GM raises 2026 cash-flow and EPS guidance and authorizes a new $20 billion buyback

General Motors (NYSE: GM) said on Tuesday that third-quarter net income attributable to stockholders rose to $3.3 billion from $1.3 billion a year earlier, and it raised parts of its 2026 outlook, according to its earnings release filed with the Securities and Exchange Commission.

What happened

Revenue was $50.0 billion, up 2.9% from $48.6 billion in the third quarter of 2025. EBIT-adjusted, GM's headline profit measure, was $4.1 billion, up 21.6%, and the margin rose to 8.2% from 6.9%. Diluted earnings per share were $3.73, compared with $1.35. On an adjusted basis, EPS was $3.70, up from $2.80.

Profit growth came from North America. GMNA EBIT-adjusted rose 43.4% to $3.59 billion, with a margin of 8.7%. GM International's EBIT-adjusted fell to $28 million from $226 million, and equity income from China fell to $32 million from $80 million. GM Financial's adjusted earnings before tax fell 16.9% to $668 million.

Automotive operating cash flow was $8.0 billion, up 32.6%, and adjusted automotive free cash flow was $5.9 billion, up 40.0%.

The outlook

GM narrowed its 2026 EBIT-adjusted range to $14.5 billion-$15.5 billion from $14.0 billion-$16.0 billion. The midpoint, $15.0 billion, did not change. It raised its adjusted automotive free cash flow range to $11.5 billion-$12.5 billion from $9.5 billion-$11.5 billion, which lifts the midpoint from $10.5 billion to $12.0 billion, or 14.3% (computed). The adjusted EPS range moved to $12.75-$13.75 from $12.00-$14.00, which lifts the midpoint from $12.50 to $13.25.

Capital return

GM said it had completed the $6.0 billion repurchase program announced in January and that its board approved a new $20.0 billion multi-year authorization with no expiration date. The company had 849 million shares outstanding on September 30, down from 904 million at the end of 2025 and 995 million at the end of 2024. That is a 6.1% reduction this year and a 14.7% reduction since the end of 2024 (computed).

The board also declared a quarterly dividend of $0.18 per share, payable December 17 to holders of record on December 4.

What to watch

GM said its guidance does not include the potential impact of future special items. Its fourth-quarter results will show whether the 8.7% North American margin holds, a figure the company did not forecast in its release.