General Motors Company · GM · FY2026 Q1 · Calendar Q2 2026

GM tops Q1 EPS, raises 2026 guidance on pickup, software strength

GM's story rests on full-size pickup leadership and a rapidly scaling software-and-services business (OnStar, Super Cruise), which supported a guidance raise after a strong Q1. The swing factors are how completely cost programs offset roughly $0.5B of commodity inflation, execution on EV cost reductions and battery supply-chain rightsizing, and the durability of tariff-related benefits that contributed to Q1 margins. EPS ran well ahead of consensus, and the stock gained modestly versus the market on the print with positive subsequent drift.

Reported Before market openNYSEConsumer Cyclical $72.87B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.70 Consensus $2.61
EPS surprise +41.8% Reported versus consensus
Reported revenue $43.62B Consensus $43.51B
Revenue surprise +0.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +1.3% Event window
SPY move -0.5% Same window
Abnormal move +1.8% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +6.5% Up to 20 sessions
GMSPY benchmark

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Transcript intelligence

What changed

GM raised its full-year 2026 EBIT and EPS guidance following Q1 adjusted EBIT of $4.3B at a 10.1% margin. EPS of $3.70 exceeded the $2.61 consensus by roughly 42%, revenue of $43.62B came in slightly above the $43.51B estimate, and the Supreme Court tariff ruling added an estimated 1.5 points to Q1 EBIT margin. The market reaction was mildly positive: roughly +1.76% abnormal move versus a -0.49% benchmark, followed by +6.55% drift on roughly 2.6x normal volume.

Guidance delta

Management raised full-year 2026 EBIT and EPS guidance after a Q1 adjusted EBIT of $4.3B at a 10.1% margin (8.6% net), citing strong demand and a tariff benefit. Q1 EPS of $3.70 beat consensus of $2.61 by roughly 42%.

Key takeaways

  • Q1 adjusted EBIT of $4.3B with a 10.1% margin (8.6% net after an estimated 1.5-point Supreme Court tariff benefit).
  • Full-year EBIT and EPS guidance raised on strong Q1 performance and tariff offset; EPS of $3.70 beat the $2.61 consensus by about 42%.
  • Full-size pickup share reached 42% in the U.S. and crossovers rose to 46% of sales.
  • Digital services revenue grew more than 20% YoY, with OnStar recognized revenue above $750M in Q1.
  • Commodity and freight cost inflation, plus the Iran conflict, remain near-term pressures.

Management priorities

  • Build inventory levels for key models while monitoring demand
  • Roll out SDV 2.0 and expand digital services revenue streams
  • Launch the Cadillac Escalade IQ with hands-off autonomous technology in 2028
  • Complete the Orion plant transition back to ICE production and rightsize the battery supply chain
  • Maintain disciplined capital allocation, share repurchases and dividend policy

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Earnings History

Estimate Beat Miss Match
GM EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $2.15 Q1 '24 actual $2.62, beat Q2 '24 estimate $2.75 Q2 '24 actual $3.06, beat Q3 '24 estimate $2.43 Q3 '24 actual $2.96, beat Q2 '25 estimate $2.34 Q2 '25 actual $2.53, beat Q3 '25 estimate $2.29 Q3 '25 actual $2.80, beat Q4 '25 estimate $2.26 Q4 '25 actual $2.51, beat Q1 '26 estimate $2.61 Q1 '26 actual $3.70, beat Q2 '26 estimate $3.19 Q2 '26 actual $3.57, beat Q3 '26 estimate $3.68 Q4 '26 estimate $2.82 Q1 '27 estimate $3.48 Q2 '27 estimate $4.10
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Analyst Consensus ?

ConsensusBuy51 ratings
Bullish3466.7%
Neutral1325.5%
Bearish47.8%

Analyst 52W Price Targets

$82.63Current
$33Low
$78.02Average
$130High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainSep 14, 2026
Tigress Financial Strong Buy Strong BuyMaintainJul 28, 2026
Jefferies Buy HoldUpgradeJul 27, 2026
Wells Fargo Underweight UnderweightMaintainJul 22, 2026
TD Cowen Buy BuyMaintainJul 22, 2026
RBC Capital Outperform OutperformMaintainJul 22, 2026
Morgan Stanley Overweight OverweightMaintainJul 22, 2026
JP Morgan Overweight OverweightMaintainJul 22, 2026
Goldman Sachs Buy BuyMaintainJul 22, 2026
Barclays Overweight OverweightMaintainJul 22, 2026
Citigroup Buy BuyMaintainJun 1, 2026
Wedbush Outperform OutperformMaintainMay 11, 2026
Evercore ISI Group Outperform OutperformMaintainMay 4, 2026
Mizuho Outperform OutperformMaintainApr 29, 2026
Deutsche Bank Buy HoldUpgradeApr 14, 2026
Wolfe Research Outperform Peer PerformUpgradeMar 25, 2026
Benchmark Buy BuyMaintainFeb 10, 2026
Piper Sandler Overweight OverweightMaintainJan 28, 2026
HSBC Hold HoldMaintainJan 13, 2026
B of A Securities Buy BuyMaintainJul 23, 2025
Bernstein Underperform Market PerformDowngradeApr 7, 2025
Nomura Reduce NeutralDowngradeAug 5, 2024
CFRA Sell Strong SellMaintainOct 4, 2023
Berenberg Hold BuyDowngradeJan 30, 2023
Exane BNP Paribas Outperform OutperformMaintainApr 11, 2022
Nomura Instinet Neutral BuyDowngradeFeb 9, 2022
Daiwa Capital Neutral OutperformDowngradeDec 14, 2021
Credit Suisse Outperform OutperformMaintainAug 5, 2021
Tudor Pickering Buy BuyMaintainMay 19, 2021
Argus Research Buy HoldUpgradeJan 14, 2021
Buckingham Research Neutral NeutralMaintainOct 15, 2019
Buckingham Neutral NeutralMaintainOct 15, 2019
Citi Buy BuyMaintainAug 2, 2019
Seaport Global Buy BuyMaintainFeb 13, 2019
BMO Capital Outperform OutperformMaintainJan 14, 2019
Argus Hold BuyDowngradeMay 5, 2018
Bank of America Buy BuyMaintainFeb 7, 2018
Guggenheim Buy NeutralUpgradeNov 20, 2017
Standpoint Research Hold BuyDowngradeSep 14, 2017
Macquarie Outperform OutperformMaintainDec 1, 2016
Craig-Hallum Hold BuyDowngradeOct 25, 2016
PiperJaffray Overweight OverweightMaintainJun 9, 2016
Susquehanna Neutral NeutralMaintainAug 5, 2015
CLSA Outperform BuyMaintainJul 25, 2014
S&P Capital IQ Strong Buy HoldUpgradeMar 6, 2014
ISI Group Hold HoldMaintainJan 13, 2014
Credit Agricole Buy UnderperformUpgradeMay 17, 2013
Sterne Agee Buy BuyMaintainDec 28, 2012
Stifel Nicolaus Hold HoldMaintainSep 27, 2012
Bank oferica Buy BuyMaintainJun 4, 2012
Oxen Group Hold HoldMaintainFeb 17, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $82.63. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$33$81.95 -60.1%Sep 24, 2026
UBSJoseph Spak$114$85.62 +38.0%Sep 14, 2026
Tigress FinancialIvan Feinseth$130$90.3 +57.3%Jul 28, 2026
JefferiesAnalyst unavailable$99$82.64 +19.8%Jul 27, 2026
Deutsche BankEdison Yu$100$82.46 +21.0%Jul 22, 2026
RBC CapitalTom Narayan$100$79.52 +21.0%Jul 22, 2026
Morgan StanleyAnalyst unavailable$101$79.52 +22.2%Jul 22, 2026
Goldman SachsAnalyst unavailable$103$79.52 +24.7%Jul 22, 2026
Wells FargoColin Langan$61$79.52 -26.2%Jul 22, 2026
RBC CapitalAnalyst unavailable$94$77.84 +13.8%Jul 13, 2026
Evercore ISIAnalyst unavailable$100$76.62 +21.0%May 4, 2026
Piper SandlerAlexander Potter$102$76.22 +23.4%Apr 29, 2026
RBC CapitalTom Narayan$95$78.95 +15.0%Apr 29, 2026
Wells FargoAnalyst unavailable$59$78.95 -28.6%Apr 29, 2026
Deutsche BankEdison Yu$90$76.83 +8.9%Apr 14, 2026
Goldman SachsAnalyst unavailable$91$76.83 +10.1%Apr 14, 2026
UBSJoseph Spak$105$76.83 +27.1%Apr 14, 2026
RBC CapitalAnalyst unavailable$107$85.51 +29.5%Jan 28, 2026
Morgan StanleyAnalyst unavailable$100$85.92 +21.0%Jan 28, 2026
UBSAnalyst unavailable$102$84.76 +23.4%Jan 28, 2026
Mizuho SecuritiesAnalyst unavailable$105$86.38 +27.1%Jan 28, 2026
Piper SandlerAnalyst unavailable$105$86.38 +27.1%Jan 28, 2026
Wells FargoAnalyst unavailable$57$86.38 -31.0%Jan 28, 2026
BarclaysAnalyst unavailable$110$86.38 +33.1%Jan 28, 2026
Goldman SachsAnalyst unavailable$104$86.38 +25.9%Jan 27, 2026
BarclaysDan Levy$100$81.14 +21.0%Jan 23, 2026
Goldman SachsMark Delaney$98$81.23 +18.6%Jan 15, 2026
HSBCAnalyst unavailable$75$83.09 -9.2%Jan 13, 2026
Mizuho SecuritiesVijay Rakesh$100$85.13 +21.0%Jan 9, 2026
Piper SandlerAnalyst unavailable$98$81.91 +18.6%Jan 8, 2026
WedbushAnalyst unavailable$95$80.51 +15.0%Dec 18, 2025
Mizuho SecuritiesAnalyst unavailable$90$81.98 +8.9%Dec 16, 2025
UBSJoseph Spak$97$80.89 +17.4%Dec 15, 2025
Goldman SachsMark Delaney$93$75.71 +12.5%Dec 9, 2025
Morgan StanleyAnalyst unavailable$90$76.05 +8.9%Dec 8, 2025
Evercore ISIAnalyst unavailable$74$70.9 -10.4%Nov 24, 2025
Tigress FinancialIvan Feinseth$92$68.58 +11.3%Oct 24, 2025
Argus ResearchBill Selesky$78$67.58 -5.6%Oct 23, 2025
Mizuho SecuritiesAnalyst unavailable$76$66.62 -8.0%Oct 22, 2025
UBSJoseph Spak$85$66.62 +2.9%Oct 22, 2025
RBC CapitalTom Narayan$86$66.62 +4.1%Oct 22, 2025
BarclaysAnalyst unavailable$85$66.62 +2.9%Oct 22, 2025
Piper SandlerAnalyst unavailable$66$67.05 -20.1%Oct 21, 2025
WedbushAnalyst unavailable$75$67 -9.2%Oct 21, 2025
Evercore ISIChris McNally$68$55.68 -17.7%Oct 13, 2025
RBC CapitalAnalyst unavailable$77$55.6 -6.8%Oct 10, 2025
BarclaysAnalyst unavailable$77$55.92 -6.8%Oct 10, 2025
JefferiesAnalyst unavailable$55$60.13 -33.4%Oct 6, 2025
Wells FargoColin Langan$40$59.69 -51.6%Oct 3, 2025
Goldman SachsAnalyst unavailable$74$61.24 -10.4%Sep 29, 2025
UBSJoseph Spak$81$59.69 -2.0%Sep 24, 2025
Industrial Alliance SecuritiesMark Delaney$70$53.15 -15.3%Jul 11, 2025
Mizuho SecuritiesVijay Rakesh$58$50.37 -29.8%May 16, 2025
BernsteinDaniel Roeska$36$45.38 -56.4%May 5, 2025
UBSJoseph Spak$50$45.3 -39.5%May 2, 2025
Piper SandlerAlexander Potter$48$49.44 -41.9%Mar 20, 2025
Goldman SachsAnalyst unavailable$73$49.13 -11.7%Mar 1, 2025
JefferiesPhilippe Houchois$52$51.54 -37.1%Oct 30, 2024
WedbushDaniel Ives$60$53.38 -27.4%Oct 23, 2024
BarclaysDan Levy$70$53.73 -15.3%Oct 23, 2024
Mizuho SecuritiesVijay Rakesh$54$48.63 -34.6%Oct 15, 2024
Evercore ISIChris McNally$55$47.87 -33.4%Oct 14, 2024
BernsteinAdrian Yanoshik$53$48.88 -35.9%Sep 23, 2024
Bank of America SecuritiesJohn Murphy$85$48.14 +2.9%Sep 20, 2024
RBC CapitalJoseph Spak$54$42.73 -34.6%Aug 9, 2024
Argus ResearchWilliam Selesky$54$44.12 -34.6%Jul 25, 2024
Morgan StanleyAdam Jonas$47$45.28 -43.1%Jul 24, 2024
Wells FargoColin Langan$34$46.38 -58.9%Jul 24, 2024
CitigroupItay Michaeli$98$46.38 +18.6%Jul 23, 2024
RBC CapitalJoseph Spak$58$48.46 -29.8%Jun 11, 2024
Argus ResearchWilliam Selesky$52$45.05 -37.1%May 9, 2024
BernsteinDaniel Roeska$55$45.08 -33.4%Apr 25, 2024
Goldman SachsMark Delaney$52$45.08 -37.1%Apr 24, 2024
Piper SandlerAlexander Potter$45$45.06 -45.5%Apr 24, 2024
Morgan StanleyAdam Jonas$46$44.73 -44.3%Apr 10, 2024
Piper SandlerAlexander Potter$44$39.38 -46.8%Mar 14, 2024
WedbushDaniel Ives$40$39.54 -51.6%Jan 31, 2024
BarclaysDan Levy$37$28.2 -55.2%Nov 1, 2023
Mizuho SecuritiesVijay Rakesh$38$29.01 -54.0%Oct 25, 2023
Roth CapitalCraig Irwin$85$29.66 +2.9%Oct 19, 2023
Morgan StanleyAdam Jonas$38$37.16 -54.0%Jun 14, 2023
Mizuho SecuritiesVijay Rakesh$39$34.5 -52.8%Apr 13, 2023
CitigroupAnalyst unavailable$82$39.3 -0.8%Feb 2, 2023
Morgan StanleyAnalyst unavailable$35$38.92 -57.6%Feb 1, 2023
GuggenheimRonald Jewsikow$89$36.62 +7.7%Jan 13, 2023
WedbushDaniel Ives$42$37.02 -49.2%Oct 25, 2022
UBSPatrick Hummel$56$34.09 -32.2%Oct 21, 2022
UBSPatrick Hummel$38$31.3 -54.0%Oct 10, 2022
CitigroupAnalyst unavailable$78$34.67 -5.6%Sep 28, 2022
Wolfe ResearchAnalyst unavailable$50$38.54 -39.5%Sep 6, 2022
J.P. MorganAnalyst unavailable$61$33.46 -26.2%Jul 26, 2022
Morgan StanleyAdam Jonas$42$34.67 -49.2%Jul 23, 2022
BarclaysBrian Johnson$52$31.53 -37.1%Jul 13, 2022
Wells FargoAnalyst unavailable$29$31.91 -64.9%Jul 11, 2022
Goldman SachsMark Delaney$46$37.61 -44.3%Jun 6, 2022
Wells FargoColin Langan$33$35.56 -60.1%May 13, 2022
Morgan StanleyAdam Jonas$50$38.87 -39.5%Apr 27, 2022
WedbushDaniel Ives$50$38.1 -39.5%Apr 27, 2022
Wells FargoAnalyst unavailable$74$38.04 -10.4%Apr 27, 2022
RBC CapitalAnalyst unavailable$58$38.04 -29.8%Apr 27, 2022
J.P. MorganRyan Brinkman$71$38.12 -14.1%Apr 26, 2022
Deutsche BankEmmanuel Rosner$56$39.84 -32.2%Apr 22, 2022
CitigroupItay Michaeli$95$42.96 +15.0%Apr 2, 2022
Wolfe ResearchRod Lache$70$44.22 -15.3%Mar 28, 2022
Benchmark Co.Michael Ward$75$40.83 -9.2%Mar 14, 2022
Morgan StanleyAdam Jonas$55$48.4 -33.4%Feb 14, 2022
NomuraAnindya Das$56$50.72 -32.2%Feb 9, 2022
RBC CapitalJoseph Spak$85$51.29 +2.9%Feb 6, 2022
WedbushDaniel Ives$85$53.5 +2.9%Feb 2, 2022
Credit SuisseDan Levy$75$53.5 -9.2%Feb 2, 2022
Evercore ISIChris McNally$65$53.5 -21.3%Feb 2, 2022
Bank of America SecuritiesJohn Murphy$100$53.5 +21.0%Feb 2, 2022
Deutsche BankEmmanuel Rosner$71$61.1 -14.1%Jan 17, 2022
CFRAGarrett Nelson$65$65.74 -21.3%Jan 4, 2022
DaiwaJairam Nathan$65$58.4 -21.3%Dec 14, 2021
Tigress FinancialIvan Feinseth$86$58 +4.1%Oct 15, 2021
UBSPatrick Hummel$79$58.83 -4.4%Jun 29, 2021
Argus ResearchBill Selesky$66$55.89 -20.1%May 18, 2021
Tudor PickeringMatthew Portillo$76$55.89 -8.0%May 18, 2021
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Company context

Snapshot as of publication

General Motors Company, a prominent global automotive enterprise, is engaged in the design, manufacturing, and distribution of a wide array of vehicles—including trucks, crossovers (SUVs), and passenger cars—along with related parts and accessories. Its expansive reach covers numerous regions such as North America, the Asia Pacific, the Middle East, Africa, South America, with significant operations in the United States and China. The company organizes its business into distinct segments: GM North America, GM International, Cruise, and GM Financial. It markets its diverse vehicle lineup under well-known brand names like Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling. Beyond selling to individual consumers through dealerships, GM also supplies its vehicles—including specialized models—to a variety of fleet clients, such as daily rental companies, commercial businesses, leasing firms, and government agencies.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-25T20:40:59.086434+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T20:40:59.083651+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.