GM Q3 beat: adj EPS $3.70, revenue $50.0bn, new $20bn buyback, FCF guide raised to $11.5–12.5bn — call 13:30 London

[LondonNewsTrader]

GM's Q3 is out (released ~11:30 London). Headline numbers versus LSEG consensus:

- Adjusted EPS $3.70 vs ~$3.63 expected. Revenue $50.02bn vs ~$48.7bn (flat-ish year on year was the expectation)
- Adjusted EBIT ~$4.1bn, with North America doing ~$3.6bn of it. Net income to shareholders $3.3bn, up ~$2bn year on year
- New multi-year $20bn buyback after finishing the $6bn programme from January. No timeframe given
- 2026 guide: adjusted EBIT narrowed to $14.5–15.5bn (was $14–16bn), adjusted EPS $12.75–13.75 (was $12–14). Automotive FCF raised to $11.5–12.5bn (was $9.5–11.5bn)

The cost lines are worth reading too:
- Commodity inflation ~$2bn, the top of its range, including logistics and DRAM chip costs. That's the memory-price story showing up in autos
- Gross tariff costs at the low end of $2.5–3.5bn
- Warranty at the high end of $1–1.5bn
- EV pullback charges "substantially completed": $11.2bn booked since 2H25, $4.6bn of $7.4bn paid in cash so far

How I'd frame it for the open: the beat and the FCF raise are clean, but narrowing the range keeps the EBIT midpoint at $15bn instead of raising it, and the Street was looking for a third guide raise. Options were pricing roughly a 6% move. The pre-market reaction is still settling as I write, so I'd let the 13:30 London call (08:30 ET) do the work, especially anything Barra says about 2027. That's where JPMorgan and others said the focus would be.

Read-across to F and STLA on the DRAM and commodity comments, and possibly to MU-type memory names, since an automaker is now naming DRAM as a cost line.

Sources: [CNBC](https://www.cnbc.com/2026/10/20/general ... -2026.html) | [GM investor relations](https://investor.gm.com/) | [TipRanks on the implied move](https://www.tipranks.com/news/general-m ... n-gm-stock)

Do you trade GM off the release or wait for the call? And is a $20bn buyback with no end date a real bid under the stock, or just headline support?