Latest Quarter Earnings Summary
Stellantis N.V. reported its Q2 2026 financial results on July 30, 2026, demonstrating top-line recovery alongside persistent margin pressures:
- Net Revenues:€43.5 billion, representing a 13% year-over-year increase compared to €38.5 billion in Q2 2025.
- Consolidated Shipments:1.6 million units, up 10% year-over-year, driven by shipment volume recovery in North America and Enlarged Europe.
- Adjusted Operating Income(AOI):€773 million, yielding an AOI margin of 1.8%(up 120 basis points year-over-year).
- Industrial Free Cash Flow:€1.0 billion, a significant turnaround from €31 million in the prior-year period.
- Full-Year Guidance:Reaffirmed FY 2026 outlook targeting mid-single-digit net revenue growth and low-single-digit AOI margin.
Revenue Breakdown by Business Segment and Region
According to Stellantis’ official segment disclosures for Q2 2026(total external net revenues of €43,482 million), the breakdown by geographic business region and activity is as follows:
- North America(41.8% of Net Revenue | €18,193 million):Encompasses primary SUV, truck, and passenger brands including Ram, Jeep, Chrysler, and Dodge.The segment focuses on light trucks, full-size pickup trucks, and minivans.
- Enlarged Europe(37.8% of Net Revenue | €16,423 million):Covers core European passenger car and light commercial vehicle brands such as Peugeot, Citroën, Fiat, Opel/Vauxhall, and Alfa Romeo.
- South America(9.9% of Net Revenue | €4,294 million):Driven by market-leading utility and passenger platforms, primarily under Fiat and Jeep brands in Brazil and Argentina.
- Middle East & Africa(5.9% of Net Revenue | €2,566 million):Focuses on commercial vehicle distribution, entry-level passenger vehicles, and regional assembly operations.
- Asia Pacific(1.1% of Net Revenue | €499 million):Includes import operations, joint-venture activities, and the strategic rollout of Leapmotor EV models.
- Other Activities & Unallocated(3.5% of Net Revenue | €1,507 million):Includes mobility solutions(Free2move), software services, spare parts logistics, and financial services subsidiaries.
Regional Developments Overview:
North America posted 6% year-over-year sales growth with market share rising 40 basis points to 7.4%, supported by strong demand for the Ram 1500 and Chrysler Pacifica.Mexico delivered record Q2 growth with sales up 17%.South America maintained strong market leadership, while Enlarged Europe faced price pressure despite shipment normalization.
Quarter Changes, Next Quarter Focus, and Future Outlook
Quarterly Changes and Key Operational Metrics:
- Industrial free cash flow turned positive at €1.0 billion, benefiting from reduced capital expenditures of €1.8 billion(down €0.8 billion year-over-year).
- Gross profit margin remained compressed at ~5.79% over the last twelve months, reflecting heavy promotional spending and EV transition costs.
Key Focus Areas for Next Quarter:
- Inventory Management:Monitoring U.S. dealer inventories, which stood elevated at 92 days of supply.
- Product Rollouts:Execution of the 19-vehicle product offensive scheduled for 2026, including key models like the Ram 1500 TRX SRT, DS Nº7, and Fiat Grande Panda ICE.
- Tariff Impact:Tracking net tariff expenses, currently projected at €1.0–1.2 billion for the full year 2026.
Future Outlook:
Management reaffirmed full-year 2026 targets of mid-single-digit revenue growth and low-single-digit AOI margin.Under the FaSTLAne 2030 plan, industrial free cash flow is projected to remain positive and expand toward 2027 as platform consolidation takes full effect.
Three-Month Stock Price Performance and Drivers
Over the past three months, Stellantis shares(NYSE: STLA) declined approximately 12.7%, trading around $5.01–$5.72 per share, near the lower bound of its 52-week range($4.59–$12.22).
Market Drivers Behind Performance:
- Margin Compression Concerns:Although top-line revenue rebounded by 13% in Q2 2026, the 1.8% AOI margin highlighted ongoing profitability challenges compared to industry peers.
- Inventory and Pricing Pressure:Concerns over 92 days of U.S. dealer inventory and intense EV price discounting in Europe created selling pressure.
- Macro headwinds:Trade tariffs and elevated component costs continued to constrain gross margin expectations.
Sources
- https://www.stellantis.com/en/investors
- https://www.stellantis.com/content/dam/stellantis-corporate/investors/events-and-presentations/other-documents/Financial-Fact-Sheet-H1-2026.pdf
- https://www.investing.com/news/company-news/stellantis-q2-2026-slides-revenue-up-13-margins-remain-pressured-93CH-4824773
- https://finimize.com/content/stla-asset-snapshot
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