On the Dash:
- Ferrari beat Q1 earnings expectations and confirmed its 2026 guidance with the order book extending to late 2027.
- Fewer deliveries were deliberate, part of a planned model transition, not a demand problem.
- The Ferrari Luce, priced around $647,000, makes its full debut in Rome on May 25.
Ferrari beat Wall Street’s first-quarter earnings expectations Tuesday and confirmed its full-year guidance. The results come as the company manages a significant model transition, absorbs US import tariffs, and prepares for the most-watched product launch in its modern history.
What the numbers show
Ferrari reported €1,848 million ($2.16 billion) in revenue, up 3% from a year ago. Profit margins remained strong. EBITDA reached €722 million ($845 million), yielding a 39.1% margin. Earnings per share came in at €2.33 ($2.73), ahead of analysts’ expectations. The company generated €653 million ($764 million) in free cash flow.
Customers spent more on custom colors, interiors, and options, driving prices well above sticker price. The F80 and Special Series cars shifted the overall mix toward higher-margin models. Formula 1 engine rental fees and new sponsorship deals boosted the top line, pushing sponsorship and brand revenues up 14% to €218 million ($255 million).
Ferrari encountered several challenges in the first quarter. For example, reduced deliveries of the 499P Modificata impacted the results. The rollout of new models increased depreciation costs. Additionally, marketing expenses rose, and import tariffs in the U.S. created extra pressure. Despite these hurdles, Ferrari still surpassed analyst predictions.
Fewer cars, by design
Ferrari shipped 3,436 units in Q1, down from 3,593 a year earlier. The company says the decline was deliberate to ease the execution of planned model changeovers.
The 12Cilindri, Purosangue, and SF90 XX families all posted delivery gains. The 296 family and Roma Spider declined in line with model lifecycle planning. The F80 remained in the ramp-up phase. First deliveries of the 296 Speciale family, the Amalfi, and the 849 Testarossa commenced during the quarter. Ferrari also launched the Amalfi Spider, with distribution set for 2027.
Ferrari confirmed its full 2026 guidance, targeting approximately €7.5 billion ($8.78 billion) in net revenues, adjusted EBITDA of at least €2.93 billion ($3.43 billion), and adjusted EPS of at least €9.45 ($11.06). The order book now extends toward the end of 2027.
Ferrari’s first EV coming soon
The earnings report lands as Ferrari prepares for its most anticipated product reveal in years. In February, the company named its first all-electric vehicle the Ferrari Luce and unveiled its interior design at an event in San Francisco. The exterior reveal is scheduled for Rome on May 25, with initial deliveries in Italy set for October 2026.
Ferrari built the Luce’s powertrain from scratch. Four electric motors work together to produce over 1,000 horsepower. The car hits 60 mph in 2.5 seconds, tops out near 200 mph, and can travel over 329 miles on a single charge. Ferrari hasn’t announced official pricing, but the Luce is expected to cost around €500,000 ($647,000). If that price holds, it would make the Luce the most expensive production EV at launch.
Ferrari CEO Benedetto Vigna says the Luce is an addition to the lineup, not a transition to all-electric. The Luce will coexist with internal combustion and hybrid models.
The Luce is expected to account for about 5% of Ferrari sales in 2026, comparable to the brand’s special editions.
