Stellantis NV on Thursday reported a 2025 net loss of $26.3 billion (22.3 billion euro), the first time the automaker has reported an annual loss since its 2021 formation and just two years after posting a record $20 billion in profits.

The Jeep and Ram maker warned the disappointing results were coming earlier this month when it reported about $26 billion in unusual charges. Much of that massive hit was tied to unraveling the company's prior investments in electric vehicles made under former CEO Carlos Tavares. One analyst called the magnitude of the write-down "jaw-dropping."

For the full year, the automaker reported one-time charges of nearly $30 billion (25.4 billion euro), according to the final results posted early Thursday. Last year the company's net profits also fell sharply but it still made $5.8 billion.

Besides the costly shift away from EVs, the carmaker's sales continued to struggle last year. In the United States, where it faced tariffs and an overhauled regulatory landscape, overall sales fell 3%, their seventh-straight annual decline.

Under CEO Antonio Filosa, who took the post last June, the carmaker is attempting to engineer a turnaround fueled by popular brands like Jeep and Ram, but the Thursday results underscored that it will be a long and painful process.

Stellantis reported global revenues of $181.2 billion (153.5 billion euro) last year, a 2% decline from 2024, related to foreign exchange challenges and pricing issues.

The company posted an adjusted operating loss — not counting its one-time charges — of nearly $1 billion (842 million euro) and a negative 0.5 adjusted operating income margin. It said it had available industrial liquidity of 46 billion euro at the end of the year, and "to preserve a strong balance sheet," the board of directors had authorized suspending 2026 dividend payments and issuing some hybrid bonds.

“Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers’ freedom to choose from the full range of electric, hybrid and internal combustion technologies," Filosa said in a statement.

The second half of last year showed what the CEO called "initial, positive signs of progress" as the company seeks to improve quality and execute a the launches of several new products. Global vehicle shipments in the second half, for instance, picked up by 11% compared to the year prior, with most of the growth in North America.

Still, its typically highly profitable North American region faced significant issues last year. While shipments were up, revenues fell slightly and profits also plummeted amid U.S. tariffs, warranty costs, and higher vehicle incentive spending. The poor results meant United Auto Workers-represented Stellantis workers won't get any profit-sharing checks this year.

The company said in 2026 it expects a mid-single digit percentage increase in net revenues, a profit margin in the low single digits, and improving cash flows.

Milan-listed shares of Stellantis were down slightly early Thursday. In New York, the carmaker's shares have been off more than 20% since it made the surprise EV write-down announcement earlier this month.

The $26 billion in one-time charges that were booked in results for the second half of 2025 are mainly tied to realigning models with customer preference and new emissions rules in the United States, the company previously said. It's also grappling with changes to its supply chain as it shifts back toward gas-powered models, plus other problems around product quality, as well as job cuts in Europe.

Under Filosa, Stellantis is plotting a turnaround that involves putting V-8 engines in many more models and rolling out several prominent hybrids, including the new Jeep Cherokee and a forthcoming Ram pickup.

It's hoping to significantly boost sales this year of some of its most profitable vehicles, like the Ram 1500, and in the United States is targeting a 25% increase in retail sales for 2026, executives told dealers earlier this month.

Filosa also has said the company is trying to empower regional teams to move more quickly on decision-making, and the company continues to repair relationships with groups like dealers, suppliers and unions that had soured under Tavares. The company plans to provide full details of its new strategy at a May investor day in Auburn Hills.

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