I financial results for the first quarter of 2026 di Stellantis They tell a two-speed story: on the one hand growing revenues, return to profit and a recovering North America; on the other margins still weak in Europe and a industrial cash flow and remains negativeThe market, however, reacts negatively and the stock price falls on the stock exchange.
"With the start of quarterly reporting, the first three months of 2026 reflect the results of the actions taken to return Stellantis to a path of sustainable and profitable growth. The products launched in 2025 have been well received, and we are confident that the 10 new vehicles planned for 2026 will allow us to consolidate this momentum. Our priority is clear: putting customers at the center of everything we do, and we look forward to sharing further details at our Investor Day on May 21 in Auburn Hills," said CEO Antonio Filosa.
Stellantis' first quarter 2026 financial statements
In the first quarter of 2026 Stellantis recorded net revenues of 38,1 billion of euros, up 6% compared to 35,813 billion in the first quarter of 2025, slightly above market expectations (around 37,8 billion). global deliveriesvehicles rose to 1,361 million from 1,217 million, an increase of 12%, while combined deliveries reached 1,365 million from 1,233 million, an increase of 11%.
The group returns to Useful with a net profit of 377 million euros, reversing last year's loss of -387 million. Earnings per share also improved significantly: earnings per share diluted income goes from -0,13 euros to +0,14 euros, while the adjusted income rises to 0,21 euros from 0,04 euros.
Margins recovering, but cash flow remains negative
Il Operating income Revenue improved significantly, reaching €960 million, nearly three times the €327 million of last year and exceeding market expectations. The margin rose to 2,5%, compared to 0,9% previously, a sign of improvement, especially in North America.
However, the issue remains cash flow, still negative at -1,9 billion euros, although improving compared to the -3 billion in 2025. The figure partly reflects the typical seasonality of the period and some extraordinary costs.
La financial position It remains solid, however, with €44,1 billion in available liquidity, equal to approximately 28% of annual revenues, thus within the group's targets. €5 billion in new bonds were also issued during the quarter to strengthen the financial structure.
Stellantis by region: North America leads growth
Il North America remains the main driver of the group: deliveries grew by 17% to 379 thousand units, revenues of 16,1 billion (+11%) and a return to operating profit of 263 million, against a loss of -542 million, with a margin improving to 1,6% from -3,7%, driven by Ram and Jeep.
In Europe Deliveries increased by 12% to 637 units, but revenues rose by only 1% to 14,4 billion, while operating profit fell to 8 million euros from 292 million in 2025, with a sharp decline in margin to 0,1% from 2,1%.
In the rest of the world the picture is more stable: the Middle East e Africa remains very profitable with an operating profit of 282 million euros and a margin of 11,8%, while South America records 393 million euros with a margin of 10,8%. Asia Pacific remains loss-making with a negative operating result of -30 million euros and a margin of -6,9%, despite sales growth in India.
Stellantis 2026 Guidance Confirmed
La guidance for 2026 remains unchanged: mid-single-digit revenue growth, improved margins, and progressive strengthening of cash flow, with approximately €2 billion in extraordinary expenses. Final objective: return to positive cash flow by 2027.
A significant element of the quarter is the review of theimpact of US tariffs, now estimated at 1,3 billion euros in 2026, down from 1,6 billion previously, with a neutral effect in the quarter and a possible benefit of around 400 million euros linked to reimbursements.
Why Stellantis's stock price is falling despite its better results
Despite the improving numbers, the stock market reacts in the opposite way. title opens at Square Business Losing around 7% to 6,16 euros, it was immediately suspended at the start of trading and, upon reopening, it widened its losses, falling as much as 10% below the 6 euro mark, before partially recovering and settling around a drop of just over 7% around 9:30 am.
According to the analyst, the market reading is more cautious: Oddo speaks of “mixed” results, highlighting North America below expectations and weaker-than-expected cash flows. Amber It also highlights that without the €400 million tariff-related refund, North America would have recorded a negative margin of -0,8% instead of the reported +1,6%. Air Capital he adds that the presence of extraordinary components makes the results “less convincing”.
