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. Q4 '23 estimate $1.16 Q4 '23 actual $1.24, beat 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
Show 46 more rating actions

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
See 114 more

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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.