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GM earnings shock: growth only 3.3%!

TL;DR

GM's revenue grew 3.3% in 2026 Q3 from a year earlier. The quarter was its biggest in three years, yet the shares slid in the same window.

A record quarter, at a walking pace

General Motors just had its biggest quarter of the last three years. Automotive revenue reached its highest level in the twelve quarters on the chart in 2026 Q3.

Record revenue, modest growth
Revenue reached its highest point of the past twelve quarters in 2026 Q3, with growth of 3.3%.
Data table
periodrevenueyoy
2023Q4$39.3bn-1.4%
2024Q1$39.2bn7.0%
2024Q2$44.1bn6.8%
2024Q3$44.7bn10.5%
2024Q4$43.6bn11.0%
2025Q1$39.9bn1.7%
2025Q2$42.9bn-2.7%
2025Q3$44.3bn-1.1%
2025Q4$41.0bn-6.0%
2026Q1$39.3bn-1.3%
2026Q2$43.8bn2.1%
2026Q3$45.7bn3.3%

Now the less exciting part. Revenue grew 3.3% against the same quarter a year earlier. That is a touch faster than the 2.1% it managed in 2026 Q2. Stretch the view out and the pace is similar: 4.1% a year over three years. A record level, then, at a slow walking speed. The growth line has swung up and down across these three years rather than moving one way, so one good quarter is not yet a new direction.

The shares went the other way

The market got the news on 20 October, and GM's shares went down in the same window. The number analysts look at here is the , which simply means the stock's own move minus the move of a of rival carmakers. On the day of the release that figure was -7.5%.

GM and its rivals around the release
GM's abnormal return on the day of the release was -7.5%.
Data table
dayseriesvalueseries_role
-5General Motors2.0%target
-4General Motors0.8%target
-3General Motors1.6%target
-2General Motors1.9%target
-1General Motors0.5%target
0General Motors-6.4%target
1General Motors-7.6%target
2General Motors-6.3%target
3General Motors-7.8%target
-5Peer basket-0.4%peer
-4Peer basket-2.3%peer
-3Peer basket-1.8%peer
-2Peer basket-3.7%peer
-1Peer basket-3.4%peer
0Peer basket-2.7%peer
1Peer basket-2.2%peer
2Peer basket-4.1%peer
3Peer basket-5.8%peer
-5Cumulative abnormal return2.4%neutral
-4Cumulative abnormal return3.1%neutral
-3Cumulative abnormal return3.4%neutral
-2Cumulative abnormal return5.7%neutral
-1Cumulative abnormal return3.9%neutral
0Cumulative abnormal return-3.6%neutral
1Cumulative abnormal return-5.4%neutral
2Cumulative abnormal return-2.0%neutral
3Cumulative abnormal return-1.9%neutral

The basket holds 3 peers: Ford, Rivian and Tesla. In the five trading days before the release, GM's abnormal return ran the other way, at 3.9%. Counting from the announcement it adds up to -5.8%. Fewer days have passed since the news than the usual window asks for, so that last figure covers only the days available so far. That is 4 trading days, including the day of the release itself. None of this tells you why the shares moved. It only tells you they moved differently from the neighbours over the same days.

Glossary
abnormal return
A stock's price move after taking out the move of a comparison group. It is a way of asking whether a share did something its rivals did not.
peer basket
A small group of similar listed companies, averaged together, used as the yardstick for one company's share move.

Cheap next to Tesla, but it is an odd comparison

So is GM cheap? On a — the share price divided by a year of earnings per share — GM sits at 16.2x.

Glossary
P/E
Price divided by earnings per share. A rough answer to the question: how many years of current profit am I paying for one share?

How many years of current earnings is one GM share priced at?

Show answer

16.2x GM sits at 16.2x. Set against a peer median of 376.0x, the two look like different industries, and the median here rests on a single peer.

The comparison is awkward. Tesla carries a P/E of 376.0x. That gap works out at -95.7% against the peer median. Ford and Rivian are left out because their trailing earnings were not positive. So the median leans on 1 company. My reading is that this says less about a bargain and more about four names being priced as different kinds of business: one sells pickup trucks for cash today, another is valued on what people hope it becomes.

Risks

  • One-off items in this quarter's profit are not stripped out in these figures.
  • The peer basket is small and its members differ a lot, so the comparison is loose.
  • Company guidance has been revised before; past accuracy matters when reading the new outlook.

Sources

  1. SEC EDGAR XBRL companyfacts, GENERAL MOTORS COMPANY — data as of 2026-09-30; fetched 2026-10-25 16:03 UTC
  2. FinMind USStockPrice F — data as of 2026-10-23; fetched 2026-10-25 16:03 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges
  3. FinMind USStockPrice GM — data as of 2026-10-23; fetched 2026-10-25 16:02 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges
  4. FinMind USStockPrice RIVN — data as of 2026-10-23; fetched 2026-10-25 16:03 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges
  5. FinMind USStockPrice TSLA — data as of 2026-10-23; fetched 2026-10-25 16:03 UTC; License note: FinMind open data; original source TWSE/TPEx or US exchanges