GM’s Sales Fell, Its Revenue Fell, And It’s Still Expecting A $500 Million Check From Washington

General Motors has released its first-quarter results, and they paint a mixed picture. This is somewhat surprising as overall sales fell 9.7% in the United States to 626,429 units.

The automaker reported a first-quarter revenue of $43.6 billion, a net income attributable to stockholders of $2.6 billion, and EBIT-adjusted earnings of $4.3 billion. More interestingly, they’re expecting $500 million back from the United States government for illegal tariffs enacted by the Trump administration.

More: Buick Rolled Over And Played Dead, So Did Q1 Sales

Thanks to the Supreme Court’s decision, GM now expects gross tariff costs of $2.5 billion to $3.5 billion in 2026, down from their original estimate of $3.0 billion to $4.0 billion. Due to this change, the company also adjusted its 2026 guidance as it’s now expecting EBIT-adjusted earnings of between $13.5 billion and $15.5 billion, compared to the original $13.0 billion and $15.0 billion.

That being said, the company lowered its forecast for net income attributable to stockholders from $10.3 billion – $11.7 billion to $9.9 billion – $11.4 billion. The earnings per share estimate has also been adjusted downward.

Investors likely won’t be thrilled with those developments, but the automaker announced a quarterly dividend of $0.18 per share. It will be payable on June 18.

In a letter to shareholders, GM CEO Mary Barra said: “General Motors once again delivered strong financial performance, driven by our strategic product portfolio and disciplined execution by our teams, dealers, and suppliers.” She went on to point out the company “led the U.S. industry in full-size pickup sales and share, with 42% of the market” and they’re “#2 in EVs with growing market share.”

Barra also highlighted a number of popular crossovers, including the affordable Chevrolet Trax and Buick Envista, as well as the Chevrolet Traverse and GMC Acadia. These models have become “significant contributors” to GM’s profitability.

Digging a little deeper, GM has been successful at keeping incentives to a minimum. They were averaging 4.4% of MSRP at the end of the first quarter, well below the industry average of 6.6%.

The automaker also noted they’ve managed to maintain an average transaction price of around $52,000. The company credited this to a “strategic portfolio that addresses diverse customer needs and various price points.” However, the figure is largely due to popular full-size trucks and SUVs as well as their high-end trims.

Despite some good news, the company is losing market share across the globe. GM saw declines in China and the United States as well as in South America.