GM's third-quarter profit more than doubles; automaker narrows 2026 outlook and approves $20 billion buyback

General Motors is lining up another big round of buybacks after a third quarter in which profit more than doubled and its North American business widened its margins.

The Detroit automaker said Tuesday net income attributable to stockholders rose to $3.3 billion, or $3.73 a diluted share, from $1.3 billion, or $1.35, a year earlier. EPS-diluted-adjusted rose 32.2% to $3.70 from $2.80, and revenue rose 2.9% to $50.0 billion, according to its earnings release filed with an 8-K.

EBIT-adjusted, the company's main operating profit measure, climbed 21.6% to $4.1 billion, with the margin expanding to 8.2% from 6.9%.

The year-ago quarter carried $1.9 billion of adjustments, mostly tied to the strategic realignment of GM's electric-vehicle capacity, compared with $238 million this time. Third-quarter results also included a $208 million tax benefit from a change to a subsidiary's legal entity tax classification, which GM excluded from adjusted EPS.

$20 billion for buybacks

GM said it completed the $6.0 billion share repurchase program announced in January, and its board approved a new $20.0 billion multi-year authorization with no expiration date.

The share count has been shrinking fast. GM had 849 million shares outstanding at Sept. 30, down from 904 million at the end of 2025, 995 million at the end of 2024 and 1.2 billion at the end of 2023. The board also declared a quarterly dividend of 18 cents a share, payable Dec. 17 to holders of record on Dec. 4.

Outlook narrowed, cash forecast raised

GM narrowed its 2026 EBIT-adjusted forecast to $14.5 billion to $15.5 billion from $14.0 billion to $16.0 billion, and its EPS-diluted-adjusted range to $12.75 to $13.75 from $12.00 to $14.00. It raised its adjusted automotive free cash flow outlook to $11.5 billion to $12.5 billion from $9.5 billion to $11.5 billion.

On a GAAP basis, GM now expects net income attributable to stockholders of $8.9 billion to $9.5 billion and diluted EPS of $9.72 to $10.72.

North America does the heavy lifting

GM North America posted EBIT-adjusted of $3.6 billion, up 43.4%, with the margin rising to 8.7% from 6.2%. Wholesale vehicle sales in the region rose to 870,000 from 840,000, even as GM's U.S. market share slipped to 16.1% from 16.8%.

Elsewhere, results weakened. GM International's EBIT-adjusted fell to $28 million from $226 million, equity income from its China joint ventures dropped to $32 million from $80 million, and GM Financial's EBT-adjusted declined 16.9% to $668 million.

Cash generation was strong. Automotive operating cash flow rose 32.6% to $8.0 billion, and adjusted automotive free cash flow increased 40.0% to $5.9 billion.

By the numbers

• EPS-diluted-adjusted: $3.70, vs. $2.80
• GAAP diluted EPS: $3.73, vs. $1.35
• Revenue: $50.0 billion, up 2.9%
• EBIT-adjusted: $4.1 billion, up 21.6%
• New buyback authorization: $20.0 billion
• 2026 EBIT-adjusted outlook: $14.5 billion to $15.5 billion

Sources

1. General Motors Company, Form 8-K (Item 2.02) with Exhibit 99.1 earnings release for the third quarter of 2026, filed Oct. 20, 2026, accession 0001467858-26-000056

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