GM narrows 2026 EBIT guidance to $14.5–15.5bn, approves $20bn buyback

General Motors has tightened its 2026 adjusted EBIT guidance to $14.5bn–$15.5bn, cutting the band from the previous $14bn–$16bn, and its board has approved a new $20bn share repurchase authorisation with no expiration date.

The narrowed range came alongside third-quarter results that were, on paper, unambiguous. Revenue for the quarter ended 30 September 2026 reached $50.01bn, up 2.9% year-on-year. Net income attributable to stockholders rose to $3.33bn from $1.32bn a year earlier — a 2.5x increase. Adjusted EBIT climbed 21.6% to $4.10bn, operating income jumped to $3.59bn from $1.07bn, and diluted EPS stood at $3.73 against $1.35.

Adjusted diluted EPS guidance for the full year now sits at $12.75–$13.75, tightened from $12–$14.

The takeaway: GM trimmed the ends of its forecast and handed the difference back to shareholders.

What's driving the numbers?

Almost all of it is GM North America. GMNA's adjusted EBIT grew 43.4% year-on-year to $3.59bn — effectively the whole of the company's operating income in one division.

The rest of the map is less flattering:

• GM International's adjusted EBIT fell 87.7% to $28m, from $226m in Q3 2025.
• China equity income declined 60.3% to $32m.

Wholesale vehicle deliveries rose 5.2% to 1,028,000 units for the quarter, so volume helped. But the profit engine is distinctly North American, and distinctly truck-shaped.

What did Mary Barra say?

In her letter to shareholders, GM's chair and CEO pointed to the product pipeline as the next leg of the story. She said: "Over the next several years, our portfolio will only get stronger as we complete the launches of the all-new 2027 Chevrolet Silverado and GMC Sierra light duty pickups and follow them with our next-generation heavy duty pickups, our next-generation full-size SUVs, all-new Cadillac sedans and crossovers, and more."

That's a product cadence stacked with the highest-margin metal GM sells — light-duty pickups first, then heavy-duty trucks and full-size SUVs behind them.

The read: GM is betting the next several years on the segments it already dominates.

How big is the buyback, really?

The new $20bn multi-year authorisation replaces the $6bn programme announced in January 2026, which the company has now fully completed. The pace shows in the share count:

• 1.2 billion common shares outstanding at end-2023.
• 995 million at end-2024.
• 904 million at end-2025.
• 849 million as of 30 September 2026.

That's roughly a 30% reduction in shares outstanding in under three years. For context: a company that keeps buying in nearly a third of itself doesn't need EPS to grow much on operations alone — the arithmetic does some of the lifting.

One-sentence verdict: GM is shrinking its share count faster than its guidance band.

What to watch next

The first milestone is the 2027 Chevrolet Silverado and GMC Sierra light-duty launches, which anchor the product sequence Barra outlined. Then watch whether GM International and China equity income stabilise — both fell hard this quarter — and whether the buyback keeps running at a pace that would exhaust $20bn well before the decade turns.

If Q3's 87.7% GMI decline repeats, even a $20bn buyback will have work to do.