Ferrari N.V. Common Shares
RACE · NYSE
Next quarter
Reports Nov 3, 2026.
Consensus is $2.65 EPS for Sep 2026 across 1 estimates, ranging $2.65 to $2.65.
RACE Jun 2026
- 7.77%
- -0.97%
- $2.83
- $3.05
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Highlights
- Earnings beat: Reported EPS was 3.05 versus 2.83 consensus, a 7.77% surprise; IFRS diluted EPS was €2.62 versus €2.38 a year earlier.
- Guidance raised: Ferrari increased 2026 revenue guidance to approximately €7.60 billion from €7.50 billion and adjusted diluted EPS guidance to at least €9.68 from €9.45.
- Quarterly growth: Second-quarter revenue rose 8.4% year over year to €1.938 billion, while EBIT increased 9.5% to €605 million and net profit rose 8.9% to €463 million.
- Mix over volume: Shipments declined 3.7% to 3,366 cars because of planned model changeovers, but richer sports-car mix, F80 deliveries and personalization lifted car and spare-parts revenue 8.1% to €1.629 billion.
- Margins held up: EBIT margin improved to 31.2% from 30.9% despite €32 million of adverse currency impact, €28 million of higher SG&A and €13 million of negative volume impact.
- Regional allocation: EMEA shipments increased to 1,856 cars, or 55.1% of the total, from 1,646 cars and 47.1% a year earlier; U.S. shipments fell to 695 from 849 and Mainland China shipments to 112 from 176.
- Racing and other revenue: Other revenue increased 31.0% to €100 million, mainly from engine rentals to other Formula 1 teams, while sponsorship, commercial and brand revenue rose 2.2% to €209 million.
- Cash returns and liquidity: First-half dividends paid were €599 million and share repurchases were €435 million; cash ended at €1.486 billion and available liquidity was €2.036 billion.
Analysis
Ferrari’s June 2026 quarter was a beat-and-raise print defined by pricing and product mix rather than unit growth. Reported EPS of 3.05 exceeded the 2.83 consensus by 7.77%; on the filing’s IFRS basis, diluted EPS increased to €2.62 from €2.38 a year earlier. Revenue rose 8.4% to €1.938 billion, EBIT grew 9.5% to €605 million and net profit increased 8.9% to €463 million. Relative to the implied first quarter, derived from first-half results less the second quarter, revenue increased about 4.9%, EBIT 10.4% and net profit 12.1%.
Guidance raised
Ferrari raised its 2026 outlook on stronger-than-expected personalization and lower currency headwinds after hedging. The increase preserves the company’s expectation of a significant model changeover, positive product mix and higher racing and lifestyle revenue, while also absorbing greater brand, racing, digital, depreciation and amortization costs.
- Revenue guidance rose to approximately €7.60 billion from €7.50 billion, versus €7.15 billion in 2025.
- Adjusted EBITDA guidance increased to at least €2.97 billion from €2.93 billion, with the margin floor unchanged at 39.0%.
- Adjusted EBIT guidance increased to at least €2.26 billion from €2.22 billion, with the margin floor unchanged at 29.5%.
- Adjusted diluted EPS guidance increased to at least €9.68 from €9.45, while industrial free cash flow guidance rose to at least €1.55 billion from €1.50 billion.
Mix over volumes
The quarter showed Ferrari’s controlled-volume strategy working as intended. Deliveries fell because outgoing models were being phased out and new models ramped, but the F80, higher personalization and a richer sports-car mix more than offset the volume decline. Cars and spare-parts revenue increased across EMEA and the Americas, while Ferrari shifted allocation to protect exclusivity.
- Shipments fell to 3,366 cars from 3,494, with ICE vehicles representing 69.8% and hybrids 30.2% of deliveries.
- Cars and spare-parts revenue rose €122 million to €1.629 billion; management attributed the gain primarily to richer mix, F80 deliveries and personalization.
- EMEA shipments rose to 1,856 cars from 1,646, while Americas shipments declined to 787 from 993 and Mainland China shipments fell to 112 from 176.
- The product portfolio included six ICE and seven hybrid models; the 12Cilindri, Purosangue, 296 Speciale family, Amalfi and 849 Testarossa increased, while several older models entered phase-out.
Profitability drivers
EBIT growth remained positive despite meaningful external and cost pressures. Product mix contributed €122 million, including personalization and the F80, while racing activities also helped. These gains offset currency, lower volume, higher marketing and Formula 1-related costs.
- EBIT increased €53 million to €605 million, and margin expanded to 31.2% from 30.9%.
- Foreign exchange was a €32 million headwind, including hedging effects, mainly from the U.S. dollar and Japanese yen.
- SG&A rose 17.6% to €188 million, lifting the expense ratio to 9.7% from 8.9%, driven by communication, marketing and higher costs tied to Formula 1 ranking assumptions.
- Research and development expense declined 3.3% to €218 million as amortization on the 296 GTS and Roma Spider fell, while cost of sales increased 8.5% to €919 million, including higher U.S. import tariffs and industrial costs.
Racing and brand
Racing-related activities provided a meaningful secondary growth engine. Sponsorship and brand revenue grew modestly because higher sponsorship income was partly offset by lower Formula 1 commercial revenue, while engine rentals to other Formula 1 teams drove much of the faster growth in other revenue.
- Sponsorship, commercial and brand revenue increased 2.2% to €209 million in the quarter and 7.9% to €427 million in the first half.
- Other revenue rose 31.0% to €100 million in the quarter and 24.6% to €174 million in the first half, mainly from engine rentals.
- First-half lifestyle and racing-related revenue growth helped offset lower Formula 1 commercial revenue and supported the guidance increase.
Cash and capital allocation
Ferrari continued to return substantial capital while funding model and infrastructure investment. Cash generation improved year over year, although the financial-services portfolio and inventory absorbed cash and total debt increased as the company funded returns and operations.
- First-half operating cash flow increased to €1.300 billion from €1.242 billion, while free cash flow was €811 million versus €779 million.
- Industrial free cash flow rose to €929 million from €818 million, despite €497 million of capital expenditure, including €248 million on intangible assets and €249 million on property, plant and equipment.
- Dividends approved were approximately €638 million, of which €599 million was paid during the first half; share repurchases totaled €435 million.
- Debt increased to €3.166 billion from €2.884 billion at year-end, while cash rose to €1.486 billion and available liquidity reached €2.036 billion, including €550 million of undrawn committed credit lines.
