Ferrari (RACE) Q4 2025 earnings summary

Executive summary

• 2025 saw net revenues of €7.146 billion, a 7% increase year-over-year, with EBIT up 12% to €2.11 billion and industrial free cash flow surging nearly 50% to €1.538 billion.

• Six new sports cars were launched, including the full electric Ferrari Luce, supporting a strong order book extending to late 2027.

• Achieved all financial targets of the previous business plan a year ahead of schedule, with record engagement in lifestyle activities and museum visits.

• Achieved World Champion status in WEC and saw strong racing and lifestyle segment performance.

• Shipments were flat at 13,640 units to manage model changeover.

Financial highlights

• Revenues grew 7% year-over-year to €7.1 billion, with EBITDA up 8.5% to €2.77 billion (38.8% margin) and EBIT margin at 29.5%.

• Industrial free cash flow exceeded €1.5 billion, up nearly 50% from the prior year.

• Personalizations accounted for about 20% of car and spare parts revenues, especially strong for SF90 XX and Purosangue.

• Shareholder remuneration exceeded €1.3 billion, up 30% year-over-year.

• Diluted EPS was €8.96, up 5.9% year-over-year.

Outlook and guidance

• 2026 guidance targets revenues of ~€7.5 billion, adjusted EBITDA of at least €2.93 billion (≥39% margin), and adjusted EBIT of at least €2.22 billion (≥29.5% margin).

• Adjusted diluted EPS expected to be at least €9.45; industrial free cash flow forecasted at or above €1.5 billion.

• Guidance assumes positive product mix, higher racing revenues, increased brand investments, and a negative currency impact of about €200 million.

• CapEx will be slightly higher, with R&D expenses stable but potentially volatile due to F1 regulatory changes.

• Effective tax rate expected around 22.5%–23%.