206 $ 6,510
to
common
stock…
Weigh…
common 872 944 893 965
shares
outst…
Basic
earni…
per $ 3.79 $ 1.37 $ 8.07 $ 6.75
common
share
Dilut…
earni…
per
share
Net
income
(loss)
attri…
to $ 3,305 $ 1,297 $ 7,206 $ 6,510
common
stock…
–
dilut…
Weigh…
common
shares 887 964 908 980
outst…
–
dilut…
Dilut…
earni…
per $ 3.73 $ 1.35 $ 7.94 $ 6.64
common
share
Poten…
dilut… — — — —
secur…
__________
(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.
6
General Motors Company and Subsidiaries
1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… … … … … C… GM R… C…
… F…
$ … $ … $ — $ … $ … $ … $ … $ — $ …
… … — … … — … — …
… … … … … … … … …
— … … … — — … … …
… — … … … — — … …
… … 8 … … 9 … 6 …
… … … … … … … … …
— … — … — — … — …
… … — … … — … — …
… … — … … … … — …
… … — … … — … — …
— … — … — — … — …
… … — … … — … — …
… … — … … … … — …
… … — … … … … — …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ 1 $ … $ … $ …
… — … … … 7 — … …
— … — … — — … — …
— — — — — — — — —
… … — … … … … — …
… … … … … … … … …
… — — … … … — — …
— … — … — — … — …
— — — — — — — — —
… — — … … — — — …
… … — … … — … — …
… … — … … … … — …
… … — … … … … — …
… … … … … … … … …
8 — — 8 9 — — — 9
… … … … … … … … …
… … 1 … … … … 1 …
… … — … … — … — …
… … … … … … … … …
… — … … … — — … …
… … — … … … … — …
$ … $ … $ … $ … $ … $ … $ … $ … $ …
__________
(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.
7
General Motors Company and Subsidiaries
1
Combining Cash Flow Information
(In millions) (Unaudited)
… …
… …
… …
… …
… …
… …
──────────────────────────────────────────────────────────────────────────────
… … … … … … … … … …
… …
$ … $ — $ … $ — $ … $ … $ $ $ $
— — … — … —
… — … — … …
… — … — … …
… — … — … …
… — … — … …
… — 2 — … …
… — … — … …
… — … … … …
… — … … … …
… — … — … …
… — … — … …
… — … — … …
— — … … … —
— — … — … —
— — — — — —
— — … — … —
— — … — … —
… — — … … …
… — … … … …
… — … — … …
… — … — … …
… — … … … …
… — — — … …
— — — — — —
… — … … … …
… — … — … …
… — … … … …
… — 5 — … …
… — … — … …
… — … — … …
$ … $ — $ … $ — $ … $ … $ $ $ $
__________
(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.
8
General Motors Company and Subsidiaries
1
The following tables summarize key financial information (dollars in millions):
… GM R…
… … … … … … F… s… T…
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ — $ 4… $ — $ … $ … $ …
$ … $ … $ 1 $ — $ 2… $ — $ … $ — $ …
$ … $ … $ 6 $ — $ 1… $ — $ … $ — $ …
$ … $ … $ — $ — $ -… $ — $ — $ — $ …
$ … $ … $ … $ — $ 2… $ — $ 8 $ — $ …
… … … … … … GM R… T…
… F…
$ … $ … $ … $ — $ 4… $ — $ … $ … $ …
$ … $ … $ … $ — $ 2… $ — $ … $ — $ …
$ … $ … $ 4 $ — $ 1… $ — $ … $ — $ …
$ … $ — $ — $ — $ 1… $ — $ — $ — $ …
$ … $ … $ … $ — $ 2… $ — $ 9 $ — $ …
… … … … … … GM R… T…
… F…
$ … $ … $ … $ — $ 1… $ — $ … $ … $ …
$ … $ … $ … $ — $ 5… $ — $ … $ — $ …
$ … $ … $ … $ — $ 5… $ — $ … $ — $ …
$ … $ … $ — $ — $ -… $ — $ — $ — $ …
$ … $ … $ … $ — $ 1… $ — $ … $ — $ …
… … … … … … GM R… T…
… F…
$ … $ … $ … $ — $ 1… $ 1 $ … $ … $ …
$ … $ … $ … $ — $ 6… $ 2 $ … $ — $ …
$ … $ … $ … $ — $ 5… $ 5 $ … $ — $ …
$ … $ … $ — $ — $ 1… $ — $ — $ — $ …
$ … $ … $ … $ — $ 6… $ — $ … $ — $ …
__________
(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.
9
General Motors Company and Subsidiaries
Supplemental Material
1
(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.
10
General Motors Company and Subsidiaries
Supplemental Material
1
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders to
EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
(loss) $ 3,335 $ 1,327 $ 7,267 $ 6,007
attri…
to
stock…
Income
tax 565 127 1,422 1,326
expen…
(bene…
Autom…
inter… 162 209 472 560
expen…
Autom…
inter… -195 -220 -551 -611
income
Adjus…
EV
strat… 238 1,592 3,594 1,922
reali…
China
restr… — — 99 140
actio…
Legal — 300 — 300
matte…
Restr…
and
other — 41 — 260
strat…
actio…
Total 238 1,933 3,693 2,622
adjus…
EBIT-… 4,106 3,376 12,302 9,903
Opera…
segme…
GM
North 3,592 2,506 10,699 8,207
Ameri…
(GMNA)
GM
Inter… 28 226 342 460
(GMI)
Cruise — — — -273
GM 668 804 1,962 2,193
Finan…
Total
opera… 4,289 3,536 13,003 10,587
segme…
Corpo…
and -183 -160 -700 -684
elimi…
EBIT-… $ 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.
11
General Motors Company and Subsidiaries
Supplemental Material
1
(Unaudited)
The following table reconciles diluted earnin gs pe r common share to EPS-
diluted-adjusted (dollars in millions, except per share amounts):
T… S… S… … S… S…
M… 3… 3… … 3… 3…
E… 2… 2… … 2… 2…
──────────────────────────────────────────────────────────────────────────────
A… P… A… … … … … …
S… … … …
…
…
… $ 3… $ 3… $ 1… $ 1… $ 7… $ 7… $ 6… $ 6…
…
…
… 2… 0… 1… 2… 3… 4… 2… 2…
…
… -… -… -… -… -… -… -… -…
…
…
… -… -… — — -… -… — —
…
…
… — — — — — — -… -…
…
…
… $ 3… $ 3… $ 2… $ 2… $ 9… $ 1… $ 7… $ 8…
__________
(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):
──────────────────────────────────────────────────────────────────────────────
__________
(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 September 30, September 30,
Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income
attributable $ 4.0 $ 3.0
to
stockholders
Average $ 62.1 $ 65.2
equity(a)
ROE 6.4 % 4.7 %
__________
(a) Includes equity of noncontrolling interests where the corresponding earnings
(loss) are included in Net income attributable to stockholders.
12
General Motors Company and Subsidiaries
Supplemental Material
1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in
billions):
Four Quarters September 30, September 30,
Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
EBIT-adjuste… $ 15.1 $ 12.4
Average $ 62.1 $ 65.2
equity(b)
Add: Average
automotive
debt and
interest 15.9 16.1
liabilities
(excluding
finance
leases)
Add: Average
automotive
net pension 7.6 8.7
and
OPEB
liability
Less: Average
automotive
net income -24.5 -22.9
tax
asset
ROIC-adjusted
average net $ 61.1 $ 67.1
assets
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 Septem… Septem… Nine Septem…
Months 30, 30, Months 30, Septemb…
Ended 2026 2025 Ended 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
autom…
cash
provi… $ 8,049 $ 6,070 $ 13,653 $ 13,127
by
opera…
activ…
Less:
Capit… -2,333 -2,113 -5,758 -6,054
expen…
Add:
Imput…
opera… 39 — 39 —
cash
outfl…
Add(l…
EV 139 — 4,242 -103
strat…
reali…
Add:
Restr…
and 1 243 7 859
other
strat…
actio…
Add:
China — 1 — 10
restr…
actio…
Less:
Legal -13 — — —
matte…
Adjus…
autom…
free $ 5,882 $ 4,201 $ 12,184 $ 7,840
cash
flow
13
General Motors Company and Subsidiaries
Supplemental Material
1
(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 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 Nine
Months Months
Ended Ended
Septe… Septe… Septe… Septem…
30, 30, 30, 30,
2026 2025 2026 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.
14
General Motors Company and Subsidiaries
Supplemental Material
1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's
related competitive position by geographic region (vehicles in thousands):
──────────────────────────────────────────────────────────────────────────────
__________
(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 Septe… Septe… Nine Sept… Septe…
Months 30, 30, Months 30, 30,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
GMNA 160 148 551 498
GMI 107 113 302 277
Total
fleet 267 261 853 775
sales
Fleet
sales
as a
perc… 19.2 % 16.7 % 20.7 % 17.0 %
of
total
vehi…
sales
15