GM Posts Record First-Half Earnings, Repurchases 35% of Shares, Trades Below 6x Earnings
General Motors reported its fifth consecutive earnings beat on July 21, 2026, with adjusted EPS of $3.57 against estimates of $3.20 and revenue of $48 billion topping consensus. CFO Paul Jacobson attributed the results to multi-year discipline in inventory and incentives, with GM's incentives running at 4.7% of MSRP versus the 6.3% industry average. The company raised full-year adjusted EPS guidance to $12-$14 per share, its second lift this year. GM has retired over 35% of diluted shares since 2023 and trades under 6 times 2026 earnings despite Q2 free cash flow surging 78%. The stock rose 5.24% intraday to $79.82 but remains down 1.94% year-to-date. Jacobson noted resilient consumer demand for trucks and SUVs despite recessionary sentiment, and guided for a $2.5-$3.5 billion full-year tariff impact, which he described as manageable.
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