General Motors Company · NYSE:GM
General Motors — Q3 2026 Earnings Presentation
39 slides from General Motors's earnings presentation, Oct 20, 2026
Slide 1: Strong execution today, greater opportunity ahead
Strong execution today, greater opportunity ahead Q3 2026 Earnings Next-generation 2027 Chevrolet Silverado October 20, 2026
Slide 2: Information relevant to this presentation
Information relevant Cautionary Note on Forward-Looking Statements This communication 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
Slide 3: Table of contents
Table of contents • Page 4 Business update • Page 13 2026 updated guidance • Page 14 Financial information • Page 27 Supplemental financial information Chevrolet Equinox General Motors 3
Slide 4: Q3 2026 highlights
Q3 2026 highlights Disciplined execution driving Winning across the portfolio Strong cash-flow enabling operational performance consistent shareholder returns On track to lead the industry in: EBIT-adj. $4.1B • Full-size pickup trucks for the 7th Repurchased $2.5B of stock, retiring Adj. auto free c
Slide 5: Winning portfolio
Winning portfolio Current generation full-size pickups have established a durable formula for leadership • 19 consecutive quarters of sales leadership • LD full-size pickup sales up 9% YoY in Q3; up 6% YTD Portfolio strength extends beyond trucks • GM’s top five highest volume vehicles1 continue to
Slide 6: Next-generation 2027 Chevrolet Silverado
Next-generation 2027 Chevrolet Silverado Builds on Chevrolet’s legacy from the maker of the longest-lasting full-size pickups on the road1, while advancing capability, technology and design for the next generation More value, more choice, more standard content • 3 Lifted Off-Road Trims: Led by the m
Slide 7: Next-generation 2027 GMC Sierra
Next-generation 2027 GMC Sierra The most advanced and luxurious Sierra ever, raising the bar for premium trucks and GMC’s ‘Professional Grade’ brand ethos More premium, more capable, and more connected • Pro and Elevation: Capability, versatility and Next-generation 2027 premium technology GMC Sierr
Slide 8: Next-generation Chevrolet Silverado and GMC Sierra
Next-generation Chevrolet Silverado and GMC Sierra The most powerful, most capable and most advanced pickups ever • New sixth-gen 5.7L and 6.6L Small Block V8s, an enhanced 2.7L TurboMax and segment-exclusive 3.0L Duramax diesel, all paired with a standard 10- speed automatic transmission • Availabl
Slide 9: Pricing discipline continues to deliver low incentive spend
Pricing discipline continues to deliver low incentive spend Incentive spend per vehicle as a % of MSRP1 15% Disciplined pricing execution kept incentive levels stable despite 12% Highest evolving market conditions competitor • Incentives as a percentage of MSRP averaged 4.8% in Q3, 1.8 ppts below 9%
Slide 10: Rapid growth in our digital business
Rapid growth in our digital business OnStar ended Q3 with deferred revenue at $6.8B, up ~40% YoY; recognized revenue was over $800M, up 15% YoY • On track to add ~1M subscribers in 2026; approaching 13M by year end Super Cruise continues to fuel growth across OnStar digital services • Q3 recognized
Slide 11: Consistent shareholder returns
Consistent shareholder returns Capital returns have driven a meaningfully Share repurchases ($B) smaller share base 5.3 6.0 • $42.7B of share repurchases have contributed to a 45% reduction in common shares 7.1 outstanding, declining from 1,543M in 2015 to 42.7 11.1 849M at the end of Q3 2026 0.1 0.
Slide 12: EV charges substantially completed
EV charges substantially completed Q3 EV-related charges and cash payments • Cash charges primarily related to right sizing the battery supply chain with our joint venture partners Recorded $11.2B of EV-related charges since H2 2025 of which $7.4B have a cash impact • Paid $4.6B of the $7.4B through
Slide 13: 2026 updated guidance
2026 updated guidance Updated key guidance assumptions $14.5–15.5B $12.75–13.75 • US Total SAAR expected to be in the mid-16M unit range EBIT-adj. EPS-diluted-adj. • (Previously: low-16M unit range) Previously: $14.0–16.0B Previously: $12.00–14.00 • Warranty cost benefit expected to be at high end o
Slide 14: Financial information
Financial information Cadillac Escalade General Motors 14
Slide 15: Summary
Summary Q3 2026 Results What’s to come Strong core business results 2026 full-year guidance • Total company revenue of over $50B in Q3, EBIT-adj. of • Strong financial performance and continued resilience $4.1B, resulting in EPS-diluted-adj. of $3.70, up 32% YoY supports updated guidance • $5.9B of
Slide 16: Third quarter financial highlights
Third quarter financial highlights $50.0B $4.1B $5.9B Revenue EBIT–adj. Adj. auto FCF 1,028K 8.2% $3.70 Wholesale units EBIT-adj. margin EPS-diluted-adj. General Motors 16
Slide 17: Third quarter performance
Third quarter performance EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 EPS-diluted-adj. • Up 32% YoY driven by higher EBIT-adj. and lower diluted weighted-average common shares from share repurchases EBIT-adj. • Up YoY primarily driven by core business performance including cost efficiencie
Slide 18: Third quarter EBIT-adjusted ($B)
Third quarter EBIT-adjusted ($B) • GMNA delivered EBIT-adj. margins of 8.7%, up 2.5 • GMI decrease primarily driven by increased cost ppts. YoY improvement driven by warranty and negative mark-to-market adjustment from improvement, EV inventory adjustments, higher investment in Momenta; another quar
Slide 19: Third quarter EBIT-adjusted performance ($B)
Third quarter EBIT-adjusted performance ($B) GMNA: 30K GMI: 22K GM Financial $(0.1)B Volume and Mix Price Cost Wholesales up in North America with higher Slight pricing softness from increased Lower cost primarily driven by improved ICE volumes of 53K partially offset by lower incentives associated
Slide 20: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) Winning portfolio continues getting stronger with robust Q3 US retail performance across all brands Trax sales were up 16%, Trailblazer had its best Q3 sales since 2007 and Corvette sales were up 29% Sierra is on track for its second-best calendar yea
Slide 21: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) EBIT-adj. ex. China equity income ($B) $(0.0) Wholesales (000’S) Highlights • EBIT-adj. down YoY driven by higher manufacturing and logistics costs and negative mark-to-market adjustment from investment in Momenta, partially offset by higher vol
Slide 22: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 2.3% Wholesales (000’S)1 Highlights • Delivered eighth consecutive quarter of profitability reflecting the ongoing resiliency of our restructured China business • NEVs accounted for a record-high share of total sales of more than 358
Slide 23: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights • EBT-adj. down YoY with lower interest expense and higher retail yield offset by increases in provision for loan losses and lease depreciation expense • Sufficient capital and ample liquidity to support portfolio growth
Slide 24: Adjusted automotive free cash flow
Adjusted automotive free cash flow Q3 YTD ($B) 2025 2026 2025 2026 Net income 1.3 3.4 6.0 7.4 Income tax and net automotive interest expense 0.1 0.5 1.3 1.3 EBIT adjustments1 1.9 0.2 2.6 3.7 Net loss (income) attributable to noncontrolling interests 0.0 (0.0) (0.0) (0.2) EBIT-adjusted 3.4 4.1 9.9 12
Slide 25: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) $5.9B of Q3 adj. auto FCF and strong liquidity position supports investment across all pillars of our capital allocation framework • CapEx of $2.3B in Q3 for additional investment in our onshoring efforts • Repurchase
Slide 26: Regional third quarter EBIT-adjusted performance ($B)
Regional third quarter EBIT-adjusted performance ($B) GMNA GMI $8.2 $— $0.6 $0.4 $1.3 $0.2 $10.7 $0.5 $0.3 $(0.2) $0.2 $(0.4) $0.1 $0.3 Year to Date 2026 Year to Date 2026 General Motors 26
Slide 27: Supplemental financial information
Supplemental financial information Chevrolet Blazer EV General Motors 27
Slide 28: Third quarter GAAP results
Third quarter GAAP results Q3 YTD All amounts in $B except EPS diluted 2025 2026 2025 2026 Net revenue 48.6 50.0 139.7 141.7 Operating income 1.1 3.6 6.6 8.0 Net income attributed to stockholders 1.3 3.3 6.0 7.3 Net income margin 2.7% 6.7% 4.3% 5.1% EPS-diluted ($/share) $1.35 $3.73 $6.64 $7.94 Net
Slide 29: Global deliveries
Global deliveries (000's) Q3 2025 Q4 2025 CY 2025 Q1 2026 Q2 2026 Q3 2026 North America 837 827 3,361 743 848 797 U.S. 710 703 2,853 626 715 671 Asia/Pacific, Middle East and Africa 619 690 2,418 456 464 474 China 469 521 1,880 349 357 358 South America 107 116 403 95 115 119 Brazil 72 84 276 61 79
Slide 30: Global market share
Global market share Q3 2025 Q4 2025 CY 2025 Q1 2026 Q2 2026 Q3 2026 North America 16.0% 16.1% 16.3% 15.9% 15.7% 15.3% U.S. 16.8% 17.0% 17.1% 16.7% 16.4% 16.1% Asia/Pacific, Middle East and Africa 4.9% 5.1% 4.8% 4.2% 4.1% 4.2% China 6.8% 7.1% 7.1% 7.1% 6.5% 6.6% South America 9.2% 9.8% 9.2% 8.8% 9.1%
Slide 31: Reconciliation of EBIT-adjusted
Reconciliation of EBIT-adjusted ($B) Q4 Q1 Q2 Q3 2024 2025 2025 2026 2025 2026 2025 2026 Net income attributable to stockholders (3.0) (3.3) 2.8 2.6 1.9 1.3 1.3 3.3 Income tax expense (benefit) 0.3 (1.0) 0.7 0.6 0.5 0.2 0.1 0.6 Automotive interest expense 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Automotive i
Slide 32: Impact of special items on GAAP reported earnings - third quarter
Impact of special items on GAAP reported earnings - third quarter ($B) Q3 2025 Q3 2026 Adjusted Adjusted Reported Special items Reported Special items (Non-GAAP) (Non-GAAP) Total net sales and revenues 48.6 — 48.6 50.0 — 50.0 Costs and expenses Automotive and other cost of sales 41.9 (1.9) 1,2,3 40.
Slide 33: EPS-diluted-adj. reconciliation
EPS-diluted-adj. reconciliation Q3 YTD 2025 2026 2025 2026 Diluted earnings per common share $1.35 $3.73 $6.64 $7.94 Adjustments1 2.01 0.27 2.67 4.07 Tax effect on adjustments2 (0.56) (0.06) (0.62) (0.81) Tax adjustments3 — (0.23) — (0.23) Return from preferred shareholders4 — — (0.60) — EPS-diluted
Slide 34: Effective tax rate-adjusted
Effective tax rate-adjusted ($B) Q3 YTD 2025 2026 2025 2026 Income Income Income Income Income Income Income Income before tax Effective before tax Effective before tax Effective before tax Effective income expense tax rate income expense tax rate income expense tax rate income expense tax rate taxe
Slide 35: Calculation of ROIC-adjusted
Calculation of ROIC-adjusted ($B) Four quarters ended September 30, 2025 2026 Numerator: EBIT-adjusted1 12.4 15.1 Denominator: Average equity2 65.2 62.1 Add: Average automotive debt and interest liabilities (excluding finance leases) 16.1 15.9 Add: Average automotive net pension & OPEB liability 8.7
Slide 36: GM Financial key metrics
GM Financial key metrics Q3 YTD 2025 2026 2025 2026 Revenue ($B) 4.3 4.3 12.8 12.9 EBT-adjusted ($B) 0.8 0.7 2.2 2.0 Total retail originations ($B) 13.8 13.6 43.2 40.1 Retail finance delinquencies (>30 days) 3.2% 3.7% 3.2% 3.7% Annualized net charge-offs as % of average retail finance 1.2% 1.6% 1.2%
Slide 37: GM Financial return on equity
GM Financial return on equity Four quarters ended September 30, ($B) 2025 2026 Net income attributable to common shareholder 1.7 1.8 Adjustment - impairment charge1 0.3 0.0 Net income attributable to common shareholder - adjusted 2.0 1.8 Average equity 15.6 16.0 Less: average preferred equity (2.0)
Slide 38: Guidance reconciliation
Guidance reconciliation 1Expected financial results do not include the potential impact of future adjustments related to special items. General Motors 38
Slide 39: For additional information please visit:
For additional information please visit: https://investor.gm.com investorrelations@gm.com https://www.gmfinancial.com/en-us/investor-center.html investors@gmfinancial.com GM’s Investor Relations website contains a significant amount of information about GM, including financial and other information
General Motors Company — Q3 2026 Earnings Presentation on 6ix