Stellantis N.V. (STLA) Earnings
Stellantis N.V. is expected to report next earnings on October 27, 2026 (in NaN days). STLA has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -145.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.27 | $0.14 | -48.4% | $49.7B | +1.5% |
| Apr 30, 2026 | $1.49 | $0.16 | -89.2% | $43.9B | -49.2% |
| Oct 30, 2025 | $0.41 | $-0.91 | -321.9% | $87.4B | -0.6% |
| Apr 30, 2025 | $0.25 | $-0.05 | -121.8% | $74.4B | +1.2% |
| Oct 31, 2024 | $2.40 | $2.00 | -16.7% | $91.4B | -2.2% |
| Apr 30, 2024 | $2.49 | $2.72 | +9.2% | $100.3B | -1.7% |
| Oct 31, 2023 | $2.88 | $3.89 | +35.1% | $107.3B | +1.7% |
| May 3, 2023 | $2.71 | $3.00 | +10.7% | $98.0B | +2.2% |
| Nov 3, 2022 | $2.35 | $2.65 | +12.8% | $92.2B | +4.7% |
| Feb 23, 2022 | $0.11 | $2.71 | +2363.6% | $87.3B | +5.8% |
| Aug 3, 2021 | $1.49 | $-0.72 | -148.3% | $89.3B | +3.3% |
| Mar 3, 2021 | $0.87 | $1.39 | +59.2% | $35.1B | +7.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Financial and Operational Progress - All key Q2 2026 financial metrics improved significantly year-over-year, demonstrating the company is on track to meet its Fast Lane 2030 strategic targets set at the May 2026 Investor Day. - Production efficiency improved 870 basis points YoY in North America and 170 basis points YoY in Europe. 3-month in-service vehicle quality improved 38% YoY in North America and 24% YoY in Europe. ### New Product Launches and Market Coverage - In H1 2026, Stellantis launched 3 all-new models (RAM 1500 TRX SRT, DS 7, Fiat Grande Panda) and 6 refreshed models, with 9 additional new/refreshed vehicles planned for launch in the remainder of 2026, all targeted to launch on time, on cost, and on quality. - Regional product highlights include strong performance from the Ram Dakota in Brazil, growth from the new Chrysler Pacifica in North America, and strong demand for smart car platform models (Citroën C3, Opel Frontera, Fiat Grande Panda) in Europe. Upcoming 2026 launches include the Jeep Recon BEV and Jeep Grand Wagoneer REV in North America. - North America achieved 4 consecutive quarters of YoY sales growth, with Q2 sales up 6% YoY and overall market share up 40 basis points (50 basis points in the U.S.). Mexico posted its strongest Q2 on record. - Leap Motor sales in Europe increased sixfold YoY, making it the fifth largest Chinese automotive brand in the region. - APAC has localized Leap Motor assembly in Malaysia for the C10, with the B10 launch on track for Q3 2026, and a new partnership with Dongfeng to develop and manufacture Peugeot and Jeep models in China. ### Strategic Priorities 1. **Expand market coverage**: Past product gaps reduced market share in North America and Europe; Fast Lane 2030 will refresh the portfolio to reach ~90% market coverage in both regions, driving growth. Early 2026 results already show market share gains. 2. **Reduce industrial costs**: The company's Value Creation Program (VCP) is targeted to deliver 6 billion euros in annual run-rate cost reductions by 2028. Management is on track to implement 40% of all VCP initiatives by the end of 2026, driving 2.4 billion euros in AOI benefits in 2027, plus partial benefits from additional 2027 initiatives. 3. **Improve quality**: After past underperformance, quality has improved dramatically over the past year. Fast Lane 2030 provides additional resources to reach top-quartile quality across all regions and segments by 2028.
Guidance
- Management reaffirms its full-year 2026 financial guidance, as well as the expectation of achieving positive industrial free cash flow in 2027. - Net tariff expenses for full-year 2026 are now projected to be 1 to 1.2 billion euros, a modest improvement from the prior 1.3 billion euro guidance. - Full-year 2026 CAPEX and R&D spending is expected to remain 6.5% to 7% of net revenues, consistent with the Fast Lane 2030 plan. CAPEX will increase in the second half of 2026, with growth starting in Q3 and continuing into Q4. - Approximately 2 billion euros in total payments related to H2 2025 charges are expected in 2026, with 0.9 billion euros already paid in H1 2026. - H2 2026 financial performance is expected to be weighted toward Q4: Q3 will be impacted by summer production shutdowns and continued raw material inflation, while Q4 will benefit from higher volumes and an accelerated ramp-up of VCP cost savings. - Revenue for 2027 is expected to grow moderately as an intermediate step between 2026 results and the 2028 Fast Lane target of 175 billion euros in total revenue.
Segment performance
Stellantis posted consolidated Q2 2026 net revenues of 43.5 billion euros, up 13% year-over-year, with consolidated shipments of 1.6 million units (up 10% YoY). Adjusted Operating Income (AOI) was 773 million euros, an improvement of 560 million euros YoY, with an AOI margin of 1.8% (up 120 basis points YoY). Industrial free cash flow was positive 1 billion euros, up 1 billion euros YoY. By regional segment: 1. North America: AOI of 284 million euros, AOI margin of 1.6%, representing a 724 million euro YoY improvement. Shipments were up 38% YoY, driven by new product launches and pre-summer shutdown inventory build. 2. Europe: AOI was negative 94 million euros, a 265 million euro YoY improvement. Pricing pressure offset benefits from improved manufacturing efficiency, purchasing cost savings, and the non-recurrence of 474 million euros in 2025 recall costs. Stellantis brand sales were up 3% YoY, and BEV sales were up 20% YoY (61% including Leap Motor models), with the company holding 28% market share (number one position) in European light commercial vehicles. 3. South America: AOI of 402 million euros, in line with prior year after excluding the non-recurrence of 334 million euros in Brazilian indirect tax credits. Volume was slightly down YoY, but Stellantis maintains clear regional leadership with over 26% market share in both Brazil and Argentina. 4. Middle East and Africa: AOI of 329 million euros, achieved despite an 8% decline in total industry volumes due to ongoing regional conflict. Market share increased 20 basis points, with Stellantis holding the number one position in light commercial vehicles and number two position overall. 5. Asia Pacific: AOI was up 35% YoY to 27 million euros, with industrial cost improvements offsetting foreign exchange headwinds. June deliveries reached a six-month high, with localized Leap Motor assembly launched in Malaysia.
Risks & headwinds
- Pricing pressure in Europe continues to act as a headwind to profitability, partially offsetting improvements in manufacturing and purchasing efficiency. - Raw material costs are expected to be an increasing headwind in H2 2026 compared to H1 2026. - Ongoing regional conflict in the Middle East resulted in an 8% decline in total industry volumes in the Middle East and Africa region. - Jeep Cherokee faces elevated tariff costs due to its current production location, limiting near-term volume expansion. - Total inventory increased 20% YoY to 1.4 million units, driven by new product launches and temporary pre-summer shutdown inventory build, though management expects inventory to decline meaningfully in July.
Analyst Q&A
Q: Given strong shipment growth in North America, why has margin not improved as expected, and what will drive margin expansion into 2027? /
A: Management confirms the trajectory of improvement is positive, with Q2 2026 AOI up meaningfully versus Q1 2026 (net of one-time refunds). The two primary headwinds to North American margins are remaining quality gaps (which drive higher warranty and recall costs) and an industrial cost gap. The VCP program will deliver 6 billion euros in total annual run-rate cost savings by 2028, with 40% of initiatives implemented by end of 2026 for 2.4 billion euros in AOI benefits starting in 2027. VCP targets three core cost areas: direct material costs (via purchasing negotiation and technical design improvements), manufacturing efficiency (which has already improved 870 basis points YoY in North America), and logistics/distribution optimization.
Q: What is the timeline for volume and production growth driven by new products to improve North American plant utilization and operating leverage? /
A: Management confirms that past product gaps have limited market share gains and plant utilization, but the company is currently developing high-volume competitive new products that will launch starting in 2028. Near-term priorities are improving quality (to reduce warranty costs) and cutting industrial costs via VCP, while rolling out smaller new product launches (including the 2026 Jeep Recon BEV and Jeep Grand Wagoneer REV) to gradually grow volumes ahead of the 2028 high-volume product wave.
Q: What tailwinds will drive H2 2026 performance, particularly positive mix and pricing in North America? /
A: Key tailwinds include accelerating VCP cost savings, with 40% of initiatives implemented by end of 2026 driving cost benefits starting in Q4. Mix will benefit from seasonality (rental sales are concentrated in H1, improving channel mix in H2) and the launch of new high-margin models like the Ram 1500 TRX SRT. Pricing is expected to be constructive in North America and stable across other regions, offsetting raw material inflation headwinds.
Q: Of the 2.4 billion euros in 2027 VCP benefits, how much will flow to AOI, and how much will be invested in pricing/market share? How much North American margin improvement comes from cost reduction versus higher plant utilization? /
A: Management confirmed that all 2.4 billion euros in 2027 VCP savings will flow directly to AOI. For North American margin recovery, the largest improvements come from material cost reduction and quality improvements (lower warranty costs). Higher plant utilization will deliver additional efficiencies, but its impact is much smaller than that of cost and quality improvements.
Q: How is the Ram 1500 full-size pickup performing in the U.S. market, given elevated inventory and reported incentives? /
A: Ram 1500 has reversed its prior year-over-year share decline following the reintroduction of the HEMI V8 engine, and now holds over 20% segment share, with consistent share gains over the past 12 months. Current elevated inventory and incentives are tied to a normal model year transition, and the company is leveraging existing stock to accelerate sales during the transition, while maintaining constructive pricing for the new model year.