Ferrari N.V.
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.55%.
Did RACE Beat Earnings? Q3 2025 Results
Ferrari delivered a standout third quarter for fiscal 2025, posting earnings per share of $2.50 against a consensus estimate of $2.04, a beat of 22.53%, while revenue of $2.07 billion topped expectations by 20.77% and grew 7.4% year over year. The outperformance was driven primarily by a richer product mix, as deliveries of the SF90 XX and 12Cilindri families, combined with surging personalization revenue, more than offset flat shipment volumes of 3,401 units and a negative $22.22 million currency headwind from the weaker U.S. dollar. EBIT margins held firm at 28.4%, translating to $588.36 million in operating profit, even as higher U.S. import tariffs weighed on costs. Sponsorship and brand revenue climbed 21% to $246.81 million, reflecting Ferrari's stronger Formula 1 commercial positioning. Looking ahead, management raised its full-year 2025 guidance, now targeting net revenues of at least $8.30 billion and adjusted diluted EPS of at least $10.29, supported by favorable mix trends and stronger advance collections tied to the upcoming F80 supercar.
- Richer product mix driven by SF90 XX and 12Cilindri families
- Higher contribution from personalization
- Strong sponsorship and lifestyle activities growth (+21% YoY)
- Better Formula 1 commercial revenues from improved 2024 ranking
- Stable shipment volumes at 3,401 units
Forward Guidance & Outlook
Ferrari raised its 2025 guidance at its Capital Markets Day on October 9, 2025. Updated 2025 targets include: net revenues of at least €7.1 billion (up from >€7.0 billion), Adjusted EBITDA of at least €2.72 billion with a margin of at least 38.3%, Adjusted EBIT of at least €2.06 billion with a margin of at least 29.0%, Adjusted Diluted EPS of at least €8.80 (up from ≥€8.60), and Industrial Free Cash Flow of at least €1.30 billion (up from ≥€1.20 billion). The upward revision is based on stronger product mix and personalizations, lower industrial costs in H2 despite higher US tariffs and greater FX headwinds, and higher industrial free cash flow driven by profitability and stronger collection of advances. Looking further ahead, the 2030 Strategic Plan targets approximately €9.0 billion in net revenues, at least €3.6 billion in Adjusted EBITDA (margin ≥40%), at least €2.75 billion Adjusted EBIT (margin ≥30%), Adjusted Diluted EPS of at least €11.50, cumulative Industrial Free Cash Flow of approximately €8.0 billion over 2026-2030, and approximately €7.0 billion in total shareholder remuneration.
RACE YoY Financials
RACE Revenue by Segment
RACE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.