Revenue Decline Amid Competitive Pressures
Total revenue fell to $43.6B in Q1 FY2026 from $44.0B in Q1 FY2025, a 0.9% YoY decrease, suggesting modest volume or pricing headwinds in the automotive market.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
GM reported Q1 FY2026 revenue of $43.6B, down 0.9% YoY, with net income declining 5.6% to $2.6B and operating cash flow falling sharply by 51.3% to $3.0B amid margin compression and rising current liabilities.
营收
436.24亿美元
同比 -0.90%
每股收益（稀释）
2.82美元
同比 -15.82%
营业利润
29.26亿美元
同比 -12.71%
SEC XBRL 原值
General Motors (GM) Q1 FY2026 营收 436.24亿美元，同比下降 0.9%。 营业利润率 6.7%，较去年同期的 7.6% 收窄 0.9 个百分点。 经营活动现金流 29.5亿美元，同比下降 51.3%。 GM 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 3.57 | 3.29 | 超预期 +8.4% |
| 2026年3月本次财报 | 3.70 | 2.69 | 超预期 +37.3% |
| 2025年12月 | 2.51 | 2.28 | 超预期 +10.2% |
| 2025年9月 | 2.80 | 2.38 | 超预期 +17.8% |
2026年3月 调整后（非 GAAP） EPS 3.70美元，分析师一致预期 2.69美元，超预期 +37.3%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 2.82美元。
由 AI 基于本次 SEC 报告整理
Total revenue fell to $43.6B in Q1 FY2026 from $44.0B in Q1 FY2025, a 0.9% YoY decrease, suggesting modest volume or pricing headwinds in the automotive market.
来源: 10-Q Income Statement
Operating income dropped 12.7% YoY to $2.9B, pushing operating margin down to 6.7% from 7.6% in the prior year period, indicating rising costs outpacing revenue.
来源: 10-Q Income Statement
Operating cash flow fell 51.3% YoY to $3.0B from $6.1B, a significant deterioration that may reflect working capital build-up or timing of receivables and payables.
来源: 10-Q Cash Flow Statement
Investing cash flow turned positive at $632M versus -$4.5B in Q1 FY2025, a 114.1% swing, likely reflecting asset sales or reduced capital expenditures rather than organic growth investment.
来源: 10-Q Cash Flow Statement
Share buybacks were cut 60.2% YoY to $800M while dividends paid rose 27.4% to $223M, suggesting a shift in capital allocation priorities amid tighter free cash flow.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 2 低 1
Operating cash flow declined 51.3% YoY to $3.0B, a dramatic drop that raises questions about GM's near-term liquidity and ability to fund capital expenditures and debt obligations. If this trend persists, it could constrain investment in EV development and other strategic initiatives.
来源: 10-Q Cash Flow Statement
Current liabilities increased 4.4% YoY to $94.7B while current assets declined 0.8% to $109.1B, compressing the current ratio to 1.15. The debt-to-equity ratio stands at a high 3.45, leaving limited financial flexibility in a downturn.
来源: 10-Q Balance Sheet
Operating margin contracted approximately 90 basis points YoY to 6.7%, and net margin stands at 6.0%, reflecting cost pressures that are outpacing revenue. Sustained margin compression could impair GM's ability to self-fund its EV transition.
来源: 10-Q Income Statement
Stockholders' equity fell 2.7% YoY to $62.7B, partly driven by share buybacks and net income that has not kept pace with capital returns. A continued decline could further elevate the already high debt-to-equity ratio.
来源: 10-Q Balance Sheet
Basic EPS fell 15.6% YoY to $2.87 versus a net income decline of only 5.6%, suggesting a meaningful reduction in share count is masking some earnings weakness, but the magnitude of EPS decline may still disappoint investors expecting stability.
来源: 10-Q Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 436.24 亿美元 | 440.20 亿美元 | -0.90% |
营业利润 亿美元 | 29.26 亿美元 | 33.52 亿美元 | -12.71% |
净利润 亿美元 | 26.27 亿美元 | 27.84 亿美元 | -5.64% |
每股收益（基本） 美元 | 2.87 美元 | 3.40 美元 | -15.59% |
每股收益（稀释） 美元 | 2.82 美元 | 3.35 美元 | -15.82% |
答案基于本次 SEC 报告与本页数据