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 6–6.5% year-over-year to €38.1 billion, supported by shipment growth across most regions and strong product launches.

• Adjusted operating income reached €1.0 billion (up 194% year-over-year), 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: €38.1 billion (+6–6.5% YoY); net profit: €377 million (vs. €387 million loss YoY).

• Adjusted operating income: €960 million–€1.0 billion, AOI margin: 2.5% (up 160 bps YoY).

• Adjusted diluted EPS: €0.21, up from €0.04 in Q1 2025.

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

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.

• Ten new vehicles and six refreshed models planned for 2026 to sustain momentum.