General Motors has kept buying back shares, cutting its diluted share count 35.6% from Q3 2023 to Q3 2026, though buyback spending slowed to $3.3B in the 12 months to September 2026 from $10.2B a year earlier. On October 20, 2026, the board approved a new $20B repurchase authorization, which would equal about 30% of the company's $66.2B market value if fully used. Net income rose to $3.34B in Q3 2026 from $1.33B even though vehicle sales fell 5.5%, and the GAAP operating margin rose to 7.2% from 2.2%. However, the 12-month operating margin fell to 2.3% from 4.3%, and total reported debt equals 194.5% of market value versus 19.4% for the S&P 500. The article notes that if profit slipped back toward the loss of late 2025, each remaining share would hold a larger slice of a smaller profit, and points to buyback spending and the diluted share count in Q4 2026 as key figures to watch.
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