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# General Motors (GM) - Recent Events ## Filings that contain financial statements General Motors files on domestic forms. Each earnings release below (Exhibit 99.1 to a Form 8-K) carries unaudited combining income statement, balance sheet and cash flow information (Automotive, GM Financial, eliminations, combined), plus a results overview and non-GAAP reconciliations. - Form 8-K dated October 20, 2026, accession 0001467858-26-000056: third quarter 2026 (three and nine months ended September 30, 2026), with balance sheet at September 30, 2026 against December 31, 2025. - Form 8-K dated July 21, 2026, accession 0001467858-26-000049: second quarter 2026 (three and six months ended June 30, 2026). - Form 8-K dated April 28, 2026, accession 0001467858-26-000033: first quarter 2026 (three months ended March 31, 2026). - Form 8-K dated January 27, 2026, accession 0001467858-26-000011: fourth quarter and full year 2025. ## Earnings and guidance **October 20, 2026 - third quarter 2026 results (0001467858-26-000056).** Revenue was $50.0 billion (up 2.9% from $48.6 billion), net income attributable to stockholders $3.3 billion ($3.335 billion versus $1.327 billion), EBIT-adjusted $4.1 billion (up 21.6%), and diluted EPS $3.73 (EPS-diluted-adjusted $3.70 versus $2.80). Automotive operating cash flow was $8.0 billion and adjusted automotive free cash flow $5.9 billion. GM North America EBIT-adjusted was $3.6 billion (8.7% margin); GM International EBIT-adjusted fell to $28 million from $226 million; GM Financial EBT-adjusted was $668 million versus $804 million. The company narrowed full-year 2026 guidance: | Full-year 2026 | Updated | Previous | |---|---|---| | EBIT-adjusted | $14.5 - $15.5 billion | $14.0 - $16.0 billion | | Adjusted automotive free cash flow | $11.5 - $12.5 billion | $9.5 - $11.5 billion | | EPS-diluted-adjusted | $12.75 - $13.75 | $12.00 - $14.00 | Net income attributable to stockholders is now expected at $8.9 - $9.5 billion, Automotive operating cash flow at $17.3 - $20.3 billion, and EPS-diluted at $9.72 - $10.72, excluding the effect of future special items. Capital expenditures are still expected at $10.0 - $12.0 billion. **July 21, 2026 - second quarter 2026 results (0001467858-26-000049).** Revenue was $48.0 billion, net income attributable to stockholders $1.3 billion (down 31.1%), EBIT-adjusted $3.9 billion (up 29.8%), and EPS-diluted $1.41 (adjusted $3.57). GM raised full-year EBIT-adjusted guidance to $14.0 - $16.0 billion from $13.5 - $15.5 billion, the second raise of the year, and adjusted automotive free cash flow guidance to $9.5 - $11.5 billion from $9.0 - $11.0 billion. **April 28, 2026 - first quarter 2026 results (0001467858-26-000033).** Revenue was $43.6 billion, net income attributable to stockholders $2.6 billion, EBIT-adjusted $4.3 billion (up 21.9%), and EPS-diluted $2.82 (adjusted $3.70). Full-year EBIT-adjusted guidance rose to $13.5 - $15.5 billion from $13.0 - $15.0 billion, citing a favorable adjustment of about $0.5 billion from the U.S. Supreme Court decision on certain tariffs paid under the International Emergency Economic Powers Act. Expected gross tariff costs for 2026 fell to $2.5 - $3.5 billion from $3.0 - $4.0 billion. Automotive operating cash flow guidance was lowered to $16.8 - $20.8 billion from $19.0 - $23.0 billion. **January 27, 2026 - fourth quarter and full year 2025 results and 2026 guidance (0001467858-26-000011).** Full-year 2025 net income attributable to stockholders was $2.7 billion and EBIT-adjusted $12.7 billion; the fourth quarter was a net loss of $3.3 billion, reduced by more than $7.2 billion of special charges, driven primarily by the realignment of EV capacity and investments. Initial 2026 guidance: EBIT-adjusted $13.0 - $15.0 billion, net income attributable to stockholders $10.3 - $11.7 billion, adjusted automotive free cash flow $9.0 - $11.0 billion, and capital spending $10.0 - $12.0 billion. **October 21, 2025 - third quarter 2025 results (0001467858-25-000141).** Revenue was $48.6 billion, net income attributable to stockholders $1.3 billion, and EBIT-adjusted $3.4 billion. GM raised full-year 2025 EBIT-adjusted guidance to $12.0 - $13.0 billion from $10.0 - $12.5 billion and adjusted automotive free cash flow guidance to $10.0 - $11.0 billion from $7.5 - $10.0 billion. Net income attributable to stockholders was guided to $7.7 - $8.3 billion, versus $7.7 - $9.5 billion previously. ## Capital returns - **January 27, 2026 (0001467858-26-000011):** the board raised the quarterly dividend by $0.03 to $0.18 per share and approved a new $6.0 billion share repurchase authorization with no expiration date. Shares outstanding were 904 million at December 31, 2025, down from 995 million a year earlier. - **October 20, 2026 (0001467858-26-000056):** GM said it had completed the $6.0 billion program announced in January 2026, and the board approved a new $20.0 billion multi-year repurchase authorization with no expiration date. It declared a $0.18 quarterly dividend payable December 17, 2026 to holders of record December 4, 2026. Shares outstanding were 849 million at September 30, 2026. Quarterly dividends of $0.18 were also declared with the April and July results. ## EV realignment charges - **October 14, 2025 (0001467858-25-000136), Item 2.06:** the Audit Committee approved charges of $1.6 billion in GM North America for the three months ended September 30, 2025 for a planned realignment of EV capacity: $1.2 billion of non-cash impairment and other charges and $0.4 billion of cash charges (contract cancellation fees and commercial settlements). GM warned of possible further material charges. - **January 8, 2026 (0001467858-26-000005), Item 8.01:** GM expected about $6.0 billion of fourth-quarter 2025 EV-related charges (about $1.8 billion non-cash and about $4.2 billion cash-settled supplier settlements and cancellation fees), plus about $1.1 billion of non-EV charges (about $0.5 billion cash) tied mainly to the restructuring of its China joint venture SAIC General Motors and an additional legal accrual. GM expects further, significantly smaller, supplier-related charges in 2026, and said proposed greenhouse gas rule changes could impair its emissions credits. ## Financing - **March 23, 2026 (0001193125-26-119684):** GM entered into an Eighth Amended and Restated 364-Day Revolving Credit Agreement for $2.0 billion, unsecured, maturing March 22, 2027, allocated for exclusive use by General Motors Financial Company, Inc. and guaranteed by GM. It requires at least $4.0 billion of global liquidity and $2.0 billion of U.S. liquidity. - **August 7, 2026, reported August 11, 2026 (0001193125-26-344698):** GM and General Motors LLC signed a Master IPU Agreement with Procura Auto Parts LLC. GM issues irrevocable payment undertakings to a paying agent that advances funds to suppliers who hold critical inventory on GM's behalf, to secure supply against disruptions. The program is capped at $4.5 billion outstanding, with a twelve-month funding period from August 7, 2026, payment due no later than August 6, 2029, interest at SOFR plus 1.55% and a 0.25% ticking fee on the unused amount. GM will account for it as a product financing arrangement: prepayments to suppliers as an asset and each undertaking as unsecured debt. Payments by the agent appear as an operating cash outflow offset by a financing inflow, and are excluded from Adjusted Automotive Free Cash Flow until GM buys the inventory. ## Governance - **May 26, 2026 (0001193125-26-239340):** director Jonathan McNeill said he would not stand for reelection and would retire at the June 2, 2026 annual meeting, not because of any disagreement; the board planned to shrink from 11 to 10 directors. - **June 4, 2026 (0001467858-26-000044):** at the June 2, 2026 annual meeting shareholders elected all 10 nominees, ratified Ernst & Young LLP for 2026, approved executive compensation on an advisory basis, and approved Amendment No. 2 to the 2020 Long-Term Incentive Plan, adding 27 million shares and extending the plan term to June 3, 2036.