Ferrari Q4 2025 Earnings Beat Boosts 2026 Outlook
Ferrari Q4 2025 earnings beat consensus on Feb. 10, 2026 and lifted its 2026 EBITDA outlook, prompting a sharp share rebound and boosting buyback momentum.
KEY TAKEAWAYS
- Ferrari beat Q4 revenue and adjusted EBITDA consensus following the filing.
- Guided 2026 EBITDA +5.8% vs 2025 with a 39.0% EBITDA margin target.
- Shares traded $362.22 at 11:00 ET, up 7.8% and reversing a ~30% decline.
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Ferrari (RACE) reported Q4 2025 earnings on Feb. 10, 2026, that surpassed analyst expectations, raised its 2026 EBITDA forecast, and highlighted order-book visibility through the end of 2027, driving a sharp rise in shares.
Results and Financials
Ferrari’s full-year 2025 net revenues reached €7,146 million, up 7.0% year over year. Operating profit (EBIT) increased 12.0% to €2,110 million, with the EBIT margin expanding 120 basis points to 29.5%. Shipments declined slightly to 13,640 units, down 0.8% from 2024.
Full-year EBITDA rose 8.0% to €2,772 million, lifting the EBITDA margin 150 basis points to 38.8%. Net profit was €1,600 million, and diluted earnings per share reached €8.96. Industrial free cash flow surged 50.0% to €1,538 million.
In Q4, net revenues totaled €1,802 million, beating consensus by 3.8%. Adjusted EBITDA of €700 million exceeded estimates by 4.8%, while diluted EPS was $2.49 versus a $2.44 consensus. Quarterly shipments fell 5.2% to 3,152 units, and net profit was €381 million.
2026 Guidance and Market Reaction
Ferrari forecast 2026 EBITDA above €2.93 billion, a 5.8% increase from 2025, with an EBITDA margin target of 39.0% and net revenues near €7.50 billion. The company attributed this outlook to new model launches, product-mix optimization, and strong demand for personalization. Management said it expects continued demand management to preserve brand exclusivity and confirmed order-book visibility through 2027.
The company revised its 2030 lineup to 40% internal combustion engine, 40% hybrid, and 20% fully electric vehicles. It released teaser images of its first fully electric model, "Luce," on Feb. 9, 2026, with a full unveiling scheduled for May 25, 2026, in Rome. Ferrari reiterated 2030 targets of about €9.0 billion in revenues and adjusted core profit exceeding €3.6 billion.
Ferrari authorized a roughly €3.5 billion multi-year share buyback program and activated an initial tranche of approximately €250 million in January–February 2026. The earnings beat coincided with a RACE stock rally: shares rose as much as 10.0% intraday and traded at $362.22 at 11:00 ET, up 7.8% on the day, reversing a roughly 30% decline since October 2025.
The company’s corporate calendar lists its annual general meeting for April 15, 2026.
