General Motors reports higher revenue, supported by Chevrolet, GMC, Cadillac, Buick, and GM Financial.
Stock Earnings Results
July 21, 2026
Table of Contents
July 21, 2026
General Motors Company (NYSE: GM) reported second-quarter 2026 results above expectations, supported by strong North America performance, disciplined pricing, higher adjusted earnings, strong automotive free cash flow, and raised full-year guidance.
General Motors is a global automaker that sells vehicles under brands including Chevrolet, GMC, Cadillac, and Buick, while also operating GM Financial and expanding digital services such as OnStar and Super Cruise.
The company reported adjusted EPS of $3.57, above estimates of $3.13, representing a 14.1% earnings surprise. Revenue came in at $48.03 billion, above estimates of $46.65 billion, with revenue growth of 1.9%.
General Motors reported adjusted EBIT of $3.9 billion in the second quarter.
Adjusted automotive free cash flow was $5.0 billion.
Adjusted diluted EPS increased 41% year-over-year to $3.57, helped by higher adjusted EBIT and a lower diluted share count from repurchases.
The company also reported an 8.6% North America adjusted EBIT margin, up 2.5 percentage points from the prior year.
Management said margin improvement was driven by a strong product portfolio, pricing discipline, and better operating and cost efficiency.
GM remained number one in total U.S. sales, supported by strong demand for trucks, SUVs, crossovers, and fleet vehicles.
The company said it is on track to lead the full-size pickup segment for the seventh straight year and full-size SUVs for the 52nd straight year.
GM held an industry-leading 43% share of the U.S. full-size pickup segment in the second quarter.
Fleet sales were also strong, with commercial and government demand driving a 16% year-over-year increase in Q2.
GM said incentives averaged 4.7% of MSRP in the second quarter, below the industry average of 6.3%.
Average transaction price was about $52,000, reflecting demand for full-size trucks, SUVs, and luxury vehicles.
Dealer inventory ended the quarter at 511,000 vehicles, down 3% year-over-year and within the company’s target range of 50 to 60 days.
The company said its pricing strategy remained consistent despite changing market conditions.
OnStar ended the quarter with deferred revenue of $6.3 billion, up nearly 50% year-over-year.
Recognized OnStar revenue was $800 million, up more than 20%.
GM said it remains on track to add about 1 million OnStar subscribers in 2026 and approach 13 million subscribers by year-end.
Super Cruise recognized revenue increased about 70% year-over-year, with the company on track to exceed 850,000 Super Cruise subscribers by year-end.
GM raised its full-year 2026 outlook.
The company now expects adjusted EBIT of $14.0 billion to $16.0 billion, up from its prior range of $13.5 billion to $15.5 billion.
Adjusted diluted EPS is now expected to range from $12.00 to $14.00, up from $11.50 to $13.50.
Adjusted automotive free cash flow is now expected to range from $9.5 billion to $11.5 billion, up from $9.0 billion to $11.0 billion.
Management said the raised outlook was driven by strong core performance, pricing, warranty improvement, and a slightly better commodity outlook.
GM repurchased $2.0 billion of stock during the quarter, retiring about 25 million shares.
The company also distributed about $0.2 billion in dividends.
GM ended the quarter with $19.7 billion of automotive cash, above its target average automotive cash balance of $18 billion.
The company also said it has recorded $10.9 billion of EV-related charges since the second half of 2025, with $7.2 billion carrying a cash impact. GM said it has paid more than 60% of that cash impact through the end of Q2 and has substantially completed the material cash charges tied to aligning EV capacity and manufacturing footprint with regulatory changes.
General Motors delivered a strong quarter in a difficult auto market.
Adjusted EPS beat expectations, revenue topped estimates, North America margins improved, and the company raised full-year guidance. GM also continued returning capital through buybacks while growing its digital revenue base through OnStar and Super Cruise.
The key question is whether GM can keep pricing strong while managing EV costs, regulatory changes, commodity inflation, and competition across trucks, SUVs, and electric vehicles.
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