Q3 FY2026
Filed Oct 28, 2026Stellantis reported Q3 2026 Net revenues of €37.6 billion, up 1% year-over-year, while adjusted operating income improved to €0.3 billion and the Company reaffirmed 2026 financial guidance.
Revenue grew 1% and adjusted operating income improved to €0.3 billion, but Stellantis reported a €(0.5) billion net loss, a 0.7% AOI margin and negative €(4.0) billion of Industrial free cash flows.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Net revenuesother | €37.61B | – | +1% |
| Q3 2026 Net profit/(loss)other | −€453M | – | +90% |
| Q3 2026 Operating income/(loss)other | −€331M | – | – |
| Q3 2026 Diluted EPSother | (€0.18)/share | – | +89% |
| Q3 2026 Cash flows from operating activitiesother | −€3.93B | – | +14% |
| Q3 2026 Adjusted operating income/(loss)non-GAAP | €256M | – | +184% |
| Q3 2026 Adjusted operating income marginnon-GAAP | 0.7% | – | 50 bps |
| Q3 2026 Adjusted diluted EPSnon-GAAP | (€0.01)/share | – | +75% |
| Q3 2026 Industrial free cash flowsnon-GAAP | −€4.01B | – | +7% |
| Q3 2026 Consolidated shipmentsother | 1,286 000's units | – | (1)% |
| Q3 2026 Combined shipmentsother | 1,308 000's units | – | (2)% |
| YTD 2026 Net revenuesother | €119.2B | – | +7% |
| YTD 2026 Net profit/(loss)other | €217M | – | n.m. |
| YTD 2026 Operating income/(loss)other | €1.06B | – | – |
| YTD 2026 Diluted EPSother | €0.02/share | – | n.m. |
| YTD 2026 Cash flows from operating activitiesother | −€6.82B | – | +0.3% |
| YTD 2026 Adjusted operating income/(loss)non-GAAP | €1.99B | – | +216% |
| YTD 2026 Adjusted operating income marginnon-GAAP | 1.7% | – | 110 bps |
| YTD 2026 Adjusted diluted EPSnon-GAAP | €0.31/share | – | +121% |
| YTD 2026 Industrial free cash flowsnon-GAAP | −€4.93B | – | +33% |
| YTD 2026 Consolidated shipmentsother | 4,244 000's units | – | +7% |
| YTD 2026 Combined shipmentsother | 4,276 000's units | – | +6% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North America Q3 2026Shipments were 357 000s units versus 404 000s units. AOI was €64 million versus €(475) million and AOI margin was 0.4% versus (3.0)%, a +340 bps change. Lower volumes reflected planned production shutdowns affecting certain Jeep models, partly offset by new and refreshed products; revenue also benefited from favorable mix, positive net pricing and favorable foreign exchange translation impacts. | €15.59B | – | (3)% |
| Enlarged Europe Q3 2026Shipments were 588 000s units versus 534 000s units. AOI was €(311) million versus €157 million and AOI margin was (2.2)% versus 1.2%, a (340) bps change. Higher volumes were partly offset by negative net pricing and unfavorable mix; AOI declined mainly from negative net pricing and unfavorable mix. | €14.06B | – | +3% |
| Middle East & Africa Q3 2026Consolidated shipments were 75 000s units versus 95 000s units and combined shipments were 95 000s units versus 128 000s units. AOI was €244 million versus €272 million and AOI margin was 14.6% versus 13.2%, a +140 bps change. Lower volumes in Türkiye and unfavorable Turkish Lira translation effects were partly offset by positive net pricing and favorable mix. | €1.67B | – | (19)% |
| South America Q3 2026Shipments were 251 000s units versus 252 000s units. AOI was €431 million versus €429 million and AOI margin was 10.5% versus 10.8%, a (30) bps change. Favorable Brazilian Real translation effects were partly offset by unfavorable mix and negative net pricing. | €4.12B | – | +3% |
| Asia Pacific Q3 2026Consolidated shipments were 15 000s units versus 16 000s units and combined shipments were 16 000s units in both periods. AOI was €18 million versus €(4) million and AOI margin was 4.0% versus (0.8)%, a +480 bps change. Lower volumes and unfavorable mix reduced revenue, while industrial cost savings improved AOI. | €445M | – | (7)% |
| North America YTD 2026Shipments were 1,181 000s units versus 1,052 000s units. AOI was €611 million versus €(1,457) million and AOI margin was 1.2% versus (3.3)%, a +450 bps change. | €49.89B | – | 12% |
| Enlarged Europe YTD 2026Shipments were 1,987 000s units versus 1,825 000s units. AOI was €(397) million versus €90 million and AOI margin was (0.9)% versus 0.2%, a (110) bps change. | €44.86B | – | 2% |
| Middle East & Africa YTD 2026Consolidated shipments were 307 000s units versus 320 000s units and combined shipments were 338 000s units versus 379 000s units. AOI was €855 million versus €1,040 million and AOI margin was 12.9% versus 14.8%, a (190) bps change. | €6.63B | – | (6)% |
| South America YTD 2026Shipments were 723 000s units in both periods. AOI was €1,226 million versus €1,618 million and AOI margin was 10.1% versus 13.8%, a (370) bps change. | €12.08B | – | 3% |
| Asia Pacific YTD 2026Consolidated shipments were 46 000s units versus 45 000s units and combined shipments were 47 000s units versus 45 000s units. AOI was €15 million versus €(4) million and AOI margin was 1.1% versus (0.3)%, a +140 bps change. | €1.38B | – | (7)% |
FY 2026 Financial Guidance outlook
- RevenueMid-Single Digit % Increase
- NoteAOI margin %: Low-Single Digit %
- NoteIndustrial free cash flows: Improved Y-o-Y (incl. ∼€1.6B in cash payments related to H2 '25 charges)
- NoteExpect positive Industrial free cash flows in 2027
- NoteHigher total consolidated shipment volumes in Q4 2026 as compared to Q3 2026
- NoteManagement of North America inventory, with December 2026 converging to a similar level as compared to December 2025
- NoteBroadly stable pricing environment in Q4 2026 as compared to Q3 2026
- NotePositive working capital contribution in Q4 2026 driven by normal Q4 seasonality
- NoteFull-year net tariff costs estimated at €1.0 billion; €0.6 billion incurred September YTD
- NoteFull-year cash outflows related to H2 '25 charges estimated at approximately €1.6B, including €0.1B paid in Q3 2026 and €1.1B paid through September YTD
- NoteFull-year capital expenditures and R&D spending estimated at 6.5% of Net revenues
- NoteIncremental cost headwinds from memory chips and recall costs as compared to Q3 2026
- NoteValue Creation Program savings expected to continue accelerating, realizing mid-hundreds of millions of euros in Q4 2026, approximately double the amount realized in Q3 2026
What drove it
- Q3 Net revenues increased 1% to €37.6 billion, driven by higher volumes in Enlarged Europe and stable volumes and favorable FX in South America.
- North America revenue declined 3% on lower volumes resulting from planned production downtime, while Middle East & Africa and Asia Pacific revenue fell 19% and 7%, respectively, on lower volumes.
- Q3 adjusted operating income improved by €0.2 billion versus Q3 2025; every region delivered positive AOI margins except Enlarged Europe.
- The Value Creation Program delivered positive contributions in the quarter. Management expects to implement at least 40% of the total €6 billion in run-rate efficiencies by the end of this year.
- Q3 Industrial free cash flows improved €0.3 billion versus Q3 2025, reflecting improved operating performance.
Concerns
- Q3 net loss was €(0.5) billion and Industrial free cash flows were negative €(4.0) billion.
- Enlarged Europe recorded AOI of €(311) million and an AOI margin of (2.2)%, with negative net pricing and unfavorable mix.
- North America shipments decreased 12%, while North America Net revenues decreased 3%, due primarily to planned production shutdowns.
- Middle East & Africa Net revenues declined 19% and Asia Pacific Net revenues declined 7%.
- Full-year net tariff costs are estimated at €1.0 billion, and the Company identified incremental cost headwinds from memory chips and recall costs versus Q3 2026.
- Full-year cash outflows related to H2 '25 charges are estimated at approximately €1.6B.
What to watch
- Whether Q4 2026 total consolidated shipment volumes increase compared with Q3 2026.
- Whether North America inventory converges to a similar December 2025 level by December 2026.
- The expected positive Q4 2026 working-capital contribution from normal Q4 seasonality.
- The extent of Q4 Value Creation Program savings, expected at mid-hundreds of millions of euros and approximately double the Q3 2026 amount.
- The effect of broadly stable Q4 pricing, memory-chip and recall-cost headwinds, and estimated €1.0 billion of full-year net tariff costs.
- Progress toward positive Industrial free cash flows in 2027.
Balance sheet and cash flow
- Industrial available liquidity was €42,652 million at September 30, 2026, versus €45,711 million at December 31, 2025.
- Total Available liquidity was €46,480 million at September 30, 2026, versus €49,795 million at December 31, 2025.
- Cash, cash equivalents and financial securities were €32,489 million at September 30, 2026, versus €31,508 million at December 31, 2025.
- Debt was €(55,999) million at September 30, 2026, versus €(45,947) million at December 31, 2025.
- Industrial net financial position was €5,400 million at September 30, 2026, versus €6,694 million at December 31, 2025.
- Net financial position was €(22,537) million at September 30, 2026, versus €(13,655) million at December 31, 2025.
- YTD 2026 Capital Expenditures were €5,320 million versus €7,452 million; Total Capital Expenditures & Investment were €7,743 million versus €9,768 million.
- YTD 2026 Capital Expenditures and Investments as a percent of Net revenues were 6.5 % versus 8.8 %.
- Industrial available liquidity closed at €42.7 billion, representing 26% of trailing 12-month Net revenues and remaining within the Company's targeted 25-30% liquidity range.
Analysis
Stellantis delivered modest top-line growth in Q3 2026, with Net revenues increasing 1% year-over-year to €37,611 million. Enlarged Europe and South America each grew revenue 3%, but North America declined 3%, Middle East & Africa fell 19%, and Asia Pacific declined 7%. Consolidated shipments decreased 1% to 1,286 000's units, highlighting that revenue growth was narrow and supported by region-specific volume and foreign-exchange factors rather than broad shipment expansion.
Profitability improved sharply against a Q3 2025 period affected by significant items. Net loss narrowed to €(453) million from €(4,532) million, while adjusted operating income rose to €256 million from €90 million and the AOI margin increased to 0.7% from 0.2%. North America improved from a €(475) million AOI loss to €64 million, supported by positive net pricing and industrial cost savings. Asia Pacific also returned to positive AOI. Enlarged Europe was the principal operating weakness, with AOI declining to €(311) million from €157 million as negative net pricing and unfavorable mix outweighed higher volumes and cost savings.
Cash generation remained negative despite improvement. Q3 cash flows from operating activities were €(3,930) million and Industrial free cash flows were €(4,009) million, versus €(4,304) million a year earlier. Year-to-date Industrial free cash flows were €(4,930) million. Industrial available liquidity was €42,652 million at September 30, 2026, while Industrial net financial position was €5,400 million. The Company reported €(55,999) million of debt and €32,489 million of cash, cash equivalents and financial securities.
Management reaffirmed FY 2026 guidance for a Mid-Single Digit % increase in Net revenues, a Low-Single Digit % AOI margin, and improved year-over-year Industrial free cash flows, including ∼€1.6B in cash payments related to H2 '25 charges. The release frames Q4 around higher consolidated shipment volumes, stable pricing, positive seasonal working capital, and accelerating Value Creation Program savings. Countervailing items include estimated full-year net tariff costs of €1.0 billion, memory-chip and recall-cost headwinds, and cash outflows related to H2 '25 charges estimated at approximately €1.6B.
The reported period shows substantial earnings improvement relative to the prior-year quarter, but the recovery remains incomplete. The 0.7% Q3 AOI margin, negative quarterly Industrial free cash flows and losses in Enlarged Europe leave execution in North America, European pricing and mix, and Q4 working-capital delivery central to the reaffirmed full-year objectives. Stellantis also retained its expectation of positive Industrial free cash flows in 2027.
Management, verbatim
During the quarter, we continued to make progress in the early execution of our FaSTLAne 2030 plan, launching new products, accelerating partnerships as planned, and delivering meaningful improvements in manufacturing and quality. At the same time, our Value Creation Program has ramped up rapidly, with positive contributions being recognized in the quarter, and we remain on track to implement at least 40% of the total €6 billion in run-rate efficiencies by the end of this year. As a result, we reaffirm our 2026 guidance, and our expectation of positive Industrial Free Cash Flow in 2027.
Antonio Filosa, CEO
Not in the filing
stated, not guessed- Gross margin was not reported.
- Operating expenses were not reported as a separate line item.
- Tax rate was not reported.
- Prior-quarter comparative figures were not reported for the listed Q3 metrics.
- No dividends, share repurchases or other capital-return figures were reported.
- No previous outlook section was provided, so actual results cannot be compared with prior guidance.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.