Ferrari raises 2026 revenue target to €7.65 billion after third-quarter growth
Key Facts
Ferrari raised its 2026 revenue forecast to about €7.65 billion after reporting preliminary, unaudited results on November 3 for the third quarter and the nine months ended September 30. The results showed quarterly revenue of €1.896 billion, up 7% year over year, or 10% at constant currency. The company said operating profit rose 12% to €563 million, with a margin of 29.7%, compared with 28.4% a year earlier. Net profit also increased 13% to €431 million from €382 million, and diluted earnings per share came to €2.44. Reuters reported that the annual revision was modest and followed Ferrari beating market estimates for core profit and quarterly revenue, supported by higher-margin cars and customization.
Revenue from cars and spare parts led growth, reaching €1.586 billion, up 7% from the corresponding period. Ferrari attributed this to a richer mix of sports cars and an increase in customer-selected customizations. Deliveries totaled 3,368 cars during the quarter, with higher deliveries of the Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue, and the start of deliveries of the 849 Testarossa Spider. The simultaneous growth in this category’s revenue and delivery volume highlights the role of model mix and additional options in raising sales value. CEO Benedetto Vigna said deliveries of the F80 and customizations, led by the 296 Speciale family, supported financial growth and reflected customers’ desire to personalize their cars.
Revenue growth extended to sponsorship, commercial and brand activities, which recorded €220 million, up 4% year over year. Ferrari said the increase mainly reflected higher sponsorship and lifestyle activities, partly offset by lower Formula 1-related commercial revenue. For the nine months through the end of September, revenue totaled €5.682 billion, compared with €5.344 billion in the corresponding period of 2025, an increase of 6%. This result places the quarter’s performance within a year-to-date revenue growth trajectory, while currency remained a factor in interpreting quarterly figures. Quarterly revenue growth was 10% excluding the impact of currency movements, compared with the reported increase of 7%.
On earnings, operating profit growth of 12% outpaced the increase in quarterly revenue, lifting the margin to 29.7% from 28.4% a year earlier. The company linked higher profitability to a positive product mix led by F80 deliveries, along with a larger contribution from customizations and country mix. It also said the negative foreign-exchange impact after hedging came mainly from the U.S. dollar and Japanese yen. Free cash flow from industrial activities was €567 million, up 43% from €396 million in the third quarter of 2025. The improvement in cash flow came alongside higher earnings, and the company said profitability growth and improved working capital supported cash, partly offset by capital expenditure.
The quarterly figures showed earnings above analyst estimates cited in Investing.com data: quarterly earnings per share came to €2.45, against expectations of €2.32, while revenue of €1.9 billion was in line with consensus. In the stock market, Ferrari shares, listed under the ticker RACE, closed at $403.09 on November 2, the session before the results announcement. For the year, the company raised its revenue forecast to about €7.65 billion and set the lower end of its EBITDA forecast at €2.93 billion. It also raised the lower end of its operating profit forecast to €2.285 billion and its diluted earnings-per-share forecast to €9.85.
The background to the model transition dates to 2025, when Ferrari reported annual revenue of €7.146 billion, up 7%, and delivered 13,640 cars. The company said at the time that deliveries were designed to remain broadly stable to facilitate the model transition during 2026. Its 2025 lineup included the launch of six new models, among them the 296 Speciale, Amalfi, 849 Testarossa and Ferrari Luce, which it said would shape deliveries in 2026 and beyond. In this context, Vigna said the order book now extends into 2028 and that the company has two additional launches before the end of 2026. Ferrari scheduled its third-quarter results call for analysts and institutional investors on November 3 at 3:00 p.m. Central European Time.