Q2 2026 Earnings Summary
Ferrari N.V.reported strong financial results for the second quarter of 2026, beating market consensus across key metrics.Net revenues grew 8.4% year-over-year (10.6% at constant currency) to €1.938 billion.Operating profit (EBIT) increased 9.5% to €605 million, delivering a 31.2% EBIT margin.Net profit reached €463 million (+8.9% YoY) with diluted EPS rising to €2.62.Total vehicle shipments during the quarter stood at 3,366 units, down 3.7% year-over-year due to planned model changeovers rather than softening demand.Exceptional demand for bespoke personalization and a richer product mix drove profitability gains.
Revenue Breakdown by Segment and Region
Segment Breakdown
- Cars and Spare Parts (~84.1% of Revenue):Generated €1.629 billion, representing an 8.1% increase year-over-year. This core division handles the design, manufacturing, and distribution of sports cars, supercar limited series, and genuine replacement parts. Growth was heavily sustained by customer customizations (personalization programs contributing over 20% of cars and spare parts revenue) and high-margin models such as the 296 Speciale and F80 shipments.
- Sponsorship, Commercial, and Brand (~13-14% of Revenue): Contributed approximately €260 million. This business sector covers sponsorship agreements for the Scuderia Ferrari Formula 1 team, commercial revenues from racing activities, brand extension activities, and merchandise sales.
- Engines and Other (~2-3% of Revenue): Generated the remaining revenue portion, covering engine rentals/sales to other racing teams and ancillary industrial activities.
Regional Breakdown and Development
- EMEA (55% of Shipments):1,856 units shipped. Europe, the Middle East, and Africa remain Ferrari’s largest and most stable geographic market, supported by strong delivery volumes in Italy, the UK, and Germany.
- Americas (23% of Shipments):787 units shipped.Total volume decreased slightly compared to Q2 2025, primarily reflecting production transition timing and extended factory cycle times for heavily personalized vehicles rather than a drop in order intake.
- Rest of APAC (16% of Shipments): 538 units shipped. Solid performance across Japan and Australasia, driven by rising appetite for high-end hybrid configurations.
- Mainland China, Hong Kong, and Taiwan (6% of Shipments):185 units shipped. Deliveries remain intentionally capped in this region in alignment with Ferrari’s brand scarcity strategy.
Quarterly Highlights, Outlook, and Key Focus Areas
Recent Quarterly Changes
During Q2 2026, Ferrari achieved record cash generation, raising industrial free cash flow by 39% year-over-year to €276 million.Management maintained strict volume control while expanding average selling price (ASP) through customization options like unique paints, carbon fiber components, and custom upholstery.
Upgraded Full-Year 2026 Guidance
Capitalizing on strong quarterly momentum, Ferrari raised its full-year 2026 operational targets:
- Net Revenue:Increased to ~€7.60 billion (up from ~€7.50 billion prior).
- Adjusted EBITDA:Projecting ≥€2.97 billion with an EBITDA margin of ≥39.0%.
- Adjusted EBIT: Target raised to ≥€2.26 billion with a margin of ≥29.5%.
- Adjusted Diluted EPS: Expected at ≥€9.68 (up from €9.45).
- Industrial Free Cash Flow: Raised to ≥€1.55 billion.
Key Focus Areas for Next Quarter and Future Outlook
- Order Backlog Visibility:Ferrari’s order book extends fully into late 2027, with major lines like the 296 Speciale and 12Cilindri family fully sold out.
- EV Transition & New Launches:Market attention is centered on the ongoing commercial rollout of the all-electric Ferrari Luce platform and two additional unannounced models set to debut before the end of 2026.
- Cost Structure Absorption: Higher R&D, SG&A, and depreciation/amortization costs (D&A expected to exceed €700 million full-year) will take effect in H2 2026 due to race team activities and launch events.
3-Month Stock Price Performance and Market Drivers
Stock Performance Summary
Over the trailing 3-month period (late May to late August 2026), Ferrari N.V. (NYSE: RACE) has demonstrated strong market performance, gaining approximately +21.5% to +22.0%.
Primary Drivers Behind the Stock Movement
- Earnings Beat and Guidance Lift: The mid-year rally was catalyzed by the Q2 2026 earnings release at the end of July. Analysts responded positively to the rare Q2 guidance upgrade, interpreting it as high confidence in structural margin resilience.
- Pricing Power Immunity: Amid broader automotive industry headwinds and slowing consumer adoption of mass-market EVs, Ferrari reassured institutional investors of its pricing power and demand insulation.
- High Personalization Margins:Investors welcomed data showing personalization spending exceeding 20% of vehicle revenue, driving higher gross margins.
Sources
- https://www.ferrari.com/en-EN/corporate/articles/ferrari-financial-results-q2-2026
- https://www.briefs.co/news/ferrari-raises-2026-targets-after-impressive-second-quarter/
- https://pulse2.com/ferrari-raises-full-year-guidance-and-reported-e1-94-billion-in-q2-2026-revenue/
- https://www.marketbeat.com/stocks/NYSE/RACE/chart/
- https://www.stocktitan.net/sec-filings/RACE/6-k-ferrari-n-v-current-report-foreign-issuer-d05b95a592cb.html
Back to Ferrari