Ferrari (RACE) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached approximately €1.8 billion, up 7.4% year-over-year, with adjusted EBIT at €503 million (28.4% margin), EBITDA at €670 million (37.9% margin), and industrial free cash flow of €365 million.

• Order book extends well into 2027, driven by strong demand for new models such as Amalfi, 849 Testa Rossa family, and the first reveal of Elettrica.

• 2025 guidance was revised upward in October, reflecting robust business performance and ambitions for 2030 and beyond outlined at Capital Markets Day.

• Net profit for Q3 was €382 million, with diluted EPS at €2.14.

• Key milestones included the launch of new models, the reveal of the technological heart of Elettrica, and the unveiling of the 849 Testarossa family.

Financial highlights

• Net revenues for Q3 2025 were €1,766 million, up 7.4% year-over-year; at constant currency, growth was 9.3%.

• Adjusted EBIT was €503 million, up 7.6% year-over-year, with a margin of 28.4%.

• EBITDA reached €670 million, a 5% increase year-over-year, with a margin of 37.9%.

• Industrial free cash flow was €365 million for the quarter.

• Net industrial debt stood at €116 million at the end of September, with total available liquidity at €1,968 million.

Outlook and guidance

• 2025 guidance revised upward, with net revenues expected to be at least €7.1 billion, adjusted EBITDA at least €2.72 billion (≥38.3% margin), and adjusted EBIT at least €2.06 billion (≥29.0% margin).

• Adjusted diluted EPS guidance increased to at least €8.80; industrial free cash flow guidance raised to at least €1.30 billion.

• Q4 expected to see lower deliveries year-over-year due to model changeover, with a positive but sequentially lighter product mix.

• The company presented its 2030 Strategic Plan and long-term profitability targets at Capital Markets Day.

• 2026 and beyond will see a gradual ramp-up of new models, with profitability expansion expected to be smooth and linear.