TLDR
- GM reports second-quarter 2026 earnings before the bell on Tuesday
- Wall Street expects adjusted EPS of $3.20 on revenue of $47.01 billion.
- This would represent a 26%+ increase in adjusted EPS year over year
- Options traders are pricing in a ~6.68% move, with a post-earnings range of $70.74 to $80.86.
- Analysts hold a Moderate Buy consensus with an average price target of $98.67
General Motors heads into Tuesday’s earnings report with Wall Street in a cautiously optimistic mood. The stock was trading at around $75.80 before the report.
Analysts surveyed by LSEG expect adjusted earnings per share of $3.20 and revenue of $47.01 billion for the second quarter.
The EPS estimate would represent a jump of more than 26% compared to the same period last year. However, revenue is expected to decline slightly – down about 0.2% from Q2 2025’s $47.12 billion.
For context, GM Second-quarter 2025 results included net income of $1.9 billion and adjusted earnings before interest and taxes of $3.04 billion.
GM executives will host a conference call at 8:30 a.m. ET to discuss the results.
What investors are watching
Beyond the headline numbers, investors will pay close attention to any updates on tariff exposure, vehicle pricing and commodity costs – including DRAM chips.
Barclays analyst Dan Levy said he expected so GM To post an increase in earnings, along with “at least a slight increase” based on guidance. He noted that automakers benefited from strong macro conditions in the United States and flat pricing in the first half of the year.
“Both Ford and GM have incorporated conservatism into their manuals,” Levy wrote in a July 8 note to investors.
GM actually raised its 2026 adjusted earnings guidance again in April, raising it by $500 million to a range of $13.5 billion to $15.5 billion — or $11.50 to $13.50 per share — partly reflecting a $500 million tariff discount.
The options market is getting ready to move
Options traders don’t sit still before printing. Based on July 24 options expiring shortly after the report, the market is pricing a move of about $5.06 in either direction — about 6.68%.
At the $76 strike, the call costs $2.47 and the match costs $2.59, creating a $5.06 extension. Close strikes tell a similar story: the $75 totals up to $5.10, and the $77 totals about $5.02.
This implies a post-earnings trading range of around $70.74 on the downside to $80.86 on the upside.
Call and put volume at the $76 strike price is fairly balanced — 987 calls versus 1,083 puts — although open interest is slightly skewed toward puts. The picture suggests that traders are taking volatility positions rather than making a large directional bet.
There are some directional signals buried in the data. Heavy selling volume is at $74, while strong buying interest has built up near $80. They are likely to be used as hedges.
On the analyst side, GM carries a Moderate Buy consensus based on 13 buys, three holds and one sell over the past three months. The average price target sits at $98.67 – implying an upside of ~30.2% from current levels.
GM reports before the bell Tuesday, July 21, 2026.
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