10-Q · July 21, 2026
GM delivered Q2 revenue of $48.026 billion, up 1.9% year over year, while GAAP diluted EPS fell to $1.41 from $1.91 because of $2.456 billion of total special adjustments, principally EV realignment. Underlying…
Earnings analysis · 10-Q
GM earnings analysis
Filed October 20, 2026 · Our reading of the company's report
The latest report
GM reported Q3 revenue of $50.015 billion and diluted EPS of $3.70, both materially above the supplied Q2 2026 and Q3 2025 levels. The quarter also included 29,464,934 share repurchases at an average price of $85.35,…
Read full summary
GM reported Q3 revenue of $50.015 billion and diluted EPS of $3.70, both materially above the supplied Q2 2026 and Q3 2025 levels. The quarter also included 29,464,934 share repurchases at an average price of $85.35, leaving $1.0 billion of authorization. The extracted 10-Q does not provide gross margin, operating margin, free cash flow, segment results or new quantitative guidance, and it states that there were no material risk-factor changes beyond those previously disclosed in the March 31, 2026 10-Q.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.7
What stood out
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Revenue increased sequentially and year over year
Revenue was $50.015 billion, up from $48.03 billion in Q2 2026 and $48.59 billion in Q3 2025, representing sequential and year-over-year growth.
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Diluted EPS improved sharply
Diluted EPS was $3.70, compared with $1.41 in Q2 2026 and $1.35 in Q3 2025, indicating substantial sequential and year-over-year improvement.
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Share repurchases remained substantial
GM repurchased 29,464,934 shares during the quarter at a weighted-average price of $85.35 per share; 29,299,257 shares were purchased under announced programs.
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Repurchase authorization was utilized rapidly
The company reported $1.0 billion of remaining authorization under its repurchase plans at September 30, 2026, after monthly program balances declined from $3.3 billion in July to $2.6 billion in August and $1.0 billion in September.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of September 30, 2026, while also implementing phased enhancements to close, consolidation, planning and reporting systems.
What to watch
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No new risk-factor detail in this filing
The filing does not identify new material risk-factor changes relative to the 2025 Form 10-K, except for matters previously disclosed in the March 31, 2026 10-Q. This limits visibility into whether operating risks have eased despite quarterly EPS of $3.70.
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Large buybacks may constrain capital flexibility
The company used $29,464,934 of shares for repurchases in the quarter, leaving $1.0 billion of authorization at September 30, 2026. Continued repurchases could reduce liquidity available for other capital needs if operating conditions weaken.
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Environmental proceeding exposure
The filing identifies environmental proceedings with a disclosure threshold of $1 million, while incorporating Note 13 for the underlying legal-proceeding disclosures. Potential environmental liabilities above that threshold could adversely affect results, although the extracted text does not quantify any specific exposure.
Management's outlook
The extracted 10-Q does not provide quantitative revenue or EPS guidance. The filing states there were no material changes to the 2025 Form 10-K risk factors other than changes previously disclosed in the March 31, 2026 10-Q; outlook information was provided separately in the October 20, 2026 earnings release.
Earlier filings 2
10-Q · April 28, 2026
GM's Q1 2026 results revealed a revenue of $43.624 billion, slightly below expectations, while EPS exceeded estimates at $3.70. Management raised full-year EBIT-adjusted guidance despite lowering net income and diluted…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.