Ford and GM reported similar Q2 2026 revenue in U.S. dollars, while Stellantis reported in euros; their operating-profit measures are also defined differently. The releases show what each company reported, but they do not establish which stock is cheaper or likely to deliver the better return. Compare the businesses first, then use same-date market data for the specific shares you are considering.
What did Stellantis, Ford and GM report in Q2 2026?
The latest located results are for the quarter ended in Q2 2026. The figures below are company-reported, use each issuer’s own currency and metric labels, and are not a harmonized peer comparison. Stellantis labels its release data unaudited.
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| Company | Q2 2026 revenue | Operating measure reported | Cash flow and material context | 2026 guidance in the Q2 release |
|---|---|---|---|---|
| Stellantis; results published July 30, 2026 | €43.5 billion net revenue | €0.8 billion adjusted operating income (AOI); 1.8% AOI margin | Q2 industrial free cash flow (IFCF) was €1.0 billion; H1 2026 IFCF was negative €0.9 billion. Q2-end industrial available liquidity was €44.1 billion. | Management reaffirmed guidance for a mid-single-digit revenue increase, low-single-digit AOI margin and improved full-year IFCF year over year. |
| General Motors; Q2 release filed July 21, 2026 | $48.0 billion revenue | $3.9 billion EBIT-adjusted | The release included automotive cash-flow guidance and adjusted automotive free cash flow information. GM raised 2026 guidance for the second time that year. | Expected net income attributable to shareholders was $8.4–9.8 billion; revised EBIT-adjusted guidance was $14–16 billion. |
| Ford; Q2 release filed July 28, 2026 | $48.3 billion revenue | $2.5 billion adjusted EBIT | Adjusted free cash flow was $2.1 billion. Ford reported a $1.3 billion net loss, including a $3.6 billion largely non-cash special item related to the announced BlueOval SK joint venture disposition. | Ford raised full-year adjusted EBIT guidance to $10–11 billion and adjusted free cash flow guidance to $6–7 billion. |
For Stellantis, full-year 2025 results provide a preceding annual reference point, but they do not replace the newer quarter or establish a comparable full-year trend by themselves. Read the Stellantis full-year 2025 results alongside the latest release, then review each company’s filings for its own year-to-date and annual context.
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Keep each company’s operating measure in its own lane
AOI, EBIT-adjusted and adjusted EBIT are company-defined measures, not a single standardized metric. Do not treat their dollar or euro totals, or their margins, as directly interchangeable. Before comparing them, consult the respective release and filing for the definition, excluded items and reconciliation to the company’s GAAP results.
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Separate recurring performance from material one-offs
Ford’s reported net loss illustrates why the headline bottom line needs context: the release says it included a largely non-cash charge tied to the BlueOval SK disposition, while the company also reported positive adjusted EBIT. That does not make the GAAP loss irrelevant; it means readers should examine both the reported result and the explanation of the adjustment. Apply the same discipline to special items and adjustments at GM and Stellantis rather than assuming that “adjusted” means the same thing at all three companies.
Use more than one reporting period
A quarter is a snapshot, not a trend. Check the full-year results and year-to-date figures as well as the latest quarter: vehicle volumes, pricing, incentives, production levels, input costs and regional conditions can change quickly. Compare revenue direction and operating performance across matching periods before concluding that one company has stronger earnings power.
Which automaker has stronger cash flow?
There is no clean winner in these releases without first matching periods and definitions. Stellantis reported positive IFCF for Q2 but negative IFCF for the first half of 2026; quoting only its quarter would miss the year-to-date position. Ford reported Q2 adjusted free cash flow and raised its full-year adjusted free cash flow outlook. GM’s release provides automotive cash-flow guidance and adjusted automotive free cash flow information. These are not necessarily defined on the same basis.
For a more useful comparison, line up cash from operations and free cash flow for the same quarter, first half and full year, and read how each issuer defines its measure. Note whether a figure is industrial or automotive, adjusted or unadjusted, and whether it is an actual result or management guidance. A strong cash quarter can be offset by working-capital swings, investment needs or weaker cash generation elsewhere in the year.
What do liquidity and business mix tell you?
Assess the balance sheet with the right boundaries
Cash and debt comparisons need care at automakers with financing operations. Review available liquidity, debt maturities and cash requirements in the latest releases and filings; where the company separates industrial operations from a captive finance business, keep those obligations distinct. GM Financial and other financing-company balances should not be casually treated as industrial automotive debt or cash. GM’s 2025 Form 10-K is one source for understanding how GM reports its businesses and financial statements.
Stellantis said its Q2-end industrial available liquidity was within its stated target range. That is useful issuer-specific context, not proof that its liquidity measure is directly comparable with another automaker’s. Read each company’s definition and the associated balance-sheet detail before using liquidity as a ranking metric.
Look at regions, products and execution
Mix affects revenue and margins: geographic exposure, vehicle type, brands, financing operations and strategy changes can all alter results. Stellantis attributed its Q2 revenue growth primarily to North America, where revenue was up 32% year over year; South America was up 6%, Enlarged Europe was flat and other regions were slightly down, according to its Q2 release. Those figures describe Stellantis, not a like-for-like regional comparison with Ford or GM. Use current segment disclosures from all three companies to build that comparison.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How do you compare the stocks themselves?
Operating results answer part of an investment question; they do not establish valuation or expected return. The Q2 releases used here do not supply a same-date market snapshot or comparable valuation multiples. A stock comparison needs current market inputs for the exact share listings, and those inputs must be aligned before calculating or interpreting multiples.
- Identify the listing and currency. Stellantis common shares trade on the New York, Milan and Paris exchanges. Specify the listing, its trading currency and the date of the quote; the company’s investor relations page provides exchange and financial-report information. Do not compare unconverted euro and dollar prices or returns.
- Choose the earnings or cash-flow basis. State whether a price-to-earnings or price-to-free-cash-flow comparison uses trailing or forward results, and use consistent dates and definitions. Do not substitute company-defined adjusted measures without explaining their differences.
- Account for balance sheets and share counts. Specify whether enterprise value reflects net debt, industrial cash or another treatment; use the relevant share count and consider dilution. A per-share valuation can shift if share counts differ or change.
- Include shareholder returns carefully. Check dividends declared, buybacks actually completed, any remaining authorizations and investment priorities. An authorization is not a completed repurchase, and a historical dividend does not guarantee a future yield.
Without those date-matched prices, share data, balance-sheet inputs and dividend assumptions, it would be misleading to call one of the three stocks cheaper or to claim that it offers the highest yield. Their reported operating results can inform that work, but cannot complete it.
What can change the comparison?
Automakers are cyclical and capital-intensive. Quarterly results and guidance can move with sales volumes, pricing and incentives, production, input costs and regional conditions; company-specific transactions or strategy changes can also affect reported results. Guidance is management’s forward-looking expectation, not a realized outcome. Revisit the next filings and earnings releases before relying on any comparison for an investment decision.
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