TLDR
- Stellantis posted its first-ever annual loss of €22.3 billion ($26.3B) for full-year 2025
- The loss was driven by €25.4 billion in write-downs tied to its scaled-back EV strategy
- The company suspended its 2026 dividend and issued up to €5 billion in hybrid bonds
- Net revenues rose 10% in H2 2025, with vehicle shipments up 11% year-on-year
- Stellantis expects positive industrial free cash flow only in 2027, with tariff costs hitting €1.6B this year
Stellantis reported a full-year 2025 net loss of €22.3 billion ($26.3 billion), its first annual loss since the company was formed in 2021.
Stellantis FY 2025 Earnings
– Net Rev. EU153.51B (est EU152.81B)
– Net Loss EU22.33B Vs. Profit EU5.52B Y/Y
– ADJ. Oper Margin -0.5% VS. 5.5% Y/Y
– Negative Industrial FCF EU4.53B
— First Squawk (@FirstSquawk) February 26, 2026
The result is a sharp reversal from a €5.5 billion profit in 2024.
The losses were largely driven by €25.4 billion in write-downs, the bulk of which — €22.2 billion — were taken in the second half of the year and announced on February 6.
CEO Antonio Filosa linked the write-downs directly to a misjudgment on EV adoption. “Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition,” he said.
Stellantis has joined a growing list of automakers pulling back on EV commitments. GM, Ford, and Honda have all booked similar charges in recent months.
The write-downs also reflect vehicle quality problems that Filosa attributed to cost-cutting under former CEO Carlos Tavares.
About €6.5 billion of the write-downs involve cash payments, expected to be spread over four years starting in 2026.
On an adjusted operating basis, Stellantis recorded a loss of €842 million for the full year, compared to a €8.65 billion profit in 2024.
H2 2025 Shows Some Recovery
Not all the numbers were grim. Net revenues in the second half of 2025 rose 10% year-on-year to €79.25 billion.
Vehicle shipments in that period rose 11%, with North America posting the strongest contribution at 2.8 million consolidated units.
Stellantis said these figures reflect improved operational efficiencies and a more disciplined commercial approach.
Dividend Suspended, Bonds Issued
The company confirmed it will not pay a dividend in 2026, a move it had previously flagged.
To shore up its finances, Stellantis issued up to €5 billion in hybrid bonds.
Looking ahead, Stellantis reiterated its 2026 guidance: mid-single-digit percentage growth in net revenues and a low-single-digit adjusted operating margin.
Positive industrial free cash flow isn’t expected until 2027.
U.S. tariff costs are projected to rise to €1.6 billion in 2026, up from €1.2 billion in 2025.
Analysts at Citi described the results as an “obvious low point” but said they see “better quality and less risk in other European and US OEMs.”
Milan-listed stock was down around 0.3% in morning trading on Thursday, after already losing roughly 20% following the February 6 impairment announcement.
The stock has fallen more than 30% so far this year and hit a record low of €5.73 on February 6.
Stellantis’s 2026 tariff exposure of €1.6 billion reflects its heavy reliance on the U.S. market as its primary profit driver.
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