The Revenue LinesWide moat

Ferrari (RACE) — moat facet

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.

Ferrari reports three revenue lines, and the car is most of all three stories. In 2025 cars and spare parts earned €6,005 million, sponsorship, commercial and brand €820 million and other €321 million, out of €7,146 million 1. Cars were 84.0% of revenue 2.

Growth by line, 2016 to 2025 (€ M)Cars and spare parts+175% (2,180 → 6,005)Sponsorship and brand+68% (488 → 820)Other−27% (437 → 321)Ferrari Forms 20-F FY2016 and FY2025; Other includes engines sold to Maserati until 2023
The cars outgrew the brand over the decade; Other is the one line that shrank.

The share has gone the opposite way to what the brand story suggests. In 2016 cars and spare parts were €2,180 million, 70.2% of revenue, with sponsorship, commercial and brand at €488 million, 15.7% 3. Over nine years cars grew about 2.75 times and the brand line about 1.7 times 4. Only in the last two years has the brand line outgrown the cars: 22.4% against 4.8% in 2025 5.

The third line shrank. Other revenues, which until 2023 included engines built for Maserati, were €437 million in 2016 6 and €321 million in 2025 7, the only line smaller than a decade ago. The Maserati engine contract expired in December 2023 8.

Ferrari discloses no profit by line; it reports one operating margin, 29.5% in 2025 9. What is known is that every line is priced differently: cars by allocation and personalisation, the brand line by sponsors and by Formula 1's commercial pool, and the remainder by contract.

The leaves follow the chart's three bands. The arguments about the waiting list and the brand are under The Moat; the leaves keep to each line's revenue, history and outlook. Taken together, the test is the share of revenue that does not come from cars: 15.9% in the first half of 2026 against 15.0% a year earlier 10. A share that keeps rising would mean Ferrari is earning more from the name without building more cars.

Moat trajectory: Holding steady

Cars remain 84% of revenue and the other lines move it by a point a year; nothing in the mix is shifting fast enough to change what Ferrari is.

The number that tests this moat
Moat Explorer calc
Non-car share of revenue, first half
15.9% in H1 2026 (EUR601M of EUR3,786M), from 15.0%

A rising share means Ferrari earns more from the name without building more cars; a falling one means the brand line is only riding the cycle.

How it's calculated: (Sponsorship, commercial and brand + other) / net revenues, H1 2026 and H1 2025
Source: Ferrari Q2 2026 results release ↗
Dig deeper
DIG DEEPER 01
Cars and spare parts
Nearly three times the revenue of 2016 on car numbers that have not grown since 2023: the growth is the price of each car.
DIG DEEPER 02
Sponsorship, commercial and brand
The part of Ferrari that needs no car grew fastest for two years, and part of it is still set by where the team finishes.
DIG DEEPER 03
Other
The one line smaller than a decade ago, because its biggest customer, Maserati, stopped buying engines.
References
  1. ReportedIn 2025 cars and spare parts earned €6,005 million, sponsorship, commercial and brand €820 million and other €321 million, out of €7,146 million .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  2. ReportedCars were 84.0% of revenue .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  3. ReportedIn 2016 cars and spare parts were €2,180 million, 70.2% of revenue, with sponsorship, commercial and brand at €488 million, 15.7% .
    Ferrari N.V., Form 20-F FY2016 - Item 5, net revenues by line for 2016, 2015 and 2014 — FY2014-FY2016 · publ. 3 March 2017 · source ↗
  4. Moat Explorer calcOver nine years cars grew about 2.75 times and the brand line about 1.7 times .
    Moat Explorer calculation from Ferrari's Forms 20-F FY2016-FY2025 and Q2 2026 release: growth multiples, compound rates, shares of revenue, revenue per shipment — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  5. ReportedOnly in the last two years has the brand line outgrown the cars: 22.4% against 4.8% in 2025 .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  6. ReportedOther revenues, which until 2023 included engines built for Maserati, were €437 million in 2016 and €321 million in 2025 , the only line smaller than a decade ago.
    Ferrari N.V., Form 20-F FY2016 - Item 5, net revenues by line for 2016, 2015 and 2014 — FY2014-FY2016 · publ. 3 March 2017 · source ↗
  7. ReportedOther revenues, which until 2023 included engines built for Maserati, were €437 million in 2016 and €321 million in 2025 , the only line smaller than a decade ago.
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  8. ReportedThe Maserati engine contract expired in December 2023 .
    Ferrari N.V., Form 20-F FY2023 - Item 4 and Item 5: engines for Maserati 2003 to December 2023, about 5,600 engines in 2023; net revenues by line incl. engines for 2023, 2022 and 2021; WEC sponsorship reclassification — FY2021-FY2023 · publ. 22 February 2024 · source ↗
  9. ReportedFerrari discloses no profit by line; it reports one operating margin, 29.5% in 2025 .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  10. Moat Explorer calcTaken together, the test is the share of revenue that does not come from cars: 15.9% in the first half of 2026 against 15.0% a year earlier .
    Moat Explorer calculation from Ferrari's Forms 20-F FY2016-FY2025 and Q2 2026 release: growth multiples, compound rates, shares of revenue, revenue per shipment — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026