Stellantis (STLAM) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 marked a return to top-line growth, with consolidated shipments of 1.3 million units and net revenues of €37.2 billion, both up 13% year-over-year, led by a 35% increase in North America and positive growth in other regions.

• Announced a $13 billion U.S. investment program over four years to expand manufacturing, launch five new vehicles, create over 5,000 jobs, and support a multi-energy strategy.

• Six of ten planned 2025 vehicle launches were completed by Q3, supporting commercial momentum and market share gains in key regions.

• H2 2025 financial guidance confirmed, expecting improved net revenues, AOI margin in the low-single digits, and better industrial free cash flow versus H1 2025.

Financial highlights

• Consolidated shipments reached 1.3 million units, up 13% year-over-year, with North America up 35% and Enlarged Europe up 8%.

• Net revenues for Q3 2025 were €37.2 billion, up 13% from Q3 2024, driven by volume, mix, and strong North America performance.

• North America Q3 net revenues rose 29% to €16.0 billion, driven by Jeep Wrangler and Ram trucks.

• Pricing improved 2% year-over-year, with North America up 4% due to a low prior-year base.

• FX headwinds negatively impacted revenues by €1.7 billion, mainly due to U.S. Dollar devaluation.

Outlook and guidance

• H2 2025 guidance reaffirmed: net revenues, AOI margin, and industrial free cash flow expected to improve over H1 2025, with AOI margin in the low-single digits.

• Net tariff expenses for 2025 projected at €1 billion, down from €1.5 billion.

• Strategic and product plan changes, as well as warranty estimation process review, may result in one-off charges in H2 2025, largely excluded from AOI.