General Motors Company

In the first half of 2026, GM reported $92 billion in revenue, $8.2 billion of EBIT adjusted, and adjusted diluted EPS of $7.27, which was more than 35% higher year over year and the best first-half EPS diluted adjusted performance ever. In Q2, revenue was $48 billion, up $900 million year over year; EBIT adjusted was $3.9 billion, up $900 million; and adjusted automotive free cash flow was $5 billion, up $2.2 billion year over year. North America EBIT adjusted was $3.4 billion with an 8.6% margin, up 2.5 points year over year. GM raised full-year 2026 guidance to EBIT adjusted of $14 billion-$16 billion from $13.5 billion-$15.5 billion, EPS diluted adjusted of $12-$14 from $11.50-$13.50, and adjusted automotive free cash flow of $9.5 billion-$11.5 billion from $9 billion-$11 billion. The update assumes no material escalation in the Middle East and no significant increase in commodity or other inflationary pressures from current levels.

Mary Barra framed the quarter as evidence that GM’s portfolio and execution are working, saying the company is winning in core trucks and SUVs while also expanding software, services, and adjacent businesses. She highlighted share gains in full-size pickups, record fleet deliveries, strong Super Cruise adoption, and onshoring plans that should reduce tariff exposure and lift U.S. capacity. Her tone was confident and forward-looking, repeatedly pointing to 2027 and beyond as the next step in the company’s margin and growth story.

Paul Jacobson emphasized the financial quality of the quarter: first-half adjusted automotive free cash flow of $6.3 billion, Q2 adjusted automotive free cash flow of $5 billion, Q2 revenue of $48 billion, and Q2 EBIT adjusted of $3.9 billion. He noted $2 billion of open-market share repurchases in Q2, $2.8 billion repurchased and 36 million shares retired in the first half, a diluted share count of 893 million, and an automotive cash balance of $19.7 billion. On EV restructuring, he said GM recorded $2.3 billion of incremental charges in Q2 and has recorded $10.9 billion since the second half of 2025, with about $7.2 billion cash impact and $4.5 billion already paid. He also cited GM Financial EBT adjusted of $600 million and reiterated 2026 guidance upside from pricing, warranty, and EV loss improvement, offset by tariffs, commodities, onshoring costs, and launch-related pressure.

Analysts focused on Super Cruise monetization, warranty upside, the rationale for the 2026 guidance raise, and whether truck pricing and volumes can stay strong into 2027. Management said Super Cruise availability and pricing will continue to be evaluated, with higher attach rates and more subscriptions expected as more vehicles roll off chip-crisis vintages; they also said the opportunity extends beyond 2027 as costs come down. On warranty, Paul Jacobson said GM saw about $500 million of first-half benefit and expects more improvement, while Mary Barra said GM is using more simulation and AI to catch issues earlier. Questions on the new truck launch, autonomy, sodium-ion batteries, and onshoring were met with comments that the launch should support pricing and eventually volume, autonomy remains on track for 2028, and the Peak Energy/sodium-ion effort is a capital-efficient option rather than a large capital bet.