The turnaround is real but margins remain very thin (1.8% AOI). The adjusted EPS decline and €1B+ tariff headwind cap the upside. H2 is weighted toward Q4 due to summer shutdown, so near-term catalysts are limited. Watch for Q3 shipment data and any tariff policy changes. The stock has historically sold off on positive news (avg T+20 -8.4%), suggesting skepticism — a beat-and-raise on guidance would be needed to break the pattern.
Price Chart
Executive Summary
Stellantis reported Q2 2026 results showing a sharp year-over-year recovery from a loss-making base: net revenues rose 13% to €43.5B, net profit swung to €293M from a -€1.87B loss, and industrial free cash flow improved to €1.0B. However, adjusted diluted EPS declined 20% to €0.12, AOI margin remains thin at 1.8%, and the company faces a €1.0-1.2B net tariff headwind for FY2026. Guidance was reaffirmed but not raised, and H2 performance is expected to be back-end loaded toward Q4.
Key Facts
- Net revenues Q2 2026: €43,482M, +13% YoY (Q2 2025: €38,448M)
- Net profit Q2 2026: €293M vs net loss of €1,869M in Q2 2025
- Adjusted operating income (AOI): €773M, +263% YoY; AOI margin 1.8% vs 0.6%
- Adjusted diluted EPS: €0.12, -20% YoY (Q2 2025: €0.15)
- Industrial free cash flow: €1,000M vs €31M in Q2 2025
- Industrial available liquidity: €44.1B (27% of trailing 12-month net revenues)
- FY2026 guidance reaffirmed: mid-single-digit net revenue growth, low-single-digit AOI margin, improved industrial FCF
- Net tariff headwind estimated at €1.0B-€1.2B for FY2026; H1 net tariff costs were €0.3B including a €0.4B IEEPA refund
- North America revenue +32% YoY; Enlarged Europe AOI still negative at -0.6% margin
- South America AOI -49% YoY due to non-repeat of Brazilian tax credit
Financial Impact
Revenue +13% YoY to €43.5B; net profit swing of +€2.2B YoY; AOI +€560M; industrial FCF +€969M; adjusted EPS -20%
Risk Factors
- Tariff escalation beyond €1.2B estimate could pressure margins further
- Enlarged Europe remains loss-making; recovery may lag
- Adjusted EPS declining despite revenue growth signals cost or mix headwinds
- H2 cash outflows of ~€1.1B from prior charges (€2B total, €0.9B paid in H1)
- Foreign exchange headwinds in Turkey, Argentina, and Japan
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (STLA) — Batch item 1 | 0001605484-26-000062 |
| Document: a6-kcoverpageh12026pressre.htm | 0001605484-26-000062 |
| Document: 0001605484-26-000062-index-headers.html | 0001605484-26-000062 |
| Document: 0001605484-26-000062-index.html | 0001605484-26-000062 |
| Document: 0001605484-26-000062.txt | 0001605484-26-000062 |
| 6-K Filing (STLA) — Batch item 6 | 0001605484-26-000062 |
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%) |
US Market Status
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