Ferrari (RACE) Q4 2025 earnings summary

Executive summary

• FY 2025 revenues reached €7.146 billion, up 7% year-over-year, with EBIT at €2.11 billion, reflecting 12% growth and industrial free cash flow above €1.5 billion.

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

• Achieved World Champion status in WEC, record engagement in lifestyle activities, and museum attendance near 900,000.

• All business plan targets were achieved a year ahead of schedule, including a €2 billion share buyback.

• Shipments were kept flat at 13,640 units to manage exclusivity and model change-over.

Financial highlights

• Net revenues grew 7% to €7.146 billion; EBITDA rose 8.5% to €2.77 billion, with a margin of 38.8%.

• EBIT increased 12% to €2.11 billion, with a margin of 29.5%.

• Industrial free cash flow surged 50% to €1,538 million.

• Shareholder remuneration exceeded €1.3 billion through dividends and share buybacks.

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

Outlook and guidance

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

• Industrial free cash flow expected to remain robust at or above €1.5 billion.

• Product mix is anticipated to improve, especially in the second half, with personalizations expected to remain around 20% of car and spare parts revenues.

• CapEx will be slightly higher than 2025, and the effective tax rate is projected at around 23%.

• FX headwinds, mainly from the US dollar and Japanese yen, are expected to impact EBIT by about €200 million in 2026.