Stellantis reported net profit of €293 million for the second quarter of 2026, compared with a net loss of €1.87 billion during the same period in 2025. Net revenue increased 13% to €43.48 billion from €38.45 billion as higher vehicle volumes and improving operating performance helped the automaker return to quarterly profitability.
Diluted earnings per share reached €0.07, compared with a loss of €0.65 per share a year earlier. On an adjusted basis, diluted earnings per share declined 20% to €0.12 from €0.15, reflecting differences between the company’s reported profit and the items included in its adjusted performance measures.
Adjusted operating income increased 263% to €773 million from €213 million. The adjusted operating income margin improved by 120 basis points to 1.8% of revenue from 0.6%, with positive margins across every geographic region except Enlarged Europe, which reported a negative adjusted operating income margin of 0.6%.
Adjusted operating income is a non-GAAP measure that removes selected expenses, gains and other items management does not consider representative of ongoing operating performance. Although the measure provides additional information about Stellantis’ underlying business, it should be evaluated alongside IFRS net profit and cash flow results.
Industrial free cash flow reached €1 billion, improving by approximately €969 million from €31 million in the second quarter of 2025. Stellantis attributed the increase to stronger operating performance, despite approximately €300 million of cash payments associated with charges recorded during the second half of 2025.
Industrial free cash flow differs from consolidated cash flow from operating activities because it focuses on the company’s industrial operations and incorporates selected capital expenditures and other adjustments. Stellantis reported a consolidated operating cash outflow of €169 million for the quarter, compared with an inflow of €559 million a year earlier. The difference illustrates why the company’s non-GAAP industrial cash measure should not be interpreted as equivalent to total operating cash flow.
Consolidated vehicle shipments increased 10% to approximately 1.60 million units from 1.45 million. Combined shipments, which include a broader measure of vehicle activity, also increased 10% to approximately 1.60 million units from 1.46 million.
Stellantis ended the quarter with €44.1 billion of industrial available liquidity. That amount represented approximately 27% of net revenue generated over the preceding 12 months and remained within the company’s targeted liquidity range of 25% to 30%.
For the first six months of 2026, net revenue increased 10% to €81.61 billion from €74.26 billion. Stellantis recorded first-half net profit of €670 million, reversing a loss of €2.26 billion during the comparable period in 2025, while diluted earnings per share improved to €0.20 from a loss of €0.78.
First-half adjusted operating income increased 221% to €1.73 billion from €540 million. The adjusted operating margin rose to 2.1% from 0.7%, while adjusted diluted earnings per share increased 78% to €0.32 from €0.18.
Industrial free cash flow remained negative for the first half at €921 million, but improved by approximately €2.08 billion from an outflow of €3.01 billion during the first half of 2025. Consolidated cash flow from operating activities was negative €2.89 billion, compared with negative €2.29 billion a year earlier.
North America was the largest contributor to the second-quarter revenue improvement, with regional net revenue increasing 32% year over year. Vehicle sales in the region increased 6%, marking Stellantis’ fourth consecutive quarter of year-over-year growth. U.S. sales increased 6%, Canadian sales declined 1% and Mexican sales rose 17%, or 19% when Leapmotor vehicles are included.
Stellantis’ U.S. market share increased by 40 basis points to 7.4%. The company reported retail sales growth of 43% for the Jeep Grand Wagoneer, 9% for the Ram 1500, 9% for the Dodge Durango and 7% for the Chrysler Pacifica. Total U.S. Ram sales increased approximately 11% from the previous year.
Mexico delivered its strongest second quarter on record, according to Stellantis. The regional performance helped offset weaker conditions elsewhere and contributed to the substantial year-over-year improvement in North American net revenue.
Net revenue in Enlarged Europe was approximately flat year over year. EU30 vehicle sales increased 3%, or 7% including Leapmotor, while market share declined by 80 basis points to 16%. Including Leapmotor, market share reached 16.8%, down 10 basis points.
European sales were supported by Stellantis’ Smart Car product family and the introduction of the internal-combustion version of the Fiat Grande Panda. The company is also expanding its C-SUV portfolio through products including the DS N°7, Lancia Gamma and Jeep Compass 4xe.
Stellantis retained its leadership in the EU30 light commercial vehicle market with a 28.7% share. Leapmotor sales in the region increased sixfold from the previous year, although the Chinese electric vehicle company’s volumes are shown separately in several of Stellantis’ reported market comparisons.
South American net revenue increased 6%, although regional vehicle sales declined 2%, or 1% when Leapmotor is included. Stellantis maintained a leading regional market share of 19.1%, or 19.4% with Leapmotor, and remained the market leader in Brazil and Argentina with shares of 25.6% and 26%, respectively.
Ram sales in Brazil increased 10% during the quarter and approximately 30% in June. The performance strengthened the brand’s position in Brazil’s pickup market even as Stellantis experienced a modest decline in overall South American sales.
Middle East and Africa revenue was slightly lower, while vehicle sales declined 6% against an approximately 8% contraction in the broader regional market. Stellantis increased its market share by 20 basis points and retained the second-largest position across passenger cars and light commercial vehicles.
The company became the regional light commercial vehicle leader with a 24.7% market share. Türkiye maintained its leading position across passenger and commercial vehicles, while Algeria delivered a record quarter with more than 20,000 locally produced and sold vehicles.
Asia-Pacific revenue declined slightly, and regional vehicle sales fell 29%, or 22% including Leapmotor. The decrease was primarily associated with weaker Peugeot 408 volumes, while Stellantis’ regional market share declined slightly to 0.2%.
June deliveries in Asia-Pacific reached a six-month high. Stellantis has started local assembly of the Leapmotor C10 in Malaysia, plans to launch the B10 during the third quarter and has formed a partnership with Dongfeng Motor to develop and manufacture Peugeot and Jeep vehicles in China.
Stellantis reaffirmed its full-year 2026 financial guidance. The company continues to expect a mid-single-digit percentage increase in net revenue, a low-single-digit adjusted operating income margin and year-over-year improvement in industrial free cash flow.
The cash flow outlook includes approximately €2 billion of payments connected with charges recorded during the second half of 2025. Stellantis paid approximately €900 million of those obligations during the first six months of 2026 and expects positive industrial free cash flow in 2027.
Stellantis now estimates that tariffs will create a net financial headwind of approximately €1 billion to €1.2 billion during 2026. First-half net tariff costs totaled €300 million after incorporating a €400 million refund involving tariffs imposed under the International Emergency Economic Powers Act.
Full-year capital expenditures and research and development spending are expected to equal between 6.5% and 7% of net revenue. The company expects second-half performance to be weighted toward the fourth quarter because of summer production shutdowns during the third quarter and anticipated continuing improvements in its operations.
The reaffirmed outlook is being implemented alongside FaSTLAne 2030, Stellantis’ long-term strategic plan introduced at its May 21 Investor Day. The company’s ability to meet its guidance will depend on factors including product launches, regional demand, tariff expenses, operating improvements and the timing of payments associated with previously recorded charges.
KEY QUOTE:
“The second quarter was marked by continued progress, led by North America and supported by important contributions from all other regions. We improved performance across our key financial metrics with Net revenues, AOI and Industrial free cash flows all showing significant gains.”
“With implementation of our FaSTLAne 2030 strategy well underway and this year’s exciting new product launches on time and on track, we remain confident of delivering our 2026 financial guidance.”
Antonio Filosa, CEO of Stellantis
