The Q1 beat on profitability and return to positive net income is a clear positive, but the sharp decline in Enlarged Europe AOI (-€284M) and continued negative free cash flow temper the outlook. Watch the May 21 Investor Day for details on the 10 new vehicle launches and the path to positive IFCF in 2027. The €5B hybrid note issuance strengthens the balance sheet but adds leverage.
Price Chart
Executive Summary
Stellantis reported Q1 2026 results showing a return to profitability with net revenues up 6% YoY to €38.1B and net profit of €0.4B versus a €0.4B loss in Q1 2025. However, the Enlarged Europe segment saw AOI decline by €284M, and industrial free cash flow remained negative at -€1.9B, though improved 37% YoY. The company confirmed its 2026 guidance for mid-single-digit revenue growth and low-single-digit AOI margin.
Key Facts
- Net revenues increased 6% YoY to €38.1B (Q1 2025: €35.8B)
- Net profit improved to €0.4B from a loss of €0.4B in Q1 2025
- Adjusted operating income (AOI) was €1.0B, up 194% from €0.3B
- AOI margin improved to 2.5% from 0.9%
- Industrial free cash flow was -€1.9B, improving 37% from -€3.0B
- North America segment returned to profitability with AOI of €263M vs -€542M
- Enlarged Europe AOI declined to €8M from €292M, down €284M
- Issued €5B in hybrid perpetual notes in March 2026
- Industrial available liquidity at €44.1B (28% of trailing 12-month net revenues)
- 2026 financial guidance confirmed: mid-single-digit revenue growth, low-single-digit AOI margin
Financial Impact
Revenue +6% YoY to €38.1B; net profit swing of +€0.8B from loss to profit; AOI +€0.6B to €1.0B; IFCF improved by €1.1B to -€1.9B
Risk Factors
- Enlarged Europe AOI collapsed to near zero (€8M vs €292M) on negative pricing and mix
- Industrial free cash flow remains deeply negative at -€1.9B, though seasonally typical
- Tariff exposure: IEEPA tariff cost adjustment of ~€0.4B offset Q1 2026 tariffs, but trade policy risk remains
- Foreign exchange headwinds in Turkey (lira devaluation) and South America
- Asia Pacific segment remains loss-making with AOI of -€30M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001605484-26-000039 |
| Document: a6-kcoverpageq12026pressre.htm | 0001605484-26-000039 |
| Document: 0001605484-26-000039-index-headers.html | 0001605484-26-000039 |
| Document: 0001605484-26-000039-index.html | 0001605484-26-000039 |
| Document: 0001605484-26-000039.txt | 0001605484-26-000039 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | 6-K | $5.49 $4.40 | ▼ −19.85% | ▼ −18.67% | $4.40 (−19.85%) |
Jul 30, 2026 9w ago | 6-K | $5.86 $5.28 | ▼ −9.90% | ▼ −13.86% | $4.40 (−24.91%) |
Jul 13, 2026 11w ago | 6-K | $5.57 $5.58 | ▲ +0.18% | ▼ −3.01% | $4.40 (−21.01%) |
Jun 1, 2026 17w ago | 144 | $7.68 $5.81 | ▼ −24.35% | ▼ −22.78% | $4.40 (−42.71%) |
May 22, 2026 19w ago | 6-K | $7.61 $6.14 | ▼ −19.38% | ▼ −17.97% | $4.40 (−42.18%) |
Apr 30, 2026 22w ago | 6-K | $7.28 $8.20 | ▲ +12.64% | ▲ +7.67% | $4.40 (−39.56%) |
Apr 17, 2026 24w ago | 6-K | $8.62 $7.84 | ▼ −9.05% | ▼ −14.42% | $4.40 (−48.96%) |
Apr 16, 2026 24w ago | 6-K | $8.15 $7.60 | ▼ −6.75% | ▼ −12.56% | $4.40 (−46.01%) |
Apr 1, 2026 26w ago | 6-K | $7.55 $7.28 | ▼ −3.58% | ▼ −13.45% | $4.40 (−41.72%) |
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