Stellantis posted €43.5 billion in net revenue for the second quarter of 2026, a 13% year-over-year increase, with North America doing most of the heavy lifting at 32% growth. The result marks a return to profitability: net profit reached €300 million in Q2 2026 after a net loss of €1.869 billion in Q2 2025.
North America shipments hit 445,000 units, up 38% from Q2 2025, and net revenues for the region climbed to €18.193 billion. U.S. sales grew 6% against an industry that fell 0.3% in the same period, pushing Stellantis’s North American market share to 7.4%, up 40 basis points year-over-year. Ram pulled its weight: U.S. Ram sales rose roughly 11% year-over-year, and Ram in Brazil grew 10% for the quarter with a 30% spike in June alone. Individual U.S. nameplates that outperformed included Jeep Grand Wagoneer, up 43%; Ram 1500, up 9%; Dodge Durango, up 9%; and Chrysler Pacifica, up 7%.
Dealer inventory is a number worth watching alongside those sales figures. U.S. stock reached approximately 92 days of supply in June, up 43% year-over-year. Stellantis says the buildup is deliberate, intended to support new product launches, expand powertrain choice on lots, and cushion against the Q3 summer production shutdowns. Whether that inventory level reads as strategic preparation or an overhang from 2025’s difficult year depends on how the second half develops, and the company is explicit that H2 performance will be weighted toward Q4.
Adjusted operating income came in at €800 million for the quarter, a 1.8% margin, 120 basis points better than Q2 2025. Every region except Enlarged Europe posted a positive adjusted operating margin; Europe landed at negative 0.6%. Industrial free cash flow was €1.0 billion, a €1.0 billion improvement versus Q2 2025, with roughly €300 million of that improvement coming after accounting for cash outflows tied to second-half 2025 charges. Available industrial liquidity closed at €44.1 billion, representing 27% of the last 12 months of net revenues and sitting inside the company’s 25–30% target range.
The tariff picture is a live variable in the 2026 guidance. Net tariff headwinds are now estimated at €1.0 billion to €1.2 billion for the full year. In the first half, net tariff costs were €300 million, which includes a €400 million IEEPA tariff reimbursement. Full-year capital expenditure and R&D spending is projected at 6.5%–7.0% of net revenues, consistent with the FaSTLAne 2030 investment plan Stellantis presented to investors on May 21.
Outside North America, the picture is mixed. South America held its regional leadership with a 19.1% market share despite a 2% sales decline; Brazil and Argentina market shares stood at 25.6% and 26%, respectively. In Enlarged Europe, EU30 sales grew 3%, and Stellantis maintained its lead in the light commercial vehicle segment with a 28.7% share. The light commercial franchise is one of the more durable planks in the European business, and the Fiat Grande Panda ICE launch on the Smart Car platform added volume in the passenger car segment. In the Middle East and Africa, sales fell 6% but market share rose 20 basis points against an industry that contracted roughly 8%, with Algeria delivering a record quarter at more than 20,000 units produced and sold locally.
Asia-Pacific was the soft spot. Sales dropped 29% year-over-year, driven largely by declines in the Peugeot 408. The Leapmotor C10 assembly operation launched in Malaysia, and the B10 is slated to follow in Q3 2026. A new partnership with DFM to develop and build Peugeot and Jeep models in China was also announced, a signal that Stellantis is still working to find a viable structure for its Chinese business rather than exiting.
Full-year 2026 guidance is reaffirmed. The company also carries roughly €2 billion in cash payments tied to second-half 2025 charges, of which €900 million was paid in the first half of 2026.
North America saved the quarter. The question is whether the product launches Stellantis is stocking dealer lots to support can keep that region’s momentum through a second half that the company itself says will be back-loaded.
Source: Stellantis. Images courtesy of Stellantis.
