A year ago, Stellantis was posting a €1.9 billion quarterly loss and watching its North American business crater. On Wednesday, the automaker reported Q2 2026 net revenues of €43.5 billion, up 13 percent year over year, with a net profit of €293 million. The company went from deep red to black in twelve months.
The turnaround story, though, reads differently depending on which continent you are standing on.
North America carried the load. Revenues in the region surged 32 percent, U.S. sales climbed 6 percent, and market share ticked up 40 basis points to 7.4 percent. The Jeep Grand Wagoneer posted a 43 percent retail sales jump.
Ram 1500 was up 9 percent. Chrysler Pacifica, a nameplate many had left for dead, grew 7 percent. Mexico delivered its best second quarter ever, with sales up 17 percent, while Stellantis outpaced the broader U.S. market, which actually contracted 0.3 percent during the period.
South America held steady. Stellantis kept its number one position in Brazil with a 25.6 percent share and led Argentina at 26 percent. Ram sales in Brazil grew 10 percent for the quarter and roughly 30 percent in June alone.
Europe is where the optimism curdles.
Enlarged Europe revenues were flat. The region’s adjusted operating income margin came in at negative 0.6 percent, making it the only geography to lose money. EU30 market share dropped 80 basis points to 16.0 percent.
Even when you fold in Leapmotor sales, which grew sixfold, the combined share still fell 10 basis points. The Fiat Grande Panda ICE launched on the company’s Smart Car platform, and new entries from DS, Lancia, and Jeep are arriving. None of it moved the needle enough to push the home market into the black.
That is a problem CEO Antonio Filosa cannot talk past forever. Stellantis was born from the merger of two European companies, FCA and Groupe PSA. Its headquarters sit in Amsterdam.
Its largest legacy markets are France and Italy. And right now, the region that matters most culturally is the one dragging down the P&L.
Adjusted operating income for the group hit €773 million, a 263 percent increase from Q2 2025’s €213 million. The AOI margin reached 1.8 percent, up 120 basis points. Industrial free cash flows swung to a positive €1.0 billion from essentially zero a year ago.
Tariffs remain a headwind. Stellantis now estimates net tariff costs for the full year at €1.0 billion to €1.2 billion. The first half included a €400 million refund under IEEPA provisions, which softened the blow to about €300 million in net tariff expense through June.
What happens in the second half depends on trade policy that changes by the week.
The company reaffirmed its full-year guidance: mid-single-digit revenue growth, low-single-digit AOI margin percentage, and improved industrial free cash flows year over year despite approximately €2 billion in cash payments tied to charges booked in the second half of 2025. Management expects the back half of 2026 to be weighted toward Q4 following summer production shutdowns.
Asia Pacific remains marginal. Deliveries hit a six-month high in June but sales dropped 29 percent year over year, dragged down by declining Peugeot 408 volumes. Market share sits at a rounding error of 0.2 percent.
A new partnership with Dongfeng to develop Peugeot and Jeep models in China was announced, but Stellantis has been trying to crack that market for years with little to show for it.
Filosa’s FaSTLAne 2030 strategy, unveiled at the May investor day, is supposed to tie all of this together. But strategies are only as credible as the next quarter’s results. North America is delivering, Europe is not, and the clock is ticking on whether this recovery has legs or just geography.
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