Stellantis reported that its North America business swung to an adjusted operating profit in the third quarter of 2026, reversing a loss from a year earlier and helping drive companywide operating income up 184 percent, the automaker said in its third quarter results released October 28.
North America leads a broader turnaround
Adjusted operating income improved to €0.3 billion, representing an AOI margin of 0.7%, with North America up 340 basis points year over year , according to the company’s filing with the Securities and Exchange Commission.
The region posted adjusted operating income of €64 million, compared with an adjusted operating loss of €475 million a year earlier.
Executives attributed the improvement largely to cost cutting, with industrial cost reduction the largest driver of the improvement in adjusted operating income.
North America adjusted operating income reached $64 million, a $539 million year-over-year improvement , which the company linked to industrial cost savings and favorable pricing.
CEO Antonio Filosa and CFO João Laranjo presented the results on October 28, according to a transcript of the call.
Ram brand drives US market share gains
North America market share increased to 7.5%, up 10 bps year-over-year, driven by new product and powertrain offerings .
Ram was specifically cited, with its North America sales increasing 30% year-over-year, representing the fastest growing brand in North America based on year-over-year industry share gains , Stellantis said in its filing.
That growth came even as the company trimmed output. North America emerged as a bright spot, with adjusted operating income improving by €0.5 billion year-over-year despite planned production shutdowns that reduced shipments by 12% , according to a summary of the presentation published by Investing.com.
Stellantis’ Ram pickups have been gaining ground on Detroit rivals in recent quarters, a shift that follows Ram’s push past a stablemate in US sales earlier this year.
Companywide results still show strain
Adjusted operating income increased to 256 million from 90 million a year earlier, a 184% gain , which the company attributed to industrial cost reductions.
The adjusted operating income margin improved to 0.7% from 0.2%, a gain of 50 basis points , Stellantis reported.
Not every region improved. Enlarged Europe reported an adjusted operating loss of €311 million, compared with income of €157 million in the prior-year period.
Company filings confirmed all regions delivered positive AOI margins with the exception of Enlarged Europe.
Cash flow remained a weak spot. Industrial free cash flows were negative €4.0 billion in Q3 2026, an improvement of €0.3 billion versus Q3 2025, reflecting improved operating performance , the company said.
Management expects that pressure to ease as the year closes out.
Investors respond, guidance reaffirmed
Markets reacted positively to the report. Stellantis presented its third-quarter 2026 results on October 28, 2026, revealing a mixed but improving financial picture that sent shares surging over 11% to $4.139 , Investing.com reported.
Looking ahead, the company pointed to firmer inventory discipline and steadier pricing.
Stellantis cited management of North America inventory, with December 2026 converging to a similar level as compared to December 2025, and a broadly stable pricing environment in Q4 2026 as compared to Q3 2026.
Stellantis also flagged new cost pressures ahead. The company anticipates incremental cost headwinds from memory chips and recall costs as compared to Q3 2026.
That is a reminder that supply chain volatility, including the kind of chip disruptions that have rattled other automakers this year, remains a live risk even as the North America turnaround takes hold.
