Detroit's automakers came out of the second quarter of 2026 in better shape than their EV write-downs might suggest. General Motors on July 21 and Ford on July 28 both raised full-year profit guidance, and Stellantis on July 30 reaffirmed its targets after a 32% jump in North American revenue. Two forces did most of the work: pricing on pickups, large SUVs and off-road models, and refunds of tariffs struck down by the U.S. Supreme Court.
The quarter at a glance
Q2 2026 results
| Metric | GM | Ford | Stellantis |
|---|---|---|---|
| Revenue | $48.0 billion | $48.3 billion | €43.5 billion |
| Net income (loss) | $1.3 billion | ($1.3 billion) | €0.3 billion |
| Adjusted operating profit | $3.9 billion (EBIT-adjusted) | $2.5 billion (adjusted EBIT) | €0.8 billion (AOI) |
| Full-year outlook | Raised: $14.0–16.0 billion EBIT-adjusted | Raised: $10.0–11.0 billion adjusted EBIT | Reaffirmed |
Sources: company earnings releases. Stellantis reports in euros.
GM: a higher forecast and more EV charges
GM's revenue rose 1.9% to $48.0 billion, and EBIT-adjusted climbed 29.8% to $3.9 billion. Its North American EBIT-adjusted margin reached 8.6%, up 2.5 points from a year earlier. Net income fell 31.1% to $1.3 billion because of special charges. GM raised its 2026 EBIT-adjusted forecast for the second time this year, to $14.0 billion to $16.0 billion, and lifted its adjusted earnings-per-share target to $12 to $14.
The charges stem from GM's retreat from its earlier EV build-out. After $7.9 billion of EV realignment charges in 2025, GM recorded another $2.3 billion of net charges in the second quarter, primarily $1.3 billion tied to ongoing negotiations with suppliers and joint-venture partners and $1.1 billion of losses on supply contracts, according to its quarterly report. GM said it believes it has substantially completed recognizing the material cash charges from that realignment.
Tariffs remain a cost, but a smaller one. On Feb. 20, the Supreme Court concluded that the International Emergency Economic Powers Act did not authorize tariffs, and GM recorded a net $0.5 billion favorable adjustment in the first quarter for IEEPA duties it considers refundable. GM now estimates tariffs will reduce 2026 EBIT-adjusted by $2.5 billion to $3.5 billion. In her letter to shareholders, CEO Mary Barra wrote that GM "will be onshoring significant production to further reduce our tariff exposure" and that GM delivered its best quarter and first half ever for new Super Cruise-equipped vehicles.
Ford: a net loss, but a better outlook
Ford's revenue fell 4% to $48.3 billion on lower wholesale volumes, which the company attributed to discontinued products, aluminum supply constraints and lower volumes of first-generation EVs. It posted a $1.3 billion net loss that included a $3.6 billion, largely non-cash charge tied to the breakup of its BlueOval SK battery joint venture and $0.5 billion of charges for EV programs canceled in December 2025. Adjusted EBIT rose $0.4 billion to $2.5 billion.
Ford raised its 2026 adjusted EBIT forecast to $10 billion to $11 billion, from $8.5 billion to $10.5 billion, and lifted its adjusted free cash flow outlook to $6 billion to $7 billion. The cash forecast now includes about $500 million of expected 2026 recovery from the $1.3 billion IEEPA tariff reimbursement Ford recorded in the first quarter.
The segments diverged. Ford Blue, the gas and hybrid business, earned $1.1 billion, up about $474 million. Ford Pro's EBIT fell $600 million to $1.7 billion as it continued to recover from aluminum supply problems tied to supplier Novelis. Model e lost $919 million on $1.0 billion of revenue, an improvement from a $1.3 billion loss a year earlier. "Our iconic trucks, off-roaders and hybrids are commanding real pricing power," CEO Jim Farley said. Ford's outlook assumes a U.S. sales pace of 16.0 million to 16.5 million vehicles and full-year industry pricing up about 0.5%.
Stellantis: North America leads the recovery
Stellantis' second-quarter net revenue rose 13% to €43.5 billion, led by North America. Adjusted operating income was €0.8 billion, a 1.8% margin, up 120 basis points from a year earlier. The company said U.S. sales rose 6% while the overall U.S. market slipped 0.3%, with Ram brand sales up about 11% and retail sales of the Jeep Grand Wagoneer up 43%. Its North American market share rose 40 basis points to 7.4%.
Stellantis now estimates a net tariff headwind of €1.0 billion to €1.2 billion for 2026. First-half net tariff costs were €0.3 billion, including a €0.4 billion IEEPA refund. The company expects second-half results to be weighted toward the fourth quarter after a summer production shutdown in the third.
What it means
The quarter showed Detroit leaning harder on its most profitable trucks and SUVs while unwinding EV commitments made earlier in the decade. The IEEPA refunds are a one-time boost, but the tariffs still in place are a recurring cost measured in billions: GM's estimate alone is $2.5 billion to $3.5 billion this year. For buyers, the pricing power that lifted these results shows up as firm prices on popular trucks, large SUVs and off-road trims.