General Motors Company · NYSE:GM
General Motors — Q2 2026 Earnings Presentation
36 slides from General Motors's earnings presentation, Jul 21, 2026
Slide 1: Strong results, improving outlook
Strong results, improving outlook Q2 2026 Earnings July 21, 2026 Chevrolet Corvette ZR1 Stars & Steel General Motors 1
Slide 2: Cautionary Note on Forward-Looking Statements
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 3: Table of contents
Table of contents Page 4 Business update Page 10 2026 updated guidance Page 11 Financial information Page 24 Supplemental financial information Chevrolet Colorado General Motors General Motors 3
Slide 4: Q2 2026 highlights
Q2 2026 highlights Strong and durable operational #1 in total U.S. sales 8.6% North America margin, up performance 2.5 ppts YoY Led U.S. sales on strong demand for EBIT-adj. $3.9B trucks, SUVs and crossovers while Margin improvement driven by Adj. auto free cash flow $5.0B maintaining pricing discip
Slide 5: Winning in the segments that matter most
Winning in the segments that matter most On track to lead the industry in full-size pickups for the 7th straight year and in full-size SUVs for the 52nd straight year • Earned an industry-leading 43% share of the U.S. full-size pickup segment in Q2 • Chevrolet Tahoe/Suburban and GMC Yukon/Yukon XL s
Slide 6: Three straight years of pricing discipline with incentive spend below the industry
Three straight years of pricing discipline with incentive spend below the industry 15% Consistent incentive spend through 12% dynamic market conditions reflects a durable pricing strategy Highest competitor • Incentives as a percentage of MSRP 9% averaged 4.7% in Q2, 1.6 ppts below the industry aver
Slide 7: Driving into the digital future
Driving into the digital future OnStar ended Q2 with deferred revenue at $6.3B, up nearly 50% YoY; recognized revenue was $800M, up over 20% YoY • Remain on track to add ~1M subscribers in 2026, approaching 13M by year end Super Cruise continues to drive growth for OnStar digital services • Q2 recog
Slide 8: Next generation full-size pickups
Next generation full-size pickups Advancing more than a century of truck capability, durability and performance with the next generation 2027 Chevrolet Silverado and GMC Sierra 1500 Powertrain options driving meaningful gains in performance • Most powerful naturally -aspirated V8 engine in its class
Slide 9: Making progress in right-sizing EV capacity and manufacturing footprint
Making progress in right -sizing EV capacity and manufacturing footprint Q2 EV-related charges and cash payments • Non-cash charges primarily related to write-offs for compliance-related assets and other asset impairments Recorded $10.9B of EV-related charges since H2 2025 of which • Cash charges pr
Slide 10: 2026 updated guidance
2026 updated guidance $14.0–16.0B $12.00–14.00 EBIT-adj. EPS-diluted-adj. Previously: $13.5–15.5B Previously: $11.50–13.50 $9.5–11.5B 8–10% Adj. auto FCF North America Previously: $9.0–11.0B EBIT-adj. margin $10.0–12.0B 20–21% CapEx + Battery JV ETR-adj. General Motors 10
Slide 11: Financial information
Financial information C a Gd M i l lD a ce fVe InSsTeI Q Infantry Squad Vehicle General Motors 1111
Slide 12: Second quarter financial highlights
Second quarter financial highlights General Motors 12
Slide 13: Second quarter performance
Second quarter performance EPS -diluted -adj. and EBIT -adj. • EPS-diluted-adj. increased 41% YoY driven by EPS-diluted-adj.1 EBIT-adj.1 ($B) & EBIT-adj. margin1 higher EBIT-adj. and lower diluted weighted- average common shares from share repurchases • EBIT-adj. up YoY primarily driven by core busi
Slide 14: Second quarter EBIT-adjusted ($B)
Second quarter EBIT -adjusted ($B) • GMNA delivered EBIT-adj. margins of 8.6%, up 2.5 • GMI performance driven by strong execution in ppts. YoY improvement driven by strong pricing and South America and consistent profitability at our cost efficiencies, partially offset by commodity restructured Chi
Slide 15: Second quarter EBIT-adjusted performance ($B)
Second quarter EBIT -adjusted performance ($B) GMNA: (1)K GM Financial $(0.1)B GMI: 17K FX and other $(0.2)B Volume and Mix Price Cost Wholesales flat in North America with lower Increase driven by a strong product Lower costs primarily driven by warranty, EV volume of 31K offset by higher ICE volum
Slide 16: GMNA performance
GMNA performance Net revenue ($B) EBIT-adj. ($B) Strong core business performance; on track to achieve 8 –10% full -year North America margin target • Q2 North America margin of 8.6%, up 2.5 ppts YoY, driven by a strong product portfolio, disciplined incentives and improved operating and cost effici
Slide 17: GMI performance excluding GM China JV
GMI performance excluding GM China JV Net revenue ($B) EBIT-adj. ($B) Wholesales (000’S) Highlights • EBIT-adj. decrease YoY driven by lower Middle East wholesale volume due to shipping disruptions, partially offset by strong sales performance in South America General Motors 17
Slide 18: GM China auto JV performance
GM China auto JV performance Net revenue ($B)1 Equity income ($B)2 Wholesales (000’S)1 Highlights • Delivered 7th consecutive quarter of profitability reflecting the ongoing resiliency of our restructured China business • Strong execution, cost efficiencies and mix optimization expected to drive con
Slide 19: GM Financial
GM Financial EBT-adj. ($B) Ending earning assets ($B) Liquidity ($B) Highlights • EBT-adj. down YoY with higher net financing revenue and insurance premiums offsetting increases in lease depreciation expenses, costs related to insurance businesses and provision for loan losses • Sufficient capital a
Slide 20: Adjusted automotive free cash flow
Adjusted automotive free cash flow 0.0 — 0.0 — — 4.1 — 0.0 — 0.0 General Motors 20 1 See slide 28 for description of special items. 2 Excludes EBIT adjustments, includes dividends received from GM Financial.
Slide 21: Automotive liquidity and debt
Automotive liquidity and debt Automotive liquidity ($B) Total automotive debt ($B) $5.0B of Q2 adj. auto FCF and strong liquidity position allowed us to invest across all pillars of our capital allocation framework • CapEx of $1.9B in Q2; $3.4B in H1 • Repurchased $2.0B of shares in Q2, retiring an
Slide 22: Regional second quarter EBIT-adjusted performance ($B)
Regional second quarter EBIT -adjusted performance ($B) GMNA GMI $5.7 $(0.4) $0.3 $0.6 $0.7 $0.2 $7.1 $0.2 $0.2 $(0.2) $0.2 $(0.1) $0.1 $0.3 Year to date 2026 Year to date 2026 General Motors 22
Slide 23: Summary
Summary H1 2026 results What’s to come Solid core business results in H1 Raising full -year guidance driven by strong performance • Total company revenue of $92B, EBIT-adj. of $8.2B, resulting including pricing and warranty, as well as a slightly better in EPS-diluted-adj. of $7.27, up over 35% YoY
Slide 24: Supplemental financial information
Supplemental financial information Cadillac VISTIQ General Motors 2424
Slide 25: Second quarter GAAP results
Second quarter GAAP results General Motors 25
Slide 26: Global deliveries
Global deliveries General Motors 26
Slide 27: Global market share
Global market share General Motors 27
Slide 28: Reconciliation of EBIT-adjusted
Reconciliation of EBIT -adjusted 1 These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment. 2 These adjustments were excluded because they relate to restructuring activities associated w
Slide 29: Impact of special items on GAAP reported earnings - second quarter
Impact of special items on GAAP reported earnings - second quarter 1 These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment. 2 These adjustments were excluded because they relate to res
Slide 30: EPS-diluted-adjusted reconciliation
EPS -diluted -adjusted reconciliation Q2 H1 2025 2026 2025 2026 Diluted earnings per common share $1.91 $1.41 $5.28 $4.25 Adjustments 1 0.68 2.70 0.70 3.76 Tax effect on adjustments 2 (0.07) (0.54) (0.07) (0.74) Return from preferred shareholders 3 — — (0.60) — EPS -diluted -adjusted $2.53 $3.57 $5.
Slide 31: Effective tax rate-adjusted
Effective tax rate -adjusted 1 Refer to slide 28 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 General Motors 31 _and valuation allowance status of the jurisdictio
Slide 32: 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 32 Note: ROIC-adjusted average net assets over four quarters includes cash.
Slide 33: GM Financial key metrics
GM Financial key metrics General Motors 33
Slide 34: GM Financial return on equity
GM Financial return on equity General Motors 1This impairment charge was recorded in Q4 2024 to write down our SAIC-GMAC equity investment to its fair value. 34
Slide 35: Guidance reconciliation
Guidance reconciliation 1Expected financial results do not include the potential impact of future adjustments related to special items. General Motors 35
Slide 36: 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
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