General Motors (GM) Q1 FY2026 earnings: revenue $43.6 billion, down 0.9% on the year

General Motors Co. (GM) reported revenue of $43.6 billion for Q1 FY2026, the quarter ended 31 March 2026, down 0.9% on the same quarter a year earlier. Net income was $2.6 billion, down 5.6% on the year, and diluted earnings per share $2.82. The figures are the company's own, from the 10-Q it filed with the SEC on 28 April 2026.

Revenue

$43.6 billion

-0.9% on the year · -3.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.7%

7.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.6 billion

-5.6% on the year

Q2 FY2024Q1 FY2026

Diluted EPS

$2.82

-15.8% on the year

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 5 lowered, 1 narrowed, 3 new, 2 kept.

Adjusted EPS rose on prior-year comparison: Adjusted diluted EPS was $3.70 against $2.78. The prior-year figure excluded a $593 million return from preferred shareholders tied to Cruise.
GMNA profit and margin both rose: GMNA EBIT-adjusted was $3.66 billion against $3.29 billion, up 11.4%. GMNA margin was 10.1% against 8.8%. GMNA revenue was $36.4 billion against $37.4 billion.
Gross tariff cost estimate lowered: The company now expects 2026 gross tariff costs of $2.5 billion to $3.5 billion, down from the original $3.0 billion to $4.0 billion estimate.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	43,624	45,286	44,020	-3.7%	-0.9%
Operating income	2,926	-3,646	3,352		-12.7%
Operating margin	6.7%	-8.1%	7.6%
Pre-tax income	3,347	-4,249	3,572		-6.3%
Income tax	642	-989	719		-10.7%
Effective tax rate	19.2%	n/a	20.1%
Net income	2,627	-3,309	2,784		-5.6%
Net margin	6.0%	-7.3%	6.3%
Diluted EPS	$2.82	-$3.60	$3.35		-15.8%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,950	6,795	6,061	-56.6%	-51.3%
Capital expenditure	1,512	3,220	1,816	-53.0%	-16.7%
Free cash flow	1,438	3,575	4,245	-59.8%	-66.1%
Free cash flow margin	3.3%	7.9%	9.6%
Cash from investing	632	-3,661	-4,490
Cash from financing	-3,689	-4,999	-543
Depreciation and amortisation	3,005	2,954	2,934	+1.7%	+2.4%
Buybacks	800	2,500	2,012	-68.0%	-60.2%
Dividends paid	223	138	175	+61.6%	+27.4%
Dividend per share	$0.18	n/a	$0.12		+50.0%
Diluted shares, weighted	926m	973m	1,002m	-4.8%	-7.6%
Shares outstanding at period end	902m	904m	966m	-0.2%	-6.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	62,659	61,119	64,372	+2.5%	-2.7%
Non-controlling interest	2,036	2,049	2,054	-0.6%	-0.9%
Redeemable equity	n/a	0.0	0.0
Debt	127,755	131,574	132,677	-2.9%	-3.7%
Operating lease liabilities	n/a	1,035	n/a
Other liabilities	88,524	85,507	83,001	+3.5%	+6.7%
Total liabilities and equity	280,974	281,284	282,104	-0.1%	-0.4%
Goodwill	n/a	1,900	1,900
Intangible assets	n/a	2,454	n/a
Investments	4,618	6,724	6,919	-31.3%	-33.3%
Cash and equivalents	19,800	20,945	20,570	-5.5%	-3.7%
Receivables	16,381	13,054	14,936	+25.5%	+9.7%
Inventory	15,590	14,467	15,253	+7.8%	+2.2%
Other assets	224,585	221,740	222,526	+1.3%	+0.9%
Total assets	280,974	281,284	282,104	-0.1%	-0.4%

Questions

What was General Motors' revenue in Q1 FY2026?

General Motors (GM) reported revenue of $43.6 billion for Q1 FY2026, the quarter ended 31 March 2026, down 0.9% on the same quarter a year earlier.

How much did General Motors earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.6 billion, down 5.6% on the year, and diluted earnings per share $2.82.

When did General Motors report Q1 FY2026 results?

General Motors filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 28 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	33,584	35,979	35,759	41,889	43,108	39,985	44,746	44,131	42,980	43,014	47,969	48,757	47,702	44,020	47,122	48,591	45,286	43,624	48,026	50,015
Operating income	1,520	2,196	2,116	3,392	2,611	2,578	2,789	3,013	918	3,738	3,873	3,651	1,522	3,352	2,127	1,076	-3,646	2,926	1,459	3,598
Operating margin	5%	6%	6%	8%	6%	6%	6%	7%	2%	9%	8%	7%	3%	8%	5%	2%	-8%	7%	3%	7%
Pre-tax income	2,237	2,779	2,132	4,097	2,589	2,775	3,029	3,464	1,135	3,715	3,643	3,717	-2,556	3,572	2,375	1,419	-4,249	3,347	1,568	3,943
Tax rate	21%	-1%	23%	21%	22%	15%	17%	14%	-76%	21%	21%	19%	n/a	20%	20%	9%	n/a	19%	14%	14%
Net income	1,741	2,939	1,692	3,305	1,998	2,395	2,566	3,064	2,102	2,980	2,933	3,056	-2,961	2,784	1,895	1,327	-3,309	2,627	1,305	3,335
Net margin	5%	8%	5%	8%	5%	6%	6%	7%	5%	7%	6%	6%	-6%	6%	4%	3%	-7%	6%	3%	7%
Diluted EPS	$1.15	$1.35	$1.14	$2.25	$1.39	$1.69	$1.83	$2.20	$1.59	$2.56	$2.55	$2.68	-$1.42	$3.35	$1.91	$1.35	-$3.60	$2.82	$1.41	$3.73
Operating cash flow	6,809	2,104	3,124	5,191	5,624	3,086	7,591	6,596	3,657	3,152	5,976	6,861	4,140	6,061	6,908	7,103	6,795	2,950	6,354	7,316
Capital expenditure	3,199	1,661	2,168	2,104	3,305	2,431	2,252	2,581	3,706	2,783	2,569	2,245	3,233	1,816	2,137	2,130	3,220	1,512	1,942	2,346
Free cash flow	3,610	443	956	3,087	2,319	655	5,339	4,015	-49.0	369	3,407	4,616	907	4,245	4,771	4,973	3,575	1,438	4,412	4,970
Buybacks	n/a	0.0	0.0	1,500	1,000	369	500	250	9,996	280	1,066	1,032	4,686	2,012	0.0	1,500	2,500	800	2,000	2,501
Dividends paid	16.0	73.0	8.0	189	127	185	126	182	104	198	136	192	127	175	144	200	138	223	608	215
Shares outstanding	1,500m	1,500m	1,500m	1,400m	1,400m	1,400m	1,400m	1,400m	1,200m	1,100m	1,100m	1,100m	995m	966m	957m	933m	904m	902m	877m	849m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 28 April 2026: the filing.