EarningsQ3 2026 Earnings Report
MX:GM Q3 2026 EPS Results
Actual EPS$69.51
Consensus EPS$69.42
Beat/MissBeat by +$0.09
One Year Ago EPS$52.60
MX:GM Q3 2026 Revenue Results
Actual Revenue$939.62B
Expected Revenue$916.47B
Beat/MissBeat by +$23.15B
YoY Revenue Growth+2.93%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeBefore Open
Conference CallTuesday, October 20, 2026
MX:GM Upcoming Earnings
General Motors's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:GM Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. GM reported record quarterly revenue, strong EBIT and EPS growth, improved North American margins, higher free cash flow guidance, substantial share repurchases, strong truck performance, growing digital revenue, and continued profitability at GM Financial and in China. These strengths outweighed the acknowledged challenges, including approximately $2 billion of full-year commodity, logistics, and DRAM headwinds, ongoing EV restructuring charges, international softness, tariff costs, and uncertainty around 2027 cost pressures.Company Guidance
Record Quarterly Revenue and Strong Earnings Growth
Third-quarter revenue reached a record $50 billion, up 3% year-over-year. EBIT adjusted was $4.1 billion, up 22% year-over-year, and diluted adjusted EPS was $3.70, up more than 30% year-over-year.
Strong Year-to-Date Financial Performance
Through the third quarter, GM delivered $12.3 billion in EBIT adjusted, $12.2 billion in adjusted automotive free cash flow, and $10.97 in diluted adjusted EPS, which was up more than 35% year-over-year.
North America Profitability Improvement
North America EBIT adjusted was $3.6 billion, up $1.1 billion, or 43% year-over-year. Margin was 8.7%, up 2.5 points year-over-year and back within GM's 8%-10% target range, supported by higher full-size pickup mix, lower EV losses, and continued warranty expense reductions.
Higher Free Cash Flow Guidance
Adjusted automotive free cash flow guidance was raised to $11.5 billion-$12.5 billion from $9.5 billion-$11.5 billion. The improvement was attributed to operational excellence, lower projected capital expenditures, tariff timing, and IEEPA refund benefits.
Share Repurchases and New Authorization
GM repurchased $2.5 billion of shares in the third quarter and another $1 billion in October, bringing year-to-date buybacks to $6.3 billion and reducing the diluted share count by approximately 27 million shares to around 866 million, or 9% below the third-quarter 2025 level. The company announced a new $20 billion multi-year authorization, representing more than 25% of current market capitalization.
Resilient U.S. Vehicle Sales and Pickup Leadership
U.S. sales totaled more than 670,000 vehicles in the quarter. ICE sales of 645,000 were up slightly year-over-year, while light-duty full-size pickup sales increased 9% year-over-year. GM is on track to lead the industry in full-size pickup sales for the seventh consecutive year in 2026.
Strong Current-Generation Truck Performance and New Launch Progress
Silverado and Sierra have achieved 19 consecutive quarters of U.S. sales leadership and increased market share by 10 full points since the current generation launched in 2018. Production of the next-generation trucks has begun at Silao, with dealership arrivals expected later in the year, Fort Wayne scheduled to follow in Q1, and Orion in Q2.
Future Truck Capacity and Product Investment
GM expects to build roughly the same number of trucks in 2027 as in 2026, with incremental capacity available in 2028 to support segment and market share growth. The new trucks include the TurboMax four-cylinder, segment-exclusive Duramax inline-six turbo diesel, and new 5.7 L and 6.6 L V8 engines. The new V8s completed more than 100,000 hours of dynamometer testing and more than 1.6 million miles of real-world validation.
Digital Revenue and Super Cruise Momentum
OnStar Digital and Super Cruise generated more than $800 million of recognized revenue in the third quarter, up 15% year-over-year. GM is on track for more than $3 billion of realized digital revenue in calendar year 2026 and expects deferred revenue to approach $7.5 billion by year-end. Deferred revenue from software and services increased 40% year-over-year, supported by one million new OnStar subscriptions and a one million-strong Super Cruise-equipped vehicle parc.
Growing Super Cruise Adoption
Super Cruise-equipped vehicles travel well over one million cumulative miles hands-free each day, and nearly 70% of customers use the technology at least once a month. GM expects full-size truck Super Cruise penetration to grow four to five times next year and is confident it can grow the installed base by close to 50% next year.
EV Loss Reduction and Future Profitability Initiatives
GM remains on track to reduce EV losses by $1 billion-$1.5 billion for the full year through rightsizing EV capacity and significantly lower volumes. Management expects additional improvement in 2027, with another step-function improvement expected in 2028 and 2029 from LMR and next-generation battery cells and packs.
Warranty Improvement
Warranty expense improved by $600 million in the third quarter and approximately $1.1 billion year-to-date on a year-over-year basis. GM now expects full-year warranty improvement to be closer to the high end of its $1 billion-$1.5 billion range.
GM Financial Stability
GM Financial delivered $700 million of adjusted EBT and paid $250 million in dividends to GM during the quarter. Consumer credit performance remained resilient and consistent with expectations, and the business remains on track for full-year adjusted EBT of $2.5 billion-$3 billion and full-year dividends to GM similar to last year.
China Profitability and South America Positioning
China equity income was $32 million, marking the eighth consecutive profitable quarter, with profitability expected to continue in the fourth quarter. New energy vehicles represented more than 60% of GM China's third-quarter sales. In South America, GM said it was holding share and participating in export opportunities with Chevrolet products.
GM Defense Growth and Contract Wins
GM Defense expects annual top-line growth of more than 30% with double-digit margins, supported by several new multi-year contract awards. The Pentagon announced increased ISV production volumes, including an ISV utility variant, as part of a more than $1 billion potential ISV award subject to congressional appropriation. GM also signed contracts with four customers for Suburban Shield VIP transport, certified the Epic mobile energy system for sale, and delivered its first Patriot PAC-3 component set to Lockheed Martin.
Hybrid Portfolio Expansion Without Additional Capital Expenditure
GM stated that hybrids have already been added to its portfolio across multiple key segments. Management said the hybrid rollout will not require additional capital expenditures or engineering investment and that further details will be provided closer to launch.
2027 Product and Technology Pipeline
GM expects 2027 growth to be supported by the new Silverado and Sierra launches, additional full-size SUV and crossover capacity, growth in OnStar, Super Cruise, and Defense, and cost improvements in warranty, EVs, fixed costs, and onshoring. The company also plans highway autonomous driving beginning with the Cadillac Escalade IQ in 2028 and continued development of LMR battery technology.
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