General Motors beat earnings estimates last quarter, and has lifted its guidance due to an expected refund after many United States tariffs were ruled unlawful.
Earnings per share were US$3.70, up from $2.78 one year ago and above LSEG-compiled estimates of $2.62. Revenue dipped 0.9% to $43.62 billion, short of the estimated $43.68 billion.
“In the first quarter of 2026, General Motors once again delivered strong financial performance, driven by our strategic product portfolio and disciplined execution by our teams, dealers, and suppliers,” wrote CEO Mary Barra in a letter to shareholders.
“We maintained overall sales leadership in the U.S. and Canada. We led the U.S. industry in full-size pickup sales and share, with 42% of the market, and we were #1 in Fleet, including Commercial deliveries. In addition, we were #2 in EVs with growing market share, and #1 in Canada.”
The company expects a $500 million benefit from tariff refunds, but has not yet received it. All U.S. tariffs instated under the International Emergency Economic Powers Act were ruled unlawful by the Supreme Court in February.
In total, companies could be eligible for up to $166 billion in refunds after the decision. Customs and Border Protection launched an online system to file claims last week.
GM raised its full year adjusted earnings per share guidance to $11.50-13.50, up from $11.00-13.00. It also projects gross tariff costs of $2.5-3.5 billion for the year, down from its prior prediction of $3.0-4.0 billion.
The company sold 899,000 vehicles last quarter, down from 912,000 one year ago. While North America sales declined from 827,000 to 793,000, international sales increased from 85,000 to 106,000.
Shares in GM (NYSE: GM) closed 1.3% higher, and were flat after-hours. Its market capitalisation is $71.2 billion.
