General Motors Company · NYSE:GM
General Motors — Q1 2026 Earnings Presentation
35 slides from General Motors's earnings presentation, Apr 28, 2026
Slide 1: Setting the pace with value, choice and execution
Setting the pace with value, choice and execution Q1 2026 Earnings April 28, 2026 GMC Canyon General Motors 1
Slide 2: Table of contents
Table of contents Page 4 Business update Page 9 2026 updated guidance Page 10 Financial information Page 23 Supplemental financial information Chevrolet Silverado General Motors General Motors 2
Slide 3: Information relevant to this presentation
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 fact . Forward -
Slide 4: Q1 2026 highlights
Q1 2026 highlights #1 in total U.S. sales with 626K North America EBIT-adj. margin deliveries; #2 in U.S. EV sales of 10.1%, including 1.5ppt benefit from the tariff adjustment Leader in full-size pickups for 6+ years and for decades in full-size SUVs; GMC Recognized $0.5B adjustment in Q1 best Q1 r
Slide 5: Strategic portfolio driving continued sales momentum
Strategic portfolio driving continued sales momentum Award winning ICE vehicle sales remained resilient keeping GM #1 in total U.S. sales • Chevrolet Silverado LD sales up almost 8% YoY, Chevrolet Traverse sales up 34% YoY and GMC Canyon sales up 21% YoY • Best-ever Q1 retail share for Chevrolet Tra
Slide 6: Disciplined strategy keeping incentives low
Disciplined strategy keeping incentives low 11% GM has consistently maintained one Highest of the industry’s lowest incentive competitor spend levels • Incentives as a percentage of MSRP at 4.4% at the end of Q1 2026, 8% substantially below the industry Industry average of 6.6% average • Maintained
Slide 7: Rapidly growing digital services
Rapidly growing digital services OnStar ended Q1 with deferred revenue at $5.8B, up over 50% YoY; recognized revenue over $750M, up over 20% YoY • Remain on track to reach 13M subscribers by year- end 2026, up 1M subscribers YoY Super Cruise a key growth catalyst • Q1 recognized revenue up ~85% YoY;
Slide 8: Making progress in right-sizing EV capacity and manufacturing footprint
Making progress in right -sizing EV capacity and manufacturing footprint EV-related charges and cash payments • Non-cash charges primarily related to transitioning our Orion assembly plant from ~90% of expected total supplier EV to ICE production, decision to discontinue production of the BrightDrop
Slide 9: 2026 updated guidance
2026 updated guidance $13.5–15.5B $11.50–13.50 YoY EBIT-adj. key assumption updates • Increasing FY26 guidance due to lower gross tariff costs from EBIT-adj. EPS-diluted-adj. the $0.5B IEEPA tariff adjustment Previously: $13.0–15.0B Previously: $11.00–13.00 • Updated: Gross tariff costs of $2.5–3.5B
Slide 10: Financial information
Financial information Cadillac F1 General Motors 1010
Slide 11: First quarter financial highlights
First quarter financial highlights $43.6B $4.3B $1.3B Revenue EBIT –adj. Adj. auto FCF 899K 9.7% $3.70 Wholesale units EBIT -adj. margin EPS -diluted -adj. General Motors 11
Slide 12: First quarter performance
First quarter performance EPS -diluted -adj. and EBIT -adj. • EPS-diluted-adj. 33% YoY increase driven by EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 higher EBIT-adj. and lower diluted weighted- average common shares from share repurchases • EBIT-adj. YoY increase primarily driven by core
Slide 13: First quarter EBIT-adjusted ($B)
First quarter EBIT -adjusted ($B) • GMNA delivered EBIT-adj. margin of 10.1% including • GMI slight increase driven by improved results in 1.5ppt benefit from the tariff adjustment. Cost South America and improved profitability at our efficiencies and FX contributed to the YoY increase restructured
Slide 14: First quarter EBIT-adjusted performance ($B)
First quarter EBIT -adjusted performance ($B) GMNA: (34)K FX $0.3B GMI: 21K Other investments $0.1B Volume and Mix Price Cost Wholesales decreased in North America due Pricing benefit from our strong product Lower costs driven by warranty, emissions- to lower ICE volume of 11K and EV volume of portf
Slide 15: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) #1 in total U.S. sales • U.S. ATP of $52K, up ~3% YoY, with incentives significantly lower than industry levels • Robust deliveries across all brands Strong core business performance and on track to achieve the targeted 8 –10% full - year North Americ
Slide 16: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) Highlights • EBIT-adj. increase YoY driven by higher wholesale volume in South America and strong pricing partially offset by mix headwind General Motors 16
Slide 17: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 Wholesales (000’S)1 Highlights • Equity income increase driven by performance, restructuring benefits and a disciplined approach to production and inventory • Expect China to remain profitable and deliver 2026 results consistent with
Slide 18: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights • EBT-adj. flat YoY as higher net financing revenue and lower provision expense from lower origination volume offset higher lease depreciation and lower termination gains • Sufficient capital and ample liquidity to suppo
Slide 19: Adjusted automotive free cash flow
Adjusted automotive free cash flow 1 See slide 27 for description of special items. General Motors 2 Excludes EBIT adjustments, includes dividends received from GM Financial. 19
Slide 20: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) $1.3B of adj. auto FCF and strong liquidity position allowing us to invest across all pillars of our capital allocation framework • Repurchased $0.8B of shares in Q1, retiring an additional 10.7M shares; $5.5B remaini
Slide 21: Regional first quarter EBIT-adjusted performance ($B)
Regional first quarter EBIT -adjusted performance ($B) GMNA GMI General Motors 21
Slide 22: Summary
Summary Q1 2026 Results What’s to come Strong business results Rapidly growing digital services • Total company revenue of $43.6B, EBIT-adj. of $4.3B, • 1.0B Super Cruise miles driven, building on the 5M Cruise resulting in EBIT-adj. margin of 9.7% miles driven, helping pave the way for “eyes off/ha
Slide 23: Supplemental financial information
Supplemental financial information Buick Envista General Motors 23
Slide 24: First quarter GAAP results
First quarter GAAP results General Motors 24
Slide 25: Global deliveries
Global deliveries General Motors 25
Slide 26: Global market share
Global market share General Motors 26
Slide 27: Reconciliation of EBIT-adjusted
Reconciliation of EBIT -adjusted 1These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment. 2These adjustments were excluded because they relate to restructuring activities associated wit
Slide 28: Impact of special items on GAAP reported earnings - first quarter
Impact of special items on GAAP reported earnings - first quarter 1These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment. 2These adjustments were excluded because they relate to restru
Slide 29: EPS-diluted-adjusted reconciliation
EPS -diluted -adjusted reconciliation 1 See slide 27 for description of adjustments. 2 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. General Motors 3This adjustment consists of a return from t
Slide 30: Effective tax rate-adjusted
Effective tax rate -adjusted 1 Refer to slide 27 for description. 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 General Motors _jurisdiction t
Slide 31: Calculation of ROIC-adjusted
Calculation of ROIC -adjusted 1 Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted. General Motors Note: ROIC-adjusted average net assets over four quarters includes cash. 31
Slide 32: GM Financial key metrics
GM Financial key metrics General Motors 32
Slide 33: GM Financial return on equity
GM Financial return on equity 1This impairment charge was recorded in Q4 2024 to write down our SAIC-GMAC equity investment to its fair value General Motors 33
Slide 34: Guidance reconciliation
Guidance reconciliation 1 Expected financial results do not include the potential impact of future adjustments related to special items General Motors 34
Slide 35: 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 informat i
General Motors Company — Q1 2026 Earnings Presentation on 6ix