America first, indeed. Looking at Stellantis’s Q2 2026 financial report, one thing becomes painfully clear: the conglomerate is alive, breathing, and paying its bills almost entirely thanks to Uncle Sam’s unquenchable thirst for giant pickups. The automaker managed to crawl back into profitability with a net profit of €293 million on €43.5 billion in revenue, a 13% jump from last year. But they should probably thank a contractor in Texas buying a Ram truck.
This modest financial resuscitation is almost exclusively powered by the North American market, while the European division is burning through money like an unserviced engine. Investors certainly noticed the comedy of errors: Stellantis stock bumped up 4.34% on Wall Street, only to immediately plummet 6% when European traders woke up and smelled the espresso.
CEO Antonio Filosa, who took the helm in May 2025, made revitalizing the US market his primary crusade. Against all odds, it actually worked. North American revenue surged 32%, fueled by a 43% leap in Jeep Grand Wagoneer sales and an 11% bump for Ram trucks in a market that was otherwise completely dead in the water (-0.3%). With market share hitting 7.4% stateside and a massive $60 billion FaSTLAne 2030 plan focused on American tastes, Stellantis generated €1 billion in net free cash flow.
Meanwhile, across the Atlantic in the EU30 region, the story reads less like a turnaround and more like a financial horror comedy. Stellantis managed the impressive feat of posting a -0.6% adjusted operating margin in Europe, effectively losing money on every single vehicle handed over to a European customer. Not even a 3% bump in sales could stop the bleeding. The only silver lining preventing complete humiliation was Leapmotor whose sales multiplied by six, holding overall market share at 16.8%.
Stellantis’s European survival plan includes cutting plant capacity and outsourcing production to Asian partners in Rennes and Spain. Armed with the budget-friendly Smart Car platform underpinning the new Fiat Grande Panda, Filosa hopes to scrape together a comeback without spending heavily on R&D.
With tariffs promising a €1 billion headache, €2 billion in legacy restructuring charges lingering from 2025, and a global margin recovery target hanging in the balance, Filosa is running out of miracles. If he can’t fix Europe soon, Stellantis will be nothing more than an American truck company.