General Motors Company Q3 2026 Earnings Recap

GM’s shares fell 6.8% after earnings, with investors likely focused on management’s warning that external headwinds are clear and intensifying, including inflation in logistics, commodities, and memory. The outlook for 2027 is conditional on demand staying strong and those cost pressures moderating.

Key Takeaways

• GM reported $12.3 billion in adjusted EBIT, $12.2 billion in adjusted automotive free cash flow, and $10.97 in adjusted diluted EPS through the first three quarters; EPS was up more than 35% year over year.
• North American margins were 8.7% in Q3, up 2.5 percentage points year over year.
• Management said 2027 should be better than 2026, but qualified that outlook on sustained customer demand and moderation in commodity, logistics, and other recent cost pressures.
• GM expects to build roughly the same number of trucks in 2027 as in 2026; incremental capacity to support growth is expected in 2028. New Silverado and Sierra production has begun at Silao, with first dealership arrivals expected later this year.
• Software and services deferred revenue was up 40% year over year and is on pace to approach $7.5 billion for the full year.