General Motors posted second-quarter results showing 2026 revenue of $48 billion and raised its full-year profit guidance for the second time in 2026, beating Wall Street expectations on adjusted earnings despite a sharp drop in electric vehicle sales and ongoing EV-related charges.
Q2 results top estimates
GM reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion.
Adjusted earnings per share came in at $3.57, surpassing Wall Street’s consensus estimate of approximately $3.18, while revenue of $48 billion topped forecasts of $46.99 billion.
Revenue climbed 1.9 percent year-on-year, while adjusted EBIT grew nearly 30 percent to $3.94 billion, pushing the adjusted EBIT margin to 8.2 percent from 6.4 percent.
Diluted EPS dropped 26 percent to $1.41, reflecting non-cash charges, whereas adjusted diluted EPS advanced 41 percent to $3.57.
GAAP net income fell 31 percent to $1.30 billion.
Trucks and North America carry the results
GM North America delivered a 42.7 percent rise in adjusted EBIT to $3.4 billion. The company said results in North America were boosted by strong sales of full-sized pickup trucks.
The North America EBIT-adjusted margin reached 8.6 percent, up 2.5 points from the previous year. GM raised its full-year 2026 guidance for the second time this year after reporting higher second-quarter revenue, adjusted earnings and free cash flow, with management citing steady North American demand, disciplined pricing, lower warranty costs and reduced electric vehicle losses.
GM reported U.S. vehicle deliveries of 714,896 units in the second quarter of 2026, down 4.2 percent from a year ago. GM said its full-size pickup segment share grew to approximately 42 percent and that it remained on track to lead the segment for a seventh straight year. GM sold 27,395 EVs in the United States over the quarter, a roughly 41 percent decline from a year earlier.
The Chevrolet Equinox EV led EV declines, falling approximately 62 percent in the quarter. The pullback follows the expiration of the federal EV tax credit, which pulled demand forward into late 2025, and GM flags the changed regulatory environment as an ongoing risk in its results release.
Ford’s U.S. sales fell 10.3 percent in the quarter. Ford’s F-Series sales were specifically constrained by an aluminum supplier disruption.
As GCN has reported, hybrid vehicles have been taking a growing slice of the U.S. new-car market, and GM’s limited hybrid lineup has left it with less exposure to that segment’s growth.
While hybrid demand lifted Toyota, Honda, Hyundai and Kia, General Motors experienced a 4.2 percent sales decline.
Full-year guidance raised again
GM now expects full-year adjusted earnings before interest and taxes of between $14 billion and $16 billion, up from $13.5 billion to $15.5 billion, and adjusted EPS of $12 to $14, up from $11.50 to $13.50. It also raised its expectations for adjusted automotive free cash flow to $9.5 billion to $11.5 billion, up from $9 billion to $11 billion.
The Detroit automaker attributed its guidance change to consistent vehicle transaction prices, lower warranty costs and narrowing all-electric vehicle losses as it wraps up a multibillion-dollar pullback in EVs.
The company’s North American operations led GM’s results, which also include expanding its digital services revenue and improving its EV losses by between $1 billion to $1.5 billion this year compared with 2025.
Strategic plans include the launch of new vehicle models such as the Chevrolet Silverado and GMC Sierra, expansion of software and services revenue, and growth in new business segments.
Outlook and market context
The company’s full-year guidance assumes $2.5 billion to $3.5 billion in gross tariff costs. International operations, excluding China, are facing softness related to the Middle East and increasing onshoring costs throughout the year.
Management indicated that the fourth quarter may be weaker than typical seasonal trends due to costs associated with the new full-size truck launch and an anticipated volume headwind of approximately 35,000 units.
GM said it expects 2027 results to improve on 2026 and plans to onshore more production to reduce its exposure to tariffs.
The broader U.S. market showed a mixed picture for the half, as hybrids claimed a record share of new-vehicle sales in key markets, putting pressure on automakers with thin electrified lineups outside of full EVs.
