Stellantis posted 773 million euros in adjusted operating income for the second quarter of 2026, more than tripling the 213 million euros it scraped together during the same period last year. The turnaround story CEO Antonio Filosa has been selling since taking the reins is starting to show up where it counts: on the balance sheet.
North America did the heavy lifting. Net revenues in the region surged 32% year-over-year, and vehicle sales notched a fourth consecutive quarter of growth. The Jeep Grand Wagoneer led the charge with a 43% retail sales increase, followed by the Ram 1500, Dodge Durango, and Chrysler Pacifica, all posting single-digit gains.
These are not trendy crossovers or flashy EVs. They are the traditional profit engines Stellantis has always depended on, and right now they are firing.
Group-wide net revenues hit 43.5 billion euros, a 13% jump. Net profit landed at 300 million euros for the quarter. Neither figure will make anyone forget the peak Stellantis margins of 2023, but compared to the dismal performance that defined much of 2025, the trajectory is unmistakable.
The problem is that North America is doing almost all the work. Enlarged Europe was flat. The Middle East and Africa declined 6%, and Asia Pacific cratered 22%, dragged down by collapsing Peugeot 408 sales.
South America, once a reliable bright spot, managed only a 6% revenue increase. When you count unit sales including the Leapmotor joint venture, the region actually slipped 1%.
Leapmotor keeps showing up in the fine print as a quiet footnote that inflates Stellantis numbers in selective ways. Mexico sales were up 17% without it, 19% with it. European sales grew 3% on a Smart Car basis, 7% when Leapmotor gets folded in.
The Chinese EV brand partnership is clearly part of the long game, but Stellantis is leaning on it to dress up otherwise mediocre regional results.
Filosa pointed to the FaSTLAne 2030 strategy and a wave of new product launches running on schedule. The company reaffirmed its 2026 financial guidance but immediately tempered expectations by flagging the usual third-quarter production shutdowns across European plants. Performance, Stellantis says, will be weighted toward Q4.
That kind of back-half loading is always a gamble. It assumes tariff conditions hold, consumer confidence stays intact, and the product pipeline delivers without hiccups. Stellantis just poured over a billion dollars into Peugeot production in France and recently offloaded its car-sharing unit to sharpen focus on core operations.
The moves suggest a company trying to shed weight and concentrate resources where it sees a return.
The Canadian market slipped 1%, a minor blemish but worth watching given how tightly linked it is to U.S. production and cross-border supply chains. Any disruption there ripples fast.
A year ago, Stellantis looked like it was drifting toward irrelevance in several markets at once. Today the bleeding has slowed, North America is generating real money again, and the executive team has a strategy it can actually point to. Whether the rest of the world catches up before the next downturn arrives is the question nobody at Stellantis headquarters wants to answer out loud.
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