Q2 2026 General Motors Co Earnings Call Transcript
Key Points
- General Motors Co (GM) reported a solid quarter with strong performance in North America, achieving an 8.6% EBIT adjusted margin, up 2.5 points from the previous year.
- The company raised its 2026 guidance for the second time this year, reflecting strong demand and disciplined execution.
- GM's share of the US full-size pickup market stands at more than 42%, significantly ahead of competitors.
- The company is expanding its high-margin software and services revenue, with 1 million new subscriptions expected this year.
- GM Defense is projected to grow significantly, with 2026 revenue expected to reach $700 million and a top line revenue CAGR of more than 30% over the next several years.
- GM recorded $2.3 billion in incremental charges related to EV restructuring, contributing to a total of $10.9 billion in EV-related charges since mid-2025.
- The company faced a year-over-year market share decline of about 60 basis points due to strategic vehicle discontinuations and a smaller EV market.
- Commodity inflation, logistics, and higher DRAM costs are expected to be a headwind of $1.5 billion to $2 billion for the full year.
- GM's EV wholesale volumes are expected to be only slightly up in the second half, reflecting ongoing challenges in the EV market.
- The company anticipates some softness in GM International ex-China, particularly due to a dynamic environment in the Middle East.
Good morning, and welcome to the General Motors Company second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded, Tuesday, July 21, 2026.
I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.
Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second quarter of 2026. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast.
Joining us today are Mary Barra, GM's Chair and CEO; along with Paul Jacobson, GM's Executive Vice President and CFO; Susan Sheffield, President and CEO of GM Financial will also be joining us for the Q&A portion.
On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that
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