TLDR
- GM reports Q2 2026 earnings before the bell Tuesday
- Wall Street expects adjusted EPS of $3.20 and revenue of $47.01 billion
- That would represent a 26%+ rise in adjusted EPS year-over-year
- Options traders are pricing in a move of roughly 6.68%, with a post-earnings range of $70.74 to $80.86
- Analysts hold a Moderate Buy consensus with an average price target of $98.67
General Motors heads into Tuesday’s earnings report with Wall Street in a cautiously optimistic mood. The stock was trading around $75.80 heading into the report.
Analysts surveyed by LSEG expect adjusted earnings per share of $3.20 and revenue of $47.01 billion for the second quarter.
That EPS estimate would mark a more than 26% jump compared to the same period last year. Revenue, however, is expected to dip slightly — down about 0.2% from Q2 2025’s $47.12 billion.
For context, GM’s Q2 2025 results included net income of $1.9 billion and adjusted EBIT of $3.04 billion.
GM executives will host a conference call at 8:30 a.m. ET to discuss the results.
What Investors Are Watching
Beyond the headline numbers, investors will be paying close attention to any updates on tariff exposure, vehicle pricing, and commodity costs — including DRAM chips.
Barclays analyst Dan Levy said he expects GM to post an earnings beat, along with “at least a soft raise” on guidance. He noted that automakers have benefited from strong U.S. macro conditions and steady pricing in the first half of the year.
“Both Ford and GM have embedded conservatism in their guides,” Levy wrote in a July 8 investor note.
GM already raised its 2026 adjusted earnings guidance back in April, bumping it up by $500 million to a range of $13.5 billion to $15.5 billion — or $11.50 to $13.50 per share — partly reflecting a $500 million tariff rebate.
Options Market Bracing for a Move
Options traders aren’t sitting still ahead of the print. Based on July 24 options expiring shortly after the report, the market is pricing in a move of roughly $5.06 in either direction — about 6.68%.
At the $76 strike, the call costs $2.47 and the matching put costs $2.59, creating a straddle worth $5.06. Nearby strikes tell a similar story: the $75 straddle adds up to $5.10, and the $77 straddle totals around $5.02.
That implies a post-earnings trading range of roughly $70.74 on the downside to $80.86 on the upside.
Call and put volume at the $76 strike is fairly balanced — 987 calls versus 1,083 puts — though open interest leans slightly toward puts. The picture suggests traders are positioning for volatility rather than making a heavy directional bet.
There are some directional signals buried in the data. Heavy put volume sits at the $74 strike, while strong call interest has built up near $80. Those are more likely being used as hedges.
On the analyst side, GM carries a Moderate Buy consensus based on 13 Buys, three Holds, and one Sell over the past three months. The average price target sits at $98.67 — implying about 30.2% upside from current levels.
GM reports before the bell Tuesday, July 21, 2026.
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