Stellantis Segment Revenue and Profit Margin Breakdown

Driving on a highway. Pexels image.

This article covers Stellantis’ revenue and profit margin breakdown by segment.

Stellantis operates on six reportable segments, namely: five regional vehicle segments (North America, Enlarged Europe, Middle East & Africa, South America and China and India & Asia Pacific) and Maserati, the automaker’s global luxury brand segment.

The North America segment focuses primarily on the U.S., Canada, and Mexico, while the Enlarged Europe segment deals extensively with countries of the European Union and the United Kingdom.

The Middle East & Africa segment mainly attends to Turkey, Morocco, Egypt and Algeria. The South America segment includes Central America and the Caribbean islands, while the China and India & Asia Pacific segment focuses on Asia and Pacific countries.

Stellantis’ global luxury brand reportable segment, Maserati, deals with the design, engineering, development, manufacturing, worldwide distribution and sale of luxury vehicles under the Maserati brand.

Let’s look at the revenue and profit margin results!

For other key statistics of Stellantis, you may find more resources on this page: Stellantis key stats.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

North America: Stellantis’ North American operations involve manufacturing, distributing and selling vehicles in the United States, Canada and Mexico, primarily under the Jeep, Ram, Dodge, Chrysler, Fiat and Alfa Romeo brands. Manufacturing plants are located in the US, Canada and Mexico.

Enlarged Europe: Stellantis’ European operations involve manufacturing, distributing and selling vehicles in Europe (which includes the 27 members of the European Union, the United Kingdom (“UK”) and the members of the European Free Trade Association).

Stellantis’ mainstream European brands include Citroën, Fiat, Opel, Peugeot, Vauxhall, and premium brands Alfa Romeo, DS and Lancia. Manufacturing plants are in France, Italy, Spain, Germany, the UK, Poland, Portugal, Serbia and Slovakia.

Middle East & Africa: Stellantis’ MEA operations involve manufacturing, distributing and selling vehicles primarily in Turkey, Algeria and Morocco under the Peugeot, Citroën, Opel, Fiat and Jeep brands.

Manufacturing plants are located in Morocco, Algeria and Turkey through a joint venture with Tofas-Turk Otomobil Fabrikasi A.S. (“Tofas”).

South America: Stellantis’ South American operations involve manufacturing, distributing and selling vehicles in South and Central America, primarily under the Fiat, Jeep, Peugeot and Citroën brands, with the largest focus of its business in Brazil and Argentina.

Manufacturing plants are located in the main markets of Brazil and Argentina.

China and India & Asia Pacific: Stellantis’ China and India & Asia Pacific operations involves manufacturing, distributing and selling vehicles in the Asia Pacific region (mostly in China, Japan, India, Australia and South Korea) carried out in the region through both subsidiaries and joint ventures, primarily under the Jeep, Peugeot, Citroën, Fiat, DS and Alfa Romeo brands.

Manufacturing plants are located in India and Malaysia through joint operation with India Fiat India Automobiles Private Limited (“FIAPL JV”) and wholly owned subsidiary Stellantis Gurun (Malaysia).

In China, Stellantis had a joint venture with GAC Fiat Chrysler Automobiles Co (“GAC-Stellantis JV”) until production ceased in January 2022. GAC JV filed for bankruptcy in November 2022.

Stellantis’ Citroën and Peugeot branded vehicles are manufactured in China by Dongfeng Peugeot Citroën Automobiles (“DPCA”) under various license agreements.

Maserati: Stellantis’ Maserati operations involve designing, engineering, developing, manufacturing, worldwide distributions and selling luxury vehicles under the Maserati brand. Design, engineering and manufacturing plants are located in Italy.

Other Activities: According to the 2023 annual report, other activities includes the results of Stellantis’ industrial automation systems design and production business, pre-owned car business, cast iron components business, mobility businesses, software and data businesses, and other investments, including Archer, the automaker’s financial services activities, as well as the activities and businesses that are not operating segments under IFRS 8.

Adjusted Operating Income: Adjusted operating income is a non-GAAP and non-IFRS measure used by Stellantis’ chief operating decision maker to assess performance, allocate resources to the company’s operating segments and to view operating trends, perform analytical comparisons and benchmark performance between periods and among the segments.

Adjusted operating income/(loss) exclusions include restructuring and other termination costs, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of Stellantis’ ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit).

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Insight & Summary of Stellantis’ Revenue and Profit Breakdown By Segment

Stellantis’ segment performance reveals a company that experienced broad-based, severe profitability deterioration in 2024–2025 despite comparatively more modest revenue declines — with North America, the historically dominant profit engine, suffering the most dramatic reversal of any segment.

• Revenue by Segment: North America’s Declining Dominance North America remained the largest segment throughout, but its mix share fell from 48.1% (2022 peak) to 41.4% (2025), while Enlarged Europe’s mix share held remarkably stable in the high-30s to high-40s range across the entire dataset. Middle East & Africa saw the most volatile revenue trajectory — 24.9% growth (2022), a striking 63.6% surge (2023), then declines of -4.4% and -3.8% in 2024–2025 — while China and India & Asia Pacific has been in near-continuous decline since 2022, falling from €4,505 million to just €1,868 million by 2025, a 59% collapse.

• Adjusted Operating Income: A Comprehensive Collapse, Led by North America This is where the most severe deterioration is visible. Total Segments Adjusted Operating Income fell from €25,332 million (2023) to just €725 million (2025) — a 97% collapse in two years. North America drove much of this: from €13,298 million (2023, the single largest segment profit contribution in the dataset) to a loss of -€1,892 million (2025) — a swing of over €15 billion in just two years, and the only time North America posted a loss anywhere in this dataset. Enlarged Europe followed a similar pattern, from €6,519 million (2023) to -€651 million (2025). By contrast, Middle East & Africa and South America both remained solidly profitable throughout 2023–2025, with Middle East & Africa actually posting its highest-ever margin in 2023 (23.7%) and remaining strongly profitable even as North America and Europe collapsed — the clearest sign that this deterioration was not uniform across the business.

• Adjusted Operating Margin: Confirms the Same Divergent Pattern North America’s margin fell from 16.4% (2021–2022) to -3.1% (2025) — a comprehensive reversal. Maserati’s margin was the most severely negative of any segment in the dataset, reaching -27.3% in 2025, consistent with its steep revenue decline (from €2,335 million in 2023 to just €726 million by 2025 — a 69% collapse). Middle East & Africa’s margin, by contrast, remained the strongest and most resilient of any segment throughout 2023–2025 (23.7%, 18.8%, 14.7%), reinforcing that this region has become an increasingly important profit anchor as North America and Europe have weakened.

• Structural Takeaway: Stellantis’ 2024–2025 profitability collapse was overwhelmingly concentrated in North America and, to a lesser extent, Enlarged Europe — its two largest and historically most profitable segments — while Middle East & Africa and South America remained genuinely resilient throughout, suggesting this is a story of specific regional weakness rather than a company-wide structural failure. Given North America’s swing from Stellantis’ largest profit contributor to a loss-making segment within just two years, the pace and direction of North America’s recovery (or lack thereof) is by far the most consequential variable for Stellantis’ overall profitability going forward — a recovery there would likely restore Total Segments profitability toward its 2021–2023 range, while continued weakness would leave Middle East & Africa and South America to carry a disproportionate share of Stellantis’ overall profit generation.

The table below combines all key Stellantis’ revenue and profit margin by segment metrics into a single view for the latest three fiscal years.

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Revenue breakdown from America, Europe, MEA, Asia, and Maserati

The definitions of Stellantis’ segments are available here: North America, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, Maserati, and Other Activities.

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Revenue mix from America, Europe, MEA, Asia, and Maserati

The definitions of Stellantis’ segments are available here: North America, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, Maserati, and Other Activities.

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Revenue growth from America, Europe, MEA, Asia, and Maserati

The definitions of Stellantis’ segments are available here: North America, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, Maserati, and Other Activities.

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Profit from America, Europe, MEA, Asia, and Maserati

The definitions of Stellantis’ segments are available here: North America, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, Maserati, and Other Activities.

Stellantis’ adjusted operating income is a non-GAAP and non-IFRS measure. Its definition is available here: adjusted operating income.

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Profit margin from America, Europe, MEA, Asia, and Maserati

The definitions of Stellantis’ segments are available here: North America, Enlarged Europe, Middle East & Africa, South America, China and India & Asia Pacific, Maserati, and Other Activities.

Stellantis’ adjusted operating income is a non-GAAP and non-IFRS measure. Its definition is available here: adjusted operating income.

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References and Credits

1. All financial figures presented in this article were obtained and referenced from Stellantis’ quarterly and annual reports, SEC filings, investor presentations, press releases, earnings results, etc., which are available in Stellantis Investor Relation.

2. Pexels images.

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Disclosure

We may use artificial intelligence (AI) tools to assist us in writing some of the text in this article. However, the data is directly obtained from original sources (usually the quarterly and annual reports) and meticulously cross-checked by our editors multiple times to ensure its accuracy and reliability.

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