Equity Snap: General Motors (GM US) 2Q26 results – first take

Research evidence excerpt

Equity Snap: General Motors (GM US) 2Q26 results – first take

21 July 2026

Equity Snap: General Motors Equities Automobiles

(GM US)

2Q26 results – first take United States

◆ Strong quarter despite further EV-related charges. Modest Wesley Brooks, CFA

upgrade to FY26 guidance, cash guide far above the street Senior Analyst, Industrials and Autos HSBC Securities (USA) Inc.

wesley.brooks@us.hsbc.com

+1 212 525 0337

General Motors (GM US, USD75.80, Hold, TP USD75.00)

Michael Tyndall*, CFA

(Priced as of 20 Jul 2026) Senior Global Autos Analyst

HSBC Bank plc

The numbers: 2Q26 revenues of USD48.0bn were c3% above VA consensus. EBIT- michael.tyndall@hsbc.com

adjusted of USD3.9bn is c10% above current VA consensus. EPS-adjusted c12% +44 20 3359 6301

ahead of the street. Adjusted auto FCF c40% above consensus. Dividend in line at Pushkar Tendolkar*

Global Autos Analyst

USD0.18. HSBC Securities and Capital Markets (India) Private

Limited

The guide – 2026 outlook raised: EBIT-adjusted now guided at USD14-16bn pushkarnarendratendolkar@hsbc.co.in

+91 80 4555 2752

(previously: USD13.5-15.5bn and consensus at USD14.7bn). EPS-adjusted also

raised to USD12-14 (previously: USD11.50-13.50 and consensus at USD12.86).

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Adjusted auto FCF guidance raised to USD9.5-11.5bn (previously USD9-11bn, not registered/ qualified pursuant to FINRA regulations

consensus: USD8.5bn).

Guidance increase is due to slightly better pricing, better warranty cost outlook, no

change to tariff expectation (gross USD2.5-3.5bn) and commodity headwinds

(USD1.5-2.0bn).

Key questions:

◆ GMNA wholesales were down 2% YoY in 1H26, but you are forecasting +1% for

FY26, implying 4% growth in 2H26 – new launches or a better market outlook?