GM releases 2026 third-quarter results and updates full-year 2026 guidance; Board approves new $20 billion share repurchase authorization, declares quarterly dividend

General Motors (NYSE: GM ) today reported third-quarter 2026 revenue of $50.0 billion, net income attributable to stockholders of $3.3 billion, and EBIT-adjusted of $4.1 billion. The company is updating its full-year 2026 EBIT-adjusted guidance, narrowing the range. The company expects net income attributable to stockholders to be $8.9 billion to $9.5 billion; Automotive operating cash flow to be $17.3 billion to $20.3 billion; and EPS-diluted to be $9.72 to $10.72 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 guidance Previous 2026 guidance EBIT-adjusted $14.5 billion - $15.5 billion $14.0 billion - $16.0 billion Adjusted automotive free cash flow $11.5 billion - $12.5 billion $9.5 billion - $11.5 billion EPS-diluted-adjusted $12.75 - $13.75 $12.00 - $14.00 Board approves share repurchase program and quarterly dividend The company also announced it has completed the $6.0 billion share repurchase program announced in January of 2026, and its Board of Directors has approved a new $20.0 billion multi-year share repurchase authorization. The new share repurchase program, which has no expiration date, will be executed in accordance with applicable securities laws and regulations and may be suspended or discontinued at any time at the company's discretion. As of September 30, 2026, the company had 849 million shares outstanding, down from 904 million at the end of 2025. There were 995 million shares outstanding at the end of 2024, and 1.2 billion at the end of 2023. GM also announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable December 17, 2026, to holders of the company's common stock at the close of trading on December 4, 2026. An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders . Conference call for investors and analysts Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results. Conference call details are as follows: 1-800-857-9821 (U.S.) 1-517-308-9481 (international/caller-paid) Conference call passcode: General Motors An audio replay will be available on the GM Investor Relations website in the Events section. Results Overview Three Months Ended ($M) except per share amounts September 30, 2026 September 30, 2025 Change % Change Revenue $ 50,015 $ 48,591 $ 1,424 2.9 % Net income (loss) attributable to stockholders(a) $ 3,335 $ 1,327 $ 2,008 n.m. EBIT-adjusted $ 4,106 $ 3,376 $ 730 21.6 % Net income margin(a) 6.7 % 2.7 % 4.0 ppts n.m. EBIT-adjusted margin 8.2 % 6.9 % 1.3 ppts 18.8 % Automotive operating cash flow $ 8,049 $ 6,070 $ 1,979 32.6 % Adjusted automotive free cash flow $ 5,882 $ 4,201 $ 1,681 40.0 % EPS-diluted(a) $ 3.73 $ 1.35 $ 2.38 n.m. EPS-diluted-adjusted $ 3.70 $ 2.80 $ 0.90 32.2 % GMNA EBIT-adjusted $ 3,592 $ 2,506 $ 1,087 43.4 % GMNA EBIT-adjusted margin 8.7 % 6.2 % 2.5 ppts 40.3 % GMI EBIT-adjusted $ 28 $ 226 $ (198) (87.7) % China equity income (loss) $ 32 $ 80 $ (48) (60.3) % GM Financial EBT-adjusted $ 668 $ 804 $ (136) (16.9) % (a) n.m. = not meaningful General 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 Reconciliations The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions): Year Ending December 31, 2026 Updated(a) Previous Net income attributable to stockholders $ 8.9-9.5 $ 8.4-9.8 Income tax expense 2.0-2.4 2.2-2.8 Automotive interest (income) expense, net (0.1) (0.1) Adjustments 3.7 3.5 EBIT-adjusted $ 14.5-15.5 $ 14.0-16.0 (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, 2026 Updated(a) Previous Diluted earnings per common share $ 9.72-10.72 $ 8.98-10.98 Adjustments 3.03 3.02 EPS-diluted-adjusted $ 12.75-13.75 $ 12.00-14.00 (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, 2026 Updated(a) Previous Net automotive cash provided by operating activities $ 17.3-20.3 $ 15.4-19.4 Less: Capital expenditures 10.0-12.0 10.0-12.0 Adjustments 4.2 4.1 Adjusted automotive free cash flow $ 11.5-12.5 $ 9.5-11.5 (a) These expected financial results do not include the potential impact of future adjustments related to special items. General Motors Company and Subsidiaries1 Combining Income Statement Information (In millions) (Unaudited) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Automotive GM Financial Reclassifications /Eliminations Combined Automotive Cruise GM Financial Reclassifications /Eliminations Combined Net sales and revenue Automotive $ 45,706 $ — $ — $ 45,706 $ 44,256 $ — $ — $ — $ 44,256 GM Financial — 4,312 (3) 4,309 — — 4,337 (2) 4,335 Total net sales and revenue 45,706 4,312 (3) 50,015 44,256 — 4,337 (2) 48,591 Costs and expenses Automotive and other cost of sales 40,739 — — 40,739 41,937 — — (1) 41,936 GM Financial interest, operating, and other expenses — 3,651 (1) 3,651 — — 3,542 — 3,542 Automotive and other selling, general, and administrative expense 2,029 — (2) 2,027 2,038 — — (1) 2,037 Total costs and expenses 42,768 3,651 (3) 46,416 43,975 — 3,542 (2) 47,515 Operating income (loss) 2,938 660 — 3,598 281 — 795 — 1,076 Automotive interest expense 162 — — 162 206 — — 3 209 Interest income and other non- operating income, net 274 — — 274 473 — — 3 475 Equity income (loss) 225 8 — 233 68 — 9 — 77 Income (loss) before income taxes $ 3,274 $ 668 $ — $ 3,943 $ 615 $ — $ 804 $ — $ 1,419 Income tax expense (benefit) 565 127 Net income (loss) 3,377 1,293 Net loss (income) attributable to noncontrolling interests (42) 35 Net income (loss) attributable to stockholders $ 3,335 $ 1,327 Net income (loss) attributable to common stockholders $ 3,305 $ 1,297 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Automotive GM Financial Reclassifications /Eliminations Combined Automotive Cruise GM Financial Reclassifications /Eliminations Combined Net sales and revenue Automotive $ 128,817 $ — $ — $ 128,817 $ 126,985 $ 1 $ — $ — $ 126,986 GM Financial — 12,855 (7) 12,848 — — 12,756 (9) 12,747 Total net sales and revenue 128,817 12,855 (7) 141,665 126,985 1 12,756 (9) 139,732 Costs and expenses Automotive and other cost of sales 116,462 — — 116,462 116,255 163 — (2) 116,416 GM Financial interest, operating, and other expenses — 10,928 (2) 10,926 — — 10,599 — 10,600 Automotive and other selling, general, and administrative expense 6,298 — (5) 6,293 6,054 111 — (3) 6,161 Total costs and expenses 122,760 10,928 (7) 133,681 122,309 274 10,599 (5) 133,177 Operating income (loss) 6,056 1,928 — 7,984 4,676 (273) 2,156 (4) 6,555 Automotive interest expense 472 — — 472 557 30 — (27) 560 Interest income and other non- operating income, net 804 (1) — 803 1,174 2 (1) (23) 1,151 Equity income (loss) 507 35 — 542 182 — 37 — 219 Income (loss) before income taxes $ 6,896 $ 1,962 $ — $ 8,858 $ 5,474 $ (301) $ 2,193 $ — $ 7,366 Income tax expense (benefit) 1,422 1,326 Net income (loss) 7,436 6,040 Net loss (income) attributable to noncontrolling interests (168) (33) Net income (loss) attributable to stockholders $ 7,267 $ 6,007 Net income (loss) attributable to common stockholders $ 7,206 $ 6,510 1 Certain columns and rows may not add due to rounding. General Motors Company and Subsidiaries1 Basic and Diluted Earnings per Share (Unaudited) The following table summarizes basic and diluted earnings per share (in millions, except per share amounts): Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Basic earnings per share Net income (loss) attributable to stockholders $ 3,335 $ 1,327 $ 7,267 $ 6,007 Adjustments(a) (31) (30) (62) 503 Net income (loss) attributable to common stockholders $ 3,305 $ 1,297 $ 7,206 $ 6,510 Weighted-average common shares outstanding 872 944 893 965 Basic earnings per common share $ 3.79 $ 1.37 $ 8.07 $ 6.75 Diluted earnings per share Net income (loss) attributable to common stockholders – diluted $ 3,305 $ 1,297 $ 7,206 $ 6,510 Weighted-average common shares outstanding – diluted 887 964 908 980 Diluted earnings per common share $ 3.73 $ 1.35 $ 7.94 $ 6.64 Potentially dilutive securities(b) — — — — (a) Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025. (b) Potentially dilutive securities attributable to Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at September 30, 2026 and outstanding stock options, PSUs, and RSUs at September 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 Subsidiaries1 Combining Balance Sheet Information (In millions, except per share amounts) (Unaudited) September 30, 2026 December 31, 2025 Automotive GM Financial Reclassifications /Eliminations Combined Automotive Cruise GM Financial Reclassifications /Eliminations Combined ASSETS Current Assets Cash and cash equivalents $ 18,765 $ 4,431 $ — $ 23,196 $ 15,062 $ 56 $ 5,826 $ — $ 20,945 Marketable debt securities 4,351 258 — 4,609 6,685 — 39 — 6,724 Accounts and notes receivable, net(a) 15,589 2,335 (786) 17,138 12,199 76 1,506 (727) 13,054 GM Financial receivables, net(b) — 46,802 (349) 46,453 — — 45,661 (395) 45,266 Inventories 15,644 — (3) 15,640 14,472 — — (5) 14,467 Other current assets 3,158 5,664 8 8,831 3,167 9 5,130 6 8,312 Total current assets 57,507 59,491 (1,130) 115,867 51,585 141 58,162 (1,120) 108,767 Non-current Assets GM Financial receivables, net — 44,979 — 44,979 — — 44,384 — 44,384 Equity in net assets of nonconsolidated affiliates 4,387 992 — 5,379 4,564 — 1,117 — 5,681 Property, net 54,657 142 — 54,798 51,458 99 126 — 51,683 Goodwill and intangible assets, net 2,926 1,350 — 4,276 3,018 — 1,348 — 4,366 Equipment on operating leases, net — 32,244 — 32,244 — — 33,686 — 33,686 Deferred income taxes 23,789 (1,644) — 22,145 24,446 — (1,486) — 22,960 Other assets(b) 7,751 1,744 — 9,495 8,226 47 1,483 — 9,756 Total non-current assets 93,510 79,805 — 173,315 91,712 147 80,658 — 172,517 Total Assets $ 151,017 $ 139,296 $ (1,130) $ 289,183 $ 143,297 $ 288 $ 138,820 $ (1,120) $ 281,284 LIABILITIES AND EQUITY Current Liabilities Accounts payable (principally trade)(a) $ 29,917 $ 628 $ (781) $ 29,764 $ 24,075 $ 1 $ 491 $ (649) $ 23,919 Short-term debt and current portion of long-term debt Automotive(b) 878 — (349) 529 1,120 7 — (471) 656 GM Financial — 42,939 — 42,939 — — 35,012 — 35,012 Cruise — — — — — — — — — Accrued liabilities 27,534 5,563 — 33,097 28,956 54 4,744 — 33,754 Total current liabilities 58,329 49,130 (1,130) 106,330 54,151 63 40,248 (1,120) 93,342 Non-current Liabilities Long-term debt Automotive 15,270 — — 15,270 15,522 70 — — 15,591 GM Financial — 70,005 — 70,005 — — 79,018 — 79,018 Cruise — — — — — — — — — Postretirement benefits other than pensions 3,905 — — 3,905 4,025 — — — 4,025 Pensions 4,482 14 — 4,496 4,977 — 11 — 4,988 Other liabilities 21,033 3,626 — 24,659 17,495 281 3,375 — 21,151 Total non-current liabilities 44,690 73,645 — 118,335 42,019 351 82,404 — 124,775 Total Liabilities 103,019 122,775 (1,130) 224,664 96,170 414 122,652 (1,120) 218,116 Equity Common stock, $0.01 par value 8 — — 8 9 — — — 9 Additional paid-in capital(c) 18,749 1,018 (1,017) 18,749 18,086 1,842 1,077 (1,076) 19,928 Retained earnings 37,434 16,775 1 54,210 37,024 (1,968) 16,467 1 51,524 Accumulated other comprehensive loss (8,889) (1,273) — (10,162) (8,966) — (1,377) — (10,343) Total stockholders' equity 47,302 16,521 (1,016) 62,806 46,153 (126) 16,167 (1,075) 61,119 Noncontrolling interests(c) 696 — 1,016 1,712 974 — — 1,075 2,049 Total Equity 47,998 16,521 — 64,518 47,127 (126) 16,167 — 63,168 Total Liabilities and Equity $ 151,017 $ 139,296 $ (1,130) $ 289,183 $ 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 primarily due from GM Financial at September 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 Subsidiaries1 Combining Cash Flow Information (In millions) (Unaudited) Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Automotive Cruise GM Financial Reclassifications /Eliminations Combined Automotive Cruise GM Financial Reclassifications /Eliminations Combined Cash flows from operating activities Net income (loss) $ 6,000 $ — $ 1,436 $ — $ 7,436 $ 4,732 $ (302) $ 1,610 $ — $ 6,040 Depreciation and impairment of Equipment on operating leases, net — — 3,882 — 3,882 — — 3,675 — 3,675 Depreciation, amortization, and impairment charges on Property, net 5,099 — 26 — 5,126 6,375 12 25 — 6,412 Foreign currency remeasurement and transaction (gains) losses (37) — (8) — (45) 276 — 9 — 285 Undistributed earnings of nonconsolidated affiliates, net (99) — (35) — (134) 433 — (37) — 396 Pension contributions and OPEB payments (618) — (1) — (619) (432) — (1) — (433) Pension and OPEB (income) expense, net 44 — 2 — 46 21 — 1 — 23 Provision (benefit) for deferred taxes 757 — 174 — 931 (64) — 191 — 127 Change in other operating assets and liabilities(a)(c) 2,508 — (532) (1,978) (3) 1,787 (511) 594 1,678 3,548 Net cash provided by (used in) operating activities 13,653 — 4,945 (1,978) 16,620 13,127 (800) 6,067 1,678 20,072 Cash flows from investing activities Expenditures for property (5,758) — (42) — (5,800) (6,054) (2) (27) — (6,083) Available-for-sale marketable securities, acquisitions (1,915) — (351) — (2,266) (1,768) — (17) — (1,785) Available-for-sale marketable securities, liquidations 4,232 — 128 — 4,361 2,398 — — — 2,398 Purchases of finance receivables(a) — — (29,287) 782 (28,505) — — (28,246) (5) (28,251) Principal collections and recoveries on finance receivables(a)(b) — — 26,676 — 26,676 — — 29,539 (3,016) 26,524 Proceeds from sale of finance receivables — — — — — — — 2,005 — 2,005 Purchases of leased vehicles — — (9,565) — (9,565) — — (12,609) — (12,609) Proceeds from termination of leased vehicles — — 8,267 — 8,267 — — 7,780 — 7,780 Other investing activities(b) 209 — — 66 276 (3,353) — 1 901 (2,451) Net cash provided by (used in) investing activities (3,231) — (4,173) 848 (6,556) (8,777) (2) (1,574) (2,120) (12,473) Cash flows from financing activities Net increase (decrease) in short-term debt (3) — (56) — (59) (10) — 23 — 13 Proceeds from issuance of debt (original maturities greater than three months)(b) 190 — 34,127 — 34,316 2,019 555 35,103 (555) 37,122 Payments on debt (original maturities greater than three months) (315) — (34,375) (20) (34,710) (1,862) (4) (35,502) (24) (37,391) Payments to purchase common stock (5,301) — — — (5,301) (3,512) — — — (3,512) Issuance (redemption) of subsidiary stock(b) — — — — — — — — (29) (29) Dividends paid(c) (927) — (1,269) 1,150 (1,046) (401) — (1,169) 1,050 (519) Other financing activities (401) — (95) — (496) (160) — (114) — (274) Net cash provided by (used in) financing activities (6,757) — (1,667) 1,130 (7,295) (3,926) 551 (1,658) 442 (4,591) Effect of exchange rate changes on cash, cash equivalents, and restricted cash (34) — 5 — (29) 163 1 73 — 237 Net increase (decrease) in cash, cash equivalents, and restricted cash 3,631 — (890) — 2,740 588 (250) 2,909 — 3,246 Cash, cash equivalents, and restricted cash at beginning of period 15,241 — 9,043 — 24,284 14,561 322 8,081 — 22,964 Cash, cash equivalents, and restricted cash at end of period $ 18,871 $ — $ 8,153 $ — $ 27,024 $ 15,148 $ 72 $ 10,990 $ — $ 26,210 (a) Includes eliminations of $0.9 billion and $2.7 billion in the nine months ended September 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 nine months ended September 30, 2025. (c) Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2026 and 2025. Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis. General Motors Company and Subsidiaries1 The following tables summarize key financial information (dollars in millions): GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications /Eliminations Total Three Months Ended September 30, 2026 Net sales and revenue $ 41,419 $ 4,085 $ 201 $ — $ 45,706 $ — $ 4,312 $ (3) $ 50,015 Expenditures for property $ 2,235 $ 98 $ 1 $ — $ 2,333 $ — $ 13 $ — $ 2,346 Depreciation and amortization $ 1,564 $ 121 $ 6 $ — $ 1,691 $ — $ 1,244 $ — $ 2,935 Impairment charges $ (79) $ 19 $ — $ — $ (60) $ — $ — $ — $ (60) Equity income (loss)(a)(b)(c) $ 229 $ 30 $ (39) $ — $ 219 $ — $ 8 $ — $ 228 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications /Eliminations Total Three Months Ended September 30, 2025 Net sales and revenue $ 40,551 $ 3,645 $ 60 $ — $ 44,256 $ — $ 4,337 $ (2) $ 48,591 Expenditures for property $ 2,011 $ 92 $ 11 $ — $ 2,113 $ — $ 17 $ — $ 2,130 Depreciation and amortization $ 1,703 $ 114 $ 4 $ — $ 1,821 $ — $ 1,245 $ — $ 3,066 Impairment charges $ 1,044 $ — $ — $ — $ 1,044 $ — $ — $ — $ 1,044 Equity income (loss)(a)(b) $ 214 $ 83 $ (16) $ — $ 281 $ — $ 9 $ — $ 290 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications /Eliminations Total Nine Months Ended September 30, 2026 Net sales and revenue $ 117,732 $ 10,635 $ 450 $ — $ 128,817 $ — $ 12,855 $ (7) $ 141,665 Expenditures for property $ 5,495 $ 211 $ 52 $ — $ 5,758 $ — $ 42 $ — $ 5,800 Depreciation and amortization $ 4,754 $ 362 $ 17 $ — $ 5,133 $ — $ 3,909 $ — $ 9,042 Impairment charges $ (53) $ 19 $ — $ — $ (34) $ — $ — $ — $ (34) Equity income (loss)(a)(b)(c) $ (18) $ 273 $ (121) $ — $ 134 $ — $ 35 $ — $ 169 GMNA GMI Corporate Eliminations Total Automotive Cruise GM Financial Reclassifications /Eliminations Total Nine Months Ended September 30, 2025 Net sales and revenue $ 117,424 $ 9,398 $ 163 $ — $ 126,985 $ 1 $ 12,756 $ (9) $ 139,732 Expenditures for property $ 5,729 $ 274 $ 50 $ — $ 6,054 $ 2 $ 27 $ — $ 6,083 Depreciation and amortization $ 4,933 $ 347 $ 39 $ — $ 5,319 $ 5 $ 3,701 $ — $ 9,026 Impairment charges $ 1,044 $ 18 $ — $ — $ 1,063 $ — $ — $ — $ 1,063 Equity income (loss)(a)(b) $ 469 $ 208 $ (30) $ — $ 647 $ — $ 37 $ — $ 684 (a) Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $32 million and $280 million in the three and nine months ended September 30, 2026 and $80 million and $197 million in the three and nine months ended September 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 Cells Holdings LLC was insignificant in the three and nine months ended September 30, 2026 and $213 million and $465 million in the three and nine months ended September 30, 2025. (c) Equity income (loss) in GMNA includes gains from the sale of an equity investment in the three and nine months ended September 30, 2026 and impacts of impairment charges for EV strategic realignment in the nine months ended September 30, 2026. General Motors Company and Subsidiaries Supplemental 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 starting with automotive operating cash flow from operations. We subtract capital expenditures, add the imputed cash effects of third-party payments made on our behalf for inventory banking, and subtract the cash effects when the banked inventory is consumed. The result is then adjusted for management actions, which 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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income (loss) attributable to stockholders $ 3,335 $ 1,327 $ 7,267 $ 6,007 Income tax expense (benefit) 565 127 1,422 1,326 Automotive interest expense 162 209 472 560 Automotive interest income (195) (220) (551) (611) Adjustments EV strategic realignment(a) 238 1,592 3,594 1,922 China restructuring actions(b) — — 99 140 Legal matters(c) — 300 — 300 Restructuring and other strategic actions(d) — 41 — 260 Total adjustments 238 1,933 3,693 2,622 EBIT-adjusted 4,106 3,376 12,302 9,903 Operating segments GM North America (GMNA) 3,592 2,506 10,699 8,207 GM International (GMI) 28 226 342 460 Cruise — — — (273) GM Financial(e) 668 804 1,962 2,193 Total operating segments 4,289 3,536 13,003 10,587 Corporate and eliminations(f) (183) (160) (700) (684) EBIT-adjusted $ 4,106 $ 3,376 $ 12,302 $ 9,903 (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 investigations and litigation associated with our former OnStar Smart Driver product. (d) These adjustments were excluded because they relate to restructuring and strategic actions associated with employee separations, autonomous and assisted driving, manufacturing operations in Colombia and Ecuador, and the GM headquarters relocation. (e) GM Financial amounts represent EBT-adjusted. (f) 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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Amount Per Share Amount Per Share Amount Per Share Amount Per Share Diluted earnings per common share $ 3,305 $ 3.73 $ 1,297 $ 1.35 $ 7,206 $ 7.94 $ 6,510 $ 6.64 Adjustments(a) 238 0.27 1,933 2.01 3,693 4.07 2,622 2.67 Tax effect on adjustments(b) (57) (0.06) (536) (0.56) (736) (0.81) (606) (0.62) Tax adjustments(c) (208) (0.23) — — (208) (0.23) — — Return from preferred shareholders(d) — — — — — — (593) (0.60) EPS-diluted-adjusted $ 3,278 $ 3.70 $ 2,694 $ 2.80 $ 9,955 $ 10.97 $ 7,933 $ 8.09 (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) These adjustments consist of tax benefits from a change to a subsidiary's legal entity tax classification. (d) This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025. The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions): Three Months Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate Income before income taxes Income tax expense (benefit) Effective tax rate Effective tax rate $ 3,943 $ 565 14.3 % $ 1,419 $ 127 8.9 % $ 8,858 $ 1,422 16.1 % $ 7,366 $ 1,326 18.0 % Adjustments(a) 238 57 1,933 536 3,693 736 2,622 606 Tax adjustments(b) — 208 — — — 208 — — ETR-adjusted $ 4,181 $ 830 19.9 % $ 3,352 $ 663 19.8 % $ 12,551 $ 2,366 18.9 % $ 9,988 $ 1,932 19.3 % (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. (b) Refer to the reconciliation of diluted earnings (loss) per common share to EPS-diluted adjusted for adjustment details. 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 Ended September 30, 2026 September 30, 2025 Net income attributable to stockholders $ 4.0 $ 3.0 Average equity(a) $ 62.1 $ 65.2 ROE 6.4 % 4.7 % (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 Ended September 30, 2026 September 30, 2025 EBIT-adjusted(a) $ 15.1 $ 12.4 Average equity(b) $ 62.1 $ 65.2 Add: Average automotive debt and interest liabilities (excluding finance leases) 15.9 16.1 Add: Average automotive net pension and OPEB liability 7.6 8.7 Less: Average automotive net income tax asset (24.5) (22.9) ROIC-adjusted average net assets $ 61.1 $ 67.1 ROIC-adjusted 24.8 % 18.5 % (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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net automotive cash provided by operating activities $ 8,049 $ 6,070 $ 13,653 $ 13,127 Less: Capital expenditures (2,333) (2,113) (5,758) (6,054) Add: Imputed operating cash outflows 39 — 39 — Add(less): EV strategic realignment 139 — 4,242 (103) Add: Restructuring and other strategic actions 1 243 7 859 Add: China restructuring actions — 1 — 10 Less: Legal matters (13) — — — Adjusted automotive free cash flow $ 5,882 $ 4,201 $ 12,184 $ 7,840 Vehicle Sales GM 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 nine months ended September 30, 2026, 27.6% 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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 GMNA 870 840 2,511 2,516 GMI 159 137 407 346 Total 1,028 977 2,917 2,862 Total 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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Industry GM Market Share Industry GM Market Share Industry GM Market Share Industry GM Market Share North America United States 4,174 671 16.1 % 4,229 710 16.8 % 12,277 2,012 16.4 % 12,567 2,150 17.1 % Other 1,045 126 12.1 % 1,015 127 12.5 % 3,032 376 12.4 % 3,007 384 12.8 % Total North America 5,219 797 15.3 % 5,244 837 16.0 % 15,309 2,388 15.6 % 15,574 2,534 16.3 % Asia/Pacific, Middle East, and Africa China(a) 5,403 358 6.6 % 6,934 469 6.8 % 15,816 1,065 6.7 % 19,333 1,359 7.0 % Other 5,778 115 2.0 % 5,718 149 2.6 % 17,501 329 1.9 % 17,010 369 2.2 % Total Asia/Pacific, Middle East, and Africa 11,181 474 4.2 % 12,652 618 4.9 % 33,317 1,394 4.2 % 36,342 1,729 4.8 % South America Brazil 836 84 10.1 % 711 72 10.1 % 2,255 225 10.0 % 1,910 192 10.1 % Other 485 35 7.1 % 456 35 7.7 % 1,408 103 7.3 % 1,268 95 7.5 % Total South America 1,321 119 9.0 % 1,168 107 9.2 % 3,663 328 9.0 % 3,177 287 9.0 % Total in GM markets 17,721 1,390 7.8 % 19,064 1,562 8.2 % 52,288 4,111 7.9 % 55,093 4,549 8.3 % Total Europe 4,007 1 — % 4,002 1 — % 13,020 1 — % 12,611 2 — % Total Worldwide(b) 21,729 1,390 6.4 % 23,066 1,563 6.8 % 65,309 4,112 6.3 % 67,704 4,551 6.7 % United States Cars 667 12 1.7 % 649 12 1.8 % 1,991 36 1.8 % 2,076 44 2.1 % Trucks 1,159 359 31.0 % 1,142 369 32.3 % 3,343 1,061 31.7 % 3,414 1,115 32.6 % Crossovers 2,348 300 12.8 % 2,437 330 13.5 % 6,943 915 13.2 % 7,076 992 14.0 % Total United States 4,174 671 16.1 % 4,229 710 16.8 % 12,277 2,012 16.4 % 12,567 2,150 17.1 % China(a) SGMS 90 130 300 381 SGMW 269 339 765 978 Total 5,403 358 6.6 % 6,934 469 6.8 % 15,816 1,065 6.7 % 19,333 1,359 7.0 % (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 Ended Nine Months Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 GMNA 160 148 551 498 GMI 107 113 302 277 Total fleet sales 267 261 853 775 Fleet sales as a percentage of total vehicle sales 19.2 % 16.7 % 20.7 % 17.0 % SOURCE General Motors