Stellantis boss sticks with 2026 game plan as U.S. shares notch new low

What Filosa said and where he said it

Filosa has led the company since June 2025.

The numbers behind the pitch

For 2026, Stellantis continues to project mid-single-digit growth in net revenue, with adjusted operating margin projected to come in at the low-single-digit level. Filosa also reiterated two cash milestones: the company is targeting overall cash flow to turn positive next year, and it plans for free cash flow to be positive by 2027, then exceed 3 billion euros in 2028. Last year's free cash flow came in negative, at 4.5 billion euros, underscoring the gap the team is working to close.

Share performance and the turnaround plan

The U.S.-listed shares finished Tuesday at $4.43, off 4.1% on the day, setting a fresh closing low and leaving them down nearly 60% for the year to date. If that holds, it would be the worst calendar-year result since Stellantis was created from the Fiat Chrysler and PSA Groupe merger in January 2021.

Management is in the middle of an approximately $70 billion reset after margins eroded and sales slid for years, particularly in North America and the U.S. The playbook keeps all 14 brands intact while pushing regional flagships like Ram and Jeep to lift demand. Core pillars include tighter stewardship of the brand lineup, fresh investment, deeper partnerships, a leaner factory footprint, a focus on execution, and more decision-making power for local teams.

A few minutes a day is enough to stay genuinely informed about your money. Join Market Briefs free and start tomorrow.

What it means for your portfolio

The stock is in the penalty box, but the operating goals are clear: rebuild margins, get cash generation back onside, and lean on proven nameplates in key regions. If Stellantis can stick the landing from cash flow turning positive next year to free cash flow crossing into the black by 2027 and topping 3 billion euros in 2028, that would mark a meaningful financial swing from last year's 4.5 billion euro free cash flow shortfall. For everyday investors, the next checkpoints are execution on North American sales and evidence that the cash targets are tracking to plan.

Rates, prices and policy all end up in your budget eventually. Get the free Market Briefs daily newsletter and see it coming.