Click to enlarge.
General Motors (NYSE: GM)* today reported Q1 2026 revenue of $43.6 billion, net income attributable to stockholders of $2.6 billion, and EBIT-adjusted number of $4.3 billion. This was an EPS of $3.70 compared analyst’s predictions $2.61. The company is raising its full-year 2026 EBIT adjusted guidance due to a favorable adjustment of a~$0.5 billion resulting from the U.S. Supreme Court decision regarding certain U.S. tariffs that were paid under the International Emergency Economic Powers Act.**
“We have solid momentum in our core operations. We maintained overall sales leadership in the U.S. and Canada. We led the U.S. industry in full-size pickup sales and share, with 42% of the market, and we were #1 in Fleet, including Commercial deliveries. In addition, we were Number Two in EVs with growing market share, and Number One in Canada,” said CEO and Chair Mary Barra.
Click to enlarge.
“I would also like to highlight our crossovers because they complement our full-size truck leadership. Since we began refreshing our lineup in 2023, crossovers have grown from just over 40% of GM sales to more than 46%, and no one offers more budget-friendly choices. At the same time, crossovers like the Chevrolet Trax and Equinox, the Buick Envista and GMC Terrain, and the Chevrolet Traverse and GMC Acadia, have become significant contributors to our profitability,” said Barra.
“Underlying the strong performance is the chaotic action of the Trump mis-administration. AutoInformed opines that GM in the current polluted political environment could stand for Geopolitical Mess. In the larger Iranian-war dominated picture, GM is reacting with prudence and using its considerable scale to protect the business. As we have said before analysts don’t seem to fully grasp GM’s underlying strengths – AutoCrat.”
GM CFO’s View
“In Q1, in addition to distributing $164,000,000 in dividends, we made $800 million in open market stock repurchases, buying approximately 11,000,000 additional shares at an average price of $75.02 per share,” said GM Chief Financial Officer Paul Jacobson on the earnings call this morning. “We ended Q1 with $19 billion of cash and five and a half billion dollars remaining on our share repurchase authorization… Our OnStar digital service business, this includes Super Cruise, but also a broader suite of connected services that we highlighted earlier in the quarter. It’s an underappreciated asset that is growing and margin accretive. In Q1, we saw recognized revenue of over $750 million, up over 20% year-over-year (YoY). For the calendar year, we expect $3.1 billion of recognized revenue, up 15% YoY.
“We’re on track to reach 13 million subscribers by the end of 2026, up 1 million YoY with a monthly average revenue per subscriber of around $20. Those subscribers are driving ongoing deferred revenue growth as well. In Q1, the deferred revenue balance ended at $5.8 billion up $2 billion. For the calendar year, we expect deferred revenue to approach 7.5 billion dollars, up more than 35% YoY [40% of subscribers remain after the free trial period expires – AutoCrat.]….
Electric Vehicles
“We might have a lower average revenue per unit today than say Tesla does, but we already have significantly higher volumes, higher deferred revenue, more realized revenue, and that’s where the real scale benefit comes across the portfolio. We think that this is a growing and, you know, soon to be really influential piece of the business going forward….
“If you think about, you know, where we are, and we started to outline this at prior presentations, that the momentum we have in 2026, and what we’re starting with warranty improvement, EV profitability improvement, regulatory cost improvement should all continue to be tailwinds in 2027 for us as well…
“In conclusion, the confidence in the GM team’s ability to successfully navigate the evolving geopolitical landscape, our broad ICE and E portfolios remain key competitive advantages versus our peers, and our disciplined approach to inventory and incentives keep us agile.
“Just like we’ve done with other macro headwinds, we are proactively planning for a range of potential outcomes. We are working to identify additional profit improvement opportunities that have begun taking initial steps to moderate spending. As events continue to unfold, we will remain flexible and execute the right playbook to optimize profitability, maximize free cash flow and continue to deliver strong returns for our shareholders,” said GM Chief Financial Officer Paul Jacobson.
GM CEO’s View
“Looking forward, we remain focused on delivering 8-10% North America margins this year, OnStar, including Super Cruise, is contributing to high-margin revenue growth, and we are advancing automated driving technology in ways that differentiate GM. We are clearly operating in a very dynamic environment, which isn’t unusual for this industry. That’s why we have had a multi-year focus to ensure we have the right products, the right team, and a strong balance sheet supported by healthy cash flows to achieve our long-term goals and consistently execute our capital allocation strategy. As we move forward, I’m confident this will continue to differentiate GM and support long-term value creation for our owners,” said Barra.
*AutoInformed on
**Updated 2026 Guidance versus Previous 2026
- Net income attributable to stockholders $9.9 billion – $11.4 billion. Previous $10.3 billion – $11.7 billion
- EBIT-adjusted $13.5 billion – $15.5 billion. Previous $13.0 billion – $15.0 billion
- Automotive operating cash flow $16.8 billion – $20.8 billion. Previous $19.0 billion – $23.0 billion
- Adjusted automotive free cash flow $9.0 billion – $11.0 billion. Previous $9.0 billion – $11.0 billion
- EPS-diluted $10.62 – $12.62. Previous $11.00 – $13.00
- EPS-diluted-adjusted $11.50 – $13.50. Previous $11.00 – $13.00
GM also announced that its Board of Directors has declared a quarterly cash dividend on the company’s outstanding common stock of $0.18 per share, payable 18 June 2026, to holders of the company’s common stock at the close of trading on 5 June 2026.
“Looking forward, we remain focused on delivering 8–10% North America margins this year, OnStar, including Super Cruise, is contributing to high-margin revenue growth, and we are advancing automated driving technology in ways that differentiate GM. We are clearly operating in a very dynamic environment, which isn’t unusual for this industry. That’s why we have had a multi-year focus to ensure we have the right products, the right team, and a strong balance sheet supported by healthy cash flows to achieve our long-term goals and consistently execute our capital allocation strategy. As we move forward, I’m confident this will continue to differentiate GM and support long-term value creation for our owners,” said Barra.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
GM Posts $2.6B Q1Net on $46.3B Revenue. Ups Guidance
Click to enlarge.
General Motors (NYSE: GM)* today reported Q1 2026 revenue of $43.6 billion, net income attributable to stockholders of $2.6 billion, and EBIT-adjusted number of $4.3 billion. This was an EPS of $3.70 compared analyst’s predictions $2.61. The company is raising its full-year 2026 EBIT adjusted guidance due to a favorable adjustment of a~$0.5 billion resulting from the U.S. Supreme Court decision regarding certain U.S. tariffs that were paid under the International Emergency Economic Powers Act.**
“We have solid momentum in our core operations. We maintained overall sales leadership in the U.S. and Canada. We led the U.S. industry in full-size pickup sales and share, with 42% of the market, and we were #1 in Fleet, including Commercial deliveries. In addition, we were Number Two in EVs with growing market share, and Number One in Canada,” said CEO and Chair Mary Barra.
Click to enlarge.
“I would also like to highlight our crossovers because they complement our full-size truck leadership. Since we began refreshing our lineup in 2023, crossovers have grown from just over 40% of GM sales to more than 46%, and no one offers more budget-friendly choices. At the same time, crossovers like the Chevrolet Trax and Equinox, the Buick Envista and GMC Terrain, and the Chevrolet Traverse and GMC Acadia, have become significant contributors to our profitability,” said Barra.
“Underlying the strong performance is the chaotic action of the Trump mis-administration. AutoInformed opines that GM in the current polluted political environment could stand for Geopolitical Mess. In the larger Iranian-war dominated picture, GM is reacting with prudence and using its considerable scale to protect the business. As we have said before analysts don’t seem to fully grasp GM’s underlying strengths – AutoCrat.”
GM CFO’s View
“In Q1, in addition to distributing $164,000,000 in dividends, we made $800 million in open market stock repurchases, buying approximately 11,000,000 additional shares at an average price of $75.02 per share,” said GM Chief Financial Officer Paul Jacobson on the earnings call this morning. “We ended Q1 with $19 billion of cash and five and a half billion dollars remaining on our share repurchase authorization… Our OnStar digital service business, this includes Super Cruise, but also a broader suite of connected services that we highlighted earlier in the quarter. It’s an underappreciated asset that is growing and margin accretive. In Q1, we saw recognized revenue of over $750 million, up over 20% year-over-year (YoY). For the calendar year, we expect $3.1 billion of recognized revenue, up 15% YoY.
“We’re on track to reach 13 million subscribers by the end of 2026, up 1 million YoY with a monthly average revenue per subscriber of around $20. Those subscribers are driving ongoing deferred revenue growth as well. In Q1, the deferred revenue balance ended at $5.8 billion up $2 billion. For the calendar year, we expect deferred revenue to approach 7.5 billion dollars, up more than 35% YoY [40% of subscribers remain after the free trial period expires – AutoCrat.]….
Electric Vehicles
“We might have a lower average revenue per unit today than say Tesla does, but we already have significantly higher volumes, higher deferred revenue, more realized revenue, and that’s where the real scale benefit comes across the portfolio. We think that this is a growing and, you know, soon to be really influential piece of the business going forward….
“If you think about, you know, where we are, and we started to outline this at prior presentations, that the momentum we have in 2026, and what we’re starting with warranty improvement, EV profitability improvement, regulatory cost improvement should all continue to be tailwinds in 2027 for us as well…
“In conclusion, the confidence in the GM team’s ability to successfully navigate the evolving geopolitical landscape, our broad ICE and E portfolios remain key competitive advantages versus our peers, and our disciplined approach to inventory and incentives keep us agile.
“Just like we’ve done with other macro headwinds, we are proactively planning for a range of potential outcomes. We are working to identify additional profit improvement opportunities that have begun taking initial steps to moderate spending. As events continue to unfold, we will remain flexible and execute the right playbook to optimize profitability, maximize free cash flow and continue to deliver strong returns for our shareholders,” said GM Chief Financial Officer Paul Jacobson.
GM CEO’s View
“Looking forward, we remain focused on delivering 8-10% North America margins this year, OnStar, including Super Cruise, is contributing to high-margin revenue growth, and we are advancing automated driving technology in ways that differentiate GM. We are clearly operating in a very dynamic environment, which isn’t unusual for this industry. That’s why we have had a multi-year focus to ensure we have the right products, the right team, and a strong balance sheet supported by healthy cash flows to achieve our long-term goals and consistently execute our capital allocation strategy. As we move forward, I’m confident this will continue to differentiate GM and support long-term value creation for our owners,” said Barra.
*AutoInformed on
**Updated 2026 Guidance versus Previous 2026
GM also announced that its Board of Directors has declared a quarterly cash dividend on the company’s outstanding common stock of $0.18 per share, payable 18 June 2026, to holders of the company’s common stock at the close of trading on 5 June 2026.
“Looking forward, we remain focused on delivering 8–10% North America margins this year, OnStar, including Super Cruise, is contributing to high-margin revenue growth, and we are advancing automated driving technology in ways that differentiate GM. We are clearly operating in a very dynamic environment, which isn’t unusual for this industry. That’s why we have had a multi-year focus to ensure we have the right products, the right team, and a strong balance sheet supported by healthy cash flows to achieve our long-term goals and consistently execute our capital allocation strategy. As we move forward, I’m confident this will continue to differentiate GM and support long-term value creation for our owners,” said Barra.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.