Report Date: Tuesday, July 21, 2026, before market open (~6:30 AM ET), followed by conference call at 8:30 AM ET.
General Motors is set to report its Q2 earnings on July 21, 2026, with analysts projecting EPS of $3.13 and revenue of $46.56 billion, though recent trends show GM's stock underperforming the market amid challenges in the EV segment. More broadly, consensus is for GM to report Q2 2026 EPS of $3.11 to $3.13, an increase of 22% to 23% from $2.53 in Q2 2025, on revenue of $45.96 billion to $47.03 billion.
The stock enters the print near multi-month lows within its recent range — GM closed around $75.82 on July 20, down from a January high near $86, and GM stock is trading underneath the short term and long term EMAs heading into the report.
GM has exceeded analyst EPS expectations in each of the last four quarters, with an average beat of 20.25%, and topped Q1 estimates by 33%, reporting adjusted EPS of $3.70 versus the $2.78 consensus. That sequential step-down from $3.70 to a ~$3.11-3.13 consensus reflects normal seasonality and cost timing rather than deterioration, but it also means expectations are calibrated for another beat — the market has been trained to expect GM to outperform.
The dominant narrative since Q1 has been tariff mitigation. In April, GM reported Q1 revenue of $43.6 billion, net income of $2.6 billion, and EBIT-adjusted of $4.3 billion, and raised full-year guidance after the U.S. Supreme Court struck down tariffs levied under the International Emergency Economic Powers Act (IEEPA). That ruling let GM lower its expected gross tariff cost for 2026 to $2.5–$3.5 billion (from $3.0–$4.0 billion) and raise full-year EBIT-adjusted guidance to $13.5–$15.5 billion and adjusted EPS guidance to $11.50–$13.50.
Importantly, management was clear on the Q1 call that other specific sector tariffs remain on vehicles, steel, aluminum, and parts — tariffs still exist and pose a drag on earnings, though this impact should be easier to digest going forward. CFO Paul Jacobson also clarified that most of GM's tariff burden comes from Section 232 duties, not IEEPA, so the favorable court ruling was a relatively modest (~$500M) one-time-style benefit rather than a full resolution of the tariff overhang. Watch for commentary on whether gross tariff costs are tracking toward the low or high end of the $2.5–3.5B range, and any update on USMCA renegotiation, which Barra flagged as a swing factor for GM's Mexico-sourced truck/SUV production.
The top-line story is less clean than the margin story. While tariffs easing will help its bottom line, its top line has been slipping — GM sold approximately 715,000 vehicles in the US in the second quarter, a 4.2% decline from a year ago, though it held its position as the country's top-selling automaker, with the drop attributed to discontinued models like the Cadillac XT4/XT6 and Chevrolet Malibu, plus a sharp EV pullback following expiration of the federal EV tax credit that pulled demand forward into late 2025 — Chevy Equinox EV sales fell 61.8%, Blazer EV dropped 68.1%, and GMC Hummer EV slid 56.8%. By brand, Cadillac, Buick, Chevrolet and GMC recorded year-over-year declines of 19.2%, 7.5%, 3.9%, and 0.3% respectively in Q2.
Despite this, GM has consistently protected margin through lean inventory and below-average incentives rather than chasing volume — a pattern management reiterated repeatedly on the Q1 call, and one investors will want to see continue. The North America EBIT-adjusted margin (targeted at 8–10% for the full year, and 10.1% in Q1 including the tariff benefit) is the single most important segment metric this quarter.
Sentiment heading in is constructive but not uniform. JP Morgan's Ryan Brinkman maintained an Overweight rating and boosted his price target from $98 to $110 on July 8; Wells Fargo's Colin Langan kept an Underweight rating but raised his target from $59 to $60; Citigroup's Michael Ward maintained a Buy and boosted his target from $108 to $131; and Wedbush's Dan Ives maintained an Outperform with a $95 target. RBC's Tom Narayan, by contrast, maintained an Outperform rating but cut his price target from $95 to $94 on July 13. The wide dispersion in targets ($60–$131) underscores genuinely divided views on how durable the tariff relief and margin improvement are.
Based on Wall Street analyst coverage, GM carries a median price target around $100, with the highest at $131 and lowest at $60, and a ratings mix skewed toward Buy (20 Buy, 5 Hold, 2 Sell). Relative to peers, GM faces cyclical earnings pressure, tariff exposure, and China risk, but against a current price near $76, the analyst consensus target near $96 reflects Wall Street's willingness to look through cyclical auto headwinds after GM raised its 2026 adjusted EPS guidance to $11.50–$13.50 and beat Q1 2026 estimates by over 40%.
Key drivers of a stronger stock reaction would include a North American automotive margin above 10%, which would validate the improvement seen in Q1 despite lower volume, along with any indication that the EV segment's margin trajectory is improving or that digital revenues are on track to hit the $3.1 billion annual target. Technically, the stock faces resistance near its EMA around $77.22 — a break above is needed for bullish momentum, with a strong report potentially pushing shares toward $80, while a miss could test support near $74.62.
GM goes into Q2 with a favorable recent history (four straight sizable beats), an improved tariff outlook after the IEEPA ruling, and emerging profit drivers in digital services and China that give bulls a "quality of earnings is improving" narrative. The counterweight is a genuine, ongoing decline in unit sales (~4% down in the U.S.), lingering Section 232 tariff costs, EV losses still being worked through the P&L via cash restructuring charges, and a truck-line changeover that could crimp volumes later in the year. The market's focus tomorrow will likely center less on the headline EPS beat/miss (which GM has reliably delivered) and more on: (1) whether North America margin holds near or above the 8–10% target band on lower volume, (2) any incremental change to full-year EBIT-adjusted guidance ($13.5–15.5B), and (3) tangible progress on digital/software monetization and EV loss reduction — the two structural stories management is using to argue for margin durability through the cycle.