Stellantis Earnings: North America Supplies More Than All of the Adjusted Operating Profit Gain, Forecast Kept

By Stock Titan Editorial Team Published October 28, 2026, 05:34 PM EDT · Updated October 28, 2026, 06:19 PM EDT

Stellantis earnings show a recovery that comes from North America

The company's own yardstick is adjusted operating income, its operating profit before items it treats as one-off, such as recalls, restructuring and write-downs. Over nine months it rose to €1,989 million from €630 million, according to the interim report Stellantis filed with the SEC.

North America, home of Jeep, Ram, Chrysler and Dodge, went from a €1,457 million loss to €611 million of income. That swing of €2,068 million is bigger than the company's total gain of €1,359 million, by our calculation from the report's region table.

Europe, South America and the Middle East and Africa all earned less than a year earlier. Part of South America's drop is a €0.3 billion Brazilian tax credit booked in 2025 that did not recur. Asia Pacific and the group's other activities improved.

Show the data

Category	Change
North America	+2,068
Other activities	+469
Asia Pacific	+19
Unallocated items	-133
Middle East & Africa	-185
South America	-392
Enlarged Europe	-487
Whole company (total)	+1,359

Net profit rose for a different reason. The one-off items the company leaves out of its yardstick shrank to €930 million in the first nine months, from €9,041 million a year earlier. That drop underpins the swing from a €6,788 million net loss to a €217 million profit.

On its own, the third quarter ended in a net loss of €453 million, against a €4,532 million loss a year earlier. That 2025 quarter carried a €3,252 million warranty charge and €1,748 million of costs from cancelled vehicle programs.

This quarter carried €587 million of one-off items. The largest was €223 million for Takata airbag recalls that tell owners to stop driving certain cars, mainly in Europe. Another €118 million wrote down its stake in Leasys, a European car leasing venture.

Revenues rose 1.1% to €37.6 billion, and adjusted operating income for the quarter was €256 million, up from €90 million.

Why is Stellantis losing money in Europe?

Show the data

Category	Value
Q1 2026	8
Q2 2026	-94
Q3 2026	-311

The Enlarged Europe region earned €8 million in the first quarter, then lost €94 million in the second. A year earlier the third quarter brought €157 million of income.

Volumes are not the problem. Shipments rose 10.1%, helped by small cars such as the Fiat Grande Panda and the Citroën C3 and by Leapmotor models that Stellantis distributes. Revenues rose only 3.2%, to €14.1 billion.

The gap is price and mix, by the company's account. Stellantis says the decline came mainly from lower prices net of discounts and a less profitable mix of models, partly offset by the extra volume and cost savings. By our calculation, revenue divided by shipments fell about 6%. That ratio also shifts with the models sold and with used car and parts revenue, so it is no measure of price alone.

Its share of the market slipped too. In the EU30 group of European countries, Stellantis held 14.8% of sales in the quarter, down from 15.4%; counting the Leapmotor cars it distributes, the share was 15.6%.

Europe also carries a legal case. In September, Stellantis Europe was referred to the French criminal court over the sale of Euro 6 diesel cars in France from 2014 to 2017. The company says the referral is a procedural step, not a finding of guilt, and that it cannot estimate any possible loss.

How did Stellantis's Jeep, Ram, Chrysler and Dodge brands do in North America?

The region earned €64 million of adjusted operating income in the third quarter, after a €475 million loss a year earlier. That is well below the €263 million and €284 million of the first two quarters, as the first quarter and second quarter releases reported them.

The drop was flagged. In July, Stellantis said its second half would be weighted toward the fourth quarter because of a summer production shutdown. It had built up stock ahead of the pause.

Shipments, the vehicles Stellantis delivers to dealers and other buyers, fell 11.6% to 357,000. The company blamed the planned shutdown of certain Jeep models, including the Grand Cherokee and the Compass.

Revenue fell far less, down 3.1% to €15.6 billion, helped by higher prices after discounts, a richer mix of models and favorable currency effects. Profit rose on those prices and on lower industrial costs, including its Value Creation Program, the group's cost plan.

Sales to customers held up better than shipments. In its results release, Stellantis said U.S. sales slipped 0.3% while the U.S. industry fell 0.8%.

By brand, U.S. sales of the Ram 1500 pickup rose 73%, the Dodge Durango 14% and the Chrysler Pacifica minivan 6%. Stellantis reports profit by region, not by brand, so the report does not say which brand earned what.

Did Stellantis change its 2026 guidance?

It still expects revenues to grow by a mid-single-digit percentage and adjusted operating income of a low single-digit percentage of revenues. It also expects better industrial free cash flow, the cash its car business generates after investment, than in 2025, and a positive figure in 2027.

Tariffs now cost about €1.0 billion this year, at the bottom of the range in the second quarter release. Cash payments for last year's charges are now put at about €1.6 billion, down from about €2 billion. The report does not say whether that is a saving or payment moved to later years.

For the last three months, Stellantis expects to ship more vehicles than in the third quarter, prices to stay broadly stable and new costs from memory chips and recalls. It plans to bring North American inventory in December back to about where it stood a year earlier.

Savings are meant to grow. The company expects its Value Creation Program to save mid-hundreds of millions of euros in the fourth quarter, about double the third. "We remain on track to implement at least 40% of the total €6 billion in run-rate efficiencies by the end of this year," chief executive Antonio Filosa said in the release.

How much cash is Stellantis burning?

Show the data

Category	Value
Q1 2025	-3,036
Q2 2025	31
Q3 2025	-4,304
Q4 2025	2,784
Q1 2026	-1,921
Q2 2026	1,000
Q3 2026	-4,009

Industrial free cash flow was negative €4,009 million in the third quarter, after a positive €1,000 million in the second. Over nine months, part of the drain is inventory: Stellantis built up new vehicle stock in Europe and South America to support fourth quarter shipments.

The nine-month figure still improved by €2,379 million on a year earlier. Most of that came from spending less: cash spent on capital investment and on development work it records as an asset, counting changes in what it owed for that spending, fell by €2,198 million, while cash from industrial operations rose €252 million.

The 2025 figure was negative €4,525 million, so the fourth quarter needs to bring in more than €405 million, by our calculation. That is the minimum to improve on another negative year. The same three months of 2025 brought in about €2.8 billion, by our calculation. The company also expects working capital, the cash tied up in stock and bills, to release cash in the fourth quarter, as it usually does.

Stellantis held €42.7 billion of available liquidity for its industrial business at the end of September, counting cash, liquid securities and unused committed credit lines. In March it sold €5.0 billion of hybrid perpetual notes, bonds with no maturity date that its accounts count as equity.

S&P and Moody's cut its credit rating in February, to BBB- and Baa3, the interim report says. Debt with outside lenders was €56.0 billion at the end of September, and more than half of it sat with the lending arm that finances car buyers and dealers.

Does Stellantis still pay a dividend?

In the first nine months of 2025, Stellantis paid €0.68 a share, €1,959 million in all, according to the interim report. Shareholders renewed the board's authority to repurchase up to 10% of the shares on April 14, and the cash flow statement shows no money spent on repurchases this year.

The share count edged up instead, as shares were delivered under employee pay plans and a small number of new shares were issued. There were 2,904,596,446 common shares outstanding at the end of September, against 2,897,483,196 at the end of 2025.

Why did Stellantis stock jump after earnings?

Reuters reported on October 28 that Stellantis's confidence in beating its cost-saving targets, and in returning to positive cash flow in 2027, helped lift the shares.

The results release came out at 3:02 a.m. ET, before the U.S. market opened, and the prior New York close was $4.14. The full interim report reached the SEC at 5:07 p.m. ET, after the close.

The rebound starts from a low base. On October 23 the shares closed at $4.06, their lowest close since Stellantis was formed in January 2021. Wednesday's close is still about 57% below the last close of 2025, by our calculation from StockTitan data. The Stellantis overview and financials pages carry the longer record, and our guide to guidance against consensus estimates explains why a kept forecast can move a stock.

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