General Motors (GM)
Market Price (5/3/2026): $75.74 | Market Cap: $69.0 BilSector: Consumer Discretionary | Industry: Automobile Manufacturers
General Motors (GM)
Market Price (5/3/2026): $75.74Market Cap: $69.0 BilSector: Consumer DiscretionaryIndustry: Automobile Manufacturers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 24 Bil Stock buyback supportStock Buyback 3Y Total is 25 Bil Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Future of Freight, and Battery Technology & Metals. Themes include EV Manufacturing, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 150% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg QQuarterly Revenue Change % is -0.9% Key risksGM key risks include [1] execution challenges in its ambitious and capital-intensive electric and autonomous vehicle transition and [2] a significant financial impact from specific international tariffs and shifting emissions regulations. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 24 Bil |
| Stock buyback supportStock Buyback 3Y Total is 25 Bil |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Future of Freight, and Battery Technology & Metals. Themes include EV Manufacturing, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 150% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg QQuarterly Revenue Change % is -0.9% |
| Key risksGM key risks include [1] execution challenges in its ambitious and capital-intensive electric and autonomous vehicle transition and [2] a significant financial impact from specific international tariffs and shifting emissions regulations. |
Qualitative Assessment
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General Motors (GM) stock has lost about 10% since 1/31/2026 because of the following key factors:
1. Mixed Q1 2026 Earnings Report and Cost Concerns.
Despite exceeding adjusted earnings per share (EPS) expectations with Q1 2026 adjusted EPS of $3.70, beating estimates by 33% to 40%, General Motors' stock reacted negatively due to a slight revenue miss, with revenue declining 0.9% year-over-year to $43.6 billion. This was exacerbated by company-specific cost headwinds, including approximately $1.1 billion in additional charges for North American electric vehicle (EV) capacity realignment in Q1 2026. Furthermore, management raised its commodity inflation outlook, expecting an impact of up to $2 billion on adjusted EBIT for 2026, an increase from the previous estimate of $1.5 billion.
2. Broad Macroeconomic Headwinds and Declining Sales Volumes.
Geopolitical tensions, particularly the conflict in Iran, led to a sharp increase in petroleum prices, surpassing $100 per barrel, which contributed to a resurgence of inflation to 3.3% in March 2026 and a subsequent decline in consumer confidence. These macroeconomic pressures, combined with reduced demand, resulted in a 9.7% decrease in General Motors' U.S. sales, totaling 626,429 units in the first quarter of 2026 compared to the previous year. The company also experienced lower EV wholesale volumes, prompting adjustments in its electric vehicle production capacity.
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1. Mixed Q1 2026 Earnings Report and Cost Concerns.
Despite exceeding adjusted earnings per share (EPS) expectations with Q1 2026 adjusted EPS of $3.70, beating estimates by 33% to 40%, General Motors' stock reacted negatively due to a slight revenue miss, with revenue declining 0.9% year-over-year to $43.6 billion. This was exacerbated by company-specific cost headwinds, including approximately $1.1 billion in additional charges for North American electric vehicle (EV) capacity realignment in Q1 2026. Furthermore, management raised its commodity inflation outlook, expecting an impact of up to $2 billion on adjusted EBIT for 2026, an increase from the previous estimate of $1.5 billion.
2. Broad Macroeconomic Headwinds and Declining Sales Volumes.
Geopolitical tensions, particularly the conflict in Iran, led to a sharp increase in petroleum prices, surpassing $100 per barrel, which contributed to a resurgence of inflation to 3.3% in March 2026 and a subsequent decline in consumer confidence. These macroeconomic pressures, combined with reduced demand, resulted in a 9.7% decrease in General Motors' U.S. sales, totaling 626,429 units in the first quarter of 2026 compared to the previous year. The company also experienced lower EV wholesale volumes, prompting adjustments in its electric vehicle production capacity.
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Stock Movement Drivers
Fundamental Drivers
The -9.6% change in GM stock from 1/31/2026 to 5/2/2026 was primarily driven by a -5.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 83.80 | 75.77 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 185,019 | 184,623 | -0.2% |
| Net Income Margin (%) | 1.5% | 1.4% | -5.6% |
| P/E Multiple | 28.8 | 27.2 | -5.4% |
| Shares Outstanding (Mil) | 925 | 911 | 1.5% |
| Cumulative Contribution | -9.6% |
Market Drivers
1/31/2026 to 5/2/2026| Return | Correlation | |
|---|---|---|
| GM | -9.6% | |
| Market (SPY) | 3.6% | 61.3% |
| Sector (XLY) | -1.9% | 67.4% |
Fundamental Drivers
The 10.1% change in GM stock from 10/31/2025 to 5/2/2026 was primarily driven by a 27.5% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.79 | 75.77 | 10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 187,435 | 184,623 | -1.5% |
| Net Income Margin (%) | 1.6% | 1.4% | -15.3% |
| P/E Multiple | 21.3 | 27.2 | 27.5% |
| Shares Outstanding (Mil) | 944 | 911 | 3.6% |
| Cumulative Contribution | 10.1% |
Market Drivers
10/31/2025 to 5/2/2026| Return | Correlation | |
|---|---|---|
| GM | 10.1% | |
| Market (SPY) | 5.5% | 53.3% |
| Sector (XLY) | -0.7% | 59.4% |
Fundamental Drivers
The 69.2% change in GM stock from 4/30/2025 to 5/2/2026 was primarily driven by a 246.7% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.78 | 75.77 | 69.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 187,440 | 184,623 | -1.5% |
| Net Income Margin (%) | 3.2% | 1.4% | -57.1% |
| P/E Multiple | 7.8 | 27.2 | 246.7% |
| Shares Outstanding (Mil) | 1,052 | 911 | 15.5% |
| Cumulative Contribution | 69.2% |
Market Drivers
4/30/2025 to 5/2/2026| Return | Correlation | |
|---|---|---|
| GM | 69.2% | |
| Market (SPY) | 30.4% | 39.9% |
| Sector (XLY) | 21.2% | 46.8% |
Fundamental Drivers
The 136.6% change in GM stock from 4/30/2023 to 5/2/2026 was primarily driven by a 471.1% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.02 | 75.77 | 136.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 160,740 | 184,623 | 14.9% |
| Net Income Margin (%) | 5.8% | 1.4% | -76.5% |
| P/E Multiple | 4.8 | 27.2 | 471.1% |
| Shares Outstanding (Mil) | 1,396 | 911 | 53.2% |
| Cumulative Contribution | 136.6% |
Market Drivers
4/30/2023 to 5/2/2026| Return | Correlation | |
|---|---|---|
| GM | 136.6% | |
| Market (SPY) | 78.7% | 43.2% |
| Sector (XLY) | 64.4% | 45.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GM Return | 41% | -42% | 8% | 50% | 54% | -5% | 92% |
| Peers Return | 101% | -64% | 31% | -3% | 13% | -16% | -12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| GM Win Rate | 67% | 42% | 33% | 67% | 58% | 50% | |
| Peers Win Rate | 62% | 32% | 53% | 48% | 57% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GM Max Drawdown | -3% | -47% | -20% | -4% | -20% | -11% | |
| Peers Max Drawdown | -7% | -66% | -22% | -37% | -31% | -27% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: F, TSLA, RIVN, ALLY, LCID. See GM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | GM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.9% | -18.8% |
| % Gain to Breakeven | 12.2% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.1% | -7.8% |
| % Gain to Breakeven | 16.5% | 8.5% |
| Time to Breakeven | 16 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.5% | -9.5% |
| % Gain to Breakeven | 41.9% | 10.5% |
| Time to Breakeven | 82 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 32.9% | 7.1% |
| Time to Breakeven | 308 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.5% | -24.5% |
| % Gain to Breakeven | 98.2% | 32.4% |
| Time to Breakeven | 868 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.3% | -33.7% |
| % Gain to Breakeven | 105.4% | 50.9% |
| Time to Breakeven | 216 days | 140 days |
In The Past
General Motors's stock fell -10.9% during the 2025 US Tariff Shock. Such a loss loss requires a 12.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | GM | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.5% | -9.5% |
| % Gain to Breakeven | 41.9% | 10.5% |
| Time to Breakeven | 82 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 32.9% | 7.1% |
| Time to Breakeven | 308 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.5% | -24.5% |
| % Gain to Breakeven | 98.2% | 32.4% |
| Time to Breakeven | 868 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.3% | -33.7% |
| % Gain to Breakeven | 105.4% | 50.9% |
| Time to Breakeven | 216 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.5% | -17.9% |
| % Gain to Breakeven | 52.6% | 21.8% |
| Time to Breakeven | 465 days | 123 days |
In The Past
General Motors's stock fell -10.9% during the 2025 US Tariff Shock. Such a loss loss requires a 12.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About General Motors (GM)
General Motors Company designs, builds, and sells trucks, crossovers, cars, and automobile parts and accessories in North America, the Asia Pacific, the Middle East, Africa, South America, the United States, and China. The company operates through GM North America, GM International, Cruise, and GM Financial segments. It markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Holden, Baojun, and Wuling brand names. The company also sells trucks, crossovers, cars, and purpose-built vehicles to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, it offers safety and security services for retail and fleet customers, including automatic crash response, emergency services, roadside assistance, crisis assist, stolen vehicle assistance, and turn-by-turn navigation; and connected services comprising mobile applications for owners to remotely control their vehicles and electric vehicle owners to locate charging stations, on-demand vehicle diagnostics, smart driver, marketplace in-vehicle commerce, in-vehicle voice, voice assistant, navigation and app ecosystem, connected navigation, SiriusXM with 360L, and 4G LTE wireless connectivity, as well as develops and commercializes autonomous vehicle technology. Further, the company provides automotive financing and insurance services; and software-enabled services and subscriptions. General Motors Company was founded in 1908 and is headquartered in Detroit, Michigan.
AI Analysis | Feedback
GM is like the Volkswagen Group, a global automotive giant managing a portfolio of vehicle brands from luxury to mass-market, and heavily investing in future vehicle technology.
GM is like Toyota, a global automotive powerhouse that manufactures a wide variety of cars, trucks, and SUVs, while also providing financing and developing advanced vehicle tech.
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- Vehicles: General Motors designs, builds, and sells a wide range of trucks, crossovers, and cars under various brand names.
- Automobile Parts and Accessories: The company provides a variety of parts and accessories for its vehicles.
- Safety and Security Services: GM offers subscription services that include features like automatic crash response, roadside assistance, and stolen vehicle assistance.
- Connected Services: These services provide in-vehicle connectivity, navigation, remote vehicle control via mobile apps, and other digital functionalities.
- Autonomous Vehicle Technology: GM develops and commercializes advanced autonomous vehicle technology, notably through its Cruise segment.
- Automotive Financing and Insurance Services: The company provides financing options and insurance coverage to support vehicle sales and ownership.
- Software-enabled Services and Subscriptions: This category encompasses various digital services and subscription offerings, enhancing the vehicle ownership experience.
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General Motors (GM) primarily sells its vehicles and related services to other companies rather than directly to individual consumers. Its major direct customers fall into two primary categories:
- Automotive Dealerships: These are independent businesses that purchase a wide range of vehicles (trucks, crossovers, cars) from General Motors. They then sell these vehicles, along with parts and accessories, to individual consumers and local fleet customers. GM operates a vast global network of thousands of dealerships, and while no single dealership group represents a disproportionate share of GM's overall sales, this channel collectively forms the largest direct purchasing group for GM.
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Fleet Operators: General Motors sells vehicles in volume to various types of fleet customers for their operational needs. This category includes:
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Daily Rental Car Companies: Large corporations that maintain extensive fleets of vehicles for short-term rental. Major public companies in this sector that are significant buyers of new vehicles from automakers like GM include:
- Hertz Global Holdings (HTZ)
- Avis Budget Group (CAR)
- Commercial Fleet Customers: Diverse businesses that acquire vehicles for their operations, such as utility companies, delivery services, and corporate transportation. Given the broad nature of this category, specific major public companies that would be consistent top customers for GM are not individually identifiable without further detailed sales data.
- Leasing Companies: Entities that purchase vehicles from manufacturers to lease them long-term to businesses or individuals.
- Government Agencies: Federal, state, and local governmental bodies that procure vehicles for public service, law enforcement, and administrative use.
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Daily Rental Car Companies: Large corporations that maintain extensive fleets of vehicles for short-term rental. Major public companies in this sector that are significant buyers of new vehicles from automakers like GM include:
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- LG Energy Solution (373220.KS)
- Magna International Inc. (MGA)
- Aptiv PLC (APTV)
- American Axle & Manufacturing Holdings, Inc. (AXL)
- Lear Corporation (LEA)
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Mary T. Barra, Chair and Chief Executive Officer
Mary T. Barra has served as the Chair and Chief Executive Officer of General Motors since January 15, 2014, making her the first female CEO of a "Big Three" automaker. She began her career with General Motors in 1980 at the age of 18 as a co-op student, inspecting fender panels and hoods to help pay for her college tuition. Throughout her extensive career at GM, she has held various engineering and administrative positions, including managing the Detroit/Hamtramck Assembly plant, and served as Vice President of Global Manufacturing Engineering, Vice President of Global Human Resources, and Executive Vice President of Global Product Development. Under her leadership, GM has committed to a future focused on electric vehicles, autonomous innovation, and carbon neutrality. There is no information indicating she founded or managed other companies, sold companies, or has a pattern of managing private equity-backed companies; her entire career has been with General Motors.
Paul Jacobson, Executive Vice President and Chief Financial Officer
Paul Jacobson was appointed Executive Vice President and Chief Financial Officer of General Motors, effective December 1, 2020. Before joining GM, Jacobson served as the Chief Financial Officer of Delta Air Lines Inc. from 2012 to 2020. During his tenure at Delta, he was recognized multiple times as the airline industry's best CFO by Institutional Investor magazine and played a key role in transforming the company. He originally joined Delta as a financial analyst in 1997. No information suggests he founded or managed other companies, sold companies he was involved with, or has a pattern of managing companies backed by private equity firms.
Mark Reuss, President
Mark Reuss was promoted to President of General Motors in January 2019. A mechanical engineer, he began his career with GM as a student intern in 1983. He has held numerous engineering and management positions across GM brands, including chief engineer of GM's large luxury vehicles, and in 2001, he founded and led the GM Performance Division. Reuss also served as president of GM North America from 2009 to 2013 and as executive vice president of Global Product Development, Purchasing and Supply Chain from 2013 to 2018. His father, Lloyd E. Reuss, also held the position of GM President from 1990 to 1992.
Rory Harvey, Executive Vice President and President, Global Markets
Rory Harvey was appointed Executive Vice President and President, Global Markets for General Motors in January 2024. In this role, he leads GM's commercial strategy to deliver a leading purchase and ownership experience across North America, China, and international markets. Harvey has over 30 years of experience with GM and its brands, having previously served as Executive Vice President and President of GM North America and as Vice President (Global) Cadillac, overseeing its day-to-day operations and sales forecasting. His career also includes significant leadership roles at Vauxhall Motors Ltd and Opel in Europe.
Shilpan Amin, Global Chief Procurement and Supply Chain Officer
Shilpan Amin was appointed Global Chief Procurement and Supply Chain Officer for General Motors in April 2025. In this position, he is responsible for developing and implementing GM's long-term purchasing and supply chain strategy, focusing on innovation, efficiency, and integration with the company's industrial footprint. Amin joined GM in 1996 as a product engineer in Advanced Product Development. Prior to his current role, he served as Senior Vice President and President, GM International, where he was responsible for profitable growth in GM's operations outside of North America and China. He has held various leadership positions within GM's Vehicle Engineering and Global Purchasing and Supply Chain operations.
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Key Risks to General Motors (GM)
General Motors (GM) faces several significant risks as it navigates a transforming automotive landscape. These risks primarily revolve around the challenging transition to electric vehicles (EVs), the substantial setbacks in its autonomous vehicle (AV) development, and ongoing geopolitical and regulatory pressures. The most significant risk stems from the **challenges in the transition to electric vehicles (EVs)**. GM has invested billions in its EV strategy, yet it faces slower-than-expected consumer adoption due to high costs, inadequate charging infrastructure, and fluctuating energy prices. The company has reported significant financial losses in its EV division, including over $7 billion in 2024 and further charges of $6 billion in the fourth quarter of 2025 due to scaling back EV plans. This has led GM to walk back ambitious production goals and adjust its strategy amidst intense competition from both traditional automakers and EV specialists like Tesla and BYD. Regulatory uncertainties, such as the expiration of key US EV tax credits, further complicate market demand and GM's ability to meet its electrification targets. Secondly, GM has encountered major **setbacks and financial losses with its autonomous vehicle (AV) unit, Cruise**. Following a series of serious safety incidents, including a robotaxi striking and dragging a pedestrian, Cruise faced intense regulatory scrutiny, leading to a nationwide suspension of driverless operations and investigations by the National Highway Traffic Safety Administration (NHTSA). The unit incurred significant financial losses, with GM investing over $10 billion since 2016. Consequently, GM has ceased robotaxi development at Cruise, integrating the unit into its broader driver assistance technology efforts and withdrawing previous requests to deploy vehicles without human controls. Finally, **geopolitical factors and regulatory changes, particularly concerning the China market and tariffs**, pose a notable risk. GM's joint venture in China, once a significant profit driver, has experienced losses, leading the company to announce a write-down of over $5 billion in its China business. Sales have declined in the region due to the rise of local automakers and increased competition, necessitating substantial restructuring costs. Additionally, tariffs continue to impact GM's operations, with an estimated annual cost of $4 billion to $5 billion in 2025, forcing costly re-evaluations of supply chains and manufacturing footprints given that a significant portion of its US-sold vehicles are assembled outside the country.AI Analysis | Feedback
The aggressive market penetration and fundamentally different business models of pure-play electric vehicle manufacturers and technology companies in autonomous driving and software-defined vehicles. These new entrants prioritize software-centric vehicle architecture, direct-to-consumer sales, and recurring subscription services, which challenge General Motors' traditional manufacturing, dealership network, and its ability to capture future high-margin revenue streams.
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General Motors (GM) operates within several large addressable markets for its main products and services:
- Trucks, Crossovers, Cars, and Automobile Parts and Accessories:
- The global automotive industry's manufacturing reached nearly 76 million units in 2023.
- The global automotive industry size was valued at approximately USD 4,070.19 billion in 2023.
- In North America, the automotive market was estimated at USD 874.9 billion in 2024, with projections to reach USD 1,258.2 billion by 2035.
- China's automotive market recorded total vehicle sales of 30.094 million units in 2023.
- The global auto parts and accessories market size was approximately USD 1.5 trillion in 2023.
- Connected Services (including safety and security services):
- The global connected car market size was valued at USD 115.8 billion in 2023 and is projected to grow to USD 501.8 billion by 2033.
- Autonomous Vehicle Technology (Cruise):
- The global autonomous vehicle market size was approximately USD 64.3 billion in 2024 and is projected to reach USD 337.2 billion by 2033.
- Automotive Financing and Insurance services (GM Financial):
- The global automotive finance market size was valued at USD 323.3 billion in 2023 and is projected to grow to USD 554.1 billion by 2032.
- Software-enabled services and subscriptions:
- The global automotive software market size was estimated at USD 19.0 billion in 2023 and is projected to reach USD 32.3 billion by 2030.
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General Motors (GM) is anticipated to drive future revenue growth over the next two to three years through several key strategies:- Growth in High-Margin Software and Services: GM is actively expanding its in-vehicle software and services, such as OnStar and Super Cruise, which offer significantly higher profit margins than vehicle sales. The company reported deferred revenue from these services reached $5.4 billion by the end of 2025, a 65% year-over-year increase, with an estimated rise to $7.5 billion in 2026. OnStar subscribers reached a record 12 million in 2025 and are projected to exceed 13 million by the end of 2026, while Super Cruise subscribers were over 620,000 in 2025, representing an 80% year-over-year growth. GM expects nearly $400 million in Super Cruise revenue in 2026.
- Sustained Demand and Strong Pricing for High-Margin Internal Combustion Engine (ICE) Trucks and SUVs: Despite the shift towards electrification, GM's highly profitable ICE trucks and SUVs continue to be a significant revenue driver. The company has maintained strong pricing and disciplined incentive spending on these popular models, such as the Chevrolet Silverado, GMC Sierra, and Cadillac Escalade, which contribute substantially to its overall profitability. GM achieved the #1 position in total U.S. sales in 2025, driven by strong performance across its brands.
- Scaling and Achieving Profitability in Electric Vehicles (EVs): While General Motors has adjusted its near-term EV production targets due to slower market adoption, it remains committed to scaling its Ultium EV platform and reducing battery costs to achieve profitability in this segment. The company plans to launch new EV models, including the Chevrolet Blazer EV, Equinox EV, and Silverado EV for retail in 2024-2025. GM anticipates that its EV portfolio will approach or achieve positive variable margins as scale improves, with the goal of reducing EV losses in 2026 and beyond. In 2025, GM remained the #2 EV seller in the U.S., with EV sales rising 48% year-over-year.
- Improved Performance in International Markets, particularly China: GM International (GMI) is expected to contribute positively to revenue, with the China joint venture achieving four consecutive quarters of profitable equity income through successful restructuring actions. New Energy Vehicle (NEV) sales in China reached nearly 1 million units in 2025, accounting for over half of total deliveries in the region and demonstrating profitability across various price points. GM aims for its international operations outside of China to deliver results largely consistent with 2025.
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Share Repurchases
- General Motors authorized a new $6 billion share repurchase program on January 27, 2026.
- The company executed $6 billion in share repurchases in 2025, leading to an approximate 18% reduction in its outstanding share count.
- Since late 2023, General Motors has returned $23 billion to shareholders through share repurchases, reducing its share count by nearly 35%.
Outbound Investments
- General Motors Ventures' most recent investment was in Oculii, a company in the Automotive industry, on September 21, 2021.
- GM Ventures focuses on strategic investments in startups aligned with GM's vision for zero emissions, zero crashes, and zero congestion, covering areas like electrification, connected customer experiences, autonomous technology, and digital enterprise.
- General Motors acquired Tooling & Equipment International in November 2023.
Capital Expenditures
- General Motors expects its annual capital spending to be in a range of $10 billion to $12 billion through 2027.
- Approximately $5 billion of the planned capital expenditures are allocated to expanding U.S. manufacturing capacity for high-demand gas and electric vehicles to mitigate tariff exposure.
- In June 2021, GM increased its commitment to EV and AV investments from 2020 through 2025 to $35 billion; however, in January 2026, the company announced a $6 billion charge due to adjustments in planned future EV production and investments.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| General Motors Earnings Notes | 04/25/2026 | |
| General Motors Stock Hands $29 Bil Back - Worth a Look? | 04/18/2026 | |
| What Is Happening With General Motors Stock? | 01/28/2026 | |
| Is Ford Motor a Better Buy Than General Motors? | 01/28/2026 | |
| ARTICLES | ||
| How Will General Motors Stock React To Its Upcoming Earnings? | 04/25/2026 | |
| General Motors Stock Hands $29 Bil Back – Worth a Look? | 04/18/2026 | |
| Why General Motors Stock Jumped 50%? | 04/18/2026 | |
| General Motors vs Ford Motor: Which Stock Could Rally? | 01/28/2026 | |
| S&P 500 Movers | Winners: GLW, SYY, GM | Losers: HUM, UNH, ELV | 01/27/2026 |
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| 04102026 | WHR | Whirlpool | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | -0.8% | -0.8% | -4.8% |
| 04022026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | -1.2% |
| 07312024 | GM | General Motors | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 12.9% | 21.6% | -9.9% |
| 05312023 | GM | General Motors | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -2.0% | 35.5% | -17.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.21 |
| Mkt Cap | 33.1 |
| Rev LTM | 53,324 |
| Op Inc LTM | -3,502 |
| FCF LTM | -322 |
| FCF 3Y Avg | -818 |
| CFO LTM | 10,128 |
| CFO 3Y Avg | 9,527 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.0% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 8.9% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | -25.2% |
| Op Inc Chg 3Y Avg | -21.2% |
| Op Mgn LTM | -3.8% |
| Op Mgn 3Y Avg | 0.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 11.4% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | -3.1% |
| FCF/Rev 3Y Avg | 1.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 33.1 |
| P/S | 1.6 |
| P/Op Inc | -0.6 |
| P/EBIT | -0.8 |
| P/E | 7.5 |
| P/CFO | 2.7 |
| Total Yield | -5.0% |
| Dividend Yield | 0.5% |
| FCF Yield 3Y Avg | -2.1% |
| D/E | 1.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.4% |
| 3M Rtn | -9.4% |
| 6M Rtn | 1.3% |
| 12M Rtn | 28.1% |
| 3Y Rtn | 56.4% |
| 1M Excs Rtn | -8.6% |
| 3M Excs Rtn | -13.6% |
| 6M Excs Rtn | -4.3% |
| 12M Excs Rtn | 1.6% |
| 3Y Excs Rtn | -22.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| General Motors North America (GMNA) | 157,509 | 141,445 | 128,378 | 101,308 | 96,733 |
| General Motors (GM) Financial | 15,875 | 14,225 | 12,766 | 13,419 | 13,831 |
| General Motors International (GMI) | 13,890 | 15,949 | 15,420 | 12,172 | 11,586 |
| Cruise | 257 | 102 | 102 | 106 | 103 |
| Corporate | 206 | 273 | 177 | 104 | 350 |
| Eliminations | -296 | 0 | |||
| Eliminations/Reclassifications | -151 | -107 | -105 | -118 | |
| Total | 187,441 | 171,843 | 156,736 | 127,004 | 122,485 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| General Motors North America (GMNA) | 165,905 | 155,908 | 157,250 | 121,735 | 114,137 |
| General Motors (GM) Financial | 139,156 | 130,780 | 121,544 | 113,207 | 113,410 |
| Corporate | 38,817 | 41,271 | 60,518 | 40,492 | 39,933 |
| General Motors International (GMI) | 21,769 | 26,225 | 24,808 | 22,876 | 23,019 |
| Cruise | 2,948 | 4,555 | 5,510 | 4,489 | 3,625 |
| Eliminations | -88,835 | -82,858 | -104,157 | -56,936 | -57,464 |
| Eliminations/Reclassifications | -2,817 | -1,436 | -1,145 | -1,466 | |
| Total | 279,760 | 273,064 | 264,037 | 244,718 | 235,194 |
Price Behavior
Price Behavior
| Market Price | $75.77 | |
| Market Cap ($ Bil) | 69.0 | |
| First Trading Date | 11/18/2010 | |
| Distance from 52W High | -12.1% | |
| 50 Days | 200 Days | |
| DMA Price | $76.56 | $70.03 |
| DMA Trend | up | down |
| Distance from DMA | -1.0% | 8.2% |
| 3M | 1YR | |
| Volatility | 31.0% | 33.9% |
| Downside Capture | 1.00 | 0.30 |
| Upside Capture | 91.05 | 102.55 |
| Correlation (SPY) | 59.7% | 40.2% |
GM Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.74 | 1.31 | 1.23 | 1.25 | 1.08 | 0.96 |
| Up Beta | 1.98 | 1.92 | 1.66 | 1.33 | 1.51 | 1.07 |
| Down Beta | 2.13 | 1.06 | 0.82 | 1.04 | 1.43 | 1.03 |
| Up Capture | 77% | 92% | 90% | 149% | 94% | 83% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 10 | 18 | 30 | 66 | 134 | 413 |
| Down Capture | 289% | 125% | 138% | 116% | 60% | 91% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 12 | 25 | 34 | 59 | 117 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GM | |
|---|---|---|---|---|
| GM | 69.5% | 33.8% | 1.60 | - |
| Sector ETF (XLY) | 21.3% | 18.8% | 0.90 | 46.8% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 39.9% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | -8.1% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -13.3% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 21.4% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GM | |
|---|---|---|---|---|
| GM | 6.2% | 36.6% | 0.25 | - |
| Sector ETF (XLY) | 6.7% | 23.8% | 0.24 | 57.0% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 54.8% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | 0.3% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 14.1% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 45.6% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 23.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GM | |
|---|---|---|---|---|
| GM | 11.2% | 36.8% | 0.40 | - |
| Sector ETF (XLY) | 12.7% | 22.0% | 0.53 | 60.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 58.6% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | -0.5% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 22.3% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 48.2% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 1.3% | ||
| 1/27/2026 | 8.7% | 6.1% | 3.8% |
| 10/21/2025 | 14.9% | 19.6% | 17.1% |
| 7/22/2025 | -8.1% | 0.5% | 7.2% |
| 4/29/2025 | -0.6% | -3.9% | 1.9% |
| 1/28/2025 | -8.9% | -12.8% | -11.8% |
| 10/22/2024 | 9.8% | 7.8% | 12.6% |
| 7/23/2024 | -6.4% | -10.9% | -7.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 16 |
| # Negative | 13 | 11 | 8 |
| Median Positive | 4.9% | 6.5% | 11.8% |
| Median Negative | -3.5% | -5.7% | -9.5% |
| Max Positive | 14.9% | 19.6% | 37.2% |
| Max Negative | -8.9% | -12.8% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 01/27/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/28/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 01/30/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 01/31/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income attributable to stockholders | 9.90 Bil | 10.65 Bil | 11.40 Bil | -3.2% | Lowered | Guidance: 11.00 Bil for 2026 | |
| 2026 EBIT-adjusted | 13.50 Bil | 14.50 Bil | 15.50 Bil | 3.6% | Raised | Guidance: 14.00 Bil for 2026 | |
| 2026 Automotive operating cash flow | 16.80 Bil | 18.80 Bil | 20.80 Bil | -10.5% | Lowered | Guidance: 21.00 Bil for 2026 | |
| 2026 Adjusted automotive free cash flow | 90.00 Bil | 10.00 Bil | 11.00 Bil | 0 | Affirmed | Guidance: 10.00 Bil for 2026 | |
| 2026 EPS-diluted | 10.6 | 11.6 | 12.6 | -3.2% | Lowered | Guidance: 12 for 2026 | |
| 2026 EPS-diluted-adjusted | 11.5 | 12.5 | 13.5 | 4.2% | Raised | Guidance: 12 for 2026 | |
Prior: Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net income attributable to stockholders | 10.30 Bil | 11.00 Bil | 11.70 Bil | 37.5% | Higher New | Actual: 8.00 Bil for 2025 | |
| 2026 EBIT-adjusted | 13.00 Bil | 14.00 Bil | 15.00 Bil | 12.0% | Higher New | Actual: 12.50 Bil for 2025 | |
| 2026 Automotive operating cash flow | 19.00 Bil | 21.00 Bil | 23.00 Bil | 4.0% | Higher New | Actual: 20.20 Bil for 2025 | |
| 2026 Adjusted automotive free cash flow | 9.00 Bil | 10.00 Bil | 11.00 Bil | -4.8% | Lower New | Actual: 10.50 Bil for 2025 | |
| 2026 EPS-diluted | 11 | 12 | 13 | 38.3% | Higher New | Actual: 8.68 for 2025 | |
| 2026 EPS-diluted-adjusted | 11 | 12 | 13 | 18.5% | Higher New | Actual: 10.1 for 2025 | |
| 2026 Capital spending | 10.00 Bil | 11.00 Bil | 12.00 Bil | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reuss, Mark L | President | Direct | Sell | 2182026 | 80.52 | 480,724 | 38,709,455 | 7,431,732 | Form |
| 2 | Hatto, Christopher | Vice President & CAO | Direct | Sell | 11132025 | 72.00 | 7,724 | 556,128 | 864,504 | Form |
| 3 | Hatto, Christopher | Vice President & CAO | Direct | Sell | 10302025 | 70.00 | 15,697 | 1,098,790 | 840,490 | Form |
| 4 | Reuss, Mark L | President | Direct | Sell | 10242025 | 66.45 | 260,600 | 17,316,834 | 6,512,485 | Form |
| 5 | Harvey, Rory | Executive Vice President | Direct | Sell | 9302025 | 61.95 | 6,600 | 408,870 | 527,380 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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