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To evaluate Stellantis, test whether its recent operating recovery can turn into durable margins and positive industrial free cash flow while the company manages industrial net debt and funds a broad brand portfolio. The latest results, for the quarter and six months ended June 30, 2026, show a stronger second quarter but negative first-half industrial free cash flow. That is progress, not proof that the recovery is complete.
How do I evaluate Stellantis stock?
Start with the reported results, then ask whether improvements are recurring and cash-backed. Stellantis reports in euros, and its current operating snapshot is Q2 and H1 2026; FY 2025 is the latest completed annual baseline. The company reports operating performance by geography rather than by individual brand.
- Check revenue quality. Separate growth from volume and mix from changes in vehicle pricing, foreign exchange, and other factors.
- Compare profitability measures. Read adjusted operating income and margin alongside IFRS operating income and net profit, and identify the charges excluded from the adjusted measure.
- Test cash conversion. Compare industrial free cash flow across multiple periods and account for investment, working capital, and unusual payments.
- Assess balance-sheet resilience. Track industrial net financial position and industrial available liquidity, keeping financial-services balances out of the industrial measures.
- Separate plans from results. Brand priorities, model launches, and management guidance may inform future prospects, but they are not achieved financial performance.
These measures and their definitions appear in Stellantis’ interim report for the six months ended June 30, 2026. The company’s Q2 2026 results release provides the quarterly figures and guidance.
Is Stellantis profitable?
The answer depends on the period and the measure. Q2 2026 was profitable on both the reported net-profit figure and the company’s adjusted operating measure. That quarter followed a deeply loss-making FY 2025, while the first-half 2026 figures show a return to profit overall.
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| Period | Net revenue | Net profit (loss) | Adjusted operating income (loss) | Adjusted operating margin | Industrial free cash flow |
|---|---|---|---|---|---|
| FY 2025 | €153.508 billion | −€22.332 billion | −€842 million | −0.5% | −€4.525 billion |
| Q2 2026 | €43.482 billion, up 13.1% year over year | €293 million | €773 million | 1.8%, up 120 basis points year over year | €1.0 billion |
| H1 2026 | €81.614 billion | €670 million | €1.733 billion | not stated in the cited interim figures | −€921 million |
FY 2025 figures are from Stellantis’ full-year 2025 results; Q2 and H1 2026 figures are from the company’s 2026 interim report and Q2 results release.
What adjusted operating margin does—and does not—show
Stellantis calculates adjusted operating margin by dividing adjusted operating income by net revenue. Its adjusted measure excludes restructuring and other termination costs, impairments, asset write-offs, disposals of investments, unusual operating income or expense, net financial expenses or income, and tax. Management uses it to assess ongoing operations, but the company cautions that it does not replace IFRS net profit, cash flow, or other IFRS analysis, and may not be comparable with similarly titled measures from other companies.
That makes the Q2 adjusted margin improvement a useful operating signal, not a standalone verdict. The annual loss and charges matter too: Stellantis attributed its €22.3 billion FY 2025 net loss to €25.4 billion of unusual charges, chiefly connected with its strategic reset. Compare like periods and check whether later quarters sustain improved operating performance.
Is Stellantis generating free cash flow?
It generated positive industrial free cash flow in Q2 2026, but not in H1 as a whole. H1 industrial free cash flow was negative €921 million, an improvement from negative €3.005 billion in H1 2025. FY 2025 industrial free cash flow was negative €4.525 billion. The positive Q2 result therefore does not by itself establish sustained or full-year positive cash generation.
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What to inspect in future cash-flow reports
- Whether positive industrial free cash flow recurs after investment, rather than appearing in only one quarter.
- How the company measure reconciles with operating cash flow and the investment required to support its products and operations.
- Whether period-to-period changes reflect underlying cash generation or timing of receivables monetization, factoring, accounts payable, and other working capital.
- How much of reported cash flow is affected by one-off payments. H1 2026 included cash outflows related to H2 2025 charges.
How much debt does Stellantis have?
For the industrial business, Stellantis reported an industrial net financial position of €10.035 billion at June 30, 2026, compared with €6.694 billion at December 31, 2025. Under the company’s presentation, a positive figure means net industrial debt—not net cash. The figure increased over that interval. Stellantis also reported €44.145 billion of industrial available liquidity at June 30, down from €45.711 billion at year-end 2025.
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These are industrial-only measures: debt, cash, and other financial assets or liabilities belonging to financial-services entities are excluded. Industrial net financial position is a company-defined non-GAAP measure based on industrial debt and related derivative liabilities less specified cash and financial assets. Do not treat it as a consolidated debt total or compare it with a figure that includes financial services without reconciling the scope.
Liquidity is a buffer for resilience; it does not demonstrate that current operations are generating enough cash to reduce debt. The interim report says the company’s net financial position change since year-end primarily reflected proceeds from hybrid perpetual notes, partly offset by negative H1 free cash flow. For the earlier annual context, Stellantis ended FY 2025 with €46 billion of industrial available liquidity. Its FY 2025 release said the board authorized suspension of the 2026 dividend and issuance of up to €5 billion in hybrid bonds to preserve a strong balance sheet. These dated decisions should not be assumed to describe later dividend or financing updates.
What are Stellantis’ most important brands?
Stellantis has a broad portfolio, but it does not report standalone revenue or margins for each marque. Effective January 2026, its five reportable operating segments are North America, Enlarged Europe, Middle East & Africa, South America, and Asia Pacific. Segment results can help compare regional performance, but they cannot establish that a particular brand is profitable.
How management describes its portfolio priorities
In the 2026 interim report, management identified Jeep, Ram, Peugeot, and FIAT as its four global brands with the greatest scale and profitability potential. It plans to direct approximately 70% of brand and product investment to those brands and Pro One, its commercial vehicle business unit. Chrysler, Dodge, Citroën, Opel, and Alfa Romeo are described as regional brands operating in core markets; DS and Lancia are to be managed within the Citroën and FIAT organizations as specialty brands.
Those are management’s portfolio priorities, not evidence of future profitability. The same report describes a plan through 2030 for more than 60 new vehicle models and approximately 50 significant model refreshes across brands and powertrains. Product cadence could affect revenue, mix, and investment needs, but the plan does not guarantee sales or margins.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is Stellantis’ outlook for 2026?
After its Q2 results, Stellantis reaffirmed management guidance for mid-single-digit net revenue growth, a low-single-digit adjusted operating margin, and improved year-over-year industrial free cash flow in 2026. The cash outlook includes approximately €2 billion of payments during 2026 tied to H2 2025 charges; €0.9 billion had been paid in H1. The company expects positive industrial free cash flow in 2027. These are forecasts, not reported outcomes, and depend on risks and assumptions described by the company.
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CEO Antonio Filosa said the second quarter showed “continued progress, led by North America and supported by important contributions from all other regions.” He also said the company remained confident in delivering its 2026 guidance. The Q2 release reported positive adjusted operating margins in every region except Enlarged Europe, whose adjusted operating margin was negative 0.6% in Q2. The outlook should be tested against subsequent reported results rather than treated as proof of delivery.
Can these results tell me whether Stellantis stock is cheap?
No. Operating performance is only part of a stock valuation. The figures here do not establish a current share price, valuation multiple, peer comparison, consensus forecast, or independent fair value. To judge whether the shares are attractively priced, pair updated financial results with dated market data and a transparent valuation method; do not treat company guidance as a price target or valuation.
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