DETROIT — As Stellantis NV began what CEO Antonio Filosa has called the automaker's "year of execution" after a difficult 2025, the company reported first-quarter improvements Thursday that included a near tripling of its adjusted operating income.

But the maker of Chrysler, Jeep, Ram and Fiat vehicles nevertheless saw Milan-listed shares fall by around 7% Thursday as analysts flagged weak cash flows and indicated tariff refunds had helped boost the results. New York-listed shares also dropped sharply in early trading.

The company reported an expected tariff cost adjustment of more than $460 million (400 million euro) after the U.S. Supreme Court in February struck down some of President Donald Trump's import taxes.

Rivals Ford Motor Co. and General Motors Co. similarly reported a combined $1.8 billion in combined tariff relief earlier this week, helping to boost their bottom lines.

Stellantis reported first-quarter net revenues of about $44.5 billion (38.1 billion euro), up 6% compared to the first three months of 2025. First-quarter net profit came to $440 million (377 million euros) versus a loss of approximately $450 million in the same period last year.

Industrial free cash flow, meanwhile, was negative by more than $2.2 billion (1.9 billion euro), although that was an improvement after the automaker reported more than $3.5 billion in cash burn in the same period a year prior.

The automaker said its return to profitability was driven by the North American region, which has witnessed improved sales and market share increases. Overall, four of the company's five global sales regions reported positive adjusted operating income.

"In North America, we are pushing for commercial momentum," Filosa told reporters earlier Thursday. "We are increasing sales, we are increasing production, we're increasing market share in the region. We are the fastest growing OEM around, growing in U.S., growing in Canada, growing in Mexico."

Still, the automaker has much ground to make up after its North American sales and profits fell precipitously in recent years. Its regional market share may be on the rise, up to 7.9% in the first quarter, but that's far below the double-digit share the automaker held just a few years ago.

In North America, Filosa said increasing shipments of the new hybrid Jeep Cherokee and gas-powered Dodge Charger models is helping to fuel the turnaround.

But the Ram brand is where the company is especially seeing growth, he said, with its best first quarter in the United States since 2023 — largely thanks to the return of the Hemi V-8 engine in its 1500 pickups. In the first quarter, the Hemis made up 40% of all the pickup's deliveries.

Starting this quarter, Stellantis is reporting full profit details on a quarterly basis. Before, the automaker only reported the first and second-half results, with quarterly details limited to revenues and shipments.

"Following the decisive reset action taken in '25, our focus is now on disciplined execution, and we are seeing early signs of progress consistent with our expectations," Filosa said during a Thursday morning earnings call.

He promised the company is "back on a path to sustainable growth," pointing to rising vehicle shipments and market share increases in several regions.

Thursday's results come before Filosa is scheduled to present the automaker's strategic roadmap during a May 21 investor gathering at its Auburn Hills headquarters.

Formed in 2021, Stellantis reported its first loss of about $26 billion last year after big write-downs related to unraveling its prior electric vehicle investments made under former CEO Carlos Tavares. It also struggled with sales as it sought to readjust pricing and fill key gaps in vehicle lineups, including in the U.S. market.

More recently, the automaker's sales have trended in the right direction. U.S. sales grew 4% in the first quarter, though the company is aiming for a much larger 25% retail sales boost this year. Globally, vehicle shipments in the first quarter rose 12%, including 17% in North America.

In the United States, the automaker is especially focused on growing both Ram and Jeep, which in the first quarter made up about 84% of sales combined. Stellantis has fully leaned into gas-powered offerings as well as the hybrid Jeep Cherokee. And a central focus is pushing the Hemi V-8 into more models — including beyond Ram — after the gas-guzzling engine was previously faced extinction due to stricter emissions standards.

"What we're seeing already in quarter one is a very strong profit contribution by our recent launch of the Hemi V-8 engine into the pickup trucks," Filosa told analysts. "So we are anticipating a strong acceleration with that powertrain, and we know that is associated with higher (profit) margin than the rest of the lineup."

Ford and GM reported earnings results earlier this week. Ford reported $2.5 billion in net income boosted by $1.3 billion in tariff reimbursements, a major increase from a year earlier.

General Motors Co. on Tuesday said it expects $500 million in tariff refunds and the company reported net income of $2.6 billion in the first quarter, a 5.7% decline, though it upped its earnings guidance for the full year.

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