General Motors Company (GM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $43.6B, with EBIT-adjusted of $4.3B (up 21.9% YoY) and net income of $2.6B, despite a 0.9% revenue decline and 5.7% drop in net income.

• North America EBIT-adjusted margin reached 10.1%, aided by a 1.5ppt tariff adjustment benefit.

• Maintained U.S. sales leadership with 626K deliveries, #2 in U.S. EV sales, and strong digital services growth, especially OnStar and Super Cruise.

• Additional $1.1B in EV realignment charges recorded in Q1 2026, following $7.9B in 2025.

• Quarterly dividend of $0.18 per share declared; $0.8B in share repurchases in Q1.

Financial highlights

• Q1 2026 EBIT-adjusted was $4.3B, margin 9.7%; adjusted EPS-diluted was $3.70, up 33% YoY.

• Net income margin was 6.0%; ROIC-adjusted for trailing four quarters was 20.8%.

• Adjusted automotive free cash flow was $1.27B, up 56.4% YoY.

• U.S. average transaction price held at $52K, incentives at 4.4% of MSRP, below industry average.

• Dealer inventory at 516K, down 6% YoY.

Outlook and guidance

• Full-year 2026 EBIT-adjusted guidance raised to $13.5B–$15.5B; EPS-diluted-adjusted to $11.50–$13.50.

• Net income guidance: $9.9B–$11.4B; adjusted automotive free cash flow: $9.0B–$11.0B.

• Gross tariff costs for 2026 now expected at $2.5B–$3.5B, down from prior guidance.

• North America EBIT-adjusted margin target remains 8%–10%.

• Expect to reach 13M OnStar subscribers and surpass 850K paid Super Cruise subscribers by end of 2026.