TLDR
- GM reported Q1 adjusted EPS of $3.70, beating the $2.62 estimate by over $1
- Revenue came in at $43.62 billion, roughly in line with expectations
- Full-year adjusted EBIT guidance raised to $13.5B–$15.5B from $13B–$15B
- A Supreme Court ruling on Trump-era tariffs cut GM’s expected tariff costs by ~$500 million
- GM stock rose over 4% in premarket trading following the results
Q1 was a good quarter for General Motors. The automaker beat earnings estimates by a wide margin and raised its full-year outlook, largely thanks to a court ruling that reduced its tariff bill.
$GM (General Motors) #earnings are out: pic.twitter.com/XPCq65Zkha
— The Earnings Correspondent (@earnings_guy) April 28, 2026
GM reported Q1 adjusted earnings per share of $3.70, well ahead of the $2.62 analyst consensus. Revenue came in at $43.62 billion, roughly in line with estimates, though down slightly from $44 billion a year ago.
Adjusted EBIT for the quarter hit $4.25 billion, up 22% year-over-year. The adjusted EBIT margin expanded to 9.7% from 7.9% in the same period last year.
Net income attributable to stockholders was $2.6 billion, down 5.7% year-over-year.
GM North America posted adjusted EBIT of $3.7 billion with a 10.1% margin, up from $3.3 billion and 8.8% in the prior-year period. China equity income came in at $165 million, up sharply from $45 million a year ago.
Supreme Court Ruling Cuts Tariff Costs
The earnings raise was helped by a U.S. Supreme Court decision that nullified certain tariffs applied under the International Emergency Economic Powers Act. That ruling gave GM a one-time favorable adjustment of approximately $500 million.
As a result, GM now expects gross tariff costs of $2.5 billion to $3.5 billion for 2026, down from its earlier estimate of $3 billion to $4 billion. GM paid $3.1 billion in tariff costs in 2025.
For the full year, GM raised its adjusted EBIT guidance to $13.5 billion–$15.5 billion, up from $13 billion–$15 billion. Adjusted EPS guidance moved to $11.50–$13.50, with a midpoint of $12.50, above the analyst consensus of $12.24. Free cash flow guidance was left unchanged at $9 billion–$11 billion.
GM stock jumped more than 4% in premarket trading following the results.
EV Sales Continue to Fall
Q1 US vehicle sales fell 9.7% year-over-year to 626,429 units. GM attributed the drop partly to a very strong Q1 2025, before tariffs took effect, and weather disruptions early in the year.
GM still held onto its US sales crown. The Chevrolet Silverado alone accounted for over 128,000 deliveries, more than 20% of GM’s total US volume.
EV sales declined 19% in the quarter. GM said it remains the No. 2 electric vehicle seller in the US despite the drop.
The company took $3.0 billion in non-cash EV charges and $5.6 billion in cash charges from H2 2025 through Q1 2026. GM paid $2.6 billion in cash charges in Q1 alone.
GM said it expects “material, but significantly smaller” EV-related charges in 2026.
The board declared a quarterly dividend of $0.18 per share, payable June 18, 2026.
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