GM raises 2026 guidance amid $500 million tariff refund, topping Wall Street's earnings expectations

gm raised its 2026 guidance after crushing wall street's q1 earnings expectations, helped by a roughly $500 million benefit from a supreme court decision that refunded certain trump-era tariffs. shares rose about 5% in premarket trading. adjusted eps came in at $3.70 versus the $2.62 expected. revenue was $43.62 billion, just shy of the $43.68 billion estimate. the tariff refund is part of $160 billion in potential paybacks after the supreme court ruled the levies illegal in february. gm hasn't received the cash yet but booked it anyway. excluding that benefit, gross tariff costs this year are now seen at $2.5 billion to $3.5 billion, down from the prior $3 billion to $4 billion range. the new 2026 guidance calls for adjusted ebit of $13.5 billion to $15.5 billion, up $500 million from before. gm also took $1.1 billion in special charges tied to pulling back on evs, adding to $7.6 billion in ev-related charges for 2025. north american operations led the quarter, with adjusted earnings up 11.4% to $3.66 billion.