The Sponsors, Where Ferrari NegotiatesNarrow moat
Ferrari (RACE) — moat facet
About a dozen corporations are the only customers Ferrari actually negotiates with, and they are its fastest-growing revenue line.
Ferrari's second customer base is roughly a dozen corporations, and it is the only place where the company negotiates.
Sponsorship, commercial and brand revenue was €820 million in 2025, up 22.4% — growing more than four times faster than the cars.1 It is now 11.5% of revenue from 9.6% two years earlier.2 The components are Formula 1 team sponsorship, Ferrari's share of Formula 1's commercial distribution to teams, and brand licensing.
These are real customers in the ordinary sense. A title sponsor has alternatives, runs a procurement process, and can walk. Formula 1's distribution to teams is set by a commercial agreement Ferrari negotiates alongside nine other teams — and although Ferrari's historical position gives it the strongest hand at that table, it is still a negotiation.
The dependency runs partly on racing results, which Ferrari does not control and has not always delivered. Sponsorship values track visibility and success.
What makes this segment strategically interesting is that it is the fastest-growing part of the company and the least constrained by the volume discipline. A licensing agreement does not dilute exclusivity the way an extra thousand cars would — provided the licensing stays selective.
Watch this line's growth against the car line. It is currently the answer to how Ferrari grows without building more cars.
Sponsorship, commercial and brand revenue grew 22.4% to €820M, taking it to 11.5% of the company. This is the customer base that is actually growing.
Ferrari's second customer base is roughly a dozen corporations — title sponsors, licensees, and Formula 1 itself distributing commercial revenue to teams — and it is the only place the company genuinely negotiates. A sponsor has alternatives, runs a procurement process and can walk, and the values track racing results Ferrari does not control. Watch this line's growth against the car line: it is currently the answer to how Ferrari grows without building more cars.
Source: Ferrari Form 20-F, FY2025 ↗- Moat Explorer calcSponsorship, commercial and brand revenue was €820 million in 2025, up 22.4% — growing more than four times faster than the cars. It is now 11.5% of revenue from 9.6% two years earlier.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 ↗
- Moat Explorer calcIt is now 11.5% of revenue from 9.6% two years earlier. The components are Formula 1 team sponsorship, Ferrari's share of Formula 1's commercial distribution to teams, and brand licensing.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 ↗