Company Reports

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari reported revenue growth of 8% in the second quarter, with an impressive gross profit margin of 52.6%, back at all-time highs, and an all-time high operating margin of 31.2%, supported by a stronger-than-usual mix of special series sales and higher-than-expected personalization.

Under the updated discount rate methodology, we raised our weighted average cost of capital estimate to 7.8% from 7.4%. The change does not reflect a new view of the business, but a more granular expression of our existing risk assessment.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari launched its first EV, Ferrari Luce, marking its historic entry into full electrification. While the vehicle promises performance consistent with Ferrari’s standards, investors appeared underwhelmed by its exterior design, sending shares down 8% following the unveiling.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari reported first-quarter revenue of EUR 1.85 billion, up 3% year over year despite lower deliveries, supported by a favorable mix and continued strength in personalization. Underlying EBIT margin was 29.7%—in line with guidance and 30.9% at constant currency, up 40 basis points year over year.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari closed 2025 with a strong fourth-quarter performance, growing revenue and EBIT by 4% and 10%, respectively, while deliveries declined 5% year over year amid the ongoing model changeover. The company once again surpassed its full-year guidance. Shares were up 10% at the time of writing.

Ferrari's revenue growth of 7% (9% at constant currency) was mainly driven by higher personalization, offsetting fewer Daytona deliveries. Volumes grew 0.5%. The EBIT margin was flat despite US tariffs being margin-dilutive, foreign-exchange headwinds, and solid growth in racing and marketing costs.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari provided guidance of mid-single-digit top-line and bottom-line growth on average for the next six years at its capital markets day, below midteens growth it delivered over the last few years. It also reduced the expected mix of electric vehicle models in its offering from 40% to 20% by 2030.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Ferrari is one of the most recognizable luxury brands globally. A Ferrari symbolizes exclusivity, the equivalent of Formula One driving performance, and Italian flair. Each of these brand pillars is carefully cultivated to maintain Ferrari’s wide-moat brand strength.

Revenue and operating profit increased by 4% and 8%, respectively, resulting in an operating margin of 30.9%—an all-time high. The tariff-induced 50-basis-point risk to margins, announced earlier in the year, has been removed. The rest of Ferrari's full-year guidance remains unchanged.

The European Union and the US have reached a trade deal, setting the baseline tariff rate at 15% for imports from the EU, including autos.

Ferrari reported 1% higher volumes, but revenue, EBIT, and industrial free cash flow growth of 13%, 23%, and 93%, respectively. Price/mix is the largest positive contributor to the profit improvement, followed by the new F1 sponsorship deal and flat R&D costs. Full-year guidance is unchanged.