OtherThin moat

Ferrari (RACE) — moat facet

The one line smaller than a decade ago, because its biggest customer, Maserati, stopped buying engines.

Other is what is left, and it is the only line Ferrari has that is smaller than it was a decade ago. It earned €321 million in 2025, from €279 million in both 2024 and 2023 1, 4.5% of revenue 2. It primarily includes financial services, the management of the Mugello racetrack and other sports-related activities, and the rental of engines to other Formula 1 teams 3.

Engine revenue, mostly Maserati, until it ended (€ M)338201637320171982019189202115520221272023Ferrari Forms 20-F FY2016-FY2023; contract with Maserati expired December 2023, then folded into Other
A customer worth €373M in 2017 wound down until the contract expired; the rest of Other grew enough to keep the line near €300M.

Until 2023 it had a large customer. Ferrari built engines for Maserati from 2003 until December 2023, when the contract expired; it sold about 5,600 of them in 2023 4. Engine revenue, then reported as its own line, was €338 million in 2016 5 and €373 million in 2017 6, and fell to €155 million in 2022 and €127 million in 2023 as fewer engines went to Maserati 7. From the 2024 report it was folded into Other 8.

The rest of the line grew as engines shrank. Other revenue excluding engines was €99 million in 2016 9 and €152 million in 2023 10, on financial services and sports activities. That is why the combined line held at €279 million in 2024 even after most of the Maserati business had gone 11.

Ferrari reports no margin for the line. The financial services, which lend to Ferrari buyers, carry their own credit risk, covered under The Balance Sheet, and the Lending Book.

The latest half grew fastest of the three lines: €174 million, up 25%, and €100 million in the June quarter, up 31%, mostly on engines rented to other Formula 1 teams 12.

This is a small line and will stay small. The figure to watch is its first-half revenue, €174 million in 2026: growth that depends on how many Formula 1 teams rent Ferrari engines can stop with a single team's decision to change supplier.

Moat trajectory: Holding steady

Engine rental to Formula 1 teams and sports activities replaced most of the Maserati engine business; the line is small and depends on a few contracts.

The number that tests this moat
Reported
Other revenues, first half
EUR174M in H1 2026, +25%, mostly engine rental to F1 teams

Small and contract-driven; one team changing engine supplier would show up here at once.

Source: Ferrari Q2 2026 results release ↗
References
  1. ReportedIt earned €321 million in 2025, from €279 million in both 2024 and 2023 , 4.5% 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. Moat Explorer calcIt earned €321 million in 2025, from €279 million in both 2024 and 2023 , 4.5% of revenue .
    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 ↗
  3. ReportedIt primarily includes financial services, the management of the Mugello racetrack and other sports-related activities, and the rental of engines to other Formula 1 teams .
    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. ReportedFerrari built engines for Maserati from 2003 until December 2023, when the contract expired; it sold about 5,600 of them in 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 ↗
  5. ReportedEngine revenue, then reported as its own line, was €338 million in 2016 and €373 million in 2017 , and fell to €155 million in 2022 and €127 million in 2023 as fewer engines went to Maserati .
    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 ↗
  6. ReportedEngine revenue, then reported as its own line, was €338 million in 2016 and €373 million in 2017 , and fell to €155 million in 2022 and €127 million in 2023 as fewer engines went to Maserati .
    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 ↗
  7. ReportedEngine revenue, then reported as its own line, was €338 million in 2016 and €373 million in 2017 , and fell to €155 million in 2022 and €127 million in 2023 as fewer engines went to Maserati .
    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 ↗
  8. ReportedFrom the 2024 report it was folded into Other .
    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 ↗
  9. ReportedOther revenue excluding engines was €99 million in 2016 and €152 million in 2023 , on financial services and sports activities.
    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 ↗
  10. ReportedOther revenue excluding engines was €99 million in 2016 and €152 million in 2023 , on financial services and sports activities.
    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 ↗
  11. ReportedThat is why the combined line held at €279 million in 2024 even after most of the Maserati business had gone .
    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. ReportedThe latest half grew fastest of the three lines: €174 million, up 25%, and €100 million in the June quarter, up 31%, mostly on engines rented to other Formula 1 teams .
    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 ↗
Sources
Generated September 23, 2026