General Motors enters its third-quarter earnings report on October 20, 2026, with Wall Street expecting a roughly 30 percent jump in adjusted earnings per share alongside flat revenue. Analysts forecast adjusted EPS at $3.63 and revenue near $48.7 billion as the automaker manages softening U.S. sales and disciplined pricing.
Shares of General Motors traded lower ahead of the quarterly update at $82.40 per share on Monday afternoon. Despite the pre-earnings dip, the stock remained up 1.79 percent for the year. Financial analysts project that revenue will reach $48.70 billion, virtually unchanged from the $48.59 billion reported in the third quarter of 2025. Ahead of the release, the stock traded pre-market at EUR 73.66 at Lang & Schwarz, 0.43 percent below the previous Xetra close.
Third-Quarter Deliveries and Brand Performance Across the United States
Vehicle deliveries in the domestic market moved lower during the quarter. General Motors delivered 670,974 vehicles in the United States during the third quarter of 2026, marking a 5.5 percent decrease from the same period a year earlier. Sales slipped across Chevrolet, GMC, and Cadillac, while the Buick brand managed an 8 percent increase. In comparison, GM’s closest peer, Ford, posted U.S. sales of 509,764 vehicles in the same third quarter, dropping 6.6 percent year over year.
Even with the volume decline, Cox Automotive analysts view the company as a strong contender to retain its crown as the top-selling automaker in the country. GM continued to lead the industry in fleet sales for a fourth straight quarter, while its small and affordable SUVs, such as the Chevy Trax up 16 percent, also set record sales for the quarter.
Pricing Discipline and Profit Margins Protecting the Bottom Line
The expected profit surge stems from strict cost management rather than aggressive unit expansion. Leadership has maintained an ultradisciplined pricing strategy, keeping incentive spending and discounts well below industry averages. Management expects commodity inflation, including logistics, to range between $1.2 billion and $1.7 billion for the full year 2026.
That approach supported an 8.6 percent EBIT-adjusted margin in North American operations during the second quarter, up from 6.1 percent a year earlier. Consequently, profitability has held firm: through the 12 trailing months concluding on June 30, GM posted a revenue drop of 1.1 percent to $185.5 billion coupled with a 9.7 percent rise in earnings before interest and taxes, reaching $14.4 billion. Commenting on the broader strategy within the domestic industry, market observers noted that major domestic manufacturers would rather sell a lot less metal for a lot more money than get market share, according to remarks on a podcast by Clark Howard.
Software Services and Future Vehicle Architecture Expansion
Beyond traditional metal sales, software and subscription operations have turned into significant revenue drivers. Revenue at the digital services unit increased nearly 50 percent year over year in the second quarter to $6.3 billion, propelled by OnStar safety subscriptions and the Super Cruise driver-assistance system.
Management expects recognized and deferred software revenues to approach $7.5 billion in 2026, with more than $3 billion recognized directly. Looking toward long-term autonomy, CEO Mary Barra reiterated that the company remains on schedule to introduce eyes-off, hands-off
self-driving technology by 2028. Additional medium-term initiatives encompass an LG partnership aimed at large-scale battery cell manufacturing and a defense division pursuing a higher volume of lucrative military agreements.
Analyst Estimates and What Wall Street Expects Next
Heading into the release, consensus estimates show analysts tracking a 29.6 percent surge from the $2.80 adjusted EPS reported in the third quarter of 2025. Consensus marks for full-year 2026 revenue stand at $185.3 billion.
JPMorgan analyst Rajat Gupta noted in an investor note that investor focus will likely center on 2027 estimate revisions, stating that we don’t see results driving meaningful upside. Other Wall Street firms adjusted targets ahead of the print, with UBS reducing its price target to $112 from $114 while retaining its Buy rating.
We do think the stock is undervalued. We have the strongest vehicle portfolio that we’ve ever had.
Mary Barra, Chief Executive Officer
The company previously set its full-year 2026 forecast to include adjusted earnings before interest and taxes between $14 billion and $16 billion, or $12 and $14 adjusted EPS, alongside adjusted automotive free cash flow ranging from $9.5 billion to $11.5 billion.
