MILAN, April 30, 2026, 21:02 (CEST)
- Stellantis swung back to profit in the first quarter, though cash flow from its auto operations remained in the red.
- Earnings got a boost from an anticipated U.S. tariff refund of around €400 million, prompting some to question how solid the beat really was.
- CEO Antonio Filosa faces investor day on May 21, under pressure to deliver a clearer turnaround strategy.
Shares of Stellantis N.V. slipped 6.4% to €6.22 by 1640 CEST on Thursday, retracing some steeper losses from earlier in the session. The Jeep and Ram manufacturer did swing back to a quarterly profit, but investors looked past that, focusing instead on sluggish cash generation and a short-term lift from anticipated U.S. tariff refunds.
The timing of the selloff is notable: CEO Antonio Filosa is set to unveil a fresh long-term business plan in Auburn Hills, Michigan in just three weeks. Stellantis investors want evidence the company can reverse cash burn, boost North American margins, and put its sizable European plant capacity to better use.
Stellantis posted a 6% gain in net revenue, reaching €38.1 billion for the first quarter. Net profit landed at €377 million, reversing a €387 million loss from last year. Adjusted operating income—excluding certain items—jumped to €960 million, up from €327 million.
Industrial free cash flow stood out as the soft spot, with the carmaker posting a negative €1.92 billion. That’s an improvement from the €3.04 billion cash outflow reported a year ago, but even so, it’s a significant hit for a company aiming to recover from a tough 2025.
“We will keep improving, as we did this quarter. Quarter-by-quarter and year-over-year,” Filosa told reporters. In the company’s statement, he described the quarter as the “early results” of moves aimed at steering Stellantis back to profitable growth. Reuters
Analysts weren’t unanimous. Michael Foundoukidis at Oddo BHF described the cash performance as “more negative than expected.” Bernstein’s team, on the other hand, pointed out that adjusted earnings in North America would have slipped into the red if not for tariff refunds. Reuters
Tariffs are turning into a windfall, at least on the balance sheet. Ford is looking for a $1.3 billion refund and General Motors $500 million, both tied to a U.S. Supreme Court decision affecting Trump-era tariffs. Stellantis, for its part, already logged around €400 million as a first-quarter boost. These figures are showing up in profits, but none of the automakers have actually pocketed the money yet.
Stellantis stuck with its 2026 outlook, calling for revenue to climb in the mid-single digits, a low-single-digit margin for adjusted operating income, and better industrial free cash flow. The company added it still sees industrial free cash flow turning positive come 2027.
North America is still the big question mark. Stellantis posted a 6% sales bump there, with U.S. sales up 4%, lifted by stronger Ram and Jeep demand. Over in Europe, sales climbed 5%, and the automaker’s share in the EU30 stood at 17.5%—or 18.1% factoring in Leapmotor.
Filosa is doubling down on partnerships in China. The group’s tie-up with Leapmotor, he said, could set the standard for future collaborations. Stellantis expects to kick off assembly of the Leapmotor B10 compact SUV in Spain this year. According to Reuters, the two companies are deep into negotiations on an Opel-branded electric SUV built with Leapmotor tech.
The real concern: tariff relief might run out before the underlying business turns a corner. Filosa flagged ongoing raw-material price pressure and supply-chain headaches—if the Middle East situation drags on, those problems could linger all year. On top of that, Europe’s got more capacity than demand right now.
The market’s takeaway is clear enough. Stellantis has managed to lift both revenue and profit. The next challenge: cash generation, North American margin improvement, and seeing if Filosa can slim down the 14-brand empire while hanging on to its global heft.
