GM earnings preview: Tariffs, weaker consumer may weigh on Q1 results

General Motors (GM) is expected to study quarterly results Tuesday greeting that volition bespeak a mixed situation for the automaker, with tariffs, user fears, and a weaker electrical conveyance concern each apical of caput for investors.

Analysts expect GM to station archetypal 4th gross of $43.68 billion, down somewhat from the $44 cardinal reported a twelvemonth ago. GM is expected to study Q1 adjusted net per stock of $2.62.

GM CEO Mary Barra said the institution has “proactively managed” its nett tariff exposure, projecting full-year gross tariff costs of astir $3 billion-$4 cardinal successful 2026, astir the $3.1 cardinal it reported past year.

GM’s tariff measure is tied to imports from Mexico, Canada, and South Korea, though MSRP offsets helped GM trim its tariff hit. GM projects a Q1 tariff deed of $750 cardinal to $1 billion.

In its 4th fourth study successful January, GM laid retired the pursuing targets for the afloat year:

• Adjusted EBIT of $13 billion-$15 billion

• Adjusted automotive escaped currency travel of $9 billion-$11 billion

• Adjusted net per stock of $11-$13

Analysts expect a flimsy uptick successful those projections successful GM’s Q1 report. GM plans to put $10 billion-$12 cardinal annually successful 2026 and 2027, including astir $5 cardinal to grow US manufacturing capacity, successful bid to assistance home accumulation to 2 cardinal units a year.

Earlier this month, GM said Q1 US income fell 9.7% from a twelvemonth agone to 626,429 vehicles, though the automaker held onto its US income crown acknowledgment to a beardown March, which helped claw backmost crushed mislaid during a winter-storm-disrupted January and February.

GM said that year-over-year comparisons were skewed by an exceptionally beardown Q1 past year, earlier President Trump’s tariffs went into effect connected April 1.

GM grew its stock successful full-size pickups successful the quarter, with the Chevrolet Silverado accounting for much than 128,000 deliveries — implicit 20% of GM's full US measurement — portion full-size SUV income for the Tahoe, Suburban, and GMC Yukon remained strong.

GM’s EV income continued to decline, falling 19% successful the quarter. GM reported it remained the No. 2 EV seller successful the US contempt the declines.

Read more: Electric car prices whitethorn beryllium easing, but EV security costs stay high

GM took $6.6 cardinal successful EV-related charges successful the backmost fractional of 2025 arsenic it reset its expectations for the segment. GM said it expects to "recognize material, but importantly smaller, currency and non-cash EV-related charges successful 2026."

GM’s study comes arsenic US consumers look new-car prices averaging $50,000, with financing costs inactive comparatively high.