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News


For Release: Tuesday, July 21, 2026, at 6:30 a.m. ET

GM releases 2026 second-quarter results, raises full-year 2026 guidance and declares quarterly dividend

DETROIT – General Motors (NYSE: GM) today 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.

The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date. These expected financial results do not include the potential impact of future adjustments related to special items.

The table below shows the revised guidance and how it compares to prior guidance.
Updated 2026 guidance
Previous 2026 guidance
EBIT-adjusted
$14.0 billion - $16.0 billion
$13.5 billion - $15.5 billion
Adjusted automotive free cash flow
$9.5 billion - $11.5 billion
$9.0 billion - $11.0 billion
EPS-diluted-adjusted
$12.00 - $14.00
$11.50 - $13.50

GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable September 17, 2026, to holders of the company's common stock at the close of trading on September 4, 2026.

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:
•1-800-857-9821 (U.S.)
•1-517-308-9481 (international/caller-paid)
•Conference call passcode: General Motors
•An audio replay will be available on the GM Investor Relations website in the Events section.




1




Results Overview
Three Months Ended
($M) except per share amountsJune 30, 2026June 30, 2025Change% Change
Revenue$48,026 $47,122 $904 1.9 %
Net income (loss) attributable to stockholders$1,305 $1,895 $(590)(31.1)%
EBIT-adjusted$3,943 $3,037 $906 29.8 %
Net income margin2.7 %4.0 %(1.3) ppts(32.5)%
EBIT-adjusted margin8.2 %6.4 %1.8 ppts28.1 %
Automotive operating cash flow$5,071 $4,653 $418 9.0 %
Adjusted automotive free cash flow$5,033 $2,827 $2,206 78.0 %
EPS-diluted$1.41 $1.91 $(0.50)(26.0)%
EPS-diluted-adjusted$3.57 $2.53 $1.04 41.3 %
GMNA EBIT-adjusted$3,446 $2,415 $1,030 42.7 %
GMNA EBIT-adjusted margin8.6 %6.1 %2.5 ppts41.0 %
GMI EBIT-adjusted$190 $204 $(13)(6.6)%
China equity income (loss)$83 $71 $12 16.9 %
GM Financial EBT-adjusted$605 $704 $(99)(14.0)%


Six Months Ended
($M) except per share amountsJune 30, 2026June 30, 2025Change% Change
Revenue$91,650 $91,141 $509 0.6 %
Net income (loss) attributable to stockholders$3,932 $4,680 $(747)(16.0)%
EBIT-adjusted$8,196 $6,527 $1,669 25.6 %
Net income margin4.3 %5.1 %(0.8) ppts(15.7)%
EBIT-adjusted margin8.9 %7.2 %1.7 ppts23.6 %
Automotive operating cash flow$5,604 $7,057 $(1,453)(20.6)%
Adjusted automotive free cash flow$6,302 $3,639 $2,663 73.2 %
EPS-diluted$4.25 $5.28 $(1.03)(19.6)%
EPS-diluted-adjusted$7.27 $5.31 $1.96 36.9 %
GMNA EBIT-adjusted$7,107 $5,702 $1,405 24.6 %
GMNA EBIT-adjusted margin9.3 %7.4 %1.9 ppts25.7 %
GMI EBIT-adjusted$314 $234 $80 34.4 %
China equity income (loss)(a)$248 $116 $132 n.m.
GM Financial EBT-adjusted$1,294 $1,389 $(95)(6.9)%
__________
(a)n.m. = not meaningful





2




General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com

Ashish Kohli, CFA
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.


3




Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending December 31, 2026
Updated(a)Previous
Net income attributable to stockholders$ 8.4-9.8$ 9.9-11.4
Income tax expense2.2-2.82.6-3.1
Automotive interest (income) expense, net(0.1)— 
Adjustments3.5 1.0 
EBIT-adjusted$ 14.0-16.0$ 13.5-15.5
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.



The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Year Ending December 31, 2026
Updated(a)Previous
Diluted earnings per common share$ 8.98-10.98$ 10.62-12.62
Adjustments3.02 0.88 
EPS-diluted-adjusted$ 12.00-14.00$ 11.50-13.50
__________
(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.




The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending December 31, 2026
Updated(a)Previous
Net automotive cash provided by operating activities$ 15.4-19.4$ 16.8-20.8
Less: Capital expenditures10.0-12.010.0-12.0
Adjustments4.12.2 
Adjusted automotive free cash flow$ 9.5-11.5$ 9.0-11.0
__________
(a)These expected financial results do not include the potential impact of future adjustments related to special items.

4



General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$43,762 $— $— $43,762 $42,869 $— $— $— $42,869 
GM Financial— 4,267 (3)4,264 — — 4,255 (2)4,253 
Total net sales and revenue43,762 4,267 (3)48,026 42,869 — 4,255 (2)47,122 
Costs and expenses
Automotive and other cost of sales40,696 — — 40,696 39,289 — — (1)39,289 
GM Financial interest, operating, and other expenses— 3,674 (1)3,674 — — 3,567 — 3,567 
Automotive and other selling, general, and administrative expense2,199 — (2)2,197 2,141 — — (2)2,139 
Total costs and expenses42,896 3,674 (3)46,567 41,431 — 3,567 (2)44,995 
Operating income (loss)867 593 — 1,459 1,438 — 688 — 2,127 
Automotive interest expense151 — — 151 199 — — (1)198 
Interest income and other non-operating income, net223 — — 223 367 — — (1)366 
Equity income (loss)24 13 — 36 64 — 16 — 80 
Income (loss) before income taxes$963 $605 $— $1,568 $1,671 $— $704 $— $2,375 
Income tax expense (benefit)214 481 
Net income (loss)1,354 1,894 
Net loss (income) attributable to noncontrolling interests(48)1 
Net income (loss) attributable to stockholders$1,305 $1,895 
Net income (loss) attributable to common stockholders$1,287 $1,865 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$83,111 $— $— $83,111 $82,729 $1 $— $— $82,730 
GM Financial— 8,543 (4)8,539 — — 8,419 (7)8,412 
Total net sales and revenue83,111 8,543 (4)91,650 82,729 1 8,419 (7)91,141 
Costs and expenses
Automotive and other cost of sales75,723 — 1 75,724 74,318 163 — (1)74,480 
GM Financial interest, operating, and other expenses— 7,276 (1)7,275 — — 7,058 — 7,058 
Automotive and other selling, general, and administrative expense4,270 — (3)4,266 4,016 111 — (2)4,124 
Total costs and expenses79,993 7,276 (4)87,265 78,334 274 7,058 (4)85,662 
Operating income (loss)3,118 1,267 — 4,385 4,395 (273)1,361 (4)5,479 
Automotive interest expense309 — — 309 351 30 — (30)350 
Interest income and other non-operating income, net530 (1)— 530 701 2 — (26)676 
Equity income (loss)282 27 — 309 114 — 28 — 142 
Income (loss) before income taxes$3,621 $1,294 $— $4,915 $4,859 $(301)$1,389 $— $5,946 
Income tax expense (benefit)856 1,199 
Net income (loss)4,058 4,747 
Net loss (income) attributable to noncontrolling interests(126)(68)
Net income (loss) attributable to stockholders$3,932 $4,680 
Net income (loss) attributable to common stockholders$3,901 $5,224 
________
1 Certain columns and rows may not add due to rounding.

5



General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Basic earnings per share
Net income (loss) attributable to stockholders$1,305 $1,895 $3,932 $4,680 
Adjustments(a)(18)(30)(31)544 
Net income (loss) attributable to common stockholders$1,287 $1,865 $3,901 $5,224 
Weighted-average common shares outstanding896 963 904 976 
Basic earnings per common share$1.44 $1.94 $4.32 $5.35 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$1,287 $1,865 $3,901 $5,224 
Weighted-average common shares outstanding – diluted910 976 918 989 
Diluted earnings per common share$1.41 $1.91 $4.25 $5.28 
Potentially dilutive securities(b)— 6 — 6 
__________
(a)Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.
(b)Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at June 30, 2026 and outstanding stock options, PSUs, and RSUs at June 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

6



General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
June 30, 2026December 31, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$15,147 $4,987 $— $20,134 $15,062 $56 $5,826 $— $20,945 
Marketable debt securities4,503 82 — 4,585 6,685 — 39 — 6,724 
Accounts and notes receivable, net(a)16,001 1,559 (790)16,770 12,199 76 1,506 (727)13,054 
GM Financial receivables, net(b)— 45,262 (393)44,870 — — 45,661 (395)45,266 
Inventories15,955 — (5)15,950 14,472 — — (5)14,467 
Other current assets2,767 4,929 4 7,700 3,167 9 5,130 6 8,312 
Total current assets54,374 56,818 (1,184)110,008 51,585 141 58,162 (1,120)108,767 
Non-current Assets
GM Financial receivables, net— 44,454 — 44,454 — — 44,384 — 44,384 
Equity in net assets of nonconsolidated affiliates4,485 1,178 — 5,663 4,564 — 1,117 — 5,681 
Property, net 53,179 138 — 53,316 51,458 99 126 — 51,683 
Goodwill and intangible assets, net 2,954 1,351 — 4,305 3,018 — 1,348 — 4,366 
Equipment on operating leases, net— 32,881 — 32,881 — — 33,686 — 33,686 
Deferred income taxes24,190 (1,547)— 22,643 24,446 — (1,486)— 22,960 
Other assets7,804 1,668 — 9,472 8,226 47 1,483 — 9,756 
Total non-current assets92,612 80,121 — 172,733 91,712 147 80,658 — 172,517 
Total Assets$146,986 $136,939 $(1,184)$282,742 $143,297 $288 $138,820 $(1,120)$281,284 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$28,974 $657 $(791)$28,840 $24,075 $1 $491 $(649)$23,919 
Short-term debt and current portion of long-term debt
Automotive(b) 907 — (393)514 1,120 7 — (471)656 
GM Financial— 36,498 — 36,498 — — 35,012 — 35,012 
Cruise— — — — — — — — — 
Accrued liabilities26,280 4,701 — 30,982 28,956 54 4,744 — 33,754 
Total current liabilities56,162 41,856 (1,184)96,834 54,151 63 40,248 (1,120)93,342 
Non-current Liabilities
Long-term debt
Automotive15,465 — — 15,465 15,522 70 — — 15,591 
GM Financial — 75,220 — 75,220 — — 79,018 — 79,018 
Cruise— — — — — — — — — 
Postretirement benefits other than pensions3,939 — — 3,939 4,025 — — — 4,025 
Pensions 4,528 13 — 4,541 4,977 — 11 — 4,988 
Other liabilities19,541 3,560 — 23,101 17,495 281 3,375 — 21,151 
Total non-current liabilities43,473 78,793 — 122,267 42,019 351 82,404 — 124,775 
Total Liabilities99,635 120,650 (1,184)219,101 96,170 414 122,652 (1,120)218,116 
Equity
Common stock, $0.01 par value9 — — 9 9 — — — 9 
Additional paid-in capital(c)19,184 1,018 (1,017)19,185 18,086 1,842 1,077 (1,076)19,928 
Retained earnings36,466 16,523 1 52,990 37,024 (1,968)16,467 1 51,524 
Accumulated other comprehensive loss(8,932)(1,251)— (10,183)(8,966)— (1,377)— (10,343)
Total stockholders’ equity46,726 16,290 (1,016)62,000 46,153 (126)16,167 (1,075)61,119 
Noncontrolling interests(c)625 — 1,016 1,641 974 — — 1,075 2,049 
Total Equity47,351 16,290 — 63,641 47,127 (126)16,167 — 63,168 
Total Liabilities and Equity$146,986 $136,939 $(1,184)$282,742 $143,297 $288 $138,820 $(1,120)$281,284 
__________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.2 billion due from GM Financial at June 30, 2026; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025.
(b)Eliminations primarily related to GM Financial accounts receivable due from Automotive.
(c)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

7



General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$3,117 $941 $— $4,058 $4,040 $(302)$1,008 $— $4,747 
Depreciation and impairment of Equipment on operating leases, net— 2,647 — 2,647 — — 2,438 — 2,438 
Depreciation, amortization, and impairment charges on Property, net3,468 18 — 3,486 3,511 9 17 — 3,537 
Foreign currency remeasurement and transaction (gains) losses37 (7)— 30 251 — 11 — 262 
Undistributed earnings of nonconsolidated affiliates, net120 (27)— 93 611 — (28)— 583 
Pension contributions and OPEB payments(431)(1)— (432)(308)— (1)— (309)
Pension and OPEB (income) expense, net21 1 — 22 31 — 1 — 32 
Provision (benefit) for deferred taxes209 79 — 289 (3)— 208 — 205 
Change in other operating assets and liabilities(a)(c)(937)(70)117 (891)(1,077)(432)410 2,573 1,473 
Net cash provided by (used in) operating activities5,604 3,582 117 9,304 7,057 (725)4,065 2,573 12,969 
Cash flows from investing activities
Expenditures for property(3,425)(29)— (3,454)(3,940)(2)(10)— (3,953)
Available-for-sale marketable securities, acquisitions(1,391)(120)— (1,511)(1,248)— — — (1,248)
Available-for-sale marketable securities, liquidations3,566 77 — 3,644 1,719 — — — 1,719 
Purchases of finance receivables— (18,727)(8)(18,736)— — (19,270)(6)(19,275)
Principal collections and recoveries on finance receivables(a)(b) — 18,725 (1,011)17,713 — — 20,902 (3,616)17,286 
Purchases of leased vehicles— (6,591)— (6,591)— — (8,591)— (8,591)
Proceeds from termination of leased vehicles— 5,549 — 5,549 — — 5,326 — 5,326 
Other investing activities(b)(103)— 6 (97)(3,320)— — 898 (2,422)
Net cash provided by (used in) investing activities(1,352)(1,117)(1,014)(3,483)(6,790)(2)(1,642)(2,724)(11,158)
Cash flows from financing activities
Net increase (decrease) in short-term debt1 (18)— (16)(13)— 41 — 29 
Proceeds from issuance of debt (original maturities greater than three months)(b)124 23,226 — 23,350 2,018 499 28,650 (499)30,668 
Payments on debt (original maturities greater than three months)(300)(25,392)(3)(25,696)(571)(3)(26,722)(20)(27,316)
Payment to purchase common stock(2,800)— — (2,800)(2,012)— — — (2,012)
Issuance (redemption) of subsidiary stock(b)— — — — — — — (29)(29)
Dividends paid(c)(771)(959)900 (831)(260)— (759)700 (319)
Other financing activities(379)(73)— (452)(227)— (95)— (322)
Net cash provided by (used in) financing activities(4,125)(3,217)897 (6,445)(1,064)496 1,115 152 699 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(96)13 — (83)261 1 64 — 327 
Net increase (decrease) in cash, cash equivalents, and restricted cash31 (738)— (708)(536)(230)3,602 — 2,836 
Cash, cash equivalents, and restricted cash at beginning of period15,241 9,043 — 24,284 14,561 322 8,081 — 22,964 
Cash, cash equivalents, and restricted cash at end of period$15,271 $8,305 $— $23,576 $14,025 $92 $11,683 $— $25,800 
__________
(a)Includes eliminations of $1.0 billion and $3.3 billion in the six months ended June 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025.
(c)Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2026 and 2025.
Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.



8



General Motors Company and Subsidiaries1
The following tables summarize key financial information (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended June 30, 2026
Net sales and revenue$39,912 $3,691 $159 $— $43,762 $— $4,267 $(3)$48,026 
Expenditures for property$1,834 $61 $30 $— $1,924 $— $18 $— $1,942 
Depreciation and amortization$1,649 $122 $6 $— $1,777 $— $1,325 $— $3,102 
Impairment charges$1 $— $— $— $1 $— $— $— $1 
Equity income (loss)(a)(b)(c)$(383)$82 $(37)$— $(337)$— $13 $— $(324)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended June 30, 2025
Net sales and revenue$39,486 $3,326 $57 $— $42,869 $— $4,255 $(2)$47,122 
Expenditures for property$2,014 $89 $28 $— $2,131 $— $6 $— $2,137 
Depreciation and amortization$1,642 $131 $9 $— $1,782 $— $1,243 $— $3,026 
Impairment charges$— $18 $— $— $18 $— $— $— $18 
Equity income (loss)(a)(b)$12 $77 $(14)$— $75 $— $16 $— $91 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Six Months Ended June 30, 2026
Net sales and revenue$76,312 $6,550 $249 $— $83,111 $— $8,543 $(4)$91,650 
Expenditures for property$3,260 $113 $51 $— $3,425 $— $29 $— $3,454 
Depreciation and amortization$3,190 $241 $11 $— $3,442 $— $2,665 $— $6,107 
Impairment charges$26 $— $— $— $26 $— $— $— $26 
Equity income (loss)(a)(b)(c)$(247)$243 $(82)$— $(85)$— $27 $— $(58)
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Six Months Ended June 30, 2025
Net sales and revenue$76,873 $5,753 $103 $— $82,729 $1 $8,419 $(7)$91,141 
Expenditures for property$3,719 $182 $39 $— $3,940 $2 $10 $— $3,953 
Depreciation and amortization$3,230 $233 $36 $— $3,499 $5 $2,456 $— $5,959 
Impairment charges$— $18 $— $— $18 $— $— $— $18 
Equity income (loss)(a)(b)$255 $125 $(14)$— $366 $— $28 $— $394 
__________
(a)Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $83 million and $248 million in the three and six months ended June 30, 2026 and $71 million and $116 million in the three and six months ended June 30, 2025.
(b)Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity income (loss) related to Ultium Cell Holdings LLC was insignificant in the three and six months ended June 30, 2026 and insignificant and $252 million in the three and six months ended June 30, 2025.
(c)Equity income (loss) in GMNA includes impacts of our portion of impairment charges for EV strategic realignment.



9


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.


10


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net income (loss) attributable to stockholders$1,305 $1,895 $3,932 $4,680 
Income tax expense (benefit)214 481 856 1,199 
Automotive interest expense151 198 309 350 
Automotive interest income (183)(200)(356)(391)
Adjustments
EV strategic realignment(a)2,279 330 3,356 330 
China restructuring actions(b)177 140 99 140 
Separation costs(c)— 87 — 87 
Cruise restructuring(d)— 65 — 65 
GMI exit costs(e)— 33 — 33 
Headquarters relocation(f)— 8 — 34 
Total adjustments2,456 663 3,455 689 
EBIT-adjusted3,943 3,037 8,196 6,527 
Operating segments
GM North America (GMNA)3,446 2,415 7,107 5,702 
GM International (GMI)190 204 314 234 
Cruise — — — (273)
GM Financial(g)605 704 1,294 1,389 
Total operating segments4,241 3,323 8,714 7,051 
Corporate and eliminations(h)(298)(286)(518)(524)
EBIT-adjusted$3,943 $3,037 $8,196 $6,527 
__________
(a)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment.
(b)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.
(c)These adjustments were excluded because they relate to employee separation charges.
(d)These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.
(e)These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Colombia and Ecuador.
(f)These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.
(g)GM Financial amounts represent EBT-adjusted.
(h)GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel / Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$1,287 $1.41 $1,865 $1.91 $3,901 $4.25 $5,224 $5.28 
Adjustments(a)2,456 2.70 663 0.68 3,455 3.76 689 0.70 
Tax effect on adjustments(b)(496)(0.54)(64)(0.07)(679)(0.74)(70)(0.07)
Return from preferred shareholders(c)— — — — — — (593)(0.60)
EPS-diluted-adjusted$3,247 $3.57 $2,464 $2.53 $6,677 $7.27 $5,250 $5.31 
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$1,568 $214 13.7 %$2,375 $481 20.2 %$4,915 $856 17.4 %$5,946 $1,199 20.2 %
Adjustments(a)2,456 496 663 64 3,455 679 689 70 
ETR-adjusted$4,024 $710 17.6 %$3,038 $545 17.9 %$8,370 $1,535 18.3 %$6,635 $1,269 19.1 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
June 30, 2026June 30, 2025
Net income attributable to stockholders$1.9 $4.8 
Average equity(a)$63.0 $66.8 
ROE3.1 %7.1 %
__________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

12


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
June 30, 2026June 30, 2025
EBIT-adjusted(a)$14.4 $13.2 
Average equity(b)$63.0 $66.8 
Add: Average automotive debt and interest liabilities (excluding finance leases)16.0 16.2 
Add: Average automotive net pension and OPEB liability7.9 8.9 
Less: Average automotive net income tax asset(24.1)(22.8)
ROIC-adjusted average net assets$62.8 $69.1 
ROIC-adjusted22.9 %19.0 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net automotive cash provided by operating activities$5,071 $4,653 $5,604 $7,057 
Less: Capital expenditures(1,924)(2,131)(3,425)(3,940)
Add: EV strategic realignment1,871 — 4,103 — 
Add: Legal Matters13 — 13 — 
Add: GMI exit costs2 8 6 12 
Add: Buick dealer strategy— 305 — 465 
Add: Separation costs— 86 — 139 
Add: China restructuring actions— 9 — 9 
Less: Ultium strategic realignment— (103)— (103)
Adjusted automotive free cash flow$5,033 $2,827 $6,302 $3,639 

13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2026, 26.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
GMNA848 849 1,641 1,676 
GMI142 125 248 209 
Total990 974 1,889 1,885 

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.

14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
 Three Months EndedSix Months Ended
 June 30, 2026June 30, 2025June 30, 2026June 30, 2025
 IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,310 715 16.6 %4,294 747 17.4 %8,056 1,341 16.7 %8,323 1,440 17.3 %
Other1,059 133 12.6 %1,052 131 12.5 %1,987 250 12.6 %1,992 257 12.9 %
Total North America5,369 848 15.8 %5,345 878 16.4 %10,042 1,592 15.8 %10,315 1,697 16.5 %
Asia/Pacific, Middle East, and Africa
China(a)5,434 357 6.6 %6,587 448 6.8 %10,346 706 6.8 %12,398 890 7.2 %
Other5,611 106 1.9 %5,442 118 2.2 %11,497 213 1.9 %11,291 220 1.9 %
Total Asia/Pacific, Middle East, and Africa11,044 464 4.2 %12,028 565 4.7 %21,842 919 4.2 %23,690 1,110 4.7 %
South America
Brazil795 79 10.0 %647 64 9.9 %1,419 141 9.9 %1,199 120 10.0 %
Other464 35 7.6 %411 31 7.6 %921 69 7.5 %811 60 7.4 %
Total South America1,259 115 9.1 %1,058 95 9.0 %2,340 209 8.9 %2,010 180 8.9 %
Total in GM markets17,672 1,427 8.1 %18,432 1,538 8.3 %34,225 2,720 7.9 %36,015 2,987 8.3 %
Total Europe4,591 — — %4,372 — — %8,972 1 — %8,609 1 — %
Total Worldwide(b)22,263 1,427 6.4 %22,804 1,538 6.7 %43,197 2,721 6.3 %44,623 2,988 6.7 %
United States
Cars720 13 1.8 %712 15 2.1 %1,322 25 1.9 %1,415 32 2.3 %
Trucks1,163 378 32.5 %1,223 401 32.8 %2,170 702 32.4 %2,277 746 32.8 %
Crossovers2,428 324 13.4 %2,359 330 14.0 %4,564 615 13.5 %4,631 662 14.3 %
Total United States4,310 715 16.6 %4,294 747 17.4 %8,056 1,341 16.7 %8,323 1,440 17.3 %
China(a)
SGMS94 132 210 251 
SGMW263 315 496 639 
Total5,434 357 6.6 %6,587 447 6.8 %10,346 706 6.8 %12,398 890 7.2 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
GMNA207 178 391 350 
GMI111 96 193 164 
Total fleet sales318 274 584 514 
Fleet sales as a percentage of total vehicle sales22.3 %17.8 %21.5 %17.2 %
15