Shares of Jeep maker Stellantis fall as much as 10% after first-quarter results

Shares of auto giant Stellantis fell sharply on Thursday after the company reported a near tripling of its adjusted operating income in the first three months of the year, supported by improved sales in its key North American market.

The multinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, posted first-quarter adjusted operating income of 960 million euros ($1.12 billion).

That comfortably beat an analyst consensus of 568 million euros, according to a Reuters poll, and reflects a 194% increase from adjusted operating income of 327 million euros a year ago.

Milan-listed shares of the company fell as much as 10% during early morning deals, before paring losses. The stock was last seen down by around 7%.

The results mark the first time the company has started reporting quarterly profit data, which it previously only posted on a six-monthly basis.

Stellantis said first-quarter net revenues came in at 38.1 billion euros, a 6% increase from the same period in 2025. First-quarter net profit amounted to 377 million euros, versus a loss of 387 million euros in the first three months of 2025.

“As we initiate quarterly reporting, the first three months of 2026 reflect the early results of our actions to return Stellantis to sustainable, profitable growth,” Stellantis CEO Antonio Filosa said in a statement.

“The products we launched in 2025 have been well received and we’re confident that the 10 new vehicles planned for 2026 will build on this momentum,” he added.

Analysts at Citi said Stellantis’ first-quarter results were a headline beat “but very messy” as expected.

“The positive is that both US and EU are positive, and Middle East and South America continue to drive AOI [adjusted operating income],” Citi’s Harald Hendrikse said in a research note.

However, there are “significant moving parts” with relation to provisions and tariffs, which raises questions about regional AOI profitability sustainability, Hendrikse said, noting the company remains free cash flow negative.

“We expect significant debate about the quality of earnings, with little movement in consensus estimates,” Hendrikse said.