Item 1A. Risk Factors

We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations and financial condition could be materially adversely affected by these risk factors. There have been no material changes to the Risk Factors disclosed in our 2025 Form 10-K, other than as set forth below in this Item 1A.

Geopolitical conflicts and instability in the Middle East and other regions could adversely affect our business. We operate in a global environment that is subject to political and economic instability, armed conflicts, and other geopolitical risks, including in particular, the ongoing and potential conflicts in the Middle East, including those involving Iran and neighboring countries. These regional conflicts and related geopolitical tensions may result in a number of adverse consequences for our operations, including disruptions to our supply chain and logistics networks, restrictions on transactions involving certain territories, entities, or individuals, and increased costs of raw materials, commodities, energy, and other inputs. In addition, the conflicts in the Middle East have caused significant disruption in the normal flow of oil, refined petroleum products, and related commodities, resulting in increases to the price of oil and gasoline. The increased prices of oil and gasoline will increase energy and transportation costs across our supply chain and, if prolonged, could shift consumer preferences toward smaller, more fuel-efficient vehicles, which could weaken the demand for our higher margin vehicles, such as full-size ICE SUVs and pickup trucks. The foregoing risks could have a material adverse effect on our business, results of operations, financial condition, and cash flows.

GENERAL MOTORS COMPANY AND SUBSIDIARIES

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities The following table summarizes our purchases of common stock in the three months ended March 31, 2026:


	Total Number of Shares Purchased(a)	Weighted-Average Price Paid per Share(b)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(c)
January 1, 2026 through January 31, 2026	37,754	$	81.16	—	$6.3 billion


February 1, 2026 through February 28, 2026	3,829,500	$	84.41	—	$6.3 billion
March 1, 2026 through March 31, 2026	10,665,132	$	75.01	10,665,132	$5.5 billion


Total	14,532,386	$	77.50	10,665,132

(a)Shares purchased include shares delivered by employees or directors to us for the payment of taxes resulting from the issuance of common stock upon the vesting of RSUs and PSUs relating to compensation plans. Refer to our 2025 Form 10-K for additional details on employee stock incentive plans.

(b)The weighted-average price paid per share excludes broker commissions.

(c)In January 2026, our Board of Directors increased the capacity under our existing share repurchase program by $6.0 billion to an aggregate of $6.3 billion, with no expiration date.

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