FerrariWide moat

RACE — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceHighValuationExpensive
Strongest advantageA waiting list Ferrari refuses to shorten
Greatest threatAn electric car nobody has queued for yet
Key metricRevenue per car
Verdict: Ferrari sold fewer cars in 2025 than in 2024 and made more money doing it, and its own filing lists the refusal to grow as a risk factor. At 38x earnings the market is paying for that to continue through a powertrain transition Ferrari has already halved its own target for — which tests the engine, not the queue.
📈 RACE valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Ferrari sold fewer cars in 2025 than in 2024 and made more money doing it. That sentence is the company.

Ferrari revenue by stream, FY2025 (€ M)Cars and spare parts €6,005M — 84%Sponsorship, commercial and brand €820M — 11%Other €321M — 4%Cars grew 4.8% on 0.8% fewer units. The brand line grew 22.4%.
Revenue rose 7.0% to €7,146M on 13,640 cars — 112 fewer than 2024. The fastest-growing line, at 22.4%, requires no factory.

Shipments were 13,640 against 13,752 — down 0.8% — and net revenues rose 7.0% to €7,146 million.1 It happened again, harder, in the first half of 2026: shipments 6,802 against 7,087, down 4.0%, and revenue up 6% to €3,786 million with operating profit up 5%.2 Almost no manufacturer on earth can do that. Ferrari does it deliberately, and says so in its own filing.

The mechanism has a name in the 20-F: the controlled volume strategy, "aimed at pursuing controlled growth and thereby preserving brand exclusivity," under which Ferrari says it will "actively manage our waiting lists".3 Then comes the sentence that is genuinely rare in a public company's disclosure: "This focus on maintaining exclusivity limits our potential sales growth and profits."4 Most risk factors describe something that might go wrong. This one describes a choice to earn less than the company could, filed as a risk, because scarcity is the asset.

What that buys shows up in the margin. Cost of sales was 48.3% of revenue, leaving a gross margin near 52%; research and development took 12.9% and selling and administrative 9.0%; operating profit was €2,110 million — a 29.5% EBIT margin — and net profit €1,600 million, or 22.4% of revenue.5 For comparison, Tesla's automotive gross margin runs near 17% and its operating margin near 1%. Ferrari earns more per euro of revenue than most luxury houses, from a factory in Maranello staffed by 5,718 people.6

The revenue splits three ways. Cars and spare parts €6,005 million — 84% — which includes every personalisation a client specifies, and which grew 4.8% on falling volumes. Sponsorship, commercial and brand €820 million — 11.5% — Formula 1 sponsorship, Ferrari's share of the championship's commercial revenues, and the lifestyle, merchandising, licensing and royalty business, which grew 22.4%, nearly five times faster than the cars.7 And Other €321 million, mostly financial services.

Distribution is 195 points of sale, and there is no customer concentration to speak of: the largest dealer takes about 3.0% of shipments and the fifteen largest about 25%.8 Geographically the first half of 2026 ran EMEA 3,314 cars, Americas 1,817, Greater China 440 and the rest of Asia-Pacific 1,231 — which makes Ferrari, at roughly 6% of shipments, the least China-dependent company in this collection.9

The order book "entirely covers 2027," the chief executive said in July, alongside a raised full-year outlook of about €7.60 billion of revenue and at least €9.68 of adjusted earnings per share.10 The market pays €62.9 billion — about $73 billion — for that: roughly 38 times earnings and 8.6 times sales, which is what a business gets charged when it has proved for a decade that it can raise price into a falling volume.11

The thing that holds the whole structure together is the allocation system, and Ferrari describes it without embarrassment: it rewards loyal clients through driving events and other initiatives, and "most importantly," offers its most loyal and active clients "preferential access to our newest, most exclusive and highest value cars."12 Read that as an economic mechanism rather than a marketing sentence. To be offered a limited series, a client generally needs a history of having bought the ordinary ones. The reward for buying a Ferrari is the right to be offered another Ferrari. No contract enforces it and no competitor can copy it without first having a queue.

Ferrari has been a public company since October 2015 and the numbers since are the argument. Revenue has gone from €3,105 million in 2016 to €7,146 million — 2.3 times — while annual shipments moved from roughly 8,000 to 13,640, a fraction of that.13 Net profit is four times what it was. Diluted shares have fallen from about 189 million to 178.3 million on continuous buybacks.14 Whatever else Ferrari is, it is not a car company that grew by making more cars. Its three revenue lines are taken in turn in The Revenue Lines.

The number that tests this moat
Reported
Revenue, and where it comes from
€7,146M in 2025 — cars 84%

Cars and spare parts were €6,005M (84.0%), up 4.8% on shipments that FELL 0.8% to 13,640. Sponsorship, commercial and brand — Formula 1 money, licensing and royalties — was €820M (11.5%), up 22.4%. Other, mostly financial services, was €321M. Watch the two growth rates against each other: the brand line has gone from 9.6% to 11.5% of revenue in two years while the cars stood still.

Source: Ferrari Form 20-F, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects5/10
Pricing power10/10
Hard to replicate9/10
Disruption resistance6/10
Overall durability9/10

A queue that cannot be copied without first giving up the volume you already have, priced by allocation rather than negotiation — and one product transition away from finding out whether the engine was load-bearing.

Dig deeper
DIG DEEPER 01
The Revenue Lines
The brand story says Ferrari is becoming less of a car company; the filings say cars went from 70% of revenue to 84% in nine years.
DIG DEEPER 02
The Moat
The moat is a queue, and the queue exists because Ferrari refuses to shorten it — which is a strategy no rival can copy without first giving up the…
DIG DEEPER 03
Competitors
Almost nobody competes with Ferrari, because speed is not the scarce input — and the one genuine rival is the three hundred thousand Ferraris already…
DIG DEEPER 04
Major Clients
No customer concentration at all, and a client list Ferrari knows by name — two customer bases with almost nothing in common.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
One genuinely new product and three arguments about growing without building more cars.
⚠ Threats to the moat
⚠ THREAT 01
The Electric Question
Ferrari has committed to an electric car and already halved its own target for them, which is either commendable honesty or an admission that the…
⚠ THREAT 02
Two Holders Control Half the Votes
Two shareholders own a third of the equity and control half the votes, and the same fact is both the protection and the risk.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
The brand line compounds at 22% on almost no capital, and the pricing power is not an inference — it is an arithmetic fact repeated four reporting…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
Revenue up 8%, shipments down 128 cars, guidance raised: the quarter did not test the thesis, it restated it.
References
  1. ReportedShipments were 13,640 against 13,752 — down 0.8% — and net revenues rose 7.0% to €7,146 million. It happened again, harder, in the first half of 2026: shipments 6,802 against 7,087, down 4.0%, and revenue up 6% to €3,786 million with operating profit up 5%.
    Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
  2. ReportedIt happened again, harder, in the first half of 2026: shipments 6,802 against 7,087, down 4.0%, and revenue up 6% to €3,786 million with operating profit up 5%. Almost no manufacturer on earth can do that.
    Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
  3. ReportedThe mechanism has a name in the 20-F: the controlled volume strategy, "aimed at pursuing controlled growth and thereby preserving brand exclusivity," under which Ferrari "actively manages" its waiting lists. Then comes the sentence that is genuinely rare in a public company's disclosure: "This focus on maintaining exclusivity limits our potential sales growth and profits." Most risk factors des...
    Ferrari N.V., Form 20-F FY2025 — Item 3.D, Risk Factors. The filing states that its focus on maintaining exclusivity limits its potential sales growth and profits. It warns that increasing production relative to the number of collectors may adversely affect the value of its cars as collectible items and their value in the secondary market, and that the resilience of the value of its cars after a period of ownership promotes repeat purchases. On personalisation, it warns that a higher level of personalization content may also adversely affect residual value, because personalized content generally depreciates substantially with change of ownership. On electrification, it states that electric technology is a core component of its strategy and that if the introduction of such technology proves too costly or is unsuccessful in the market its results of operations could be materially adversely affected, and that other manufacturers of luxury sports cars may be more successful at implementing it; it also warns that the shift to hybrid and electric models may adversely affect residual values if secondary sales occur at wider discounts than for combustion cars. Additional risk factors address dependence on a single production site in Maranello, the performance of independent dealers, and the risk that the interests of its largest shareholders may differ from those of other shareholders. Among the named risks and uncertainties are the success of its racing activities, and the sponsorship and commercial revenues and expenses of its racing activities as well as the popularity of motor sports more broadly. The filing states that revenues from sponsorship, commercial and brand activities are influenced by the strength and appeal of the brand, the historical success and current performance of its racing teams through Scuderia Ferrari in the FIA Formula 1 World Championship and the Ferrari Endurance Team in the World Endurance Championship, and the overall popularity of Formula 1 and other racing competitions. — FY2025 · publ. 2026-02 · source ↗
  4. ReportedThen comes the sentence that is genuinely rare in a public company's disclosure: "This focus on maintaining exclusivity limits our potential sales growth and profits." Most risk factors describe something that might go wrong.
    Ferrari N.V., Form 20-F FY2025 — Item 3.D, Risk Factors. The filing states that its focus on maintaining exclusivity limits its potential sales growth and profits. It warns that increasing production relative to the number of collectors may adversely affect the value of its cars as collectible items and their value in the secondary market, and that the resilience of the value of its cars after a period of ownership promotes repeat purchases. On personalisation, it warns that a higher level of personalization content may also adversely affect residual value, because personalized content generally depreciates substantially with change of ownership. On electrification, it states that electric technology is a core component of its strategy and that if the introduction of such technology proves too costly or is unsuccessful in the market its results of operations could be materially adversely affected, and that other manufacturers of luxury sports cars may be more successful at implementing it; it also warns that the shift to hybrid and electric models may adversely affect residual values if secondary sales occur at wider discounts than for combustion cars. Additional risk factors address dependence on a single production site in Maranello, the performance of independent dealers, and the risk that the interests of its largest shareholders may differ from those of other shareholders. Among the named risks and uncertainties are the success of its racing activities, and the sponsorship and commercial revenues and expenses of its racing activities as well as the popularity of motor sports more broadly. The filing states that revenues from sponsorship, commercial and brand activities are influenced by the strength and appeal of the brand, the historical success and current performance of its racing teams through Scuderia Ferrari in the FIA Formula 1 World Championship and the Ferrari Endurance Team in the World Endurance Championship, and the overall popularity of Formula 1 and other racing competitions. — FY2025 · publ. 2026-02 · source ↗
  5. Moat Explorer calcCost of sales was 48.3% of revenue, leaving a gross margin near 52%; research and development took 12.9% and selling and administrative 9.0%; operating profit was €2,110 million — a 29.5% EBIT margin — and net profit €1,600 million, or 22.4% of revenue. For comparison, Tesla's automotive gross margin runs near 17% and its operating margin near 1%.
    Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025). — FY2025 · publ. 2026-02 · source ↗
  6. ReportedFerrari earns more per euro of revenue than most luxury houses, from a factory in Maranello staffed by 5,718 people. The revenue splits three ways.
    Ferrari N.V., Form 20-F for the year ended 31 December 2025 (SEC, CIK 1648416) — Item 4, Information on the Company. Ferrari sells in over 60 markets worldwide through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; the largest dealer accounted for approximately 3.0% of shipments and the fifteen largest for approximately 25%. Allocations are determined by geography and dealer on metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, dealers current order books and the average waiting time of the end client in the relevant market; an order reporting system collects and monitors end-client orders and assists in production planning, allocation and dealer management. Ferrari rewards loyal clients through driving events and other initiatives and, most importantly, offers its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. It states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which it believes is a strong competitive advantage. The company intends to continue pursuing its controlled volume and growth strategy in line with the business plan announced at its October 2025 Capital Markets Day and plans to launch an average of four new models per year over 2026 to 2030. Six new models were launched in 2025 — the 296 Speciale, 296 Speciale A, Amalfi, 849 Testarossa, 849 Testarossa Spider and the Ferrari Luce, its first full electric model. The first reveal phase of the Ferrari Luce took place in October 2025 with the presentation of its key technical components and product development strategy, followed in February 2026 by the unveiling of the interior design and the announcement of the model name; the current product portfolio includes cars presented in 2025 for which shipments will commence in future years. The portfolio comprises nine Range models, four Special Series models and one Supercar, the F80. Scuderia Ferrari is described as the most successful team in the sport history, having claimed 16 Constructors and 15 Drivers world titles since the inaugural World Championship in 1950, and Ferrari won the 24 Hours of Le Mans in 2023, 2024 and 2025. Personalization runs from the Atelier through the Tailor Made program, whose dedicated designers guide clients through exclusive materials, and the One-Off program; existing Tailor Made centers are in Maranello, New York and Shanghai, with new centers announced for Tokyo and Los Angeles by 2027. All production takes place in Maranello, Italy, where the e-Building, inaugurated in 2024, is used to produce and develop models with internal combustion, hybrid and full electric powertrains as well as strategic electrical components including high-voltage battery packs, e-axles, inverters and electric engines; construction of a new paint shop began in 2024, which will allow Ferrari to satisfy further personalizations in-house. The company had 5,718 employees. — FY2025 · publ. 2026-02 · source ↗
  7. Moat Explorer calcSponsorship, commercial and brand €820 million — 11.5% — Formula 1 sponsorship, Ferrari's share of the championship's commercial revenues, and the lifestyle, merchandising, licensing and royalty business, which grew 22.4%, nearly five times faster than the cars. And Other €321 million, mostly financial services.
    Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025). — FY2025 · publ. 2026-02 · source ↗
  8. ReportedDistribution is 195 points of sale, and there is no customer concentration to speak of: the largest dealer takes about 3.0% of shipments and the fifteen largest about 25%. Geographically the first half of 2026 ran EMEA 3,314 cars, Americas 1,817, Greater China 440 and the rest of Asia-Pacific 1,231 — which makes Ferrari, at roughly 6% of shipments, the least China-dependent company in this coll...
    Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
  9. ReportedGeographically the first half of 2026 ran EMEA 3,314 cars, Americas 1,817, Greater China 440 and the rest of Asia-Pacific 1,231 — which makes Ferrari, at roughly 6% of shipments, the least China-dependent company in this collection. The order book "entirely covers 2027," the chief executive said in July, alongside a raised full-year outlook of about €7.60 billion of revenue and at least €9.68 o...
    Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
  10. ReportedThe order book "entirely covers 2027," the chief executive said in July, alongside a raised full-year outlook of about €7.60 billion of revenue and at least €9.68 of adjusted earnings per share. The market pays €62.9 billion — about $73 billion — for that: roughly 38 times earnings and 8.6 times sales, which is what a business gets charged when it has proved for a decade that it can raise price...
    Ferrari N.V. (NYSE: RACE) market data — share price about $414, market capitalisation about EUR62.9 billion (about $73 billion) on approximately 177.0 million shares outstanding net of treasury; trailing price/earnings about 38.4 and price/sales about 8.55, on trailing twelve-month revenue of EUR7,353M and net profit of EUR1,639M; dividend yield about 1.0%; 52-week range $312.51 to $504.49, leaving the shares about 18% below the high. The euro/dollar rate used is 1.1652. — August 2026 · publ. 2026-08-28 · source ↗
  11. ReportedThe market pays €62.9 billion — about $73 billion — for that: roughly 38 times earnings and 8.6 times sales, which is what a business gets charged when it has proved for a decade that it can raise price into a falling volume. The thing that holds the whole structure together is the allocation system, and Ferrari describes it without embarrassment: it rewards loyal clients through driving events...
    Ferrari N.V. (NYSE: RACE) market data — share price about $414, market capitalisation about EUR62.9 billion (about $73 billion) on approximately 177.0 million shares outstanding net of treasury; trailing price/earnings about 38.4 and price/sales about 8.55, on trailing twelve-month revenue of EUR7,353M and net profit of EUR1,639M; dividend yield about 1.0%; 52-week range $312.51 to $504.49, leaving the shares about 18% below the high. The euro/dollar rate used is 1.1652. — August 2026 · publ. 2026-08-28 · source ↗
  12. ReportedThe thing that holds the whole structure together is the allocation system, and Ferrari describes it without embarrassment: it rewards loyal clients through driving events and other initiatives, and "most importantly," offers its most loyal and active clients "preferential access to our newest, most exclusive and highest value cars." Read that as an economic mechanism rather than a marketing se...
    Ferrari N.V., Form 20-F FY2025 — Item 4, sales and distribution, client management and the controlled volume strategy. Ferrari sells in over 60 markets through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; its largest dealer accounted for approximately 3.0% of shipments in 2025 and its fifteen largest dealers for approximately 25%. As part of supply and demand management, allocations are determined by geography and by dealer based on various metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, the current order book of dealers and the average waiting time of the end client in the relevant market; an order reporting system allows Ferrari to collect and monitor information regarding end client orders and assists in production planning, allocation and dealer management. Ferrari relentlessly focuses on preserving product exclusivity and nurturing its client community, rewarding loyal clients through driving events and other initiatives and, most importantly, offering its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. Competition among similarly positioned luxury performance cars is driven by price and total cost of ownership, and the filing states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which Ferrari believes is a strong competitive advantage. Its controlled volume strategy contemplates a measured increase in shipments above current levels as it targets a larger customer base and modes of use, increases its focus on periodically rejuvenating its customer base and creating new Ferrari collectors, and its product portfolio evolves with a broader product range. It sold 13,640, 13,752 and 13,663 cars in 2025, 2024 and 2023. — FY2025 · publ. 2026-02 · source ↗
  13. ReportedRevenue has gone from €3,105 million in 2016 to €7,146 million — 2.3 times — while annual shipments moved from roughly 8,000 to 13,640, a fraction of that. Net profit is four times what it was.
    Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025). — FY2025 · publ. 2026-02 · source ↗
  14. ReportedDiluted shares have fallen from about 189 million to 178.3 million on continuous buybacks. Whatever else Ferrari is, it is not a car company that grew by making more cars.
    Ferrari N.V., Form 20-F FY2025 — consolidated income statement and statement of financial position. Net revenues EUR7,146M; cost of sales EUR3,453M (48.3% of revenue); selling, general and administrative costs EUR642M (9.0%); research and development costs EUR919M (12.9%); EBIT EUR2,110M, a 29.5% margin; EBITDA EUR2,772M, 38.8%; profit before taxes EUR2,064M; income tax expense EUR464M, an effective rate of 22.5%; net profit EUR1,600M, 22.4% of revenue, against EUR1,526M and EUR1,257M in the two prior years. Diluted earnings per share EUR8.96 against EUR8.46 and EUR6.90, on weighted average diluted shares of 178,321 thousand against 179,992 thousand and 181,511 thousand. Total assets EUR9,628M; property, plant and equipment EUR2,058M; intangible assets EUR1,638M including goodwill of EUR785M; inventories EUR1,114M; receivables from financing activities EUR1,613M; cash and cash equivalents EUR1,468M; total equity EUR3,915M; debt EUR2,884M; trade payables EUR841M. In 2025 Ferrari paid dividends of EUR534M and repurchased EUR785M of its own shares. Historic net revenues run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025); net profit over the same years runs EUR400M, EUR537M, EUR787M, EUR699M, EUR609M, EUR833M, EUR939M, EUR1,257M, EUR1,526M and EUR1,600M. — FY2025 · publ. 2026-02 · source ↗
Sources
Generated September 23, 2026