General Motors Company (GM) Q1 2026 (USD): EPS 3.70 (exp. 2.60), Revenue 43.6bln (exp. 43.51bln)

• North America EBIT adj. margin of 10.1%, including 1.5ppts benefit from the tariff adjustment

GUIDANCE:

• FY EPS view 11.50-13.50 (exp. 12.20)
• Raising FY26 EBIT adj. guidance due to a favourable adjustment of approximately USD 500mln from the US Supreme Court decision regarding certain tariffs that were paid under the International Emergency Economic Powers Act
• Expects tariff-driven inflation in raw materials, computer chips, and logistics to weigh on its bottom line by USD 1.5-2bln this year

COMMENTARY:

• Exec says it is on track to achieve FY26 North American margin of between 8-10%
• Says it is making progress in right-sizing EV capacity and manufacturing footprint
• Working to right-size battery supply chain with our joint venture partners