GM Stock Falls as Q3 Profit Beats and $20 Billion Buyback Lands

General Motors reported third quarter results on Tuesday that beat Wall Street estimates, then watched its shares fall about 6 percent in premarket trading after it narrowed its full year outlook.

Adjusted earnings came in at $3.70 a share, ahead of the $3.63 consensus reported by CNBC and up from $2.80 a share a year earlier. Revenue rose 2.9 percent to $50.02 billion, also ahead of estimates. Net income attributable to stockholders jumped to $3.34 billion, or $3.73 a share, from $1.33 billion, or $1.35 a share, in the same quarter of 2025.

Adjusted earnings before interest and taxes climbed 21.6 percent to $4.11 billion. North America did most of the work, with adjusted earnings of $3.59 billion, up 43.4 percent, while GM Financial earnings fell 16.9 percent to $668 million. Charges tied to the company's electric vehicle realignment dropped to $238 million, down from $1.59 billion a year ago.

Why the stock fell on a beat

GM narrowed its 2026 guidance. It now expects adjusted earnings of $12.75 to $13.75 a share, against a previous range of $12.00 to $14.00, and adjusted EBIT of $14.50 billion to $15.50 billion, against $14.00 billion to $16.00 billion before. The midpoint of both ranges did not move, but the trimmed top end, plus commodity inflation costs put at about $2 billion, gave investors a reason to sell a stock that closed Monday at $82.75.

The company did raise one forecast. Adjusted automotive free cash flow is now expected at $11.5 billion to $12.5 billion, up from $9.5 billion to $11.5 billion.

A $20 billion buyback

GM's board approved a new $20 billion multi year share repurchase program with no expiration date, after the company completed the $6 billion program announced in January 2026. Shares outstanding fell to 849 million by September 30, down from 904 million at the end of 2025. The board also declared a quarterly dividend of $0.18 a share, payable December 17 to shareholders of record on December 4.

The mixed message, a strong quarter, a bigger buyback and a tighter ceiling on the year, sets the tone for a heavy earnings day on Wall Street, with Netflix reporting after the close.