Ferrari N.V.
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +7.22%.
Did RACE Beat Earnings? Q1 2025 Results
Ferrari kicked off 2025 in commanding fashion, posting first-quarter earnings per share of $2.30 against a consensus estimate of $2.25, a 2.39% beat, while revenue climbed 13.0% year over year to $1.79 billion, edging past the $1.77 billion Wall Street had anticipated. The performance underscores the Maranello automaker's deliberate "quality over quantity" philosophy: shipments rose just 0.9% to 3,593 units, yet a richer product mix, expanded personalizations, and the ramp-up of high-margin models like the 12Cilindri and SF90 XX family drove an $85.00 million positive mix and price variance. EBIT surged 22.7% to $542.00 million, expanding margins to 30.3%, while industrial free cash flow nearly doubled to $620.00 million. The strong print reinforces the view among analysts that Ferrari remains one of the auto sector's clearest outperformers amid broader industry turbulence. Management confirmed full-year guidance for net revenues above $7.00 billion and adjusted diluted EPS of at least $8.60, though flagged a potential 50 basis point margin risk tied to U.S. import tariffs on European vehicles.
- Richer product and country mix driving revenue growth with minimal shipment increase
- Increased personalizations contributing to strong mix/price variance of €85 million
- SF90 XX family, 12Cilindri, and 499P Modificata deliveries enriching product mix
- New sponsorships and improved Formula 1 commercial revenues boosting sponsorship/brand revenues by 32.1%
- Positive Americas country mix
- Initial collection of F80 advances supporting strong industrial free cash flow
“Another year is off to a great start. In the first quarter of 2025, with very few incremental shipments year on year, all key metrics recorded double-digit growth, underscoring a strong profitability driven by our product mix and continued demand for personalizations. This confirms – once again – our strategy of 'quality of revenues over quantity'. We continue to enrich our product offering – in line with our plans – with six new models this year, which include the newly launched 296 Speciale, 296 Speciale A and the much-anticipated Ferrari elettrica through a unique and innovative unveiling. We are very excited about what lies ahead.”
Ferrari CEO, on the earnings call
Forward Guidance & Outlook
Ferrari confirmed 2025 full-year guidance: net revenues above €7.0 billion (≥5% growth), adjusted EBITDA ≥€2.68 billion (margin ≥38.3%), adjusted EBIT ≥€2.03 billion (margin ≥29.0%), adjusted diluted EPS ≥€8.60, and industrial free cash flow ≥€1.20 billion (≥17% growth). Guidance assumes positive product and country mix with strong personalizations, improved racing contribution from higher sponsorships and better 2024 F1 ranking, expanding lifestyle revenues, continuous brand investments, higher racing and digital transformation expenses, increased supply chain costs, and a higher effective tax rate from Patent Box regime changes. The guidance carries a potential 50 basis point margin reduction risk on EBIT and EBITDA margins related to U.S. import tariffs on EU cars.
RACE YoY Financials
RACE Revenue by Segment
RACE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.