GM Q2 2026: revenue up 1.9%, adjusted EPS $3.57, guidance raised
GM's second quarter looks like two different quarters: EBIT-adjusted rose 29.8% to $3.94 billion and adjusted EPS of $3.57 beat the $3.29 consensus, yet net income fell 31.1% to $1.31 billion. The gap is $2.46 billion of excluded items, mostly an EV realignment charge. We read this as Neutral: cash generation and adjusted profit improved, GAAP profit and the GAAP outlook did not.
1 · Expected vs. Actual
Free preview belowDiluted EPS fell 26.0% to $1.41 from $1.91, while EPS-diluted-adjusted rose 41.3% to $3.57 from $2.53 and came in above the $3.29 consensus. The $2.16 per-share gap between the two is the whole story: $2.70 of adjustments per share less $0.54 of tax effects. The beat is real on the adjusted definition, and that definition leaves out the biggest charge of the year.
Revenue of $48.03 billion rose 1.9% from $47.12 billion a year ago, and the structured data explains why the revenue figure can look different elsewhere in the file: the automotive business alone booked $43.76 billion. GM North America contributed $39.91 billion, GM Financial $4.27 billion and GMI $3.69 billion. Automotive revenue of $43.76 billion against $40.70 billion of automotive and other cost of sales is where the 7.0% gross margin figure comes from.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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