This paper presents a new and general first-order Generalized Beam Theory (GBT) formulation for thin truncated conical shells with circular cross-section. With respect to the previous formulations (Nedelcu, 2011; Mureşan et al., 2019), which were developed for the linear stability analysis case and therefore only required the consideration of rather simple load cases, the present one keeps all membrane strain terms and therefore is able to enforce the standard GBT membrane strain assumptions exactly. Even if the resulting expressions and the boundary conditions are more involved, it is shown that it is possible to define the so-called GBT “Vlasov warping deformation modes” also in the conical case, which are essential for the overall performance of the formulation. For instance, these deformation modes allow finding the shell inextensible deformation shapes. Several numerical tests are presented to show the excellent performance of the resulting finite element, through comparison with refined shell finite element models, and the advantages offered by the GBT modal decomposition features.