Stellantis N.V. (STLA): Financial results for Q2 2026
Stellantis N.V. (STLA) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Stellantis Reports Q2 2026 Financial Results Year-over-Year Improvement Across All Key Financial Metrics • Net revenues increased to €43.5 billion, up 13% versus Q2 2025, with North America up 32% and South America up 6%, while Enlarged Europe was flat, and Middle Ea
How this was made
The 30-second read
Why it matters
The earnings beat and strong free cash flow generation are likely to boost investor confidence, though regional disparities and tariff costs temper the narrative.
Market read
First‑hand earnings data for a major auto maker; material numbers and reaffirmed guidance provide fresh trading signals.
What to watch
Higher tariff headwinds (€1‑1.2B) and cash outflows from H2 2025 charges may pressure cash flow sustainability.
Stellantis Reports Q2 2026 Financial Results Year-over-Year Improvement Across All Key Financial Metrics
Net revenues increased 13% year-over-year, adjusted operating income improved to €773 million and Industrial free cash flows reached €1,000 million, but the 1.8% AOI margin remained low, Enlarged Europe reported a negative AOI margin, and cash flows from operating activities were negative.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesother | €43,482 million | – | +13% |
| Net profit/(loss)other | €293 million | – | n.m. |
| Net profit/(loss) attributable to owners of the parentother | €266 million | – | – |
| Operating income/(loss)other | €702 million | – | – |
| Tax expense/(benefit)other | €207 million | – | – |
| Net financial expenses/(income)other | €202 million | – | – |
| Diluted EPSother | €0.07 per share | – | n.m. |
| Adjusted operating income/(loss)non-GAAP | €773 million | – | +263% |
| Adjusted operating income marginnon-GAAP | 1.8% | – | 120 bps |
| Adjusted diluted EPSnon-GAAP | €0.12 per share | – | (20)% |
| Cash flows from operating activitiesother | €(169) million | – | (130)% |
| Industrial free cash flowsnon-GAAP | €1,000 million | – | n.m. |
| Consolidated shipmentsother | 1,597 (000s) | – | +10% |
| Combined shipmentsother | 1,603 (000s) | – | +10% |
| North America adjusted operating incomenon-GAAP | €284 million | – | n.m. |
| North America AOI marginnon-GAAP | 1.6% | – | +480 bps |
| Enlarged Europe adjusted operating incomenon-GAAP | €(94) million | – | 74% |
| Enlarged Europe AOI marginnon-GAAP | (0.6)% | – | +160 bps |
| Middle East & Africa adjusted operating incomenon-GAAP | €329 million | – | (16)% |
| Middle East & Africa AOI marginnon-GAAP | 12.8% | – | (190) bps |
| South America adjusted operating incomenon-GAAP | €402 million | – | (49)% |
| South America AOI marginnon-GAAP | 9.3% | – | (980) bps |
| Asia Pacific adjusted operating incomenon-GAAP | €27 million | – | 35% |
| Asia Pacific AOI marginnon-GAAP | 5.4% | – | +160 bps |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaNet revenues increased 32%, primarily driven by higher volumes, partially offset by unfavorable foreign exchange translation impacts. | €18,193 million | – | 32% |
| Enlarged EuropeNet revenues flat as higher volumes were offset by negative net pricing. | €16,426 million | – | 0.2% |
| Middle East & AfricaNet revenues declined 4%, primarily due to unfavorable foreign exchange translation effects from the Turkish Lira partially offset by positive net pricing. | €2,565 million | – | (4)% |
| South AmericaNet revenues increased 6%, mainly reflecting positive foreign exchange translation effects, favorable mix and positive net pricing, partially offset by lower volumes. | €4,338 million | – | 6% |
| Asia PacificNet revenues decreased 5%, driven by unfavorable mix and negative foreign exchange translation effects more than offsetting higher volumes and positive net pricing. | €499 million | – | (5)% |
FY 2026 outlook
- RevenueMid-Single Digit % Increase
- NoteAOI margin %: Low-Single Digit %
- NoteIndustrial free cash flows: Improved Y-o-Y (incl. ~€2B in cash payments related to H2 '25 charges)
- NoteExpect positive Industrial free cash flows in 2027
- NoteNet tariff headwind now estimated at €1.0 billion to €1.2 billion
- NoteH1 2026 net tariff costs were €0.3 billion, including an International Emergency Economic Powers Act (IEEPA) tariff refund of €0.4 billion
- NoteIncludes ~€2 billion of cash payments related to H2 2025 charges, of which €0.9 billion was paid in H1 2026
- NoteFull-year capital expenditures and R&D spending estimated at 6.5% - 7.0% of Net revenues
- NoteH2 2026 performance expected to be weighted toward Q4, following Q3 summer production shutdown and continued operational performance improvements
What drove it
- North America sales increased 6% versus Q2 2025, including a 6% increase in the U.S., a 1% decrease in Canada and a 17% increase in Mexico.
- North America shipments increased 38%, primarily driven by new or refreshed products and powertrain offerings and inventory build ahead of the planned summer production shutdown.
- North America adjusted operating income improved by €0.7 billion, driven by higher volumes, operational performance improvements and reduction of regulatory expenses, partially offset by raw material inflation and higher recall campaign costs.
- Enlarged Europe shipments increased 5%, primarily driven by Fiat 500 and Grande Panda, Citroën C3 Aircross, Opel/Vauxhall Frontera, Jeep Compass and Leapmotor-branded vehicles.
- South America revenue growth reflected positive foreign exchange translation effects, favorable mix and positive net pricing.
- Asia Pacific adjusted operating income improved by €7 million, primarily driven by improved industrial costs, positive net pricing and favorable mix.
Concerns
- Enlarged Europe reported adjusted operating income of €(94) million and an AOI margin of (0.6)%.
- Middle East & Africa adjusted operating income declined 16% and AOI margin declined (190) bps.
- South America adjusted operating income declined 49% and AOI margin declined (980) bps, primarily due to the non-repeat of a Brazilian indirect tax credit recognized in Q2 '25 and lower volumes in Argentina.
- Asia Pacific sales decreased 29% versus Q2 2025, or 22% including Leapmotor, driven primarily by declines in the Peugeot 408.
- The net tariff headwind is estimated at €1.0 billion to €1.2 billion.
- Cash flows from operating activities were €(169) million in Q2 2026.
What to watch
- Delivery of the reaffirmed FY 2026 guidance for a Mid-Single Digit % Increase in Net revenues and a Low-Single Digit % AOI margin.
- H2 2026 performance, which is expected to be weighted toward Q4 following the Q3 summer production shutdown.
- The impact of the estimated €1.0 billion to €1.2 billion net tariff headwind.
- Enlarged Europe operational performance and the path from its (0.6)% Q2 2026 AOI margin.
- Execution of product launches, including the B10 launch in Q3 2026 and local Leapmotor-branded vehicle assembly in Malaysia for the C10.
- Full-year capital expenditures and R&D spending estimated at 6.5% - 7.0% of Net revenues.
Balance sheet and cash flow
- Cash flows from operating activities were €(169) million in Q2 2026, compared with €559 million in Q2 2025.
- Industrial free cash flows were €1,000 million in Q2 2026, compared with €31 million in Q2 2025.
- Debt was €(52,062) million at June 30, 2026, compared with €(45,947) million at December 31, 2025.
- Cash and cash equivalents were €33,697 million at June 30, 2026, compared with €30,146 million at December 31, 2025.
- Net financial position was €(16,382) million at June 30, 2026, compared with €(13,655) million at December 31, 2025.
- Industrial net financial position was €10,035 million at June 30, 2026, compared with €6,694 million at December 31, 2025.
- Total Available liquidity was €48,420 million at June 30, 2026, compared with €49,795 million at December 31, 2025.
- Available liquidity of the Industrial Activities was €44,145 million at June 30, 2026, compared with €45,711 million at December 31, 2025.
Analysis
Stellantis reported a year-over-year recovery in Q2 2026. Net revenues increased 13% to €43,482 million, consolidated shipments increased 10% to 1,597 (000s), and net profit/(loss) improved to €293 million from €(1,869) million. Adjusted operating income rose to €773 million from €213 million, lifting the adjusted operating income margin to 1.8% from 0.6%. Adjusted diluted EPS, however, was €0.12 per share compared with €0.15 per share in Q2 2025.
North America was the principal source of growth. Revenue increased 32% to €18,193 million and shipments increased 38% to 445 (000s). The region returned to adjusted operating income of €284 million from €(440) million, with AOI margin improving to 1.6% from (3.2)%. Higher volumes, operational improvements and lower regulatory expenses supported the improvement, while raw material inflation and recall campaign costs remained offsets.
The remaining regional mix was uneven. Enlarged Europe revenue was €16,426 million and essentially flat year-over-year, as higher volume was offset by negative net pricing; its AOI margin remained negative at (0.6)%. South America revenue increased 6% to €4,338 million but adjusted operating income declined 49% to €402 million, principally reflecting the non-repeat of a Brazilian indirect tax credit recognized in Q2 '25 and lower Argentine volume. Middle East & Africa revenue declined 4%, while Asia Pacific revenue declined 5% despite higher volumes and positive net pricing in Asia Pacific.
Cash flow improved on the reported Industrial free cash flow measure, reaching €1,000 million compared with €31 million in Q2 2025, which the company attributed to improved operating performance. This contrasted with cash flows from operating activities of €(169) million, compared with €559 million in Q2 2025. At June 30, 2026, Industrial available liquidity was €44,145 million and Industrial net financial position was €10,035 million.
Stellantis reaffirmed FY 2026 guidance for a Mid-Single Digit % Increase in Net revenues, a Low-Single Digit % AOI margin and Improved Y-o-Y Industrial free cash flows. The guidance incorporates ~€2 billion in cash payments related to H2 2025 charges, including €0.9 billion paid in H1 2026. Management also estimated a €1.0 billion to €1.2 billion net tariff headwind and said H2 2026 performance is expected to be weighted toward Q4 after the Q3 summer production shutdown.
Management, verbatim
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
Not in the filing
stated, not guessed- Gross margin was not reported.
- GAAP gross margin was not reported.
- Operating expenses were not reported as a standalone line item.
- Capital returns, including share repurchases and dividends, were not reported.
- Prior-quarter comparisons were not reported for the Q2 2026 financial metrics.
- FY 2026 gross margin guidance was not reported.
- FY 2026 operating expenses guidance was not reported.
- FY 2026 tax rate guidance was not reported.
- Previous-release outlook was not provided, so comparisons of actual results with prior guidance were not available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Stellantis filed a Form 6‑K with the SEC, providing its Q2 2026 financial results and reaffirming full‑year guidance.
Ticker impact
Q2 2026 earnings release showing 13% YoY revenue growth, €0.3B net profit and reaffirmed 2026 guidance.
Potential modest price rise of 2‑4% on the day of release.
Revenue beat and margin expansion exceed prior expectations; guidance unchanged but positive tone.
Market effects
Auto sector may see broader lift as Stellantis signals recovery in North America and solid free cash flow.
North America markets could benefit from the 32% revenue jump; Europe remains flat.
Large-cap earnings can influence global auto indices and related suppliers.
Counterpoint
The flat performance in Europe and modest AOI margin suggest underlying demand weakness that could temper upside.
Key entities
- companyStellantis N.V.
Global automotive manufacturer listed on NYSE under ticker STLA.
- executiveAntonio Filosa
CEO of Stellantis who commented on the results.
