GM · Q2 FY2026
General Motors Co Q2 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $48.03B | $47.12B (yr ago) | Beat |
| EPS | $1.41 | $1.91 (yr ago) | Miss |
| Free Cash Flow | $4.41B | $4.77B (yr ago) | Miss |
| Gross Margin | 0.0% | 0.0% (yr ago) | Miss |
| Operating Margin | 3.0% | 4.5% (yr ago) | Miss |
What changed
Revenue increased 1.9% year over year to $48.03B, but the improvement did not reach the bottom line. Operating margin contracted by 1.5 percentage points to 3.0%, EPS declined 26.2% to $1.41 and free cash flow fell 7.5% to $4.41B.
Impact on the investment thesis
There is no prior SageNoodle fair value to revise, so we establish a $90 base-case value. The quarter does not justify a higher valuation because weaker margins, EPS and free cash flow offset the modest revenue growth.