Stellantis (STLAM) Q4 2025 earnings summary

Executive summary

• 2025 was a reset year with net revenues of €153.5 billion, a net loss of €22.3 billion driven by €25.4 billion in unusual charges, and significant costs incurred to realign the business and prioritize customer-centricity, setting the stage for profitable growth in 2026.

• H2 2025 saw a return to top-line growth, with net revenues up 10% year-over-year and shipment increases across all regions, especially in North America and Europe.

• Strategic reset included product plan realignment, resizing the EV supply chain, warranty provision changes, and workforce reductions.

• Major investments and product launches, including over 10 new vehicles and a focus on ICE, BEV, and hybrid powertrains, are expected to drive growth.

• The company is committed to operational execution, quality improvements, and regional empowerment for long-term profitability.

Financial highlights

• Consolidated shipments reached 5.5 million units, up 1% year-over-year, with growth in South America, North America, and Middle East & Africa, offset by declines in Europe.

• Net revenues for 2025 were €153.5 billion, down 2% year-over-year, mainly due to FX headwinds and H1 pricing declines.

• Adjusted operating loss was €842 million, with an AOI margin of -0.5%.

• Net loss of €22.3 billion, primarily non-cash, due to strategic shifts and regulatory changes.

• Industrial free cash flow was negative €4.5 billion for the year, but H2 showed a 73% year-over-year improvement.

• Industrial liquidity ended at €46 billion, 30% of revenues, at the upper end of the target range.

Outlook and guidance

• 2026 guidance targets a mid-single-digit percentage increase in net revenues, low-single-digit AOI margin, and improved industrial free cash flows, with positive free cash flow expected in 2027.

• Revenue growth is expected from expanded product launches and improved mix, with CapEx expected to remain flat in 2026.

• Sequential improvements anticipated from H1 to H2 2026.