Between 2021 and 2025, Stellantis has gone from being the cash machine born of the PSA-FCA merger to a group in the midst of a strategic reset. Behind the official rhetoric of energy transition and industrial transformation, the figures tell a much more nuanced story: that of a giant that initially prospered... before having to abruptly correct its trajectory.
The year 2025 marks a historic turning point, with a net loss of 22.3 billion euros, due in particular to 25.4 billion euros in exceptional charges to redefine the Group's strategy. But to understand this turning point, we need to go back to 2021.
2021 - 2023: the golden years
After its creation, Stellantis experienced a phase of exceptional profitability.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2021 | 6,5 | 152 | 14,2 | 11,8% | 6,1 |
| 2022 | 5,8 | 179,5 | 16,7 | 13% | 10,8 |
| 2023 | 6,2 | 189,5 | 18,6 | 12,8% | 12,9 |
In just three years, the Group has increased its sales by almost 40 billion euros, its profits by over 4 billion and, above all, its cash generation, which will reach almost 13 billion by 2023.
This performance was based on a simple strategy: strong cost discipline, upmarket products (and prices), and a focus on profitability rather than volumes. Stellantis became one of the most profitable manufacturers in the world.
2024: the break
The year 2024 marks the beginning of the turnaround.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2024 | 5,4 | 156 | 5,5 | 5,5% | -6 |
Sales fall by more than 30 billion euros compared to 2023. Profits are divided by more than three. Above all, free cash flow is negative. There are many reasons for this: a slowdown in the market, pressure on prices, an electricity transition that is more costly than expected, and difficulties with certain products. The ultra-profitable model is showing its limits.
2025: the year of shock
With sales of €153.5 billion (-2 1TP3Q), a negative operating margin of -0.5 1TP3Q, and free cash flow still negative at €4.5 billion, Stellantis is officially in the red.
| Year | Sales (M) | Sales (€ billion) | Earnings (€ billion) | Margin | Free Cash Flow (Md€) |
|---|---|---|---|---|---|
| 2025 | 5,5 | 153 | -22 | -0,5% | -4,5 |
This massive loss is not just the result of a poor trading year. It is the result of a strategic choice: the Group's trajectory had to be radically revised. Stellantis is now talking about a «reset» to correct overestimation of the pace of transition to electric, product choices, certain warranty and quality assumptions, and industrial organization.
Growth returns... at the end of the year
Despite this generally negative picture, the second half of 2025 brought an encouraging sign. Sales rose by 10 % over the period. Volumes are back on the rise, with +11 % of billings in the second half, including a notable improvement in North America.
Over the full year, Stellantis delivered 5.48 million vehicles, slightly up on 2024. Negative free cash flow in the second half was halved compared with the first half. This marks the beginning of stabilization.
A changing geography
Behind the overall figures, regional trends are revealing.
Europe: structural decline
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 3,1 | 59 |
| 2022 | 2,6 | 63 |
| 2023 | 2,7 | 66 |
| 2024 | 2,6 | 59 |
| 2025 | 2,5 | 57,7 |
Europe remains the leading market in terms of volume, but is gradually declining. The margin has fallen from 9.8 % in 2022 to -1.1 % in 2025.
North America: still a pillar... but under pressure
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 2 | 69 |
| 2022 | 1,8 | 85 |
| 2023 | 1,8 | 88 |
| 2024 | 1,4 | 63 |
| 2025 | 1,4 | 60,9 |
After having been the driving force behind the Group's profitability, the region is now experiencing a sharp drop in revenues. The margin has fallen from 16.4 % in 2022 to -3.1 % in 2025.
South America: a pleasant surprise
| Year | Sales (M) | Revenues (€ billion) |
|---|---|---|
| 2021 | 0,8 | 10 |
| 2025 | 1 | 16,2 |
Growth is driven by Brazil and Argentina. Margins will fall from 13.1 % in 2022 to 12.1 % in 2025.
Less cash, less dividends
The change of cycle is also visible in shareholder remuneration.
| Year | Dividends (€ billion) |
|---|---|
| 2022 | 3,3 |
| 2023 | 4,2 |
| 2024 | 4,6 |
| 2025 | 0 |
Faced with 46 billion euros of available liquidity at the end of 2025, but insufficient cash generation, Stellantis is suspending the payment of dividends for 2026, compared with 2025. A powerful decision.
2026: reconstruction
The Group is now aiming for moderate sales growth, a return to positive operating margin and a gradual return to cash generation. The objective is clear: a return to positive free cash flow by 2027.
Between 2021 and 2023, Stellantis demonstrated exceptional profitability. But this performance was partly based on a model that was difficult to maintain over the long term. 2024 marked the beginning of a slowdown. 2025 marked the start of a rethink.
With this «reset», Stellantis implicitly acknowledges that the transformation towards electric power, digitalization and globalization cannot be achieved without major adjustments. The next few years will tell whether this shock of 2025 will remain a parenthesis... or the true beginning of a new Stellantis.
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