GM earnings: guidance and what to watch
GM's next results are expected on October 20, 2026. Watch whether third-quarter costs fit management’s timing and later commodity benefits remain credible.
What has GM guided for 2026?
GM makes Chevrolet, GMC, Buick and Cadillac vehicles. For 2026, it guides to $14,000–$16,000 million of EBIT-adjusted, meaning operating earnings before interest and taxes after selected special items are removed, and $12.00–$14.00 of adjusted earnings per diluted share.
Reported profit is lower because it includes every recognized gain and loss. If a factory bought for $1 billion is now worth only $600 million, GM records a $400 million impairment. That reduces reported profit and the factory’s recorded value, even though the initial entry may not require immediate cash. GM’s reported net-income guidance is $8,400–$9,800 million, so adjusted earnings and shareholder profit answer different questions.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Net income attributable to stockholders | Year to Dec 2026 | 8,400 | 9,800 | Jul 21, 2026 |
| EBIT-adjusted | Year to Dec 2026 | 14,000 | 16,000 | Jul 21, 2026 |
| Adjusted automotive free cash flow | Year to Dec 2026 | 9,500 | 11,500 | Jul 21, 2026 |
| EPS-diluted-adjusted | Year to Dec 2026 | 12.00 | 14.00 | Jul 21, 2026 |
| North America EBIT-adj. margin | Year to Dec 2026 | 8.0% | 10.0% | Jul 21, 2026 |
| Gross tariff costs | Year to Dec 2026 | 2,500 | 3,500 | Apr 28, 2026 |
Did GM keep its past promises?
GM’s technology record is less consistent. It abandoned its earlier target to produce 400,000 electric vehicles through the first half of 2024 and stopped funding Cruise’s robotaxi expansion. By the July 2026 results call, EV-related charges since the second half of 2025 had reached US$10.9 billion. Anderson’s one-time US$24 million award creates a clear accountability test: GM now expects better integrated products and execution.
What do GM's last eight quarters show?
Revenue rose from $47,122 million to $48,026 million, but net income fell from $1,895 million to $1,305 million. The comparison with the same quarter a year earlier is more useful than a sequential comparison because late 2025 included a large operating loss.
| Quarter to Jun 2026 | Quarter to Mar 2026 | Quarter to Dec 2025 | Quarter to Sep 2025 | Quarter to Jun 2025 | Quarter to Mar 2025 | Quarter to Dec 2024 | Quarter to Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 48,026 | 43,624 | 45,287 | 48,591 | 47,122 | 44,020 | 47,702 | 48,757 |
| Gross margin (calculated) | 15.3% | 19.7% | 5.7% | 13.7% | 16.6% | 20.1% | 17.3% | 20.0% |
| Operating income | 1,459 | 2,926 | -3,646 | 1,076 | 2,127 | 3,352 | 1,522 | 3,651 |
| Net income | 1,305 | 2,627 | -3,310 | 1,327 | 1,895 | 2,784 | -2,961 | 3,056 |
| EPS, diluted | 1.41 | 2.82 | -3.60 | 1.35 | 1.91 | 3.35 | -1.64 | 2.68 |
| Cash from operations | 5,071 | 533 | 5,606 | 6,070 | 4,653 | 2,404 | 4,765 | 7,863 |
What should GM watch on October 20, 2026?
The nearest test is GM’s October 20, 2026 results. Costs do not always reach reported vehicle costs immediately: parts may sit in inventory or pass through suppliers first. The release should show whether third-quarter costs fit management’s timing and whether later commodity benefits remain credible.