Stellantis slashes its quarterly loss 90% to 453 million euros, reaffirms 2026 outlook

Stellantis said on Wednesday that its third-quarter net loss narrowed to 453 million euros, a 90% improvement from the 4.53 billion euro loss a year earlier, and that its guidance for 2026 is unchanged. Chief executive Antonio Filosa framed it as proof the turnaround is landing: "we reaffirm our 2026 guidance, and our expectation of positive Industrial Free Cash Flow in 2027."

The thing the headline number hides

A loss cut by 90% sounds like a company roaring back. Most of it is arithmetic against a brutal comparison. Stellantis took 5.79 billion euros of adjustments in the third quarter of 2025, including a 3.25 billion euro change in estimate for contractual warranties. This year's adjustments were 587 million euros: a 223 million euro Takata airbag recall campaign, a 118 million euro write-down of its stake in Leasys, 66 million of restructuring, and smaller items. Strip out the swing in one-off charges and the operating business is still thin. In North America, adjusted operating income was just 64 million euros on 15.6 billion euros of revenue, a 0.4% margin. In Enlarged Europe, the company ran an adjusted operating loss of 311 million euros.

The numbers

For the first nine months, net revenues rose 7% to 119.2 billion euros and the company swung to a net profit of 217 million euros, from a 6.79 billion euro loss a year earlier. Year-to-date shipments were up 7%.

What is confirmed

These are reported results filed with the Securities and Exchange Commission. Stellantis reaffirmed full-year guidance of a mid-single-digit percentage increase in net revenues, a low-single-digit percentage adjusted operating income margin, and improved industrial free cash flow year over year, which includes about 1.6 billion euros of cash payments tied to charges booked in the second half of 2025. Positive industrial free cash flow is not expected until 2027. The company also said full-year net tariff costs are running at about 1.0 billion euros, of which 0.6 billion was incurred through September.

Who it hits

The regional split is the live story. North American shipments fell 12%, which Stellantis attributed mainly to planned production shutdowns, the market where its Jeep and Ram brands earn the margin that funds everything else. Europe is selling more vehicles but losing money doing it. For suppliers and dealers, a barely-positive North American margin and tariff costs near a billion euros are the pressure points. For shareholders, the stock tells its own tale: Stellantis traded near $4.68 in New York on Wednesday, down more than 60% from its late-2025 peak, a level we flagged when it set a record low earlier this month.

What to watch

• North American volumes once the planned shutdowns end, the real test of the turnaround.
• Whether the low-single-digit margin guidance holds through year-end given European losses.
• Tariff costs, now tracking near 1.0 billion euros for the year.
• Progress toward the promised positive industrial free cash flow in 2027.

Sources: Stellantis Q3 2026 results, Form 6-K via SEC EDGAR; price data from our own STLA chart as of October 28, 2026. This is market information, not investment advice.