Stellantis (STLAM) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a return to profitability, with net profit of €0.4 billion versus a loss in Q1 2025, driven by higher volumes and improved operating performance, especially in North America.

• Net revenues rose 6% year-over-year to €38.1 billion, supported by 12% shipment growth and strong product launches across all regions.

• Adjusted operating income reached €1.0 billion, with a margin of 2.5%, and most regions delivered positive results.

• Issued €5 billion in hybrid perpetual notes in March 2026, strengthening liquidity and capital flexibility.

• 2026 guidance confirmed, expecting further improvements in net revenues, margins, and industrial free cash flow.

Financial highlights

• Consolidated shipments reached 1.4 million units, up 12% year-over-year; net revenues up 6% to €38.1 billion; AOI up 194% to €1.0 billion; AOI margin improved to 2.5% (+160bps y-o-y).

• Adjusted diluted EPS at €0.21, up from €0.04 in Q1 2025; net profit at €0.4 billion, reversing a prior-year loss.

• Industrial free cash flow was negative €1.9 billion, a 37% or €1.1 billion improvement year-over-year.

• Industrial available liquidity stood at €44.1 billion, 28% of net revenues, within the 25-30% target range.

• Total inventory increased 11% year-over-year to 1.3 million units, supporting new product launches.

Outlook and guidance

• 2026 guidance confirmed: mid-single digit % increase in net revenues, low-single digit AOI margin, and improved industrial free cash flows.

• Sequential margin and profitability improvements anticipated in North America and Europe throughout 2026.

• Positive industrial free cash flows expected in 2027.

• CapEx for 2026 projected slightly below 7% of net revenues, with disciplined capital allocation.

• Revenue growth driven by expanded product portfolio; pricing trends expected to be neutral to nominally positive.