Net revenues of €153.5 billion, down 2% compared to 2024, mainly due to FX headwinds and also from H1 2025 net pricing declines
Net loss of €22.3 billion due to €25.4 billion of full year unusual charges, primarily reflects a strategic shift to put customer preferences and freedom-of-choice back at the heart of the Company's plans
Adjusted operating loss(2) of €842 million with AOI margin(3) of (0.5)%, AOI negatively impacted by a number of specific items
Industrial free cash flows(4) were negative €4.5 billion
H2 2025, the first full 6 months of the renewed leadership team, saw improvements in revenue growth and IFCF(4). Top-line growth was re-established with a 10% year-over-year increase in Net revenues. H2 2025 IFCF(4) of negative €1.5 billion represents approximately 50% improvement compared to H1 2025, and 73% improvement compared to H2 2024
Industrial available liquidity(9) was €46 billion at the end of 2025. To preserve a strong balance sheet the Board authorized the suspension of the 2026 dividend and the issuance of up to €5 billion of hybrid bonds
New product wave broadens market coverage with added white-space products and powertrain options across North America, Enlarged Europe, South America and Middle East & Africa targeting profitable growth opportunities
2026 Financial Guidance Affirmed. Company expects to progressively improve Net revenues, AOI margin(3) and Industrial free cash flows(4) in 2026, and to see progressive improvements from H1 2026 to H2 2026
"Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers' freedom to choose from the full range of electric, hybrid and internal combustion technologies." "In the second half of the year we began to see initial, positive signs of progress with the early results of our drive to improve quality, strong execution of the launches of our new product wave and a return to top line growth. In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth." Antonio Filosa, CEO
2026 Dodge Charger SIXPACK - 2026 NA Car of the Year®
€ million / units million
FY 2025
FY 2024
Change
H2 2025
H2 2024
Change
FY 2026 FINANCIAL GUIDANCE Net revenues: Mid-Single Digit % Increase AOI margin(3): Low-Single Digit % Industrial free cash flows(4): Improved Y-o-Y (incl. €2B in 2026 payments related to H2 '25 charges) Expect Positive Industrial free cash flow(4) in 2027
IFRS
Net revenues
153,508
156,878
(2)%
79,247
71,861
+10%
Net profit/(loss)
(22,332)
5,520
n.m.
(20,076)
(127)
n.m.
Diluted EPS
(7.75)
1.84
n.m.
(6.96)
(0.05)
n.m.
Cash flows from operating activities(5)
(4,650)
1,535
n.m.
(2,363)
(2,435)
+3%
NON - GAAP
Adjusted operating income/(loss)(2)
(842)
8,648
(110)%
(1,382)
185
n.m.
Adjusted operating income margin(3)
(0.5)%
5.5%
(600)
bps
(1.7)%
0.3%
(200)
bps
Adjusted diluted EPS(5)
(0.42)
2.48
(117)%
(0.60)
0.08
n.m.
Industrial free cash flows(4)
(4,525)
(6,045)
+25%
(1,520)
(5,653)
+73%
Consolidated shipments(1)
5,484
5,415
+1%
2,820
2,543
+11%
Combined shipments(1)
5,573
5,526
+1%
2,883
2,595
+11%
________________________________________________________________________________________________________________________________________
All reported data is unaudited. Reference should be made to the section "Safe Harbor Statement" included elsewhere within this documentn.m - not meaningful
AMSTERDAM, February 26, 2026, Stellantis N.V. reported its Full Year 2025 results, with Net revenues of €153.5 billion, down 2% from 2024 due to strong FX headwinds and H1 2025 net pricing declines, which were partially offset by higher volume and mix. The Company posted a Net loss of €22.3 billion, driven by €25.4 billion in charges primarily related to a profound strategic shift to meet customer preferences, and reflect shifts in regulatory frameworks.In 2026, Stellantis' expanding product wave is broadening market coverage and targeting new opportunities for profitable growth. For example, in North America, the Jeep® Cherokee and Dodge Charger SIXPACK mark a decisive re‑entry into the mid‑SUV and ICE muscle‑car segments, with additional momentum expected from the late‑2025 launch of the Ram 1500 HEMI® V8 and Express models. In South America, the mid-size pickup Ram Dakota anchors the lineup, while in Enlarged Europe, the Citroën C5 Aircross BEV, the Jeep® Compass BEV and the recently launched Fiat 500 Hybrid further strengthen the Company's ability to meet the full range of its customers' needs.
Company Delivers Return to Top-Line Growth in H2 2025Stellantis delivered a solid performance in the second half of 2025, with consolidated shipments reaching 2.8 million units—an increase of 277,000 vehicles, or +11% year-over-year. Growth was broad-based, with every region reporting higher volumes.
North America posted the strongest contribution, adding 231,000 units—a +39% year-over-year increase, reflecting the benefits of normalized inventory dynamics, compared with the prior year's inventory reduction initiative, along with increased commercial momentum in the region.
Stellantis' Net revenues in H2 2025 rose 10% compared with the same period in 2024.
These results reflect the initial impact of improved operational efficiencies, disciplined commercial strategies, and the strength of Stellantis' global brand portfolio. Furthermore, the renewed focus on quality management is delivering early results, with the number of issues reported for vehicles in their first month of service decreasing by over 50% in North America, and by over 30% in Enlarged Europe since the beginning of 2025.
Executes Decisive Reset to Align with Customers and Support Profitable GrowthOn February 6, 2026, Stellantis announced a major reset of its business, resulting in approximately €22.2 billion in charges, excluded from AOI, for the second half of 2025, of which about €6.5 billion are cash payments expected to be made over the next four years. These charges include:
Resetting the product plan and EV supply chain to reflect customer demand and shifting regulations;
A change in the estimation process for contractual warranty provisions; and
Other charges, mainly related to previously announced workforce reductions in Enlarged Europe.
In addition, the reset has empowered regional teams to accelerate decision-making and improve effectiveness across all business areas, while working to build closer, more productive relationships with the Company's dealer, supplier, institutional and union stakeholders.
2026 Guidance Reiterated Projecting Progressive Improvement in Net Revenue, AOI, and IFCFThe Company expects to see a mid-single-digit percent increase in Net revenues, a low-single-digit AOI margin, and improved Industrial free cash flow generation year over year. Sequential improvement is also expected from the first half to the second half of the year.
Upcoming Events
Full Year 2025 Results Management Call - February 26, 2026, at 2:00 p.m. CET / 8:00 a.m. EST. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website (www.stellantis.com).
Annual General Meeting - April 14, 2026.
Beginning with Q1 2026 results on April 30, Stellantis will transition to quarterly reporting of earnings and other financial results.
Stellantis Investor Day - May 21, 2026, Auburn Hills, Michigan & virtually through webcast. Registration is now open.
About StellantisStellantis N.V. (NYSE:STLA, PARIS:STLAP) is a leading global automaker, dedicated to giving its customers the freedom to choose the way they move, embracing the latest technologies and creating value for all its stakeholders. Its unique portfolio of iconic and innovative brands includes Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. For more information, visit https://www.stellantis.com.
FULL YEAR 2025 SEGMENT PERFORMANCE
NORTH AMERICA
ENLARGED EUROPE
€ million, except as otherwise stated
2025
2024
Change
€ million, except as otherwise stated
2025
2024
Change
Shipments (000s)
1,472
1,432
+40
Shipments (000s)
2,490
2,576
(86)
Net revenues
60,962
63,450
(2,488)
Net revenues
57,773
59,010
(1,237)
AOI
(1,892)
2,660
(4,552)
AOI
(651)
2,419
(3,070)
AOI margin
(3.1)%
4.2%
(730)
bps
AOI margin
(1.1)%
4.1%
(520)
bps
Shipments up 3%, mainly due to increase in Ram LD trucks, Jeep® Wrangler and Gladiator and Chrysler Pacifica, partially offset by Ram Promaster and Jeep® PHEVs
Net revenues down 4%, driven largely by foreign exchange impacts from U.S. Dollar and higher incentives levels, partially offset by increased volume, specifically in U.S. retail
Adjusted operating income/(loss) down €5 billion, mainly driven by unfavorable mix, U.S. tariffs, change in estimate for contractual warranties and increased incentive spend, partially offset by purchasing and manufacturing performance and improved retail volumes
Shipments down 3%, mainly due to lower shipments of legacy models of Peugeot, Opel and FIAT brands, partially offset by higher volumes of Opel/Vauxhall Frontera and Fiat Grande Panda
Net revenues down 2%, due to pricing pressures and reduced volumes, partially offset by positive powertrain and trim mix
Adjusted operating income/(loss) down €3 billion, driven by unfavorable pricing and mix, lower volumes, and higher industrial costs related to warranty and LCV compliance provisions, partially mitigated by improved purchasing and manufacturing performance
MIDDLE EAST & AFRICA
SOUTH AMERICA
€ million, except as otherwise stated
2025
2024
Change
€ million, except as otherwise stated
2025
2024
Change
Combined shipments(1) (000s)
542
534
+8
Shipments (000s)
1,000
912
+88
Consolidated shipments(1) (000s)
453
423
+30
Net revenues
16,197
15,863
+334
Net revenues
9,709
10,097
(388)
AOI
1,963
2,272
(309)
AOI
1,429
1,901
(472)
AOI margin
12.1%
14.3%
(220)
bps
AOI margin
14.7%
18.8%
(410)
bps
Consolidated shipments up 7%, mainly driven by increased volumes in Türkiye, partially offset by decreases in Algeria
Net revenues down 4%, primarily due to negative foreign exchange translation effects, mainly from Turkish Lira, partially offset by strong increases in net pricing
Adjusted operating income/(loss) down €472 million, primarily due to negative foreign exchange transaction and translation effects primarily related to Turkish Lira, partially offset by increased pricing actions
Shipments up 10%, driven primarily by increased volumes in Argentina, Brazil and Chile
Net revenues up 2%, driven by increased volume, mainly in Argentina, largely offset by foreign exchange impacts from Brazilian Real and Argentine Peso
Adjusted operating income/(loss) down €309 million, driven by Brazilian Real devaluation impact on industrial costs and Argentine Peso devaluation impact on price in Argentina, partially offset by better volume/mix and a benefit from recognition of Brazilian indirect tax credits
CHINA AND INDIA & ASIA PACIFIC
MASERATI
€ million, except as otherwise stated
2025
2024
Change
€ million, except as otherwise stated
2025
2024
Change
Combined shipments(1) (000s)
61
61
—
Shipments (000s)
7.9
11.3
(3.4)
Consolidated shipments(1) (000s)
61
61
—
Net revenues
726
1,040
(314)
Net revenues
1,868
1,993
(125)
AOI
(198)
(260)
+62
AOI
74
(58)
+132
AOI margin
(27.3)%
(25.0)%
(230)
bps
AOI margin
4.0%
(2.9)%
+690
bps
Improved results due to better mix mainly driven by higher Ram sales and fixed costs containment, partially offset by unfavorable foreign exchange translation impacts
Lower R&D and reduced D&A costs from previously impaired assets, partially offset by decreased net pricing in NA and lower volumes from reduced product portfolio, U.S. tariffs and reduced appetite for luxury products in China
H2 2025 PERFORMANCE
(€ million)
H2 2025
H2 2024
Change
IFRS
Net revenues
79,247
71,861
+10%
Net profit/(loss)
(20,076)
(127)
n.m.
Diluted EPS
(6.96)
(0.05)
n.m.
Cash flows from operating activities(5)
(2,363)
(2,435)
3%
NON-GAAP
Adjusted operating income/(loss)(2)
(1,382)
185
n.m.
Adjusted operating income margin(3)
(1.7)%
0.3%
(200)
bps
Adjusted diluted EPS(6)
(0.60)
0.08
n.m.
Industrial free cash flows(4)
(1,520)
(5,653)
73%
NORTH AMERICA
ENLARGED EUROPE
€ million, except as otherwise stated
H2 2025
H2 2024
Change
€ million, except as otherwise stated
H2 2025
H2 2024
Change
Shipments (000s)
825
594
+231
Shipments (000s)
1,201
1,189
+12
Net revenues
32,764
25,097
+7,667
Net revenues
28,532
29,041
(509)
AOI
(941)
(1,706)
+765
AOI
(660)
359
(1,019)
AOI margin
(2.9)%
(6.8)%
+390
bps
AOI margin
(2.3)%
1.2%
(350)
bps
MIDDLE EAST & AFRICA
SOUTH AMERICA
€ million, except as otherwise stated
H2 2025
H2 2024
Change
€ million, except as otherwise stated
H2 2025
H2 2024
Change
Combined shipments(1) (000s)
291
261
+30
Shipments (000s)
529
518
+11
Consolidated shipments(1) (000s)
228
209
+19
Net revenues
4,765
5,092
(327)
Net revenues
8,428
8,496
(68)
AOI
661
854
(193)
AOI
775
1,122
(347)
AOI margin
13.9%
16.8%
(290)
bps
AOI margin
9.2%
13.2%
(400)
bps
CHINA AND INDIA & PACIFIC
MASERATI
€ million, except as otherwise stated
H2 2025
H2 2024
Change
€ million, except as otherwise stated
H2 2025
H2 2024
Change
Combined shipments(1) (000s)
33
29
+4
Shipments (000s)
3.7
4.8
(1.1)
Consolidated shipments(1) (000s)
33
29
+4
Net revenues
357
409
(52)
Net revenues
945
921
+24
AOI
(59)
(178)
+119
AOI
55
(115)
+170
AOI margin
(16.5)%
(43.5)%
n.m.
AOI margin
5.8%
(12.5)%
n.m.
Reconciliations - Full Year
Net revenues from external customers to Net revenues and Net profit to Adjusted operating income
2025
(€ million)
NORTH AMERICA
ENLARGED EUROPE
MIDDLE EAST & AFRICA
SOUTH AMERICA
CHINA AND INDIA & ASIA PACIFIC
MASERATI
OTHER(*)
STELLANTIS
Net revenues from external customers
60,962
57,602
9,708
16,031
