General Motors Company

Shortcut’s reasoning.

The segment build gives EBIT-adjusted of $4.015bn: GM North America $3.454bn, GM International $0.172bn and GM Financial $0.650bn, less $0.260bn of corporate costs.

The North America bridge includes a $765m year-over-year warranty benefit, pricing, regulatory savings and lower EV losses, offset by tariffs, manufacturing and commodity costs. The warranty allocation to North America is uncertain.

After interest, other income, tax and common-share adjustments, normalized net income is $3.264bn. The share model assumes $1.5bn of repurchases at $78, half-quarter weighting, 1m issuance and 14m dilution.

Normalized EPS is 3.697563976105113 on 882.8361563846154m diluted shares, versus frozen Street EPS of 3.63. The narrow difference is sensitive to the share-count method; the probability judgment is separate and does not multiply EPS.