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Stellantis’ consolidated shipments rose just 1% in 2025, to 5.484 million vehicles. But that annual figure conceals a sharp change in pace: shipments climbed 11% in the second half, with North America up 39%. The latest reported quarter, Q2 2026, showed further year-over-year gains in shipments and revenue—but not a clean recovery across every region or measure.
What “flat” means in Stellantis’ 2025 results
The headline refers to consolidated shipments, not retail sales, market-wide vehicle sales, revenue, or profit. Stellantis reported 5.484 million consolidated shipments for full-year 2025, up 1% from 5.415 million in 2024. That is modest growth, reasonably described as nearly flat, but it is not evidence that every measure of the business was flat.
The company’s financial results moved differently: 2025 net revenues were €153.5 billion, down 2% year over year. Shipments count vehicles delivered into the company’s reported distribution channels; revenue reflects the money recorded from business activity. They answer different questions, so the small increase in shipments did not translate into annual revenue growth. Stellantis’ full-year 2025 results set out both measures.
Why the annual total hides a sudden shift
The year’s total averages together two substantially different halves. Stellantis reported 2.8 million consolidated shipments in H2 2025, up 277,000 vehicles, or 11%, from H2 2024. Every region recorded higher H2 volumes, and North America contributed 231,000 additional units, a 39% year-over-year increase. That late-year acceleration is the central contrast behind the deceptively subdued full-year figure.
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The company also described a return to top-line growth in H2. That change in momentum matters, but it does not erase the full-year revenue decline or by itself establish a durable turnaround.
Why Stellantis lost money despite shipping more vehicles
Stellantis reported a 2025 net loss of €22.3 billion and identified €25.4 billion in unusual charges for the full year. The company attributed the loss mainly to those charges, which it linked primarily to a strategic reset and changes in regulatory frameworks. Those are the company’s explanations; the figures should not be read as showing that every euro of the loss was cash expenditure or a recurring operating cost.
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The full-year charge total should also not be confused with the narrower figure Stellantis gave for the second half: approximately €22.2 billion in H2 charges. Of that H2 amount, the company expected about €6.5 billion to be cash payments over the following four years. Stellantis cited changes to product plans and the EV supply chain, revisions to warranty-provision estimates, and previously announced workforce reductions among the factors behind the charges. The expected cash-payment figure is not the same as the accounting charge.
Revenue was also affected, Stellantis said, by strong foreign-exchange headwinds and first-half net-pricing declines, partly offset by higher volume and mix. This helps explain why shipment growth, annual revenue, and the reported net result tell different parts of the story.
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What the latest quarter says about the trajectory
In its results released July 30, 2026, Stellantis reported Q2 consolidated shipments of 1.597 million, up 10% year over year. Q2 net revenues were €43.482 billion, up 13%; net profit was €293 million; and adjusted operating income (AOI) was €773 million, a 1.8% margin. The company marked the Q2 results as unaudited. The positive quarter is evidence of improvement on those reported measures, not proof that the company’s full-year challenges have been resolved.
Cash flow is one important qualification: industrial free cash flow was negative €921 million year to date through Q2 2026, even though the company said Q2 cash flow was positive. The year-to-date figure covers a longer period than the quarter and remained below zero.
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Stellantis reaffirmed its 2026 guidance in the July 30 release: a mid-single-digit percentage increase in net revenues, a low-single-digit adjusted operating margin, and improved year-over-year industrial free cash flow. It said it expected H2 performance to be weighted toward Q4. These are management’s targets and expectations as of that reporting date, not completed results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which regions are growing—and where share is slipping
Q2 2026 regional sales moved in different directions. The figures below use Stellantis’ stated reporting scope; EU30 is the company’s market scope, not a synonym for all of Europe. The company changed its segment structure in January 2026, so comparisons with earlier segment reporting require care.
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| Region or market | Q2 2026 sales change | Market-share change or level |
|---|---|---|
| North America | +6% | 7.4% share, up 40 basis points |
| Enlarged Europe (EU30) | +3% | 16.0% share, down 80 basis points |
| South America | −2% | Not stated in the company’s cited Q2 release |
| Asia Pacific | −29% | Not stated in the company’s cited Q2 release |
The table illustrates why sales growth and market-share growth cannot be treated as interchangeable. Stellantis’ EU30 sales rose, yet its share fell; in North America both sales and share increased. Asia Pacific had the steepest regional decline listed. The Q2 release also includes some alternate figures that incorporate Leapmotor; these figures are not combined with Stellantis-only results here. Regional results and share figures are reported in the Q2 2026 results release.
How to read the “wild story” without overcalling a turnaround
- Annual shipments: Nearly flat, but slightly higher, in 2025.
- Momentum: Much stronger in H2 2025, followed by year-over-year shipment and revenue growth in Q2 2026.
- Profit and cash: A large 2025 net loss accompanied substantial unusual charges; Q2 2026 was profitable, while year-to-date industrial free cash flow was still negative.
- Regional picture: Growth was uneven, and European sales gains did not prevent a decline in EU30 market share.
- What remains uncertain: One improving quarter and management’s guidance do not establish that the improvement will persist or be evenly shared across regions.
The most defensible reading is therefore neither “Stellantis sales are collapsing” nor “the turnaround is complete.” The annual shipment count barely grew, the second half improved sharply, and the latest quarter extended that growth—while the company still faced regional weakness, a negative year-to-date cash-flow figure, and the consequences of its costly reset.
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