Stellantis, Ford and General Motors each reported roughly $48 billion in Q2 2026 revenue, but their operating measures, cash-flow definitions and currencies differ. Their latest results help compare business performance; they do not, by themselves, show which stock is cheaper or likely to deliver the better return. For that, compare the same-date share prices, listing, balance-sheet measures, earnings or cash-flow basis, and dividend assumptions.
How do Stellantis, Ford and GM compare in the latest quarter?
The latest located results are for Q2 2026. Stellantis reports in euros, while Ford and GM report in U.S. dollars. The operating measures below are the labels each company used; they are company-defined and should not be treated as a harmonized ranking.
| Company | Q2 2026 revenue | Company-reported operating measure | Release date and context |
|---|---|---|---|
| Stellantis | €43.5 billion | Adjusted operating income (AOI): €0.8 billion; AOI margin: 1.8% | July 30, 2026. The company reaffirmed its 2026 guidance. |
| General Motors | $48.0 billion | EBIT-adjusted: $3.9 billion | July 21, 2026. GM raised its 2026 guidance for the second time that year. |
| Ford | $48.3 billion | Adjusted EBIT: $2.5 billion | July 28, 2026. Ford reported a $1.3 billion net loss that included a largely non-cash special item. |
These are issuer-reported, unaudited quarterly figures, not a conversion-adjusted or accounting-normalized peer comparison. Stellantis’s Q2 release reports its results and guidance in euros; GM’s and Ford’s releases report theirs in U.S. dollars. See the Stellantis Q2 2026 results, GM Q2 2026 earnings release and Ford Q2 2026 earnings release.
What do the earnings figures say—and what don’t they say?
Keep each company’s operating measure in its own context
Stellantis calls its adjusted operating measure AOI; Ford reports adjusted EBIT; and GM reports EBIT-adjusted. These are management-defined measures with company-specific definitions and reconciliations. They are not interchangeable with one another or with GAAP net income. To understand how each company builds its measure, consult its release and full filings rather than treating the labels as a single standardized metric.
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Separate Ford’s special item from its operating result
Ford’s Q2 2026 reported net loss was $1.3 billion and included a $3.6 billion largely non-cash special item tied to the announced disposition of the BlueOval SK joint venture. Its $2.5 billion adjusted EBIT is a different measure. Read both, and the company’s reconciliation, before interpreting the loss as a summary of ongoing operating performance.
Check guidance as well as the quarter
- Stellantis: Its July 30, 2026 release reaffirmed 2026 guidance for a mid-single-digit revenue increase, a low-single-digit AOI margin and improved industrial free cash flow year over year. Management also said it expects positive industrial free cash flow in 2027. These are expectations, not realized results.
- GM: Its July 21, 2026 release revised EBIT-adjusted guidance to $14–16 billion and expected net income attributable to shareholders to $8.4–9.8 billion.
- Ford: Its July 28, 2026 release raised full-year adjusted EBIT guidance to $10–11 billion and adjusted free cash flow guidance to $6–7 billion.
Guidance is management’s forward-looking view as of each release date; it can change as volumes, prices, incentives, production, input costs and regional conditions change. The companies’ releases provide the underlying context: Stellantis, GM and Ford.
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Which automaker has stronger earnings and cash flow?
There is no sound single winner from these selected figures. The operating measures use different definitions, and the cash-flow figures below cover different periods or use different company labels. Compare each company’s trend over matching periods, then examine the definitions and reconciliations in its filings.
Read cash flow over the quarter and year to date
- Stellantis: Industrial free cash flow was positive €1.0 billion in Q2 2026, but negative €0.9 billion for H1 2026. The quarter alone therefore gives a more favorable picture than the first half as a whole.
- Ford: Adjusted free cash flow was $2.1 billion in Q2 2026. The company raised its full-year adjusted free cash flow guidance to $6–7 billion in its July 28 release.
- GM: Its Q2 release provides automotive cash-flow guidance and adjusted automotive free cash flow. Review the release’s exact periods and definitions before comparing those measures with another issuer’s free cash flow.
Free cash flow can show how much cash remains after the expenditures included in a company’s definition, but the label alone does not guarantee identical calculations. Do not compare Stellantis’s industrial free cash flow directly with Ford’s adjusted free cash flow or GM’s adjusted automotive free cash flow as if the scopes were the same.
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Put Q2 in the longer reporting context
A quarter is a snapshot, not a trend. Use the H1 figures and the current full-year outlook, then compare those with prior full-year results to see whether improvement is sustained. Stellantis’s full-year 2025 results are a point of reference alongside its Q2 2026 release. For GM, use its 2025 Form 10-K and subsequent filings; use Ford’s full filings and reconciliations for the equivalent context.
How should you assess liquidity and resilience?
Automakers are capital-intensive and cyclical. A useful balance-sheet comparison looks beyond earnings to cash needs, debt maturities, available liquidity, and the obligations of financing operations. Where an automaker reports captive finance separately, distinguish that business from industrial automotive operations rather than combining their cash and debt without explanation.
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Stellantis reported Q2-end industrial available liquidity of €44.1 billion, equal to 27% of trailing-twelve-month net revenue and within the company’s stated target range. That is a Stellantis-defined measure; it should not be assumed to match another issuer’s liquidity measure. For the comparable balance-sheet work, review the latest company releases and filings, including GM’s 2025 Form 10-K.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do business mix and execution affect the comparison?
Revenue totals do not reveal which regions, vehicle types or operations are producing results. Compare geographic exposure, vehicle and brand mix, financing operations, and strategy changes before projecting current margins into the future.
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Stellantis attributed Q2 2026 revenue growth primarily to North America, where revenue was up 32% year over year. South America rose 6%, Enlarged Europe was flat, and other regions were slightly down, according to the company’s Q2 release. Those regional results show why consolidated growth can mask different local trends. Apply the same segment-level review to Ford and GM using their latest releases and filings.
What should you check before comparing shareholder returns?
Operating results are only part of a stock comparison. Before estimating a return or judging one share as less expensive, check the following inputs on a common date:
- Exact security and listing: Stellantis common shares trade on the New York, Milan and Paris exchanges. State which listing, currency and share price you use; its investor relations page lists its exchange presence and financial reports.
- Valuation basis: Use a same-date price and identify whether earnings or free cash flow is trailing or forward. A price-to-earnings or price-to-free-cash-flow figure is meaningful only with the period and calculation specified.
- Currency and share count: Convert prices and financial figures consistently using a dated exchange rate and stated method where needed. Account for shares outstanding and dilution rather than comparing prices per share alone.
- Balance sheet: State how cash, debt, industrial net cash or net debt, and financing-company obligations are treated in any enterprise-value or cash-flow comparison.
- Shareholder returns: Check dividends declared, repurchases completed, remaining authorizations and investment priorities. An authorization is not a completed buyback, and a past dividend does not guarantee a future yield.
The Q2 2026 operating releases cited here do not establish current share prices, comparable valuation multiples or dividend yields. Without date-matched market data and stated assumptions, the operating results cannot identify the cheapest stock or the one with the highest yield.
Why can the comparison change quickly?
Quarterly results and guidance can shift with vehicle volume, pricing, incentives, production, input costs and regional conditions. Special items can also affect reported earnings without representing recurring operating performance. Treat each release as a dated report, check subsequent filings for updates, and distinguish company guidance from results already achieved.
Stellantis CEO Antonio Filosa described the Q2 2026 performance as progress led by North America and said the company remained confident in its 2026 guidance. That is management’s assessment, not an independent forecast; the release labels the financial data unaudited. Read it alongside the full results and the company’s subsequent reporting.
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