General Motors Company (GM) Q2 FY2026: Outlook hinges on simultaneous next-gen Silverado/Sierra launches, Super Cruise subscriptions as a razor-blade model, and GM Defense diversification

GM delivered record first-half adjusted EPS of $7.27, up 35% YoY, with North American margins expanding 250 basis points to 8.6% despite tariffs, driven by 42% full-size pickup share and incentives 1.5-2 points below industry averages. The company raised 2026 guidance, booked another $2.3 billion in EV charges (totaling $10.9 billion) while declaring restructuring largely complete, and generated $6.3 billion in adjusted automotive free cash flow to fund $2.8 billion in buybacks, reducing shares to 893 million. Outlook hinges on simultaneous next-gen Silverado/Sierra launches, Super Cruise subscriptions as a razor-blade model, and GM Defense diversification amid lingering EV plant underutilization at 35%.

Company: General Motors Company (GM) — Q2 FY2026

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