General Motors Co

Previous wording

In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize the imposition of tariffs. Because we believe previously paid amounts regarding tariffs imposed under IEEPA are refundable, we recorded a net $0.5 billion favorable adjustment primarily due to previously charged IEEPA tariffs in the three months ended March 31, 2026. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.

Current wording

In 2025, the U.S. and other governments implemented new tariffs relevant to GM and its suppliers, including tariffs on vehicles and parts imported into the U.S. The tariff environment remains highly dynamic, and the specific tariffs applicable to goods imported by GM and its suppliers continue to evolve, including with respect to imports under the U.S.-Mexico-Canada Agreement and other trade agreements. We have acted with urgency and discipline to maintain strong positioning within the industry. On February 20, 2026, the U.S. Supreme Court concluded that the International Emergency Economic Powers Act (IEEPA) did not authorize the imposition of tariffs. In the nine months ended September 30, 2026, we recorded net favorable adjustments of $0.7 billion primarily due to previously charged IEEPA tariffs that are refundable. Based on the current tariff environment, we estimate that impacts to EBIT-adjusted could range from $2.5 billion to $3.5 billion for the year ending December 31, 2026 and may be subject to change if new tariffs or changes to existing tariffs arise. Refer to Part I, Item 1A. Risk Factors in our 2025 Form 10-K for a full discussion of the risks associated with the global tariff environment.

Previous wording

During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. In the three months ended June 30, 2026, we recorded additional net charges of $2.3 billion, primarily related to $1.3 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.1 billion of losses on contractual supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement. Of these charges, $1.6 billion will have a cash impact when paid. For the six months ended June 30, 2026, net charges were $3.4 billion and, in addition to the charges recorded in the three months ended June 30, 2026, consisted of $1.0 billion of charges for ongoing commercial negotiations with our supply base and joint venture partners. Of these charges, $2.5 billion will have a cash impact when paid. We incurred cash outflows of $4.1 billion related to these charges in the six months ended June 30, 2026. We expect additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment. The charge associated with our compliance-related assets in April 2026 was due to the repeal of the EPA's endangerment finding. At June 30, 2026, the carrying amount of our compliance-related assets was $0.7 billion. The expected future EV-related charges will be reflected as adjustments to our non-GAAP financial measures. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.

Current wording

During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. In the three months ended September 30, 2026, we recorded an insignificant amount of additional net charges. For the nine months ended September 30, 2026, net charges were $3.6 billion, primarily related to $2.5 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.3 billion of losses on supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement. Of these charges, $2.7 billion will have a cash impact when paid. We incurred cash outflows of $4.2 billion related to these charges in the nine months ended September 30, 2026. We expect additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment. The charge associated with our compliance-related assets in April 2026 was due to the repeal of the EPA's endangerment finding. At September 30, 2026, the carrying amount of our compliance-related assets was $0.7 billion. Refer to the "Non-GAAP Measures" section of this MD&A for additional information. Our strategic realignment of EV capacity does not impact today's retail portfolio of Chevrolet, GMC, and Cadillac EVs currently in production, and we expect these models to remain available to consumers.

Previous wording

For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $8.4 billion and $9.8 billion, EBIT-adjusted of between $14.0 billion and $16.0 billion, EPS-diluted of between $8.98 and $10.98, and EPS-diluted-adjusted of between $12.00 and $14.00. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Current wording

For the year ending December 31, 2026, we expect Net income attributable to stockholders of between $8.9 billion and $9.5 billion, EBIT-adjusted of between $14.5 billion and $15.5 billion, EPS-diluted of between $9.72 and $10.72, and EPS-diluted-adjusted of between $12.75 and $13.75. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous wording

GMNA Industry sales in North America were 10.0 million units in the six months ended June 30, 2026, representing a decrease of 2.6% compared to the corresponding period in 2025. U.S. industry sales were 8.1 million units in the six months ended June 30, 2026, representing a decrease of 3.4% compared to the corresponding period in 2025.

Current wording

GMNA Industry sales in North America were 15.3 million units in the nine months ended September 30, 2026, representing a decrease of 1.7% compared to the corresponding period in 2025. U.S. industry sales were 12.3 million units in the nine months ended September 30, 2026, representing a decrease of 2.3% compared to the corresponding period in 2025.

Previous wording

Our total vehicle sales in the U.S., our largest market in North America, were 1.3 million units for a market share of 16.7% in the six months ended June 30, 2026, representing a decrease of 0.6 percentage points compared to the corresponding period in 2025.

Current wording

Our total vehicle sales in the U.S., our largest market in North America, were 2.0 million units for a market share of 16.4% in the nine months ended September 30, 2026, representing a decrease of 0.7 percentage points compared to the corresponding period in 2025.

Previous wording

We achieved solid margins in the six months ended June 30, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could continue to have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is earning 8.0-10.0% annualized EBIT-adjusted margins in GMNA on a sustained basis.

Current wording

We achieved solid margins in the nine months ended September 30, 2026 driven by the strength of our product portfolio and ongoing cost discipline. However, the evolving tariff and policy landscape could continue to have a material impact on our profitability going forward. We remain focused on improving our EV profitability while maintaining our focus on cost. In addition, our outlook is dependent on continued supply chain availability, the resiliency of the U.S. economy, and overall economic conditions, including the imposition of tariffs, less available offsets and deductions, or other trade restrictions by the U.S. or its trading partners. Looking ahead, our top priority is earning 8.0-10.0% annualized EBIT-adjusted margins in GMNA on a sustained basis.

Previous wording

GMIIndustry sales in China were 10.3 million units in the six months ended June 30, 2026, representing a decrease of 16.6% compared to the corresponding period in 2025. Our total vehicle sales in China were 0.7 million units for a market share of 6.8% in the six months ended June 30, 2026, representing a decrease of 0.4 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.2 billion in the six months ended June 30, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd. (SGM). We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward.

Current wording

GMIIndustry sales in China were 15.8 million units in the nine months ended September 30, 2026, representing a decrease of 18.2% compared to the corresponding period in 2025. Our total vehicle sales in China were 1.1 million units for a market share of 6.7% in the nine months ended September 30, 2026, representing a decrease of 0.3 percentage points compared to the corresponding period in 2025. Our Automotive China JVs generated equity income of $0.3 billion in the nine months ended September 30, 2026, which includes income of $0.1 billion related to the previously announced restructuring of SAIC General Motors Corp., Ltd (SGM). We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans. Additional restructuring charges may be incurred going forward. In the three months ended September 30, 2026, we entered into a joint venture agreement extending the term of SGM, subject to certain conditions, through May 15, 2047, with no change to GM's ownership interest or equity-method accounting, resulting in an insignificant financial impact.

Previous wording

Outside of China, industry sales were 13.8 million units in the six months ended June 30, 2026, representing an increase of 4.0% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.4 million units for a market share of 3.1% in the six months ended June 30, 2026, representing an increase of 0.1 percentage points compared to the corresponding period in 2025.

Current wording

Outside of China, industry sales were 21.2 million units in the nine months ended September 30, 2026, representing an increase of 4.8% compared to the corresponding period in 2025. Our total vehicle sales outside of China were 0.7 million units for a market share of 3.1% in the nine months ended September 30, 2026, representing a decrease of 0.1 percentage points compared to the corresponding period in 2025.

Previous wording

We present 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 our revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2026, 26.8% of our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Current wording

We present 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 our 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 our wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Previous wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 35% in the six months ended June 30, 2026 and 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 75% in the six months ended June 30, 2026 and 81% in the corresponding period in 2025. In the six months ended June 30, 2026, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 40%, and commercial finance charge income of 6%.

Current wording

GM Financial We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 35% in the nine months ended September 30, 2026 and 34% in the corresponding period in 2025. Penetration levels vary depending on incentive financing programs available and competing third-party financing products in the market. GM Financial's prime loan originations as a percentage of total loan originations in North America were 76% in the nine months ended September 30, 2026 and 80% in the corresponding period in 2025. In the nine months ended September 30, 2026, GM Financial's revenue consisted of leased vehicle income of 46%, retail finance charge income of 41%, and commercial finance charge income of 6%.

Previous wording

At June 30, 2026 and December 31, 2025, residual values of leased EVs represented 22.9% and 21.1% of total residual values.

Current wording

At September 30, 2026 and December 31, 2025, residual values of leased EVs represented 23.5% and 21.1% of total residual values.

Previous wording

In the six months ended June 30, 2026, increased Cost was primarily due to: (1) charges of $3.0 billion due to the EV strategic realignment; (2) decreased Ultium Cells Holdings LLC equity earnings of $0.8 billion; (3) increased material and freight costs of $0.3 billion; and (4) increased parts and accessories costs of $0.2 billion; partially offset by (5) decreased net realizable value inventory adjustments, primarily EV-related, of $0.9 billion; (6) decreased warranty-related costs of $0.8 billion; and (7) decreased emissions costs of $0.4 billion. In the six months ended June 30, 2026, unfavorable Other was primarily due to net foreign currency changes in the Mexican peso.

Current wording

In the nine months ended September 30, 2026, increased Cost was primarily due to: (1) charges of $1.5 billion due to the EV strategic realignment; (2) decreased Ultium Cells Holdings LLC equity earnings of $1.0 billion; (3) increased material and freight costs of $0.5 billion, including $0.5 billion net favorable tariffs; (4) increased other employee related costs of $0.3 billion; (5) increased engineering costs of $0.3 billion; (6) increased parts and accessories costs of $0.3 billion; and (7) increased manufacturing costs of $0.2 billion; partially offset by (8) decreased warranty-related costs of $1.7 billion; (9) decreased net realizable value inventory adjustments, primarily EV-related, of $1.3 billion; (10) decreased emissions costs of $0.5 billion; and (11) the absence of charges related to the former OnStar Smart Driver program of $0.3 billion. In the nine months ended September 30, 2026, unfavorable Other was primarily due to net foreign currency changes in the Mexican peso.

Previous wording

In the three and six months ended June 30, 2026, Income tax expense decreased primarily due to lower pre-tax income.

Current wording

In the three and nine months ended September 30, 2026, Income tax expense increased primarily due tohigher pre-tax income.

Previous wording

For the three and six months ended June 30, 2026, our effective tax rate was 13.7% and 17.4% and our effective tax rate-adjusted (ETR-adjusted) was 17.6% and 18.3%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2026. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Current wording

For the three and nine months ended September 30, 2026, our effective tax rate was 14.3% and 16.1% and our effective tax rate-adjusted (ETR-adjusted) was 19.9% and 18.9%. We expect our ETR-adjusted to be between 20% and 21% for the year ending December 31, 2026. Refer to the "Non-GAAP Measures" section of this MD&A for additional information.

Previous wording

GMNA Total Net Sales and Revenue In the three months ended June 30, 2026, Total net sales and revenue increased primarily due to: (1) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; and (2) favorable Other due to increased revenue of software-enabled services and subscriptions and net foreign currency changes; partially offset by (3) unfavorable Mix associated with decreased sales of crossover vehicles, including EVs, and increased sales of cars and full-size SUVs, partially offset by decreased sales of mid-size pickup trucks and vans.

Current wording

GMNA Total Net Sales and Revenue In the three months ended September 30, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes due to increased sales of full-size pickup trucks and crossover vehicles, partially offset by decreased sales of mid-size pickup trucks and vans; partially offset by (2) unfavorable Mix associated with increased sales of crossover vehicles, partially offset by increased sales of full-size pickup trucks and decreased sales of mid-size pickup trucks and vans; and (3) unfavorable Price due to timing of model year introductions.

Previous wording

In the six months ended June 30, 2026, Total net sales and revenue decreased primarily due to: (1) decreased net wholesale volumes due to decreased sales of crossover vehicles, including EVs, and mid-size pickup trucks and vans, partially offset by increased sales of full-size pickup trucks; and (2) unfavorable Mix associated with increased sales of full-size pickup trucks and decreased sales of crossover vehicles and full-size SUVs; partially offset by (3) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; and (4) favorable Other due to increased revenue of software-enabled services and subscriptions and net foreign currency changes.

Current wording

In the nine months ended September 30, 2026, Total net sales and revenue increased primarily due to: (1) favorable Other due to net foreign currency changes and increased revenue of software-enabled services and subscriptions; and (2) favorable Price as a result of lean dealer inventory levels due to strong demand for our products; partially offset by (3) unfavorable Mix associated with decreased sales of crossover vehicles and full-size SUVs; and (4) decreased net wholesale volumes due to decreased sales of mid-size pickup trucks and vans, crossover vehicles, and full-size SUVs, partially offset by increased sales of full-size pickup trucks and cars.

Previous wording

GMNA EBIT-Adjusted In the three months ended June 30, 2026, EBIT-adjusted increased primarily due to: (1) favorable Price; (2) favorable Cost primarily due to decreased net realizable value inventory adjustments, primarily EV-related, of $0.5 billion and decreased warranty-related costs of $0.5 billion, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $0.4 billion and increased engineering costs of $0.2 billion; and (3) favorable Mix associated with decreased sales of crossover vehicles, including EVs, and increased sales of full-size pick-up trucks; partially offset by (4) unfavorable Other due to net foreign currency changes.

Current wording

GMNA EBIT-Adjusted In the three months ended September 30, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased warranty-related costs of $0.9 billion and decreased net realizable value inventory adjustments, primarily EV-related, of $0.4 billion, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $0.2 billion, increased engineering costs of $0.2 billion, increased employee-related costs of $0.1 billion, and increased manufacturing costs of $0.1 billion; (2) increased net wholesale volumes; and (3) favorable Mix associated with increased sales of full-size pickup trucks, partially offset by increased sales of crossover vehicles; partially offset by (4) unfavorable Price.

Previous wording

In the six months ended June 30, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased warranty-related costs of $0.9 billion, decreased net realizable value inventory adjustments, primarily EV-related, of $0.8 billion, and decreased emissions costs of $0.4 billion, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $0.8 billion, increased engineering costs of $0.3 billion, and increased material and freight costs of $0.2 billion; (2) favorable Price; and (3) favorable Mix associated with decreased sales of crossover vehicles, including EVs, and increased sales of full-size pickup trucks; and (4) favorable Other due to net foreign currency changes and favorable revaluation of investments; partially offset by (5) decreased net wholesale volumes.

Current wording

In the nine months ended September 30, 2026, EBIT-adjusted increased primarily due to: (1) favorable Cost primarily due to decreased warranty-related costs of $1.7 billion, decreased net realizable value inventory adjustments, primarily EV-related, of $1.3 billion, and decreased emissions costs of $0.5 billion, partially offset by decreased Ultium Cells Holdings LLC equity earnings of $1.0 billion, increased engineering costs of $0.5 billion, increased employee-related costs of $0.3 billion, increased parts and accessories costs of $0.3 billion, and increased material and freight costs of $0.2 billion, including $0.5 billion net favorable tariffs; (2) favorable Mix associated with increased sales of full-size pickup trucks and decreased sales of crossover vehicles; (3) favorable Price; and (4) favorable Other due to investment gains.

Previous wording

GMI Total Net Sales and Revenue In the three months ended June 30, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in Brazil primarily due to increased sales of passenger cars and crossovers, partially offset by decreased volumes in the Middle East; (2) favorable Price across multiple vehicle lines in Argentina and the Middle East; and (3) favorable Other primarily due to net foreign currency changes in the Brazilian real, partially offset by changes in the Argentine peso; partially offset by (4) unfavorable Mix in Brazil and the Middle East.

Current wording

GMI Total Net Sales and Revenue In the three months ended September 30, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in South America primarily due to increased sales of crossovers and passenger cars in Brazil; and (2) favorable Other primarily due to net foreign currency changes in the Brazilian real and Colombian peso, partially offset by changes in the Argentine peso; partially offset by (3) unfavorable Mix in Brazil and the Middle East.

Previous wording

In the six months ended June 30, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in Brazil primarily due to increased sales of passenger cars and crossovers, partially offset by decreased volumes in the Middle East; (2) favorable Price across multiple vehicle lines in Argentina and the Middle East; and (3) favorable Other primarily due to net foreign currency changes in the Brazilian real and Colombian peso, partially offset by changes in the Argentine peso; partially offset by (4) unfavorable Mix in Brazil and the Middle East.

Current wording

In the nine months ended September 30, 2026, Total net sales and revenue increased primarily due to: (1) increased net wholesale volumes in South America primarily due to increased sales of crossovers and passenger cars in Brazil, partially offset by decreased volumes in the Middle East; (2) favorable Price across multiple vehicle lines in Argentina and the Middle East; and (3) favorable Other primarily due to net foreign currency changes in the Brazilian real and Colombian peso, partially offset by changes in the Argentine peso; partially offset by (4) unfavorable Mix in Brazil and the Middle East.

Previous wording

GMI EBIT-Adjusted In the three months ended June 30, 2026, EBIT-adjusted decreased primarily due to: (1) unfavorable Mix; and (2) unfavorable Cost primarily due to increased material and logistics costs in Brazil and Argentina; partially offset by (3) increased net wholesale volumes in Brazil, partially offset by decreased volumes in the Middle East; (4) favorable Price; and (5) favorable Other primarily due to net foreign currency changes in the Brazilian real.

Current wording

In the nine months ended September 30, 2026, EBIT-adjusted decreased primarily due to: (1) unfavorable Cost primarily due to increased material, logistics, and manufacturing costs; and (2) unfavorable Mix; partially offset by (3) increased net wholesale volumes; (4) favorable Price; and (5) favorable Other primarily due to net foreign currency changes in the Brazilian real, Colombian peso, and the Australian dollar, partially offset by net foreign currency changes in the Argentine peso and losses related to the revaluation of investments.

Previous wording

GM Financial Revenue In the three months ended June 30, 2026, total revenue increased by an insignificant amount.

Current wording

GM Financial Revenue In the three months ended September 30, 2026, total revenue decreased by an insignificant amount.

Previous wording

In the six months ended June 30, 2026, total revenue increased primarily due to: (1) increased other income of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; partially offset by (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the finance receivables portfolio.

Current wording

In the nine months ended September 30, 2026, total revenue increased primarily due to: (1) increased other income of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance; and (2) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio; partially offset by (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the finance receivables portfolio.

Previous wording

GM Financial EBT-Adjusted In the three months ended June 30, 2026, EBT-adjusted decreased primarily due to: (1) increased operating expenses of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses and related claims losses; and (2) increased leased vehicle expenses of $0.1 billion primarily due to increased depreciation expense; partially offset by (3) decreased interest expense of $0.1 billion primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on GM Financial debt.

Current wording

GM Financial EBT-Adjusted In the three months ended September 30, 2026, EBT-adjusted decreased primarily due to: (1) increased operating expenses of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses and related claims losses; (2) increased provision for loan losses of $0.1 billion primarily due to an increase in loan origination volume as well as the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the three months ended September 30, 2025; partially offset by (3) decreased interest expense of $0.1 billion primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on GM Financial debt.

Previous wording

In the six months ended June 30, 2026, EBT-adjusted decreased primarily due to: (1) increased leased vehicle expenses of $0.2 billion primarily due to increased depreciation expense on EVs; (2) increased operating expenses of $0.2 billion primarily due to growth in the insurance and vehicle protection businesses and related claims losses; and (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the finance receivables portfolio; partially offset by (4) increased other income of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses; (5) decreased interest expense of $0.2 billion primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on GM Financial debt; and (6) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Current wording

In the nine months ended September 30, 2026, EBT-adjusted decreased primarily due to: (1) increased operating expenses of $0.3 billion primarily due to growth in the insurance and vehicle protection businesses and related claims losses; (2) increased leased vehicle expenses of $0.3 billion primarily due to increased depreciation expense on EVs; (3) decreased finance charge income of $0.1 billion primarily due to a decrease in the average balance of the finance receivables portfolio; and (4) increased provision for loan losses of $0.1 billion primarily due to the reversal of the allowance for loan losses on finance receivables reclassified to held-for-sale during the nine months ended September 30, 2025 as well as credit mix of loan originations; partially offset by (5) decreased interest expense of $0.2 billion primarily due to a decrease in the average debt outstanding and a lower effective rate of interest on GM Financial debt; (6) increased other income of $0.1 billion primarily due to growth in the insurance and vehicle protection businesses, partially offset by lower investment income resulting from a decrease in the average investment balance; and (7) increased leased vehicle income of $0.1 billion primarily due to an increase in the average balance of the leased vehicles portfolio.

Previous wording

During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. These charges included non-cash impairment and other charges of $3.2 billion and cash related charges of $4.7 billion, primarily consisting of supplier commercial settlements, contract cancellation fees, battery cell JV settlements, and other charges that will have a cash impact when paid. The non-cash impairment charges include the cost of writing down EV-related tooling and equipment to its nominal salvage value. We incurred cash outflows of $0.4 billion related to these charges in the year ended December 31, 2025. In the six months ended June 30, 2026, we recorded additional net charges of $3.4 billion, primarily related to $2.4 billion for ongoing commercial negotiations with our supply base and joint venture partners, $1.1 billion of losses on contractual supply agreements, and $0.5 billion associated with compliance-related assets, net of $0.7 billion of recoveries under a cost sharing arrangement. We incurred cash outflows of $4.1 billion related to these charges in the six months ended June 30, 2026. We expect to recognize additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment.

Current wording

During the year ended December 31, 2025, we recorded charges of $7.9 billion in GMNA related to our EV strategic realignment. These charges included non-cash impairment and other charges of $3.2 billion and cash related charges of $4.7 billion that will have a cash impact when paid. We incurred cash outflows of $0.4 billion related to these charges in the year ended December 31, 2025. In the nine months ended September 30, 2026, we recorded additional net charges of $3.6 billion of which $2.7 billion will have a cash impact when paid. We incurred cash outflows of $4.2 billion related to these charges in the nine months ended September 30, 2026. We expect to recognize additional charges in the year ending December 31, 2026, and while circumstances may change in the future, we believe we have substantially completed the recognition of material cash charges related to our EV strategic realignment.

Previous wording

We have entered, and plan to continue to enter, into offtake agreements that generally obligate us to purchase defined quantities of output. These arrangements could have a short-term adverse impact on our cash and increase our inventory. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions, and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.

Current wording

We have entered into offtake agreements and inventory banking arrangements that generally obligate us to purchase defined quantities of output and, if financed by the Inventory Banking Facility, repay the financed amounts. These arrangements could result in an adverse impact on our cash and excess inventory if our commitments exceed forecasted demand. We also continue to monitor and evaluate opportunities to strengthen our competitive position over the long term while maintaining a strong investment-grade balance sheet. These actions may include opportunistic payments to reduce our long-term obligations, and the possibility of acquisitions, dispositions, and investments with joint venture partners, as well as strategic alliances that we believe would generate significant advantages and substantially strengthen our business.

Previous wording

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date. In the six months ended June 30, 2026, we repurchased 36 million outstanding shares of our common stock for $2.8 billion. As of June 30, 2026, we have $3.5 billion in capacity remaining under our share repurchase program.

Current wording

In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, which we fully utilized in October 2026. In the nine months ended September 30, 2026, we repurchased 65 million outstanding shares of our common stock for $5.3 billion. In October 2026, our Board of Directors authorized $20.0 billion of additional repurchases under our existing share repurchase program, with no expiration date.

Previous wording

In the six months ended June 30, 2026, we paid dividends of $0.3 billion to holders of our common stock. In January 2026, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.18 per share beginning with the quarterly dividend declared in January 2026.

Current wording

In the nine months ended September 30, 2026, we paid dividends of $0.5 billion to holders of our common stock. In January 2026, our Board of Directors approved an increase in the quarterly common stock dividend of $0.03 to $0.18 per share beginning with the quarterly dividend declared in January 2026.

Previous wording

Cash flows that occur amongst our Automotive, Cruise, and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive, and Automotive Cruise related cash expenditures. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. The Cruise restructuring activities were substantially complete as of December 31, 2025. Net cash used in operating activities by Cruise was $0.7 billion in the three months ended June 30, 2025.

Current wording

Cash flows that occur amongst our Automotive, Cruise, and GM Financial operations are eliminated when we consolidate our cash flows. Such eliminations include, among other things, collections by Automotive on wholesale accounts receivables financed by dealers through GM Financial, payments between Automotive and GM Financial for accounts receivables transferred by Automotive to GM Financial, loans to Automotive and Cruise from GM Financial, dividends issued by GM Financial to Automotive, tax payments by GM Financial to Automotive, and Automotive cash expenditures related to Cruise. The presentation of Automotive liquidity and GM Financial liquidity presented below includes the impact of cash transactions amongst the sectors that are ultimately eliminated in consolidation. The Cruise restructuring activities were substantially complete as of December 31, 2025. Net cash used in operating activities by Cruise was $0.8 billion in the nine months ended September 30, 2025.

Previous wording

In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures March 22, 2027.

Current wording

In March 2026, we renewed our 364-day, $2.0 billion revolving credit facility allocated for the exclusive use of GM Financial, which now matures on March 22, 2027.

Previous wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion at June 30, 2026 and December 31, 2025, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.5 billion at June 30, 2026 and December 31, 2025.

Current wording

We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our Automotive borrowing capacity under credit facilities totaled $14.4 billion at September 30, 2026 and December 31, 2025, which consisted primarily of two credit facilities. Total Automotive borrowing capacity under our credit facilities does not include our 364-day, $2.0 billion facility allocated for exclusive use of GM Financial or our $4.5 billion Inventory Banking Facility. We did not have any borrowings against our primary facilities, but had letters of credit outstanding under our sub-facility of $0.4 billion and $0.5 billion at September 30, 2026 and December 31, 2025.

Previous wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at June 30, 2026 and December 31, 2025. We had intercompany loans from GM Financial of $0.4 billion at June 30, 2026 and December 31, 2025, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at June 30, 2026 and December 31, 2025. Refer to Note 4 to our condensed consolidated financial statements for additional information.

Current wording

If available capacity permits, GM Financial continues to have access to our automotive credit facilities. GM Financial did not have borrowings outstanding against any of these facilities at September 30, 2026 and December 31, 2025. We had intercompany loans from GM Financial of $0.4 billion at September 30, 2026 and December 31, 2025, which primarily consisted of commercial loans to dealers we consolidate. We did not have intercompany loans to GM Financial at September 30, 2026 and December 31, 2025.

Previous wording

GM Financial's Board of Directors declared and paid dividends of $0.9 billion on its common stock in the six months ended June 30, 2026. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements, and leverage ratio.

Current wording

GM Financial's Board of Directors declared and paid dividends of $1.2 billion on its common stock in the nine months ended September 30, 2026. Future dividends from GM Financial will depend on several factors including business and economic conditions, its financial condition, earnings, liquidity requirements, and leverage ratio.

Previous wording

(a)We had letters of credit outstanding under our sub-facility of $0.5 billion at June 30, 2026 and December 31, 2025.

Current wording

(a)We had letters of credit outstanding under our sub-facility of $0.4 billion and $0.5 billion at September 30, 2026 and December 31, 2025.

Previous wording

(a)Includes $0.9 billion and $0.7 billion in dividends received from GM Financial in the six months ended June 30, 2026 and 2025; $1.0 billion in dividends received from our nonconsolidated affiliates in the six months ended June 30, 2025; and changes in other assets and liabilities in the six months ended June 30, 2026 and 2025.

Current wording

(a)Includes $1.2 billion and $1.1 billion in dividends received from GM Financial in the nine months ended September 30, 2026 and 2025; $1.1 billion in dividends received from our nonconsolidated affiliates in the nine months ended September 30, 2025; and changes in other assets and liabilities in the nine months ended September 30, 2026 and 2025.

Previous wording

(b)Includes $(0.1) billion and $(2.6) billion in the six months ended June 30, 2026 and 2025, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.

Current wording

(b)Includes $2.0 billion and $(1.7) billion in the nine months ended September 30, 2026 and 2025, which are eliminated within the condensed consolidated statements of cash flows. Amounts eliminated primarily relate to purchases of, and collections on, wholesale finance receivables provided by GM Financial to our dealers and dividends issued by GM Financial to us.

Previous wording

(a)Includes $0.1 billion loan repayments from Ultium Cells LLC in thesix months ended June 30, 2026 and $(1.8) billion term loan to Ultium Cells LLC in the six months ended June 30, 2025; $(0.2) billion and $(0.5) billion of GM's investment in nonconsolidated affiliates in the six months ended June 30, 2026 and 2025; and $(0.9) billion of funding to wind down Cruise robotaxi operations in thesix months ended June 30, 2025.

Current wording

(a)Includes $0.2 billion and $0.1 billion loan repayments from Ultium Cells LLC in the nine months ended September 30, 2026 and 2025; and $(1.8) billion term loan to Ultium Cells LLC, $(1.0) billion of funding to wind down Cruise robotaxi operations, and$(0.6) billion of GM's investment in nonconsolidated affiliates in thenine months ended September 30, 2025.

Previous wording

(b)Includes $(0.9) billion of funding to wind down Cruise robotaxi operations in the six months ended June 30, 2025, which is eliminated within the condensed consolidated statements of cash flows.

Current wording

(b)Includes $(1.0) billion of funding to wind down Cruise robotaxi operations in thenine months ended September 30, 2025, which is eliminated within the condensed consolidated statements of cash flows.

Previous wording

(a)Includes $(2.8) billion for payments to purchase common stock and $(0.4) billion for dividends to noncontrolling interests in the six months ended June 30, 2026; $(0.3) billion for dividends paid in the six months ended June 30, 2026 and 2025; and$(2.0) billion in payments related to the ASR in the six months ended June 30,2025.

Current wording

(a)Includes $(5.3) billion and $(1.5) billion for payments to purchase common stock in the nine months ended September 30, 2026 and 2025; $(0.5) billion and $(0.4) billion for dividends paid in the nine months ended September 30, 2026 and 2025; $(0.4) billion for dividends to noncontrolling interests in the nine months ended September 30, 2026; and $(2.0) billion in payments related to the ASR in the nine months ended September 30, 2025.