- Company name
- General Motors
- Sector
- Automobile manufacturers
- About
- General Motors (GM) designs, builds and sells cars, trucks, crossovers and SUVs, and auto parts and services, under the Buick, Cadillac, Chevrolet and GMC brands. It reports three segments: GM North America, GM International and GM Financial, which gives auto loans and leases. In the first nine months of 2026, GM sold 2.0 million vehicles in the United States, a market share of 16.4%, and its joint ventures in China sold 1.1 million vehicles. Revenue was $50.0 billion in Q3 2026. The head office is in Detroit, Michigan. Mary Barra is Chair and Chief Executive Officer. GM moves its stock listing from the New York Stock Exchange to Nasdaq on November 17, 2026, and the symbol stays GM.
- Thesis
- GM trades close to its intrinsic value because investors weigh its strong truck and SUV profits and large buybacks against tariffs, the cost of its smaller EV plans and the cycle of car demand. In Q3 2026, EBIT-adjusted rose 21.6% to $4,106 million and EPS-diluted-adjusted rose 32% to $3.70. GM North America had an EBIT-adjusted margin of 8.7%. GM finished its $6.0 billion share repurchase program, approved a new $20.0 billion program and had 849 million shares at September 30, 2026, against 904 million at the end of 2025. But GM estimates that tariffs lower EBIT-adjusted by $2.5 billion to $3.5 billion in 2026, and EV strategic realignment charges were $3,594 million in the first nine months of 2026. For the price to rise with value, three things must be true. North America margins must stay near 8% or more. Tariff costs must not rise. EV charges must end and EV losses must get smaller. The Q4 2026 report with the 2027 guidance, expected in late January 2027, is the next test.
- Risks
- Tariffs raise costs. GM estimates that they lower EBIT-adjusted by $2.5 billion to $3.5 billion in 2026, and new tariffs or changes to trade agreements can increase this.
EV demand fell after changes in U.S. policy. EV strategic realignment charges were $3,594 million in the first nine months of 2026, and more charges can come.
Most profit comes from trucks and SUVs in North America. Lower demand, higher incentives or a recession can cut margins fast.
GM International earned EBIT-adjusted of only $28 million in Q3 2026, and competition in China is strong. GM may record more restructuring charges there.
GM Financial carries credit risk on its loans and residual value risk on its leases. The residual value of its leased vehicles was $24.4 billion at September 30, 2026.
- Balance sheet
- Cash: $23.1B
Debt: $16.1B
Net cash: $7.0B
Interest cover: 26×
Debt due within 12 months: $878M
GM has two parts with different balance sheets. At September 30, 2026, the automotive business had cash and cash equivalents of $18,765 million and marketable debt securities of $4,351 million. Automotive debt was $878 million due within one year and $15,270 million of long-term debt. Automotive pension liabilities were $4,482 million and other postretirement benefits $3,905 million. GM Financial funds its loans and leases with its own debt: $42,939 million current and $70,005 million long-term. Its receivables were $91.8 billion and its equipment on operating leases $32.2 billion. Interest cover is EBIT-adjusted divided by automotive interest expense for the first nine months of 2026 ($12,302 million against $472 million). Net automotive operating cash flow was $13,653 million in the first nine months of 2026, and capital spending was $5,758 million. The quarterly dividend is $0.18 per share.
As of 2026-09-30.
- Checkpoints
- Oct 20, 2026: Q3 2026 results: North America margin. Passed. Watch: A GM North America EBIT-adjusted margin near 8% or more passes; a lower 2026 guidance fails. Outcome: The GM North America margin was 8.7%, and GM narrowed its 2026 EBIT-adjusted guidance to $14.5 billion to $15.5 billion.
Jan 26, 2027 (estimate): Q4 2026 results and 2027 guidance. Pending. Watch: 2026 EBIT-adjusted within the guidance and 2027 guidance near that level pass; much lower 2027 guidance fails.
Apr 2027 (estimate): Q1 2027 results: tariffs and EV costs. Pending. Watch: Lower tariff costs and no new EV charges pass; new large charges fail.
- Recent events
- 2026-10-27: GM announced that it transfers its stock listing to Nasdaq from the New York Stock Exchange. The stock trades on the NYSE through November 16, 2026 and on Nasdaq from November 17, 2026, with the same symbol.
2026-10-20: GM reported Q3 2026 results. Revenue rose 2.9% to $50.0 billion, net income attributable to stockholders was $3.3 billion and EPS-diluted-adjusted rose 32% to $3.70. GM narrowed its 2026 EBIT-adjusted guidance to $14.5 billion to $15.5 billion, raised its adjusted automotive free cash flow guidance and approved a new $20.0 billion share repurchase authorization.
2026-01-27: GM reported full-year 2025 results. Net income attributable to stockholders was $2.7 billion, after special charges of more than $7.2 billion in Q4 2025, mainly for the realignment of EV capacity. EBIT-adjusted was $12.7 billion and EPS-diluted-adjusted was $10.60. The Board raised the quarterly dividend by 20% to $0.18 per share and approved a $6.0 billion share repurchase authorization.