General Motors (GM) official guidance

Looking ahead to 2026 and 2027, we expect to invest $10-$12 billion annually, including approximately $5 billion to expand U.S. manufacturing capacity for some of the highest-demand vehicles and further reduce our tariff exposure.

| Less: Capital expenditures | 10.0-12.0 |

We continue to expect commodity inflation, logistics, and higher DRAM costs to be a headwind of $1.5 billion-$2 billion for the full year.

That's approaching seven and a half by the end of the year.

For the calendar year, we expect deferred revenue to approach $7.5 billion, up more than 35% year-over-year.

This growth is expected to help increase deferred revenue from $5.4 billion at the end of 2025 to approximately $7.5 billion by the end of 2026, further strengthening our future margin profile and long-term growth trajectory.

| EPS-diluted-adjusted | $12.75 - $13.75 | $12.00 - $14.00 |

EPS diluted adjusted of $12-$14, up from $11.50-$13.50 per share, and adjusted automotive free cash flow of $9.5 billion-$11.5 billion, up from $9 billion-$11 billion previously.

| EPS-diluted-adjusted | $12.00 - $14.00 | $11.50 - $13.50 |

Likewise, we are raising our EPS diluted-adjusted guidance to $11.50-$13.50 per share, up from $11-$13.

| EPS-diluted-adjusted | $11.50 - $13.50 | $11.00 - $13.00 |

Now let's turn to our 2026 guidance, where we expect EBIT adjusted of $13-$15 billion, EPS diluted adjusted of $11-$13 per share, and adjusted automotive free cash flow of $9-$11 billion.

Turning to EVs, we continue to expect losses to improve by $1 billion-$1.5 billion for the full year, driven by right-sizing our EV capacity and significantly lower volume.

| Adjusted automotive free cash flow | $11.5 billion - $12.5 billion | $9.5 billion - $11.5 billion |

EPS diluted adjusted of $12-$14, up from $11.50-$13.50 per share, and adjusted automotive free cash flow of $9.5 billion-$11.5 billion, up from $9 billion-$11 billion previously.

| Adjusted automotive free cash flow | $9.5 billion - $11.5 billion | $9.0 billion - $11.0 billion |

We are maintaining our adjusted auto free cash flow guide of $9 billion-$11 billion with a heavier weighting to the second half.

| Adjusted automotive free cash flow | $9.0 billion - $11.0 billion | $9.0 billion - $11.0 billion |

Now let's turn to our 2026 guidance, where we expect EBIT adjusted of $13-$15 billion, EPS diluted adjusted of $11-$13 per share, and adjusted automotive free cash flow of $9-$11 billion.

| Adjusted automotive free cash flow(a) | $ 9.0-11.0 |

We continue to expect gross tariff costs of $2.5 billion-$3.5 billion for the full year, which is largely flat year-over-year.

Meanwhile, our gross tariff costs are now expected to be $2.5 billion-$3.5 billion for the year, down from our original guidance of $3 billion-$4 billion because of the tariff adjustment we took in Q1.

The company is raising its full-year 2026 EBIT adjusted guidance due to a favorable adjustment of approximately $0.5 billion resulting from the U.S. Supreme Court decision regarding certain U.S. tariffs that were paid under the International Emergency Economic Powers Act. The company now expects gross tariff costs of $2.5 billion to $3.5 billion in 2026, down from the original estimate of $3.0 billion to $4.0 billion.

Starting with tariffs, we anticipate gross tariff costs in the $3-$4 billion range, slightly higher than 2025 due to an additional quarter of tariff exposure, partially offset by the reduced Korea tariff and expanded MSRP offset program.

Separately, we are also investing approximately $1 billion-$1.5 billion this year to onshore production to the U.S., strengthen our supply chain, and expand our software capabilities.

We now expect EBIT adjusted of $14 billion-$16 billion, up from $13.5 billion-$15.5 billion.

| EBIT-adjusted | $14.0 billion - $16.0 billion | $13.5 billion - $15.5 billion |

Next, let me comment on our updated EBIT adjusted guidance, which we are raising by $500 million to a range of $13.5 billion-$15.5 billion to reflect the flow-through of the tariff adjustment.

| EBIT-adjusted | $13.5 billion - $15.5 billion | $13.0 billion - $15.0 billion |

Now let's turn to our 2026 guidance, where we expect EBIT adjusted of $13-$15 billion, EPS diluted adjusted of $11-$13 per share, and adjusted automotive free cash flow of $9-$11 billion.

As Mary mentioned, based on what we know today, we believe we can grow revenue, margins, EBIT, and free cash flow next year.

On pricing, we recognized a $600 million year-over-year benefit in the first half and now expect full-year North America pricing to be up around half a percent, which is at the high end of our prior guidance.

We expect North America pricing to be flat to up 0.5% as we realize the full-year benefit of model year 2026 price increases.