Stellantis reported a finalized first-half 2025 net loss of €2.256 billion, after earning €5.647 billion in the same period a year earlier. The often-cited “$2.7 billion” is an approximate dollar conversion of the company’s euro-denominated result; Stellantis reported its figures in euros. The loss included €3.3 billion in net charges excluded from adjusted operating income, which remained positive at €540 million.
What Stellantis reported for the first half of 2025
The company’s July 29, 2025 results release reported an IFRS net loss of €2.256 billion for the six months ended June 30. Its headline rounded that figure to €2.3 billion. In the first half of 2024, Stellantis had reported net profit of €5.647 billion. These are reported results for the first half, not the company’s full-year result. Stellantis’ H1 2025 results.
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| Measure | H1 2025 | H1 2024 |
|---|---|---|
| Net income (loss) | −€2.256 billion | €5.647 billion |
| Revenue | €74.261 billion | Not stated as a comparable value in the cited H1 2025 release |
| Adjusted operating income | €540 million | €8.463 billion |
| Adjusted operating margin | 0.7% | 10.0% |
| Industrial free cash flow | −€3.005 billion | Not stated here as a comparable value |
Revenue fell 13% year over year to €74.261 billion. Stellantis cited declines in North America and Enlarged Europe, partly offset by growth in South America. The revenue figure and the reported loss measure different aspects of the business: revenue is sales, while net income reflects expenses, charges, taxes and other items as well.
Why the net loss was much larger than the adjusted operating result
Net income is the statutory bottom-line result; adjusted operating income is a narrower operating measure. Stellantis reported €540 million of adjusted operating income, equal to a 0.7% margin, but a €2.256 billion IFRS net loss. The company said the net loss included €3.3 billion in net charges excluded from adjusted operating income. Those charges help explain why the two figures differ, but they do not make the net loss disappear: each measure answers a different question.
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The finalized release attributed pressure on revenue and operating performance to regional and product mix, foreign-exchange headwinds, tariffs, and lower European light-commercial-vehicle industry volumes. The company’s July 21 preliminary filing described the approximately €3.3 billion of pre-tax net charges as primarily related to program cancellations and platform impairments, restructuring, and the net impact of legislation eliminating the CAFE penalty rate. It also cited higher industrial costs, geographic and other mix, and foreign exchange as adverse effects on adjusted operating income. These are Stellantis’ explanations, not an independent breakdown of how much each factor caused the loss. Final H1 results; July 21 preliminary filing.
Tariffs were a cost, but not the whole explanation
Stellantis said it incurred €0.3 billion of net tariff impact in the first half of 2025 and estimated a net tariff impact of approximately €1.5 billion for full-year 2025, including that first-half amount. The filing also said early U.S. tariffs had led to lost planned production connected to the company’s response plan. The €1.5 billion was a full-year estimate made in the July 29 release under the tariff and trade rules then in place; it was not a measure of the first-half loss, nor does it account for all the factors cited in the results.
Cash flow and liquidity provide a separate view
Industrial free cash flow was negative €3.005 billion in H1 2025. Stellantis reported €47.2 billion in available industrial liquidity as of June 30, 2025. The first figure indicates cash generation after industrial investment under the company’s measure; the second is a liquidity balance at a point in time. Negative free cash flow and substantial available liquidity can coexist, and neither should be confused with net income.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the result fits the 2025 timeline
- July 21, 2025: Stellantis published preliminary, unaudited H1 figures, estimating a €2.3 billion net loss and describing approximately €3.3 billion of pre-tax net charges. Preliminary filing.
- July 29, 2025: the company announced finalized H1 results, reporting an IFRS net loss of €2.256 billion and re-establishing second-half guidance based on tariff and trade rules then in place. CEO Antonio Filosa described 2025 as “a tough year, but also one of gradual improvement.” That was management’s assessment at the time. H1 results release.
- February 26, 2026: Stellantis reported a full-year 2025 net loss of €22.3 billion alongside €25.4 billion in unusual charges. It also reported that second-half revenue grew 10% year over year and described a strategic reset. Those later figures put the first-half result in context but do not change what the company reported for H1. FY 2025 results.
What to compare when judging the results
For an investor, a single headline loss does not show whether operations, cash generation or balance-sheet capacity are improving. Keep periods and measures aligned when comparing results:
Quick Recap
- Revenue and regions: compare year-over-year sales and the contribution from North America, Enlarged Europe and South America.
- Bottom line and operations: read IFRS net income alongside adjusted operating income and its margin; do not substitute one for the other.
- Cash flow and liquidity: distinguish industrial free cash flow during the period from available industrial liquidity at June 30.
- Operating trends and unusual charges: separate recurring cost, mix and volume pressures from charges excluded from adjusted operating income, and identify tariff figures as incurred or estimated.
- Comparable time periods: H1 2025 versus H1 2024 is a year-over-year comparison; H1 2025 versus H2 2024 is sequential. They answer different questions and should not be presented as interchangeable.
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