Exhibit 99.1
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News


For Release: Tuesday, October 20, 2026, at 6:30 a.m. ET

GM releases 2026 third-quarter results and updates full-year 2026 guidance;
Board approves new $20 billion share repurchase authorization, declares quarterly dividend

DETROIT – General Motors (NYSE: GM) today reported third-quarter 2026 revenue of $50.0 billion, net income attributable to stockholders of $3.3 billion, and EBIT-adjusted of $4.1 billion.
The company is updating its full-year 2026 EBIT-adjusted guidance, narrowing the range. The company expects net income attributable to stockholders to be $8.9 billion to $9.5 billion; Automotive operating cash flow to be
$17.3 billion to $20.3 billion; and EPS-diluted to be $9.72 to $10.72 based on its updated guidance and the impact of adjustments recorded year to date. These expected financial results do not include the potential impact
of future adjustments related to special items.
The table below shows the revised guidance and how it compares to prior guidance.

Updated 2026 guidance
Previous 2026 guidance
EBIT-adjusted
$14.5 billion - $15.5 billion
$14.0 billion - $16.0 billion
Adjusted automotive free cash flow
$11.5 billion - $12.5 billion
$9.5 billion - $11.5 billion
EPS-diluted-adjusted
$12.75 - $13.75
$12.00 - $14.00

Board approves share repurchase program and quarterly dividend
The company also announced it has completed the $6.0 billion share repurchase program announced in January of 2026, and its Board of Directors has approved a new $20.0 billion multi-year share repurchase authorization.

The new share repurchase program, which has no expiration date, will be executed in accordance with applicable securities laws and regulations and may be suspended or discontinued at any time at the company's discretion.

As of September 30, 2026, the company had 849 million shares outstanding, down from 904 million at the end of 2025. There were 995 million shares outstanding at the end of 2024, and 1.2 billion at the end of 2023.

GM also announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable December 17, 2026, to holders of the company's common stock at the close of trading on December 4, 2026.

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:
•1-800-857-9821 (U.S.)
•1-517-308-9481 (international/caller-paid)
•Conference call passcode: General Motors
•An audio replay will be available on the GM Investor Relations website in the Events section.

1




Results Overview
Three Months Ended
($M) except per share amountsSeptember 30, 2026September 30, 2025Change% Change
Revenue$50,015 $48,591 $1,424 2.9 %
Net income (loss) attributable to stockholders(a)$3,335 $1,327 $2,008 n.m.
EBIT-adjusted$4,106 $3,376 $730 21.6 %
Net income margin(a)6.7 %2.7 %4.0 pptsn.m.
EBIT-adjusted margin8.2 %6.9 %1.3 ppts18.8 %
Automotive operating cash flow$8,049 $6,070 $1,979 32.6 %
Adjusted automotive free cash flow$5,882 $4,201 $1,681 40.0 %
EPS-diluted(a)$3.73 $1.35 $2.38 n.m.
EPS-diluted-adjusted$3.70 $2.80 $0.90 32.2 %
GMNA EBIT-adjusted$3,592 $2,506 $1,087 43.4 %
GMNA EBIT-adjusted margin8.7 %6.2 %2.5 ppts40.3 %
GMI EBIT-adjusted$28 $226 $(198)(87.7)%
China equity income (loss)$32 $80 $(48)(60.3)%
GM Financial EBT-adjusted$668 $804 $(136)(16.9)%
__________
(a)n.m. = not meaningful


2




General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

###

CONTACTS:
Jim Cain
GM Communications
313-407-2843
james.cain@chevrolet.com

Ashish Kohli, CFA
GM Investor Relations
847-964-3459
ashish.kohli@gm.com
David Caldwell
GM Communications
586-899-7861
david.caldwell@gm.com


Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.


3




Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending December 31, 2026
Updated(a)Previous
Net income attributable to stockholders$ 8.9-9.5$ 8.4-9.8
Income tax expense2.0-2.42.2-2.8
Automotive interest (income) expense, net(0.1)(0.1)
Adjustments3.7 3.5 
EBIT-adjusted$ 14.5-15.5$ 14.0-16.0
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.



The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Year Ending December 31, 2026
Updated(a)Previous
Diluted earnings per common share$ 9.72-10.72$ 8.98-10.98
Adjustments3.03 3.02 
EPS-diluted-adjusted$ 12.75-13.75$ 12.00-14.00
__________
(a)Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.




The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending December 31, 2026
Updated(a)Previous
Net automotive cash provided by operating activities$ 17.3-20.3$ 15.4-19.4
Less: Capital expenditures10.0-12.010.0-12.0
Adjustments4.24.1 
Adjusted automotive free cash flow$ 11.5-12.5$ 9.5-11.5
__________
(a)These expected financial results do not include the potential impact of future adjustments related to special items.

4



General Motors Company and Subsidiaries1
Combining Income Statement Information
(In millions) (Unaudited)
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$45,706 $— $— $45,706 $44,256 $— $— $— $44,256 
GM Financial— 4,312 (3)4,309 — — 4,337 (2)4,335 
Total net sales and revenue45,706 4,312 (3)50,015 44,256 — 4,337 (2)48,591 
Costs and expenses
Automotive and other cost of sales40,739 — — 40,739 41,937 — — (1)41,936 
GM Financial interest, operating, and other expenses— 3,651 (1)3,651 — — 3,542 — 3,542 
Automotive and other selling, general, and administrative expense2,029 — (2)2,027 2,038 — — (1)2,037 
Total costs and expenses42,768 3,651 (3)46,416 43,975 — 3,542 (2)47,515 
Operating income (loss)2,938 660 — 3,598 281 — 795 — 1,076 
Automotive interest expense162 — — 162 206 — — 3 209 
Interest income and other non-operating income, net274 — — 274 473 — — 3 475 
Equity income (loss)225 8 — 233 68 — 9 — 77 
Income (loss) before income taxes$3,274 $668 $— $3,943 $615 $— $804 $— $1,419 
Income tax expense (benefit)565 127 
Net income (loss)3,377 1,293 
Net loss (income) attributable to noncontrolling interests(42)35 
Net income (loss) attributable to stockholders$3,335 $1,327 
Net income (loss) attributable to common stockholders$3,305 $1,297 


Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Net sales and revenue
Automotive$128,817 $— $— $128,817 $126,985 $1 $— $— $126,986 
GM Financial— 12,855 (7)12,848 — — 12,756 (9)12,747 
Total net sales and revenue128,817 12,855 (7)141,665 126,985 1 12,756 (9)139,732 
Costs and expenses
Automotive and other cost of sales 116,462 — 

— 

116,462 

116,255 163 — (2)116,416 
GM Financial interest, operating, and other expenses— 10,928 (2)10,926 — — 10,599 — 10,600 
Automotive and other selling, general, and administrative expense6,298 — (5)6,293 6,054 111 — (3)6,161 
Total costs and expenses122,760 10,928 (7)133,681 122,309 274 10,599 (5)133,177 
Operating income (loss)6,056 1,928 — 7,984 4,676 (273)2,156 (4)6,555 
Automotive interest expense472 — — 472 557 30 — (27)560 
Interest income and other non-operating income, net804 (1)— 803 1,174 2 (1)(23)1,151 
Equity income (loss)507 35 — 542 182 — 37 — 219 
Income (loss) before income taxes$6,896 $1,962 $— $8,858 $5,474 $(301)$2,193 $— $7,366 
Income tax expense (benefit)1,422 1,326 
Net income (loss)7,436 6,040 
Net loss (income) attributable to noncontrolling interests(168)(33)
Net income (loss) attributable to stockholders$7,267 $6,007 
Net income (loss) attributable to common stockholders$7,206 $6,510 
________
1 Certain columns and rows may not add due to rounding.

5



General Motors Company and Subsidiaries1
Basic and Diluted Earnings per Share
(Unaudited)

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Basic earnings per share
Net income (loss) attributable to stockholders$3,335 $1,327 $7,267 $6,007 
Adjustments(a)(31)(30)(62)503 
Net income (loss) attributable to common stockholders$3,305 $1,297 $7,206 $6,510 
Weighted-average common shares outstanding872 944 893 965 
Basic earnings per common share$3.79 $1.37 $8.07 $6.75 
Diluted earnings per share
Net income (loss) attributable to common stockholders – diluted$3,305 $1,297 $7,206 $6,510 
Weighted-average common shares outstanding – diluted887 964 908 980 
Diluted earnings per common share$3.73 $1.35 $7.94 $6.64 
Potentially dilutive securities(b)— — — — 
__________
(a)Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.
(b)Potentially dilutive securities attributable to Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) at September 30, 2026 and outstanding stock options, PSUs, and RSUs at September 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

6



General Motors Company and Subsidiaries1
Combining Balance Sheet Information
(In millions, except per share amounts) (Unaudited)
September 30, 2026December 31, 2025
AutomotiveGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
ASSETS
Current Assets
Cash and cash equivalents$18,765 $4,431 $— $23,196 $15,062 $56 $5,826 $— $20,945 
Marketable debt securities4,351 258 — 4,609 6,685 — 39 — 6,724 
Accounts and notes receivable, net(a)15,589 2,335 (786)17,138 12,199 76 1,506 (727)13,054 
GM Financial receivables, net(b)— 46,802 (349)46,453 — — 45,661 (395)45,266 
Inventories15,644 — (3)15,640 14,472 — — (5)14,467 
Other current assets3,158 5,664 8 8,831 3,167 9 5,130 6 8,312 
Total current assets57,507 59,491 (1,130)115,867 51,585 141 58,162 (1,120)108,767 
Non-current Assets
GM Financial receivables, net— 44,979 — 44,979 — — 44,384 — 44,384 
Equity in net assets of nonconsolidated affiliates4,387 992 — 5,379 4,564 — 1,117 — 5,681 
Property, net 54,657 142 — 54,798 51,458 99 126 — 51,683 
Goodwill and intangible assets, net 2,926 1,350 — 4,276 3,018 — 1,348 — 4,366 
Equipment on operating leases, net— 32,244 — 32,244 — — 33,686 — 33,686 
Deferred income taxes23,789 (1,644)— 22,145 24,446 — (1,486)— 22,960 
Other assets(b)7,751 1,744 — 9,495 8,226 47 1,483 — 9,756 
Total non-current assets93,510 79,805 — 173,315 91,712 147 80,658 — 172,517 
Total Assets$151,017 $139,296 $(1,130)$289,183 $143,297 $288 $138,820 $(1,120)$281,284 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (principally trade)(a)$29,917 $628 $(781)$29,764 $24,075 $1 $491 $(649)$23,919 
Short-term debt and current portion of long-term debt
Automotive(b)878 — (349)529 1,120 7 — (471)656 
GM Financial— 42,939 — 42,939 — — 35,012 — 35,012 
Cruise— — — — — — — — — 
Accrued liabilities27,534 5,563 — 33,097 28,956 54 4,744 — 33,754 
Total current liabilities58,329 49,130 (1,130)106,330 54,151 63 40,248 (1,120)93,342 
Non-current Liabilities
Long-term debt
Automotive15,270 — — 15,270 15,522 70 — — 15,591 
GM Financial — 70,005 — 70,005 — — 79,018 — 79,018 
Cruise— — — — — — — — — 
Postretirement benefits other than pensions3,905 — — 3,905 4,025 — — — 4,025 
Pensions 4,482 14 — 4,496 4,977 — 11 — 4,988 
Other liabilities21,033 3,626 — 24,659 17,495 281 3,375 — 21,151 
Total non-current liabilities44,690 73,645 — 118,335 42,019 351 82,404 — 124,775 
Total Liabilities103,019 122,775 (1,130)224,664 96,170 414 122,652 (1,120)218,116 
Equity
Common stock, $0.01 par value8 — — 8 9 — — — 9 
Additional paid-in capital(c)18,749 1,018 (1,017)18,749 18,086 1,842 1,077 (1,076)19,928 
Retained earnings37,434 16,775 1 54,210 37,024 (1,968)16,467 1 51,524 
Accumulated other comprehensive loss(8,889)(1,273)— (10,162)(8,966)— (1,377)— (10,343)
Total stockholders’ equity47,302 16,521 (1,016)62,806 46,153 (126)16,167 (1,075)61,119 
Noncontrolling interests(c)696 — 1,016 1,712 974 — — 1,075 2,049 
Total Equity47,998 16,521 — 64,518 47,127 (126)16,167 — 63,168 
Total Liabilities and Equity$151,017 $139,296 $(1,130)$289,183 $143,297 $288 $138,820 $(1,120)$281,284 
__________
(a)Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive and Automotive accounts receivable of $0.2 billion primarily due from GM Financial at September 30, 2026; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025.
(b)Eliminations primarily related to GM Financial accounts receivable due from Automotive.
(c)Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

7



General Motors Company and Subsidiaries1
Combining Cash Flow Information
(In millions) (Unaudited)
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
AutomotiveCruiseGM FinancialReclassifications/EliminationsCombinedAutomotiveCruiseGM FinancialReclassifications/EliminationsCombined
Cash flows from operating activities
Net income (loss)$6,000 $— $1,436 $— $7,436 $4,732 $(302)$1,610 $— $6,040 
Depreciation and impairment of Equipment on operating leases, net— — 3,882 — 3,882 — — 3,675 — 3,675 
Depreciation, amortization, and impairment charges on Property, net5,099 — 26 — 5,126 6,375 12 25 — 6,412 
Foreign currency remeasurement and transaction (gains) losses(37)— (8)— (45)276 — 9 — 285 
Undistributed earnings of nonconsolidated affiliates, net(99)— (35)— (134)433 — (37)— 396 
Pension contributions and OPEB payments(618)— (1)— (619)(432)— (1)— (433)
Pension and OPEB (income) expense, net44 — 2 — 46 21 — 1 — 23 
Provision (benefit) for deferred taxes757 — 174 — 931 (64)— 191 — 127 
Change in other operating assets and liabilities(a)(c)2,508 — (532)(1,978)(3)1,787 (511)594 1,678 3,548 
Net cash provided by (used in) operating activities13,653 — 4,945 (1,978)16,620 13,127 (800)6,067 1,678 20,072 
Cash flows from investing activities
Expenditures for property(5,758)— (42)— (5,800)(6,054)(2)(27)— (6,083)
Available-for-sale marketable securities, acquisitions(1,915)— (351)— (2,266)(1,768)— (17)— (1,785)
Available-for-sale marketable securities, liquidations4,232 — 128 — 4,361 2,398 — — — 2,398 
Purchases of finance receivables(a)— — (29,287)782 (28,505)— — (28,246)(5)(28,251)
Principal collections and recoveries on finance receivables(a)(b)— — 26,676 — 26,676 — — 29,539 (3,016)26,524 
Proceeds from sale of finance receivables— — — — — — — 2,005 — 2,005 
Purchases of leased vehicles— — (9,565)— (9,565)— — (12,609)— (12,609)
Proceeds from termination of leased vehicles— — 8,267 — 8,267 — — 7,780 — 7,780 
Other investing activities(b)209 — — 66 276 (3,353)— 1 901 (2,451)
Net cash provided by (used in) investing activities(3,231)— (4,173)848 (6,556)(8,777)(2)(1,574)(2,120)(12,473)
Cash flows from financing activities
Net increase (decrease) in short-term debt(3)— (56)— (59)(10)— 23 — 13 
Proceeds from issuance of debt (original maturities greater than three months)(b)190 — 34,127 — 34,316 2,019 555 35,103 (555)37,122 
Payments on debt (original maturities greater than three months)(315)— (34,375)(20)(34,710)(1,862)(4)(35,502)(24)(37,391)
Payments to purchase common stock(5,301)— — — (5,301)(3,512)— — — (3,512)
Issuance (redemption) of subsidiary stock(b)— — — — — — — — (29)(29)
Dividends paid(c)(927)— (1,269)1,150 (1,046)(401)— (1,169)1,050 (519)
Other financing activities(401)— (95)— (496)(160)— (114)— (274)
Net cash provided by (used in) financing activities(6,757)— (1,667)1,130 (7,295)(3,926)551 (1,658)442 (4,591)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(34)— 5 — (29)163 1 73 — 237 
Net increase (decrease) in cash, cash equivalents, and restricted cash3,631 — (890)— 2,740 588 (250)2,909 — 3,246 
Cash, cash equivalents, and restricted cash at beginning of period15,241 — 9,043 — 24,284 14,561 322 8,081 — 22,964 
Cash, cash equivalents, and restricted cash at end of period$18,871 $— $8,153 $— $27,024 $15,148 $72 $10,990 $— $26,210 
__________
(a)Includes eliminations of $0.9 billion and $2.7 billion in the nine months ended September 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.
(b)Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the nine months ended September 30, 2025.
(c)Eliminations include dividends issued by GM Financial to Automotive in the nine months ended September 30, 2026 and 2025.
Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.



8



General Motors Company and Subsidiaries1
The following tables summarize key financial information (dollars in millions):
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended September 30, 2026
Net sales and revenue$41,419 $4,085 $201 $— $45,706 $— $4,312 $(3)$50,015 
Expenditures for property$2,235 $98 $1 $— $2,333 $— $13 $— $2,346 
Depreciation and amortization$1,564 $121 $6 $— $1,691 $— $1,244 $— $2,935 
Impairment charges$(79)$19 $— $— $(60)$— $— $— $(60)
Equity income (loss)(a)(b)(c)$229 $30 $(39)$— $219 $— $8 $— $228 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Three Months Ended September 30, 2025
Net sales and revenue$40,551 $3,645 $60 $— $44,256 $— $4,337 $(2)$48,591 
Expenditures for property$2,011 $92 $11 $— $2,113 $— $17 $— $2,130 
Depreciation and amortization$1,703 $114 $4 $— $1,821 $— $1,245 $— $3,066 
Impairment charges$1,044 $— $— $— $1,044 $— $— $— $1,044 
Equity income (loss)(a)(b)$214 $83 $(16)$— $281 $— $9 $— $290 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Nine Months Ended September 30, 2026
Net sales and revenue$117,732 $10,635 $450 $— $128,817 $— $12,855 $(7)$141,665 
Expenditures for property$5,495 $211 $52 $— $5,758 $— $42 $— $5,800 
Depreciation and amortization$4,754 $362 $17 $— $5,133 $— $3,909 $— $9,042 
Impairment charges$(53)$19 $— $— $(34)$— $— $— $(34)
Equity income (loss)(a)(b)(c)$(18)$273 $(121)$— $134 $— $35 $— $169 
GMNAGMICorporateEliminationsTotal
Automotive		CruiseGM
Financial		Reclassifications/EliminationsTotal
Nine Months Ended September 30, 2025
Net sales and revenue$117,424 $9,398 $163 $— $126,985 $1 $12,756 $(9)$139,732 
Expenditures for property$5,729 $274 $50 $— $6,054 $2 $27 $— $6,083 
Depreciation and amortization$4,933 $347 $39 $— $5,319 $5 $3,701 $— $9,026 
Impairment charges$1,044 $18 $— $— $1,063 $— $— $— $1,063 
Equity income (loss)(a)(b)$469 $208 $(30)$— $647 $— $37 $— $684 
__________
(a)Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $32 million and $280 million in the three and nine months ended September 30, 2026 and $80 million and $197 million in the three and nine months ended September 30, 2025.
(b)Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our electric vehicles (EVs). Equity income (loss) related to Ultium Cells Holdings LLC was insignificant in the three and nine months ended September 30, 2026 and $213 million and $465 million in the three and nine months ended September 30, 2025.
(c)Equity income (loss) in GMNA includes gains from the sale of an equity investment in the three and nine months ended September 30, 2026 and impacts of impairment charges for EV strategic realignment in the nine months ended September 30, 2026.



9


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted); and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors.

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders) EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance.

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share) EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate) ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict.

ROIC-adjusted (Most comparable GAAP measure: Return on equity) ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities) Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow starting with automotive operating cash flow from operations. We subtract capital expenditures, add the imputed cash effects of third-party payments made on our behalf for inventory banking, and subtract the cash effects when the banked inventory is consumed. The result is then adjusted for management actions, which can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.


10


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Net income (loss) attributable to stockholders$3,335 $1,327 $7,267 $6,007 
Income tax expense (benefit)565 127 1,422 1,326 
Automotive interest expense162 209 472 560 
Automotive interest income (195)(220)(551)(611)
Adjustments
EV strategic realignment(a)238 1,592 3,594 1,922 
China restructuring actions(b)— — 99 140 
Legal matters(c)— 300 — 300 
Restructuring and other strategic actions(d)— 41 — 260 
Total adjustments238 1,933 3,693 2,622 
EBIT-adjusted4,106 3,376 12,302 9,903 
Operating segments
GM North America (GMNA)3,592 2,506 10,699 8,207 
GM International (GMI)28 226 342 460 
Cruise — — — (273)
GM Financial(e)668 804 1,962 2,193 
Total operating segments4,289 3,536 13,003 10,587 
Corporate and eliminations(f)(183)(160)(700)(684)
EBIT-adjusted$4,106 $3,376 $12,302 $9,903 
__________
(a)These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment.
(b)These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.
(c)These adjustments were excluded because they relate to investigations and litigation associated with our former OnStar Smart Driver product.
(d)These adjustments were excluded because they relate to restructuring and strategic actions associated with employee separations, autonomous and assisted driving, manufacturing operations in Colombia and Ecuador, and the GM headquarters relocation.
(e)GM Financial amounts represent EBT-adjusted.
(f)GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel/Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.
11


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
AmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Diluted earnings per common share$3,305 $3.73 $1,297 $1.35 $7,206 $7.94 $6,510 $6.64 
Adjustments(a)238 0.27 1,933 2.01 3,693 4.07 2,622 2.67 
Tax effect on adjustments(b)(57)(0.06)(536)(0.56)(736)(0.81)(606)(0.62)
Tax adjustments(c)(208)(0.23)— — (208)(0.23)— — 
Return from preferred shareholders(d)— — — — — — (593)(0.60)
EPS-diluted-adjusted$3,278 $3.70 $2,694 $2.80 $9,955 $10.97 $7,933 $8.09 
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(c)These adjustments consist of tax benefits from a change to a subsidiary's legal entity tax classification.
(d)This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the nine months ended September 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Income before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rateIncome before income taxesIncome tax expense (benefit)Effective tax rate
Effective tax rate$3,943 $565 14.3 %$1,419 $127 8.9 %$8,858 $1,422 16.1 %$7,366 $1,326 18.0 %
Adjustments(a)238 57 1,933 536 3,693 736 2,622 606 
Tax adjustments(b)— 208 — — — 208 — — 
ETR-adjusted$4,181 $830 19.9 %$3,352 $663 19.8 %$12,551 $2,366 18.9 %$9,988 $1,932 19.3 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.
(b)Refer to the reconciliation of diluted earnings (loss) per common share to EPS-diluted adjusted for adjustment details.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE. The following table summarizes the calculation of ROE (dollars in billions):
Four Quarters Ended
September 30, 2026September 30, 2025
Net income attributable to stockholders$4.0 $3.0 
Average equity(a)$62.1 $65.2 
ROE6.4 %4.7 %
__________
(a)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

12


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes the calculation of ROIC-adjusted (dollars in billions):
Four Quarters Ended
September 30, 2026September 30, 2025
EBIT-adjusted(a)$15.1 $12.4 
Average equity(b)$62.1 $65.2 
Add: Average automotive debt and interest liabilities (excluding finance leases)15.9 16.1 
Add: Average automotive net pension and OPEB liability7.6 8.7 
Less: Average automotive net income tax asset(24.5)(22.9)
ROIC-adjusted average net assets$61.1 $67.1 
ROIC-adjusted24.8 %18.5 %
__________
(a)Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
(b)Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Net automotive cash provided by operating activities$8,049 $6,070 $13,653 $13,127 
Less: Capital expenditures(2,333)(2,113)(5,758)(6,054)
Add: Imputed operating cash outflows39 — 39 — 
Add(less): EV strategic realignment139 — 4,242 (103)
Add: Restructuring and other strategic actions1 243 7 859 
Add: China restructuring actions— 1 — 10 
Less: Legal matters(13)— — — 
Adjusted automotive free cash flow$5,882 $4,201 $12,184 $7,840 

13


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the nine months ended September 30, 2026, 27.6% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
GMNA870 840 2,511 2,516 
GMI159 137 407 346 
Total1,028 977 2,917 2,862 

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.

14


General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)
The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
IndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket ShareIndustryGMMarket Share
North America
United States4,174 671 16.1 %4,229 710 16.8 %12,277 2,012 16.4 %12,567 2,150 17.1 %
Other1,045 126 12.1 %1,015 127 12.5 %3,032 376 12.4 %3,007 384 12.8 %
Total North America5,219 797 15.3 %5,244 837 16.0 %15,309 2,388 15.6 %15,574 2,534 16.3 %
Asia/Pacific, Middle East, and Africa
China(a)5,403 358 6.6 %6,934 469 6.8 %15,816 1,065 6.7 %19,333 1,359 7.0 %
Other5,778 115 2.0 %5,718 149 2.6 %17,501 329 1.9 %17,010 369 2.2 %
Total Asia/Pacific, Middle East, and Africa11,181 474 4.2 %12,652 618 4.9 %33,317 1,394 4.2 %36,342 1,729 4.8 %
South America
Brazil836 84 10.1 %711 72 10.1 %2,255 225 10.0 %1,910 192 10.1 %
Other485 35 7.1 %456 35 7.7 %1,408 103 7.3 %1,268 95 7.5 %
Total South America1,321 119 9.0 %1,168 107 9.2 %3,663 328 9.0 %3,177 287 9.0 %
Total in GM markets17,721 1,390 7.8 %19,064 1,562 8.2 %52,288 4,111 7.9 %55,093 4,549 8.3 %
Total Europe4,007 1 — %4,002 1 — %13,020 1 — %12,611 2 — %
Total Worldwide(b)21,729 1,390 6.4 %23,066 1,563 6.8 %65,309 4,112 6.3 %67,704 4,551 6.7 %
United States
Cars667 12 1.7 %649 12 1.8 %1,991 36 1.8 %2,076 44 2.1 %
Trucks1,159 359 31.0 %1,142 369 32.3 %3,343 1,061 31.7 %3,414 1,115 32.6 %
Crossovers2,348 300 12.8 %2,437 330 13.5 %6,943 915 13.2 %7,076 992 14.0 %
Total United States4,174 671 16.1 %4,229 710 16.8 %12,277 2,012 16.4 %12,567 2,150 17.1 %
China(a)
SGMS90 130 300 381 
SGMW269 339 765 978 
Total5,403 358 6.6 %6,934 469 6.8 %15,816 1,065 6.7 %19,333 1,359 7.0 %
__________
(a)Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).
(b)Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
GMNA160 148 551 498 
GMI107 113 302 277 
Total fleet sales267 261 853 775 
Fleet sales as a percentage of total vehicle sales19.2 %16.7 %20.7 %17.0 %
15