SHERIDAN, WYOMING - March 06, 2026 - Stellantis N.V. reported Full Year 2025 results showing net revenues of €153.5 billion, down 2% versus 2024, alongside a net loss of €22.3 billion driven by €25.4 billion of unusual charges tied to a strategic reset. The company is reframing its operating plan around "customer preferences" and "freedom-of-choice" across electric, hybrid, and internal combustion powertrains, while focusing on execution discipline through 2026. Management highlighted improved momentum in the second half of 2025, including a return to year-over-year top-line growth and better industrial free cash flow compared with earlier periods. The board also authorized suspension of the 2026 dividend and issuance of up to €5 billion of hybrid bonds to preserve balance-sheet strength and liquidity.
FY2025 results: revenue down slightly, profitability reset by unusual charges
Stellantis reported FY2025 net revenues of €153.5 billion, down 2% compared with 2024, which it attributed mainly to foreign exchange headwinds and net pricing declines in the first half of 2025, partially offset by higher volume and mix. The company posted a net loss of €22.3 billion, driven by €25.4 billion of full-year unusual charges, reflecting what it described as a strategic shift to put customer preferences and freedom-of-choice back at the center of planning.
Adjusted operating loss was €842 million, with an adjusted operating income margin of (0.5)%. Industrial free cash flows were negative €4.5 billion, and industrial available liquidity was €46 billion at the end of 2025.
H2 2025 inflection: shipments and revenues improved across regions
Stellantis described the second half of 2025 as the first full six months of the renewed leadership team and reported improved trends in both revenue growth and industrial free cash flow versus the first half. H2 2025 net revenues were €79.2 billion, up 10% year over year, and H2 industrial free cash flow was negative €1.5 billion, representing a 50% improvement versus H1 2025 and a 73% improvement versus H2 2024.
The company also reported consolidated shipments of 2.8 million units in H2 2025, up 11% year over year, with every region reporting higher volumes. North America was cited as the strongest contributor, adding 231,000 units, or +39% year over year, supported by normalized inventory dynamics and increased commercial momentum.
Quality and execution focus: early indicators tied to first-month issues
Within its execution narrative, Stellantis said its renewed focus on quality management is producing early results. It reported that issues for vehicles in their first month of service decreased by over 50% in North America and by over 30% in Enlarged Europe since the beginning of 2025.
Operationally, these metrics matter because early-life quality outcomes can influence warranty exposure, dealer workload, customer satisfaction, and brand-level recovery efforts. Stellantis also linked the H2 improvements to improved operational efficiencies and disciplined commercial strategies, without changing the core message that 2026 execution will be the priority.
Business reset: product plan realignment, warranty estimate changes, and restructuring impacts
Stellantis stated that on March 06, 2026 it announced a major reset of its business, resulting in approximately €22.2 billion in charges excluded from adjusted operating income for the second half of 2025, with about €6.5 billion of cash payments expected to be made over the next four years. The company described these charges as including resetting the product plan and EV supply chain to reflect customer demand and shifting regulations, a change in the estimation process for contractual warranty provisions, and other charges mainly related to previously announced workforce reductions in Enlarged Europe.
The company also said the reset empowered regional teams to accelerate decision-making and improve effectiveness across business areas, while building closer relationships with dealers, suppliers, institutional stakeholders, and unions.
2026 outlook: guidance reaffirmed with sequential improvement expectation
Stellantis reaffirmed its FY2026 guidance, expecting a mid-single-digit percent increase in net revenues, a low-single-digit adjusted operating income margin, and improved industrial free cash flows year over year, including €2 billion in 2026 payments related to H2 2025 charges. The company also stated it expects progressive improvements from H1 2026 to H2 2026 and expects positive industrial free cash flow in 2027.
To preserve a strong balance sheet, the board authorized suspension of the 2026 dividend and issuance of up to €5 billion of hybrid bonds.
Leadership perspective: shifting assumptions on the energy transition and execution gaps
"Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers' freedom to choose from the full range of electric, hybrid and internal combustion technologies."
"In the second half of the year we began to see initial, positive signs of progress with the early results of our drive to improve quality, strong execution of the launches of our new product wave and a return to top line growth. In 2026 our focus will be on continuing to close the execution gaps of the past, adding further momentum to our return to profitable growth."
Product wave and market coverage: multi-region lineup to support profitable growth
Stellantis said its expanding product wave is broadening market coverage with added products and powertrain options across North America, Enlarged Europe, South America, and Middle East & Africa, targeting profitable growth opportunities. Examples cited include, in North America, the Jeep Cherokee and Dodge Charger SIXPACK, plus momentum from the late-2025 launch of the Ram 1500 HEMI V8 and Express models. In South America, the Ram Dakota was cited as anchoring the mid-size pickup lineup. In Enlarged Europe, Stellantis highlighted the Citroën C5 Aircross BEV, Jeep Compass BEV, and the recently launched Fiat 500 Hybrid as strengthening its ability to meet a full range of customer needs.