EarningsQ2 2026 Earnings Report
MX:GM Q2 2026 EPS Results
Actual EPS$64.83
Consensus EPS$58.02
Beat/MissBeat by +$6.81
One Year Ago EPS$45.95
MX:GM Q2 2026 Revenue Results
Actual Revenue$872.19B
Expected Revenue$853.76B
Beat/MissBeat by +$18.42B
YoY Revenue Growth+1.92%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeBefore Open
Conference CallTuesday, July 21, 2026
MX:GM Upcoming Earnings
General Motors's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GM Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive picture driven by strong North American performance, record and improved financial metrics (revenue, EBIT, EPS, free cash flow), market leadership in full-size trucks, growing high-margin software and services revenue, and disciplined capital allocation including meaningful buybacks. Key achievements include raising 2026 guidance, margin recovery in North America (8.6%, +250 bps YoY), and strong subscriber/deferred revenue momentum. Offsetting risks and near-term headwinds include substantial EV-related restructuring charges (totaling $10.9B to date with ~$7.2B cash impact), continued commodity/DRAM/logistics cost pressure ($1.5B–$2.0B headwind), onshoring and launch costs ($1.0B–$1.5B this year), tariff exposure, and regional disruptions in the Middle East. Management framed many negatives as largely addressed or manageable and emphasized multi-year improvement drivers (warranty, EV profitability, digital revenue, product launches). Overall, the positives (guidance raise, margin recovery, cash generation, product and software momentum) materially outweigh the near-term lowlights, while management acknowledged assumptions and risks around commodities, geopolitics, and launch timing.Company Guidance
Raised 2026 Guidance
Company raised full-year guidance for a second time: EBIT adjusted to $14.0B–$16.0B (from $13.5B–$15.5B), EPS diluted adjusted to $12.00–$14.00 (from $11.50–$13.50), and adjusted automotive free cash flow to $9.5B–$11.5B (from $9.0B–$11.0B).
Strong First-Half Financial Performance
First-half revenue of $92B and EBIT adjusted of $8.2B. EPS diluted adjusted rose more than 35% year-over-year to $7.27 per share — the best first-half EPS ever and ~25% above the prior high.
Q2 Revenue, EBIT and Cash Flow Growth
Q2 total company revenue was $48B, up $0.9B year-over-year; Q2 EBIT adjusted was $3.9B, up $0.9B year-over-year; Q2 adjusted automotive free cash flow was $5.0B, up $2.2B year-over-year.
North America Margin Recovery
North America delivered EBIT adjusted of $3.4B with an 8.6% adjusted EBIT margin — up 250 basis points versus a year ago and back within the target 8%–10% range.
Market Share and Product Strength in Full-Size Pickups
U.S. full-size pickup share exceeded 42% through H1 (more than 10 percentage points ahead of the closest competitor) with year-over-year share gains in Q2 and H1; record full-size pickup deliveries in fleet.
Software & Services Momentum (OnStar / Super Cruise)
Deferred revenue reached $6.3B (up ~50% YoY); Q2 recognized digital revenue $800M (up 20% YoY). Company expects ~1M new subscriptions this year contributing to >$3B in recognized revenue and forecasts accelerated growth in 2027. Super Cruise attach rates in the 30%–40% range and an estimated incremental 160k Super Cruise-enabled pickup units from packaging changes.
Capital Allocation & Share Repurchases
Q2 open market repurchases of $2.0B (~25M shares); H1 repurchases $2.8B (~36M shares retired). Diluted share count ended Q2 at 893M (≈8% below Q2 2025 and ≈35% below Q2 2023). $3.5B remains under the repurchase authorization and automotive cash balance was $19.7B at quarter-end.
Improved Structural Cash Generation
Adjusted automotive free cash flow moved from a historical average of $3B–$5B to consistently above $10B since 2022; H1 adjusted automotive free cash flow of $6.3B supporting buybacks and investments.
Progress on New Product Launches & Onshoring
Next-generation Chevrolet Silverado and GMC Sierra light-duty trucks launching in showrooms in December with production at three assembly plants and next-gen V8s at three propulsion plants; plan to onshore significant manufacturing to raise U.S. production capacity above 2 million units.
GM Defense & GM Insurance Traction
GM Defense expects ~ $700M revenue in 2026 and targets EBIT positivity for the year, with a multi-year revenue CAGR >30% and double-digit margins targeted. GM Insurance scaled from 3 states in early 2024 to 21 states today, covering >60% of U.S. sales and on track to exceed 80% coverage.
MX:GM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed