Ferrari N.V.
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −4.31%.
Did RACE Beat Earnings? Q4 2025 Results
Ferrari delivered a standout Q4 2025, beating Wall Street expectations on both the top and bottom lines as disciplined product mix management and surging brand revenues powered stronger-than-anticipated results. The Maranello-based automaker posted earnings per share of $2.50, clearing the $2.20 consensus estimate by 13.93%, while revenue of $2.11 billion ran 18.35% ahead of the $1.78 billion expectation and grew 3.8% year over year. The key driver behind the outperformance was a deliberate model changeover strategy: despite shipments dipping by 173 units versus the prior-year quarter, a richer mix anchored by the 12Cilindri and SF90 XX families lifted Q4 EBIT margins by 150 basis points to 28.5%. Sponsorship and commercial revenues surged 17% in the quarter to $249.15 million, reflecting Ferrari's deepening appeal beyond the track, a theme reinforced by the FIA's recent approval of its innovative rotating rear wing ahead of the Formula 1 season. Looking ahead, Ferrari guided for 2026 revenues of approximately $8.77 billion, adjusted EBIT margins of at least 29.5%, and diluted EPS of at least $11.05, supported by an order book extending toward end-2027.
- Enriched product mix with 12Cilindri and SF90 XX families increasing contribution
- Stronger personalizations revenue
- New and expanded sponsorship agreements in racing
- Higher commercial revenues from improved 2024 Formula 1 ranking
- Lifestyle activities growth from licenses, activations and experiences
- Patent Box tax benefit reducing effective tax rate to 22.5%
“In 2025, Ferrari confirmed the strength of its carefully-managed volume strategy, pursuing value. Our remarkable financial performance – with revenues up 7% to over Euro 7.1 billion, an EBIT margin up 120 basis points to 29.5%, and industrial free cash flow surpassing Euro 1.5 billion – was sustained by product mix, personalizations and sponsorships. Demand for Ferrari remains very solid and is managed with discipline in every market reflecting our exclusivity model: our order book extends towards the end of 2027. We remain true to our identity: forward-looking and defined by our will to progress.”
Ferrari CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Ferrari targets net revenues of approximately EUR ~7.50 billion, adjusted EBITDA margin of at least 39.0%, adjusted EBIT margin of at least 29.5%, adjusted diluted EPS of at least EUR 9.45, and industrial free cash flow of at least EUR 1.50 billion. The guidance is supported by a significant model change-over with positive product mix and personalizations, higher racing revenues mainly from sponsorships, growing lifestyle activities, partially offset by higher brand investments, racing and digital transformation expenses, increasing depreciation and amortization, and expected negative currency impact net of hedges. The order book extends towards the end of 2027.
RACE YoY Financials
RACE Revenue by Segment
RACE Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.