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

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

PR Newswire

DETROIT, July 21, 2026

DETROIT, July 21, 2026 /PRNewswire/ -- 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 guidancePrevious 2026 guidanceEBIT-adjusted$14.0 billion - $16.0 billion$13.5 billion - $15.5 billionAdjusted automotive free cash flow $9.5 billion - $11.5 billion$9.0 billion - $11.0 billionEPS-diluted-adjusted$12.00 - $14.00$11.50 - $13.50GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable September 17, 2026, to holders of the company's common stock at the close of trading on September 4, 2026.An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.Conference call for investors and analystsMary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.Conference call details are as follows:1-800-857-9821 (U.S.)1-517-308-9481 (international/caller-paid)Conference call passcode: General MotorsAn audio replay will be available on the GM Investor Relations website in the Events section.Results OverviewThree Months Ended($M) except per share amountsJune 30, 2026June 30, 2025Change% ChangeRevenue$ 48,026$ 47,122$ 9041.9 %Net income (loss) attributable to stockholders$ 1,305$ 1,895$ (590)(31.1) %EBIT-adjusted$ 3,943$ 3,037$ 90629.8 %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$ 4189.0 %Adjusted automotive free cash flow$ 5,033$ 2,827$ 2,20678.0 %EPS-diluted$ 1.41$ 1.91$ (0.50)(26.0) %EPS-diluted-adjusted$ 3.57$ 2.53$ 1.0441.3 %GMNA EBIT-adjusted$ 3,446$ 2,415$ 1,03042.7 %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$ 1216.9 %GM Financial EBT-adjusted$ 605$ 704$ (99)(14.0) %Six Months Ended($M) except per share amountsJune 30, 2026June 30, 2025Change% ChangeRevenue$ 91,650$ 91,141$ 5090.6 %Net income (loss) attributable to stockholders$ 3,932$ 4,680$ (747)(16.0) %EBIT-adjusted$ 8,196$ 6,527$ 1,66925.6 %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$ 2,66373.2 %EPS-diluted$ 4.25$ 5.28$ (1.03)(19.6) %EPS-diluted-adjusted$ 7.27$ 5.31$ 1.9636.9 %GMNA EBIT-adjusted$ 7,107$ 5,702$ 1,40524.6 %GMNA EBIT-adjusted margin9.3 %7.4 %1.9 ppts25.7 %GMI EBIT-adjusted$ 314$ 234$ 8034.4 %China equity income (loss)(a)$ 248$ 116$ 132n.m.GM Financial EBT-adjusted$ 1,294$ 1,389$ (95)(6.9) %__________(a) n.m. = not meaningfulGeneral 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.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.Guidance ReconciliationsThe following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):Year Ending December 31, 2026Updated(a)PreviousNet income attributable to stockholders$ 8.4-9.8$ 9.9-11.4Income tax expense2.2-2.82.6-3.1Automotive interest (income) expense, net(0.1)—Adjustments3.51.0EBIT-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, 2026Updated(a)PreviousDiluted earnings per common share$ 8.98-10.98$ 10.62-12.62Adjustments3.020.88EPS-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, 2026Updated(a)PreviousNet automotive cash provided by operating activities$ 15.4-19.4$ 16.8-20.8Less: Capital expenditures10.0-12.010.0-12.0Adjustments4.12.2Adjusted 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.General Motors Company and Subsidiaries1Combining Income Statement Information(In millions) (Unaudited)Three Months Ended June 30, 2026Three Months Ended June 30, 2025AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedNet sales and revenueAutomotive$ 43,762$ —$ —$ 43,762$ 42,869$ —$ —$ —$ 42,869GM Financial—4,267(3)4,264——4,255(2)4,253Total net sales and revenue43,7624,267(3)48,02642,869—4,255(2)47,122Costs and expensesAutomotive and other cost of sales40,696——40,69639,289——(1)39,289GM Financial interest, operating, and other expenses—3,674(1)3,674——3,567—3,567Automotive and other selling, general, and administrative expense2,199—(2)2,1972,141——(2)2,139Total costs and expenses42,8963,674(3)46,56741,431—3,567(2)44,995Operating income (loss)867593—1,4591,438—688—2,127Automotive interest expense151——151199——(1)198Interest income and other non-operating income, net223——223367——(1)366Equity income (loss)2413—3664—16—80Income (loss) before income taxes$ 963$ 605$ —$ 1,568$ 1,671$ —$ 704$ —$ 2,375Income tax expense (benefit)214481Net income (loss)1,3541,894Net loss (income) attributable to noncontrolling interests(48)1Net income (loss) attributable to stockholders$ 1,305$ 1,895Net income (loss) attributable to common stockholders$ 1,287$ 1,865Six Months Ended June 30, 2026Six Months Ended June 30, 2025AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedNet sales and revenueAutomotive$ 83,111$ —$ —$ 83,111$ 82,729$ 1$ —$ —$ 82,730GM Financial—8,543(4)8,539——8,419(7)8,412Total net sales and revenue83,1118,543(4)91,65082,72918,419(7)91,141Costs and expensesAutomotive and other cost of sales75,723—175,72474,318163—(1)74,480GM Financial interest, operating, and other expenses—7,276(1)7,275——7,058—7,058Automotive and other selling, general, and administrative expense4,270—(3)4,2664,016111—(2)4,124Total costs and expenses79,9937,276(4)87,26578,3342747,058(4)85,662Operating income (loss)3,1181,267—4,3854,395(273)1,361(4)5,479Automotive interest expense309——30935130—(30)350Interest income and other non-operating income, net530(1)—5307012—(26)676Equity income (loss)28227—309114—28—142Income (loss) before income taxes$ 3,621$ 1,294$ —$ 4,915$ 4,859$ (301)$ 1,389$ —$ 5,946Income tax expense (benefit)8561,199Net income (loss)4,0584,747Net loss (income) attributable to noncontrolling interests(126)(68)Net income (loss) attributable to stockholders$ 3,932$ 4,680Net income (loss) attributable to common stockholders$ 3,901$ 5,224________ 1Certain columns and rows may not add due to rounding.The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):Three Months EndedSix Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025Basic earnings per shareNet income (loss) attributable to stockholders$ 1,305$ 1,895$ 3,932$ 4,680Adjustments(a)(18)(30)(31)544Net income (loss) attributable to common stockholders$ 1,287$ 1,865$ 3,901$ 5,224Weighted-average common shares outstanding896963904976Basic earnings per common share$ 1.44$ 1.94$ 4.32$ 5.35Diluted earnings per shareNet income (loss) attributable to common stockholders – diluted$ 1,287$ 1,865$ 3,901$ 5,224Weighted-average common shares outstanding – diluted910976918989Diluted earnings per common share$ 1.41$ 1.91$ 4.25$ 5.28Potentially dilutive securities(b)—6—6__________(a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.(b) Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at June 30, 2026 and outstanding stock options, PSUs, and RSUs at June 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.General Motors Company and Subsidiaries1Combining Balance Sheet Information(In millions, except per share amounts) (Unaudited)June 30, 2026December 31, 2025AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedASSETSCurrent AssetsCash and cash equivalents$ 15,147$ 4,987$ —$ 20,134$ 15,062$ 56$ 5,826$ —$ 20,945Marketable debt securities4,50382—4,5856,685—39—6,724Accounts and notes receivable, net(a)16,0011,559(790)16,77012,199761,506(727)13,054GM Financial receivables, net(b)—45,262(393)44,870——45,661(395)45,266Inventories15,955—(5)15,95014,472——(5)14,467Other current assets2,7674,92947,7003,16795,13068,312Total current assets54,37456,818(1,184)110,00851,58514158,162(1,120)108,767Non-current AssetsGM Financial receivables, net—44,454—44,454——44,384—44,384Equity in net assets of nonconsolidated affiliates4,4851,178—5,6634,564—1,117—5,681Property, net 53,179138—53,31651,45899126—51,683Goodwill and intangible assets, net 2,9541,351—4,3053,018—1,348—4,366Equipment on operating leases, net—32,881—32,881——33,686—33,686Deferred income taxes24,190(1,547)—22,64324,446—(1,486)—22,960Other assets7,8041,668—9,4728,226471,483—9,756Total non-current assets92,61280,121—172,73391,71214780,658—172,517Total Assets$ 146,986$ 136,939$ (1,184)$ 282,742$ 143,297$ 288$ 138,820$ (1,120)$ 281,284LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable (principally trade)(a)$ 28,974$ 657$ (791)$ 28,840$ 24,075$ 1$ 491$ (649)$ 23,919Short-term debt and current portion of long-term debt Automotive(b) 907—(393)5141,1207—(471)656GM Financial—36,498—36,498——35,012—35,012Cruise—————————Accrued liabilities26,2804,701—30,98228,956544,744—33,754Total current liabilities56,16241,856(1,184)96,83454,1516340,248(1,120)93,342Non-current LiabilitiesLong-term debtAutomotive15,465——15,46515,52270——15,591GM Financial —75,220—75,220——79,018—79,018Cruise—————————Postretirement benefits other than pensions3,939——3,9394,025———4,025Pensions 4,52813—4,5414,977—11—4,988Other liabilities19,5413,560—23,10117,4952813,375—21,151Total non-current liabilities43,47378,793—122,26742,01935182,404—124,775Total Liabilities99,635120,650(1,184)219,10196,170414122,652(1,120)218,116Equity Common stock, $0.01 par value9——99———9Additional paid-in capital(c)19,1841,018(1,017)19,18518,0861,8421,077(1,076)19,928Retained earnings36,46616,523152,99037,024(1,968)16,467151,524Accumulated other comprehensive loss(8,932)(1,251)—(10,183)(8,966)—(1,377)—(10,343)Total stockholders' equity46,72616,290(1,016)62,00046,153(126)16,167(1,075)61,119Noncontrolling interests(c)625—1,0161,641974——1,0752,049Total Equity47,35116,290—63,64147,127(126)16,167—63,168Total Liabilities and Equity$ 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 $0.1 billion primarily due from GM Financial at December 31, 2025.(b) Eliminations primarily related to GM Financial accounts receivable due from Automotive.(c) Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.General Motors Company and Subsidiaries1Combining Cash Flow Information(In millions) (Unaudited)Six Months Ended June 30, 2026Six Months Ended June 30, 2025AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedCash flows from operating activitiesNet income (loss)$ 3,117$ 941$ —$ 4,058$ 4,040$ (302)$ 1,008$ —$ 4,747Depreciation and impairment of Equipment on operating leases, net—2,647—2,647——2,438—2,438Depreciation, amortization, and impairment charges on Property, net3,46818—3,4863,511917—3,537Foreign currency remeasurement and transaction (gains) losses37(7)—30251—11—262Undistributed earnings of nonconsolidated affiliates, net120(27)—93611—(28)—583Pension contributions and OPEB payments(431)(1)—(432)(308)—(1)—(309)Pension and OPEB (income) expense, net211—2231—1—32Provision (benefit) for deferred taxes20979—289(3)—208—205Change in other operating assets and liabilities(a)(c)(937)(70)117(891)(1,077)(432)4102,5731,473Net cash provided by (used in) operating activities5,6043,5821179,3047,057(725)4,0652,57312,969Cash flows from investing activitiesExpenditures 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, liquidations3,56677—3,6441,719———1,719Purchases 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)17,286Purchases of leased vehicles—(6,591)—(6,591)——(8,591)—(8,591)Proceeds from termination of leased vehicles—5,549—5,549——5,326—5,326Other 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 activitiesNet increase (decrease) in short-term debt1(18)—(16)(13)—41—29Proceeds from issuance of debt (original maturities greater than three months)(b)12423,226—23,3502,01849928,650(499)30,668Payments 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)4961,115152699Effect of exchange rate changes on cash, cash equivalents, and restricted cash(96)13—(83)261164—327Net increase (decrease) in cash, cash equivalents, and restricted cash31(738)—(708)(536)(230)3,602—2,836Cash, cash equivalents, and restricted cash at beginning of period15,2419,043—24,28414,5613228,081—22,964Cash, 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 $3.3 billion in the six months ended June 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.(b) Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30, 2025.(c) Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2026 and 2025.Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.The following tables summarize key financial information (dollars in millions):GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalThree Months Ended June 30, 2026Net sales and revenue$ 39,912$ 3,691$ 159$ —$ 43,762$ —$ 4,267$ (3)$ 48,026Expenditures for property$ 1,834$ 61$ 30$ —$ 1,924$ —$ 18$ —$ 1,942Depreciation and amortization$ 1,649$ 122$ 6$ —$ 1,777$ —$ 1,325$ —$ 3,102Impairment charges$ 1$ —$ —$ —$ 1$ —$ —$ —$ 1Equity income (loss)(a)(b)(c)$ (383)$ 82$ (37)$ —$ (337)$ —$ 13$ —$ (324)GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalThree Months Ended June 30, 2025Net sales and revenue$ 39,486$ 3,326$ 57$ —$ 42,869$ —$ 4,255$ (2)$ 47,122Expenditures for property$ 2,014$ 89$ 28$ —$ 2,131$ —$ 6$ —$ 2,137Depreciation and amortization$ 1,642$ 131$ 9$ —$ 1,782$ —$ 1,243$ —$ 3,026Impairment charges$ —$ 18$ —$ —$ 18$ —$ —$ —$ 18Equity income (loss)(a)(b)$ 12$ 77$ (14)$ —$ 75$ —$ 16$ —$ 91GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalSix Months Ended June 30, 2026Net sales and revenue$ 76,312$ 6,550$ 249$ —$ 83,111$ —$ 8,543$ (4)$ 91,650Expenditures for property$ 3,260$ 113$ 51$ —$ 3,425$ —$ 29$ —$ 3,454Depreciation and amortization$ 3,190$ 241$ 11$ —$ 3,442$ —$ 2,665$ —$ 6,107Impairment charges$ 26$ —$ —$ —$ 26$ —$ —$ —$ 26Equity income (loss)(a)(b)(c)$ (247)$ 243$ (82)$ —$ (85)$ —$ 27$ —$ (58)GMNAGMICorporateEliminationsTotalAutomotiveCruiseGMFinancialReclassifications/EliminationsTotalSix Months Ended June 30, 2025Net sales and revenue$ 76,873$ 5,753$ 103$ —$ 82,729$ 1$ 8,419$ (7)$ 91,141Expenditures for property$ 3,719$ 182$ 39$ —$ 3,940$ 2$ 10$ —$ 3,953Depreciation and amortization$ 3,230$ 233$ 36$ —$ 3,499$ 5$ 2,456$ —$ 5,959Impairment charges$ —$ 18$ —$ —$ 18$ —$ —$ —$ 18Equity 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.General Motors Company and SubsidiariesSupplemental 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.The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):Three Months EndedSix Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025Net income (loss) attributable to stockholders$ 1,305$ 1,895$ 3,932$ 4,680Income tax expense (benefit)2144818561,199Automotive interest expense151198309350Automotive interest income (183)(200)(356)(391)AdjustmentsEV strategic realignment(a)2,2793303,356330China restructuring actions(b)17714099140Separation costs(c)—87—87Cruise restructuring(d)—65—65GMI exit costs(e)—33—33Headquarters relocation(f)—8—34Total adjustments2,4566633,455689EBIT-adjusted3,9433,0378,1966,527Operating segments GM North America (GMNA)3,4462,4157,1075,702GM International (GMI)190204314234Cruise ———(273)GM Financial(g)6057041,2941,389Total operating segments4,2413,3238,7147,051Corporate 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 Columbia 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.The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):Three Months EndedSix Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025AmountPer ShareAmountPer ShareAmountPer ShareAmountPer ShareDiluted earnings per common share$ 1,287$ 1.41$ 1,865$ 1.91$ 3,901$ 4.25$ 5,224$ 5.28Adjustments(a)2,4562.706630.683,4553.766890.70Tax 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 EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025Income 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 rateEffective tax rate$ 1,568$ 21413.7 %$ 2,375$ 48120.2 %$ 4,915$ 85617.4 %$ 5,946$ 1,19920.2 %Adjustments(a)2,456496663643,45567968970ETR-adjusted$ 4,024$ 71017.6 %$ 3,038$ 54517.9 %$ 8,370$ 1,53518.3 %$ 6,635$ 1,26919.1 %__________(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 EndedJune 30, 2026June 30, 2025Net income attributable to stockholders$ 1.9$ 4.8Average equity(a)$ 63.0$ 66.8ROE3.1 %7.1 %__________(a) Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.The following table summarizes the calculation of ROIC-adjusted (dollars in billions): Four Quarters EndedJune 30, 2026June 30, 2025EBIT-adjusted(a)$ 14.4$ 13.2Average equity(b)$ 63.0$ 66.8Add: Average automotive debt and interest liabilities (excluding finance leases)16.016.2Add: Average automotive net pension and OPEB liability7.98.9Less: Average automotive net income tax asset(24.1)(22.8)ROIC-adjusted average net assets$ 62.8$ 69.1ROIC-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 EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025Net automotive cash provided by operating activities$ 5,071$ 4,653$ 5,604$ 7,057Less: Capital expenditures(1,924)(2,131)(3,425)(3,940)Add: EV strategic realignment1,871—4,103—Add: Legal Matters13—13—Add: GMI exit costs28612Add: Buick dealer strategy—305—465Add: Separation costs—86—139Add: China restructuring actions—9—9Less: Ultium strategic realignment—(103)—(103)Adjusted automotive free cash flow$ 5,033$ 2,827$ 6,302$ 3,639General Motors Company and SubsidiariesSupplemental Material1(Unaudited)Vehicle SalesGM 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 EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025GMNA8488491,6411,676GMI142125248209Total9909741,8891,885Total 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.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 EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareNorth AmericaUnited States4,31071516.6 %4,29474717.4 %8,0561,34116.7 %8,3231,44017.3 %Other1,05913312.6 %1,05213112.5 %1,98725012.6 %1,99225712.9 %Total North America5,36984815.8 %5,34587816.4 %10,0421,59215.8 %10,3151,69716.5 %Asia/Pacific, Middle East, and AfricaChina(a)5,4343576.6 %6,5874486.8 %10,3467066.8 %12,3988907.2 %Other5,6111061.9 %5,4421182.2 %11,4972131.9 %11,2912201.9 %Total Asia/Pacific, Middle East, and Africa11,0444644.2 %12,0285654.7 %21,8429194.2 %23,6901,1104.7 %South AmericaBrazil7957910.0 %647649.9 %1,4191419.9 %1,19912010.0 %Other464357.6 %411317.6 %921697.5 %811607.4 %Total South America1,2591159.1 %1,058959.0 %2,3402098.9 %2,0101808.9 %Total in GM markets17,6721,4278.1 %18,4321,5388.3 %34,2252,7207.9 %36,0152,9878.3 %Total Europe4,591—— %4,372—— %8,9721— %8,6091— %Total Worldwide(b)22,2631,4276.4 %22,8041,5386.7 %43,1972,7216.3 %44,6232,9886.7 %United StatesCars720131.8 %712152.1 %1,322251.9 %1,415322.3 %Trucks1,16337832.5 %1,22340132.8 %2,17070232.4 %2,27774632.8 %Crossovers2,42832413.4 %2,35933014.0 %4,56461513.5 %4,63166214.3 %Total United States4,31071516.6 %4,29474717.4 %8,0561,34116.7 %8,3231,44017.3 %China(a)SGMS94132210251SGMW263315496639Total5,4343576.6 %6,5874476.8 %10,3467066.8 %12,3988907.2 %__________ (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 EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025GMNA207178391350GMI11196193164Total fleet sales318274584514Fleet sales as a percentage of total vehicle sales22.3 %17.8 %21.5 %17.2 %