After moving back into profit at the start of the year, Stellantis confirmed its turnaround in the second quarter of 2026. Between April and June, the automotive group delivered net profit of 293 million euros, reversing the 1.87 billion euro loss recorded in the same period of 2025.
It may not be a blockbuster figure for a manufacturer of this size, yet it marks another step in the right direction. This is particularly notable given the backdrop of trade tariffs, higher raw-material costs, pricing pressure in Europe, and expenses linked to recall campaigns.
Higher revenue, but margins remain slim
Stellantis’ net revenues reached 43.5 billion euros in the second quarter, up 13% from the 38.4 billion euros posted a year earlier.
Adjusted operating income rose from 213 million to 773 million euros, an increase of 263%. As a result, the adjusted operating margin improved from 0.6% to 1.8%.
This is a meaningful improvement, but the margin is still well below the double-digit levels Stellantis has achieved in the past. Even so, every region finished the quarter with positive operating results, with the exception of Enlarged Europe.
North America lifts Stellantis again
The main driver of the recovery came from across the Atlantic. Stellantis’ revenues in North America increased by 32% to 18.2 billion euros, in line with a 38% rise in vehicle deliveries.
The region shifted from an adjusted operating loss of 440 million euros to a positive result of 284 million. New products, better operational efficiency, and lower regulatory charges all supported this change.
Models such as the Ram 1500, which once again offers the HEMI V8 engine, the Jeep Grand Wagoneer, the Jeep Cherokee hybrid, and the Chrysler Pacifica were among the key contributors to growth. Stellantis sales in the United States rose by 6% in a market that edged down slightly.
In Europe, the picture is less encouraging. Deliveries increased by 5%, driven by the FIAT 500 and Grande Panda, Citroën C3 Aircross, Opel Frontera, Jeep Compass, and Leapmotor models. However, revenues were virtually unchanged at 16.4 billion euros due to ongoing price pressure.
The region remained loss-making, with an adjusted operating loss of 94 million euros. Nevertheless, this is an improvement compared with the 359 million euros lost in the second quarter of 2025.
First half of the year is back in profit
Across the first two quarters combined, Stellantis generated revenues of 81.6 billion euros, up 10% versus the first half of 2025.
Cumulative net profit reached 670 million euros, compared with a 2.26 billion loss a year earlier. Adjusted operating income more than tripled to 1.73 billion euros, while the margin increased from 0.7% to 2.1%.
In the first quarter, Stellantis had already reported net profit of 377 million euros and revenues of 38.1 billion.
The second half will not be straightforward
Stellantis reiterated its 2026 guidance, projecting revenue growth of close to 5%, an adjusted operating margin of around 1% to 3%, and an improvement in industrial free cash flow compared with 2025.
However, it expects trade tariffs to have a net impact of between 1 billion and 1.2 billion euros over the year. In the first half, that cost stood at 300 million euros, already after a 400 million reimbursement linked to tariffs applied in the United States.
Raw-material inflation, the cost of recall campaigns (recall) in North America, and competitive pressure from Chinese rivals in Europe will continue to weigh. In addition, the third quarter will be affected by the usual summer production stoppages, leading Stellantis to rely on the final three months of the year for a significant part of its recovery.
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