General Motors Company

What they do

GM designs, builds, and sells vehicles under Chevrolet, GMC, Buick, and Cadillac, with a portfolio weighted toward full-size pickup trucks and SUVs. It operates through GM North America (GMNA), GM International (GMI), and GM Financial. The company also invests in EVs, hybrids, personal autonomous vehicle technology, and software-enabled services.

Revenue drivers

• GMNA (North America) — Largest profit center; reported $7,107M of EBIT-adjusted in the six months ended June 30, 2026 with a 9.3% margin, driven by high-margin full-size pickups and SUVs.
• GMI (International) — Reported $314M of EBIT-adjusted in the six months ended June 30, 2026; China equity income was $248M over the same period.
• GM Financial — Captive finance arm financing dealer wholesale and retail customers; reported $1,294M of EBT-adjusted in the six months ended June 30, 2026, down from $1,389M a year earlier.
• EV portfolio — Chevrolet, GMC, and Cadillac EVs remain in production, but GM recorded $7.9B of GMNA EV realignment charges in 2025 and additional net charges of $3.4B in the six months ended June 30, 2026.

Recent performance

Second-quarter 2026 revenue was $48.026B, up 1.9% year over year, with net income attributable to stockholders of $1.305B, down 31.1%. EBIT-adjusted rose 29.8% to $3.943B and EPS-diluted-adjusted rose 41.3% to $3.57, while EPS-diluted fell 26.0% to $1.41. For the six months ended June 30, 2026, revenue was $91.650B, net income attributable to stockholders was $3.932B, and EBIT-adjusted was $8.196B. Automotive operating cash flow for the quarter was $5.071B and adjusted automotive free cash flow was $5.033B.

Strategy

GM states it will invest in ICE vehicles, EVs, hybrids, personal AV technology, and software-enabled services while prioritizing profitable ICE trucks and SUVs. In December 2024 it announced it would no longer fund Cruise robotaxi development and refocused autonomous efforts on personal vehicles, folding those efforts into GMNA. It completed the acquisition of Cruise noncontrolling interests in February 2025 and wound down robotaxi operations. The company is aligning EV capacity to expected demand and recorded $7.9B of GMNA EV-related charges in 2025, with additional charges in 2026. It also returned capital via buybacks and dividends, raising the quarterly dividend to $0.18 per share in January 2026.

Risks

• Tariffs — GM recorded $3.1B of EBIT-adjusted tariff impacts in 2025 and estimates $2.5B-$3.5B for 2026, with the tariff environment described as highly dynamic.
• EV demand and charges — Slowing North American EV demand and reduced emissions regulation led GM to record $7.9B of GMNA charges in 2025 and $3.4B in the first half of 2026, with more expected.
• Regulatory and compliance — Changing fuel economy, GHG, and emissions rules create compliance cost uncertainty, including a possible near-term impairment of up to $1.1B of the $1.4B carrying amount of acquired credits.
• Product safety and litigation — GM faces recalls, product liability, emissions, and other legal proceedings that can result in penalties, recalls, and reputational damage.

Outlook

GM raised full-year 2026 guidance for the second time, expecting net income attributable to stockholders of $8.4B-$9.8B, EBIT-adjusted of $14.0B-$16.0B, and EPS-diluted-adjusted of $12.00-$14.00. It expects automotive operating cash flow of $15.4B-$19.4B and adjusted automotive free cash flow of $9.5B-$11.5B. These figures exclude the potential impact of future special items, and GM expects additional 2026 EV-related charges that it believes will be significantly less than 2025 levels.