As Stellantis NV began what CEO Antonio Filosa has called the automaker’s “year of execution” after a difficult 2025, the company reported several first-quarter improvements Thursday that included a near tripling of its adjusted operating income.
The maker of Chrysler, Jeep, Ram and Fiat vehicles nevertheless saw Milan-listed shares fall by around 7% in morning trading, as analysts flagged weak cash flows and said tariff refunds had helped boost the results.
The company listed an expected tariff cost adjustment of more than $460 million (400 million euro) after the U.S. Supreme Court in February struck down some of President Donald Trump’s import taxes.
Stellantis reported first-quarter net revenues of about $44.5 billion (38.1 billion euro), up 6% compared to the first three months of 2025. First-quarter net profit came to $440 million (377 million euros) versus a loss of approximately $450 million in the same period last year.
Industrial free cash flow, meanwhile, was negative by more than $2.2 billion (1.9 billion euro), although that was an improvement after the automaker reported more than $3.5 billion in cash burn in the same period a year prior.
The automaker said the return to profitability was driven by its North American region, which has witnessed improved sales and market share increases. Overall, four of the company’s five global sales regions reported positive adjusted operating income.
Starting this quarter, Stellantis is reporting full profit details on a quarterly basis. Before, unlike its Detroit rivals, the automaker only reported the first and second-half results, with quarterly details limited to revenues and shipments.
“As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth,” Filosa said in a statement. “The products we launched in 2025 have been well received and we’re confident that the 10 new vehicles planned for 2026 will build on this momentum.”
Thursday’s results come before Filosa is scheduled to present the automaker’s strategic roadmap during a May 21 investor gathering at its Auburn Hills headquarters.
Formed in 2021, Stellantis reported its first loss of about $26 billion last year after big write-downs related to unraveling its prior electric vehicle investments made under former CEO Carlos Tavares. It also struggled with sales as it sought to readjust pricing and fill key gaps in vehicle lineups, including in the U.S. market.
More recently, the automaker’s sales have trended in the right direction. U.S. sales grew 4% in the first quarter, though the company is aiming for a much larger 25% retail sales boost this year. Globally, vehicle shipments in the first quarter rose 12%, including 17% in North America.
In the United States, the automaker is especially focused on growing its Ram and Jeep brands, which in the first quarter made up about 84% of sales. It’s fully leaned into gas-powered offerings as well as a new hybrid Jeep Cherokee. And a central focus is pushing the Hemi V-8 into more models after the gas-guzzling engine was previously facing extinction due to stricter emissions standards.
Rivals Ford Motor Co. and General Motors Co. reported earnings results earlier in the week. Ford reported $2.5 billion in net income boosted by $1.3 billion in tariff reimbursements, a major increase from a year earlier.
General Motors Co. on Tuesday said it expects $500 million in tariff refunds and the company reported net income of $2.6 billion in the first quarter, a 5.7% decline, though it upped its earnings guidance for the full year.
lramseth@detroitnews.com
This article originally appeared on The Detroit News: Stellantis reports first-quarter improvements but shares fall sharply
Reporting by Luke Ramseth, The Detroit News / The Detroit News
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