A month has gone by since the last earnings report for General Motors (GM Quick QuoteGM - Free Report) . Shares have added about 6.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is General Motors due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

General Motors Q2 Earnings Top Estimates

General Motors reported second-quarter 2025 adjusted earnings of $2.53 per share, which surpassed the Zacks Consensus Estimate of $2.39. Higher-than-expected revenues from GMNA, GMI and GM Financial segments led to the outperformance. The bottom line, however, decreased from the year-ago quarter’s $3.06. Revenues of $47.12 billion beat the Zacks Consensus Estimate of $46.25 billion but fell from $47.97 billion recorded in the year-ago period.

The U.S. auto giant recorded adjusted earnings before interest and taxes (EBIT) of $3.03 billion, lower than $4.43 billion in the prior-year quarter.

Segmental Performance

GMNA generated net revenues of $39.49 billion, down from $40.72 billion recorded in the corresponding period of 2024. The figure, however, outpaced our model’s projection of $37.86 billion on higher-than-expected deliveries. Wholesale vehicle sales in the GMNA unit totaled 849,000 units, down from 903,000 units reported in the year-ago quarter. The figure, however, surpassed our estimate of 832,000 units. The segment’s adjusted EBIT totaled $2.41 billion, down from $4.43 billion recorded in the year-earlier period. The metric also missed our estimate of $3.65 billion.

GMI net revenues in the reported quarter amounted to $3.33 billion, up from the year-ago quarter’s $3.29 billion. The metric also outpaced our expectation of $2.48 billion on higher-than-expected deliveries. The segment’s wholesale vehicle sales of 125,000 units decreased from 140,000 units in the year-ago quarter but topped our forecast of 91,000 units. GMI reported an operating profit of $204 million, up from $50 million reported in the year-ago period and outpaced our estimate of $57.7 million. 

GM Financial generated net revenues of $4.26 billion in the quarter, which increased from $3.92 billion recorded in the year-ago period and surpassed our prediction of $4.18 billion. The segment recorded an EBT-adjusted operating profit of $704 million, down from $822 million recorded in the year-ago period. The metric missed our prediction of $1.09 billion.

Financial Position

General Motors had cash and cash equivalents of $22.38 billion as of June 30, 2025. The long-term automotive debt at the end of the quarter was $15.48 billion. Net automotive cash provided by operating activities amounted to $4.65 billion during the quarter under review. The company recorded an adjusted automotive free cash flow of $2.83 billion in the second quarter of 2025, down from $5.3 billion generated in the year-ago quarter.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, General Motors has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, General Motors has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.