10-QPeriod: Q2 FY2026

General Motors Co Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 21, 2026For Securities:GM

Summary

General Motors Co. (GM) reported its financial results for the quarter and six months ended June 30, 2026. The company demonstrated resilience with total net sales and revenue increasing to $48.0 billion for the quarter and $91.7 billion for the first six months, up from $47.1 billion and $91.1 billion respectively in the prior year periods. Net income attributable to stockholders saw a notable decline, with $1.3 billion reported for the quarter and $3.9 billion for the six months, compared to $1.9 billion and $4.7 billion in the same periods of 2025. This decrease is largely influenced by significant charges related to GM's EV strategic realignment, including ongoing commercial negotiations, losses on contractual supply agreements, and compliance-related assets, amounting to $2.3 billion in the quarter and $3.4 billion year-to-date. Despite these charges, GMNA's EBIT-adjusted saw a substantial increase of 42.7% for the quarter and 24.6% for the six months, indicating strong operational performance from its core automotive business. GM Financial also contributed positively, though its EBT-adjusted saw a decrease of 14.0% for the quarter and 6.9% for the six months. The company's liquidity remains robust, with total available liquidity of $33.6 billion for Automotive and $32.3 billion for GM Financial as of June 30, 2026. Management reiterated its full-year 2026 outlook, projecting net income attributable to stockholders between $8.4 billion and $9.8 billion and adjusted diluted EPS between $12.00 and $14.00. The company continues to prioritize profitable ICE vehicles while managing its EV transition, with a focus on improving EV profitability and cost structures.

Key Highlights

  • 1Total net sales and revenue increased to $48.0 billion for Q2 2026 and $91.7 billion for H1 2026.
  • 2Net income attributable to stockholders decreased to $1.3 billion for Q2 2026 and $3.9 billion for H1 2026, impacted by significant EV strategic realignment charges.
  • 3GMNA's EBIT-adjusted increased significantly by 42.7% for Q2 2026 and 24.6% for H1 2026, driven by strong operational performance and favorable pricing.
  • 4Significant charges of $2.3 billion for Q2 2026 and $3.4 billion for H1 2026 were recorded due to EV strategic realignment, including commercial negotiations and supply agreement losses.
  • 5GM Financial's EBT-adjusted declined by 14.0% for Q2 2026 and 6.9% for H1 2026, primarily due to increased operating and leased vehicle expenses.
  • 6The company maintained a strong liquidity position with combined automotive and GM Financial available liquidity of $65.9 billion as of June 30, 2026.
  • 7GM reiterated its full-year 2026 guidance, projecting net income attributable to stockholders between $8.4 billion and $9.8 billion and adjusted diluted EPS between $12.00 and $14.00.

Frequently Asked Questions

The decrease in net income attributable to stockholders for the six months ended June 30, 2026, compared to the prior year, was primarily driven by significant charges related to General Motors' EV strategic realignment. These charges, amounting to $3.4 billion year-to-date, include ongoing commercial negotiations with suppliers and joint venture partners, losses on contractual supply agreements, and costs associated with compliance-related assets, partially offset by recoveries. These one-time charges significantly impacted the reported net income.

GM North America (GMNA) demonstrated strong operational performance in the first half of 2026. Despite a slight decrease in total net sales and revenue due to lower wholesale volumes and unfavorable mix, EBIT-adjusted saw a substantial increase of 24.6% year-over-year, reaching $7.1 billion. This improvement was driven by favorable pricing, cost efficiencies from lower warranty and inventory adjustment costs, and a favorable mix of higher-margin vehicles.

GM Financial's financial performance showed a decline in EBT-adjusted for the first six months of 2026, down 6.9% to $1.3 billion. This was due to increased operating expenses, particularly related to insurance and vehicle protection businesses, and higher leased vehicle expenses, largely from depreciation on EVs. However, the segment continues to provide essential financing for vehicle sales and maintain a strong liquidity position with $32.3 billion in available liquidity. Overall, GM Financial's stability is crucial for supporting GM's automotive sales and operations.

General Motors has reaffirmed its full-year 2026 financial outlook. The company expects net income attributable to stockholders to be between $8.4 billion and $9.8 billion, and adjusted diluted earnings per share (EPS-diluted-adjusted) to be between $12.00 and $14.00. Management's priorities include achieving sustained EBIT-adjusted margins of 8.0-10.0% in GMNA and continuing to grow the business while maintaining a strong balance sheet and returning cash to stockholders.