Stellantis (STLAM) Q2 2026 earnings summary

Executive summary

• Net revenues rose 13% year-over-year to €43.5 billion in Q2 2026, led by a 32% increase in North America and 6% in South America, while Enlarged Europe was flat and other regions slightly declined.

• Net profit reached €293 million, reversing a loss in Q2 2025, driven by higher volumes and improved operating performance.

• Adjusted operating income was €773 million, with a margin of 1.8%, up 120 bps year-over-year; all regions except Enlarged Europe delivered positive AOI margins.

• Industrial free cash flows improved to €1.0 billion, a €1.0 billion increase from Q2 2025, reflecting stronger operations.

• The FASTLAne 2030 strategic plan is underway, and 2026 financial guidance is reaffirmed.

Financial highlights

• Q2 2026 net revenues: €43.5 billion (+13% YoY); net profit: €293 million (vs. €-1,869 million in Q2 2025).

• Adjusted operating income: €773 million (+263% YoY); AOI margin: 1.8% (+120 bps YoY).

• Diluted EPS: €0.07 (vs. €-0.65 in Q2 2025); Adjusted diluted EPS: €0.12 (down 20% YoY).

• Industrial free cash flows: €1.0 billion (vs. €31 million in Q2 2025).

• Industrial available liquidity: €44.1 billion, 27% of trailing 12-month net revenues.

Outlook and guidance

• 2026 guidance reaffirmed: mid-single digit % increase in net revenues, low-single digit AOI margin, improved industrial free cash flows (including €2B in cash payments related to H2 2025 charges).

• Positive industrial free cash flows expected in 2027.

• H2 2026 performance expected to be weighted toward Q4 due to Q3 production shutdowns and ongoing operational improvements.

• Full-year capital expenditures and R&D spending estimated at 6.5%-7.0% of net revenues.

• Long-term targets: €175B net revenues and 5% AOI margin in 2028; €190B net revenues and 7% AOI margin in 2030.