Cars and spare partsWide moat

Ferrari (RACE) — moat facet

Nearly three times the revenue of 2016 on car numbers that have not grown since 2023: the growth is the price of each car.

Cars and spare parts are Ferrari. The line earned €6,005 million in 2025, from €5,728 million in 2024 and €5,119 million in 2023 1, 84.0% of revenue 2. It includes every car shipped, one-offs and pre-owned sales among them, the personalisation applied to those cars, and spare parts 3.

Cars and spare parts revenue (€ M)2,18020162,92620192,83520204,34120225,72820246,0052025Ferrari Forms 20-F FY2016-FY2025, as reported in each; 2022 restated at 4,321 in the FY2024 filing
About 11.9% a year for nine years, with the only dip in the year Maranello closed.

It is paid per car, and the price per car is the variable. Shipments were 13,663 in 2023, 13,752 in 2024 and 13,640 in 2025 4, so almost all of the line's growth in those years came from mix and personalisation. The 20-F says so: 2025's increase came from a richer product and country mix and a higher contribution from personalisation, which more than offset the Daytona SP3, whose limited series deliveries concluded in the third quarter of 2025 5.

The history is steep. The line was €1,944 million in 2014 and €2,180 million in 2016 6, €2,926 million in 2019 7, fell to €2,835 million in 2020, when Maranello closed, and was €4,341 million in 2022 as then reported 8. From 2016 to 2025 it compounded at about 11.9% a year 9, and its share of revenue rose from 70.2% to 84.0% 10.

The powertrain changed underneath it. In 2024 hybrids were 51.3% of shipments against 48.7% for combustion models, the first year hybrids outnumbered them 11. Revenue per car rose through the change, which is the argument that the electric transition need not cost Ferrari its pricing.

Ferrari reports no margin for the line alone; group operating margin was 29.5% in 2025 and 31.2% in the June 2026 quarter 12.

The latest half grew on price. Cars and spare parts earned €3,185 million in the first half of 2026, up 5% or 7% at constant currency, and €1,629 million in the June quarter, up 8% on a richer sports-car mix and higher personalisation 13, while shipments fell to 6,802 from 7,087 14.

The figure that would change the verdict is revenue per shipment: €468,000 in the first half of 2026 against €429,000 a year earlier 15. If it stops rising while shipments stay flat, the line has run out of the lever that carried it through three years without volume growth.

Moat trajectory: Holding steady

Revenue per car keeps rising on mix and personalisation while shipments hold near 13,600; the lever works as long as clients keep paying more per car.

The number that tests this moat
Moat Explorer calc
Cars and spare parts revenue per shipment, first half
EUR468K in H1 2026 (EUR3,185M / 6,802), from EUR429K

The line grows on price per car; if this stops rising while shipments stay flat, the lever has run out.

How it's calculated: Cars and spare parts net revenues / shipments, H1 2026 and H1 2025
Source: Ferrari Q2 2026 results release ↗
References
  1. ReportedThe line earned €6,005 million in 2025, from €5,728 million in 2024 and €5,119 million in 2023 , 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 ↗
  2. ReportedThe line earned €6,005 million in 2025, from €5,728 million in 2024 and €5,119 million in 2023 , 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. ReportedIt includes every car shipped, one-offs and pre-owned sales among them, the personalisation applied to those cars, and spare parts .
    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 ↗
  4. ReportedShipments were 13,663 in 2023, 13,752 in 2024 and 13,640 in 2025 , so almost all of the line's growth in those years came from mix and personalisation.
    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 ↗
  5. ReportedThe 20-F says so: 2025's increase came from a richer product and country mix and a higher contribution from personalisation, which more than offset the Daytona SP3, whose limited series deliveries concluded in the third quarter of 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. ReportedThe line was €1,944 million in 2014 and €2,180 million in 2016 , €2,926 million in 2019 , fell to €2,835 million in 2020, when Maranello closed, and was €4,341 million in 2022 as then reported .
    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. ReportedThe line was €1,944 million in 2014 and €2,180 million in 2016 , €2,926 million in 2019 , fell to €2,835 million in 2020, when Maranello closed, and was €4,341 million in 2022 as then reported .
    Ferrari N.V., Form 20-F FY2019 - Item 5, net revenues by line for 2019, 2018 and 2017 — FY2017-FY2019 · publ. 18 February 2020 · source ↗
  8. ReportedThe line was €1,944 million in 2014 and €2,180 million in 2016 , €2,926 million in 2019 , fell to €2,835 million in 2020, when Maranello closed, and was €4,341 million in 2022 as then reported .
    Ferrari N.V., Form 20-F FY2022 - Item 5, net revenues by line for 2022, 2021 and 2020 as then reported — FY2020-FY2022 · publ. 24 February 2023 · source ↗
  9. Moat Explorer calcFrom 2016 to 2025 it compounded at about 11.9% a year , and its share of revenue rose from 70.2% to 84.0% .
    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 ↗
  10. Moat Explorer calcFrom 2016 to 2025 it compounded at about 11.9% a year , and its share of revenue rose from 70.2% to 84.0% .
    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 ↗
  11. ReportedIn 2024 hybrids were 51.3% of shipments against 48.7% for combustion models, the first year hybrids outnumbered them .
    Ferrari N.V., Form 20-F FY2024 - Item 5, net revenues by line for 2024, 2023 and 2022 (engines folded into other), and shipments by powertrain — FY2022-FY2024 · publ. 21 February 2025 · source ↗
  12. ReportedFerrari reports no margin for the line alone; group operating margin was 29.5% in 2025 and 31.2% in the June 2026 quarter .
    Ferrari N.V., second-quarter 2026 results press release (SEC 6-K exhibit) - net revenues by line for Q2 and H1 2026, shipments — Q2 2026 · publ. July 2026 · source ↗
  13. ReportedCars and spare parts earned €3,185 million in the first half of 2026, up 5% or 7% at constant currency, and €1,629 million in the June quarter, up 8% on a richer sports-car mix and higher personalisation , while shipments fell to 6,802 from 7,087 .
    Ferrari N.V., second-quarter 2026 results press release (SEC 6-K exhibit) - net revenues by line for Q2 and H1 2026, shipments — Q2 2026 · publ. July 2026 · source ↗
  14. ReportedCars and spare parts earned €3,185 million in the first half of 2026, up 5% or 7% at constant currency, and €1,629 million in the June quarter, up 8% on a richer sports-car mix and higher personalisation , while shipments fell to 6,802 from 7,087 .
    Ferrari N.V., second-quarter 2026 results press release (SEC 6-K exhibit) - net revenues by line for Q2 and H1 2026, shipments — Q2 2026 · publ. July 2026 · source ↗
  15. Moat Explorer calcThe figure that would change the verdict is revenue per shipment: €468,000 in the first half of 2026 against €429,000 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