Stellantis (NYSE:STLA) reported a return to profitability in the first quarter of 2026, as the transatlantic automaker began to see the fruits of a restructuring plan aimed at reversing last year’s steep losses.
Net revenues rose 6% to €38.1 billion, underpinned by a 12% jump in vehicle shipments across its global portfolio, with North America serving as the primary engine for the top-line growth.
The company, which owns brands including Jeep, Ram, and Peugeot, posted a net profit of €0.4 billion, a significant swing back into the black following a tumultuous fiscal 2025.
Adjusted operating income reached €1 billion, yielding a margin of 2.5%.
While industrial free cash flow remained negative at €1.9 billion—a result the company attributed to typical first-quarter seasonality—the figure represented a 37% improvement compared to the same period last year.
The results follow a period of intense pressure for CEO Antonio Filosa, who has moved to "normalize" inventory levels and refresh the aging lineup in the high-margin U.S. market.
Shipments in North America grew 17% during the quarter, bolstered by the momentum of the Ram 1500 and the all-new Jeep Cherokee.
To fortify its balance sheet, Stellantis issued €5 billion in hybrid perpetual notes in March, helping to end the quarter with a robust liquidity position of €44.1 billion.
This represents approximately 28% of trailing 12-month revenues, keeping the automaker within its internal target range of 25% to 30%.
Stellantis confirmed its full-year 2026 guidance, which calls for mid-single-digit revenue growth and a low-single-digit adjusted operating margin.