GM set to lead Q1 earnings as cost pressures, EV pullbacks weigh on Detroit automakers

Analysts expect GM to outperform Ford and Stellantis as rising costs, tariffs and EV losses reshape the industry outlook.

On the Dash:

• GM’s steady performance may provide more consistent inventory flow and pricing stability for dealers
• Rising material costs and tariffs continue to pressure vehicle affordability and dealership margins
• Slower EV investment signals sustained demand for internal combustion and hybrid vehicles

General Motors is set to report its first-quarter earnings before the bell Tuesday, with analysts expecting the automaker to lead its Detroit rivals despite mounting industry headwinds.

According to the London Stock Exchange (LSEG), Wall Street forecasts adjusted earnings per share of $2.62 and revenue of $43.68 billion for GM. Those results would mark a roughly 1% decline in revenue and a 5.8% drop in adjusted EPS from a year earlier.

Automakers are facing a challenging environment due to several factors, including rising oil and commodity prices linked to the war in Iran, ongoing supply chain disruptions, slowing consumer demand, uncertainty over tariffs, and continued financial losses from EV programs. These issues are putting additional pressure on the entire sector.

General Motors outlook

GM has already announced $7.6 billion in EV write-downs and expects additional charges at a lower level in 2026. Investors are closely watching how the company adjusts its EV strategy and whether it updates its full-year guidance.

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The company’s 2026 outlook includes net income attributable to stockholders between $10.3 billion and $11.7 billion, adjusted EBIT of $13 billion to $15 billion and earnings per share between $11 and $13. Analysts expect GM to maintain or slightly raise that guidance, supported by resilient pricing and steady demand in key segments.

However, analysts expect GM to outperform its competitors, continuing a multiyear track record of stable market share, solid margins and strong free cash flow.

The automaker reported $44.02 billion in revenue, $2.78 billion in net income and $3.49 billion in adjusted EBIT in the first quarter of 2025.

Ford outlook

Meanwhile, Ford faces a more uneven path as it works through operational and cost challenges.

The automaker lost 100,000 F-Series units last year due to supplier disruptions stemming from a fire at an aluminum plant in New York. While Ford plans to recover at least half of that volume in 2026, analysts say the required production pace would approach record levels.

Rising aluminum costs are adding pressure. Spot prices increased 13% quarter over quarter amid the Iran war, while Ford has sourced materials at higher costs from alternative suppliers.

Ford’s 2026 guidance includes adjusted EBIT between $8 billion and $10 billion and adjusted free cash flow between $5 billion and $6 billion.

Stellantis outlook

Notably, Stellantis is working to regain momentum as it executes a turnaround strategy under CEO Antonio Filosa.

The automaker reported a 12% year-over-year increase in global shipments for the first quarter, including a 4% gain in the U.S. Jeep and Ram brands accounted for roughly 84% of its U.S. sales to start the year.

Stellantis is coming off a challenging 2025, when it reported an annual loss of 22.3 billion euros following significant EV-related write-downs. Its 2026 forecast calls for a mid-single-digit increase in net revenue and a low-single-digit adjusted operating margin.

Investors are looking ahead to the company’s upcoming capital markets event, where leadership is expected to outline future strategy and recovery plans.