Ferrari N.V. (RACE): Financial results for 9M 2026
Ferrari N.V. (RACE) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE • Net revenues of Euro 1,896 million, up 7% versus prior year (up 10% at constant currency (1) ) • Operating profit (EBIT) (1) of Euro 563 million, with Operating profit (EBIT) margin
How this was made
The 30-second read
Why it matters
Ferrari raised guidance, citing robust financial growth supported by deliveries, personalizations, and an order book reaching into 2028.
Market read
The filing provides fresh 9M financial datapoints and an explicit full-year guidance raise, which can drive immediate estimate and positioning changes.
What to watch
The release emphasizes product mix and personalizations; traders may want to watch whether the F80 ramp and upcoming launches sustain margins and cash flow beyond 2026.
STRONG MIX AND PERSONALIZATIONS SUSTAIN Q3 GROWTH AND FURTHER 2026 GUIDANCE UPGRADE
Q3 net revenues grew 7%, EBIT grew 12%, EBITDA grew 12%, industrial free cash flow grew 43%, and Ferrari further upgraded its 2026 guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 Net revenuesother | Euro 1,896 million | – | 7% |
| Nine months 2026 Net revenuesother | Euro 5,682 million | – | 6% |
| Q3 2026 Net revenues at constant currencynon-GAAP | Euro 1,897 million | – | 10% |
| Nine months 2026 Net revenues at constant currencynon-GAAP | Euro 5,750 million | – | 9% |
| Q3 2026 Cost of salesother | Euro 902 million | – | – |
| Nine months 2026 Cost of salesother | Euro 2,711 million | – | – |
| Q3 2026 Selling, general and administrative costsother | Euro 173 million | – | – |
| Nine months 2026 Selling, general and administrative costsother | Euro 522 million | – | – |
| Q3 2026 Research and development costsother | Euro 251 million | – | – |
| Nine months 2026 Research and development costsother | Euro 714 million | – | – |
| Q3 2026 Operating profit (EBIT)other | Euro 563 million | – | 12% |
| Nine months 2026 Operating profit (EBIT)other | Euro 1,716 million | – | 7% |
| Q3 2026 Operating profit (EBIT) marginother | 29.7% | – | 130 bps |
| Nine months 2026 Operating profit (EBIT) marginother | 30.2% | – | 30 bps |
| Q3 2026 EBITDAnon-GAAP | Euro 753 million | – | 12% |
| Nine months 2026 EBITDAnon-GAAP | Euro 2,230 million | – | 8% |
| Q3 2026 EBITDA marginnon-GAAP | 39.7% | – | 180 bps |
| Nine months 2026 EBITDA marginnon-GAAP | 39.2% | – | 40 bps |
| Q3 2026 Net profitother | Euro 431 million | – | 13% |
| Nine months 2026 Net profitother | Euro 1,307 million | – | 7% |
| Q3 2026 Basic EPSother | Euro 2.45 | – | 14% |
| Nine months 2026 Basic EPSother | Euro 7.40 | – | 8% |
| Q3 2026 Diluted EPSother | Euro 2.44 | – | 14% |
| Nine months 2026 Diluted EPSother | Euro 7.39 | – | 8% |
| Q3 2026 Effective tax rateother | 23.0% | – | – |
| Nine months 2026 Effective tax rateother | 23.0% | – | – |
| Q3 2026 Capital expendituresother | Euro 226 million | – | – |
| Nine months 2026 Capital expendituresother | Euro 715 million | – | – |
| Q3 2026 Total research and developmentother | Euro 269 million | – | – |
| Nine months 2026 Total research and developmentother | Euro 803 million | – | – |
| Q3 2026 Cash flow from operating activitiesother | Euro 737 million | – | – |
| Nine months 2026 Cash flow from operating activitiesother | Euro 2,037 million | – | – |
| Q3 2026 Free Cash Flownon-GAAP | Euro 511 million | – | – |
| Nine months 2026 Free Cash Flownon-GAAP | Euro 1,322 million | – | – |
| Q3 2026 Free Cash Flow from Industrial Activitiesnon-GAAP | Euro 567 million | – | 43% |
| Nine months 2026 Free Cash Flow from Industrial Activitiesnon-GAAP | Euro 1,496 million | – | 23% |
| Q3 2026 Total Shipmentsother | 3,368 units | – | – |
| Nine months 2026 Total Shipmentsother | 10,170 units | – | – |
| Net Industrial Cash as of September 30, 2026non-GAAP | Euro 219 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q3 2026 Cars and spare partsA richer sports cars mix and higher personalizations. | Euro 1,586 million | – | 7% |
| Q3 2026 Sponsorship, commercial and brandHigher sponsorships and lifestyle activities, partially offset by lower Formula 1 commercial revenues linked to the prior year Formula 1 ranking. | Euro 220 million | – | 4% |
| Q3 2026 OtherMostly reflecting rental of engines to other Formula 1 racing teams. | Euro 90 million | – | 18% |
| Nine months 2026 Cars and spare partsIncludes net revenues generated from shipments of cars, personalizations generated on these cars, and sales of spare parts. | Euro 4,771 million | – | 6% |
| Nine months 2026 Sponsorship, commercial and brandIncludes revenues earned by racing teams through sponsorship agreements and Ferrari's share of Formula 1 World Championship commercial revenues, as well as brand revenues. | Euro 647 million | – | 7% |
| Nine months 2026 OtherPrimarily relates to financial services activities, management of the Mugello racetrack, other sports-related activities, and rental of engines to other Formula 1 racing teams. | Euro 264 million | – | 22% |
2026 outlook
- Revenue~7.65
- NoteADJ. EBITDA (margin %): ≥3.00; ≥39.2%
- NoteADJ. OPERATING PROFIT (EBIT) (margin %): ≥2.285; ≥29.8%
- NoteADJ. DILUTED EPS (€): ≥9.85
- NoteINDUSTRIAL FCF: Up to 1.65
- NoteGuidance is based on current visibility on the Middle East crisis effects.
Capital returns
- Share repurchases for Euro 173 million as of September 30, 2026.
- From October 1, 2026, to October 30, 2026, the Company purchased 176,262 common shares for total consideration of €61.5 million.
- The repurchases were made under the third tranche of the multi-year share buyback program of approximately €3.5 billion expected to be executed by 2030.
- At October 30, 2026, the Company held in treasury 2,038,689 common shares, corresponding to 1.15% of issued common shares and 0.87% of issued share capital (including special voting shares).
What drove it
- Sports Cars benefited from enrichment of the product mix and increased contribution of personalizations.
- Deliveries of the Amalfi, the 296 Speciale, the 12Cilindri Spider and the Purosangue increased.
- The 849 Testarossa and the 296 Speciale Aperta continued their ramp-up phase, while the 849 Testarossa Spider commenced deliveries.
- Shipments of the F80 progressed in line with plans.
- EBIT growth was mostly attributable to positive product mix, mainly supported by the F80, and higher personalizations.
- Racing revenues increased mainly due to higher sponsorships and rental of engines to other Formula 1 racing teams.
- Industrial free cash flow was sustained by profitability and a positive change in working capital.
- The 2026 guidance upgrade reflects stronger personalizations than initially expected, lower than anticipated currency headwinds net of hedges, and second place in the Formula 1 Championship.
Concerns
- Foreign exchange impact, net of currency hedges, had a negative effect primarily due to the US Dollar and the Japanese Yen.
- Higher depreciation and amortization, tied to the start of production of new models, and increased marketing expenses partially offset EBIT growth.
- Sponsorship, commercial and brand revenue was partially offset by lower Formula 1 commercial revenues linked to the prior year Formula 1 ranking.
- Ferrari continues to execute a significant model change-over.
- Guidance is based on current visibility on the Middle East crisis effects.
What to watch
- Delivery progression for the F80, the 849 Testarossa family and the 296 Speciale family.
- Personalization demand and its contribution to product mix and profitability.
- The two remaining launches planned for 2026.
- Currency effects, net of hedges, particularly relating to the US Dollar and Japanese Yen.
- The pace of brand investments, racing and digital expenses, and higher depreciation and amortization.
- Execution against upgraded 2026 revenue, adjusted EBITDA, adjusted EBIT, adjusted diluted EPS and industrial free cash flow guidance.
Balance sheet and cash flow
- Debt as of September 30, 2026: Euro (3,122) million.
- Cash and Cash Equivalents as of September 30, 2026: Euro 1,729 million.
- Net (Debt)/Cash as of September 30, 2026: Euro (1,393) million.
- Net (Debt)/Cash of Financial Services Activities as of September 30, 2026: Euro (1,612) million.
- Net Industrial (Debt)/Cash as of September 30, 2026: Euro 219 million.
- Q3 2026 Free Cash Flow from Financial Services Activities: Euro (56) million.
- Nine months 2026 Free Cash Flow from Financial Services Activities: Euro (174) million.
Analysis
Ferrari reported a strong Q3 2026 under IFRS Accounting Standards. Net revenues were Euro 1,896 million, up 7%, while revenue growth was 10% at constant currency. Operating profit (EBIT) increased 12% to Euro 563 million and EBITDA increased 12% to Euro 753 million. The EBIT margin expanded 130 bps to 29.7% and the EBITDA margin expanded 180 bps to 39.7%. Net profit rose 13% to Euro 431 million and diluted EPS reached Euro 2.44, compared with Euro 2.14 in Q3 2025.
The main earnings driver was mix. Cars and spare parts revenue rose 7% to Euro 1,586 million, supported by a richer sports cars mix and higher personalizations. Ferrari identified the F80 as the principal product-mix contributor to EBIT growth. The company also cited increasing deliveries of the Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue, while F80 shipments progressed in line with plans. Total Q3 shipments were 3,368 units compared with 3,401 units in Q3 2025, illustrating that revenue and profit growth were supported by mix and personalization rather than shipment growth.
Racing and brand-related activity also contributed. Sponsorship, commercial and brand revenue increased 4% to Euro 220 million, driven by higher sponsorships and lifestyle activities, although lower Formula 1 commercial revenues linked to the prior year Formula 1 ranking were a partial offset. Other revenue grew 18% to Euro 90 million, mostly reflecting rental of engines to other Formula 1 racing teams. Currency was a headwind, with foreign exchange impact net of hedges negative primarily because of the US Dollar and Japanese Yen.
Cash generation strengthened materially. Q3 cash flow from operating activities was Euro 737 million, free cash flow was Euro 511 million, and free cash flow from industrial activities was Euro 567 million, up 43% from Euro 396 million. Ferrari attributed industrial free cash flow to profitability and a positive change in working capital, partly offset by capital expenditures. Net Industrial Cash was Euro 219 million at September 30, 2026, compared with a Net Industrial Debt position of Euro 131 million at June 30, 2026, also reflecting Euro 173 million of share repurchases.
Ferrari further upgraded its 2026 outlook. It now guides to net revenues of approximately 7.65, adjusted EBITDA of at least 3.00 with a margin of at least 39.2%, adjusted EBIT of at least 2.285 with a margin of at least 29.8%, adjusted diluted EPS of at least 9.85, and industrial free cash flow of up to 1.65. The company cited stronger-than-expected personalizations, lower-than-anticipated currency headwinds net of hedges, and second place in the Formula 1 Championship. Investors should focus on the continuation of mix and personalization benefits through the model change-over, F80 and new-model delivery execution, currency effects, and progress toward the raised cash flow target.
Management, verbatim
Uniqueness, innovation and focus: three key factors to keep the promises of our last Capital Markets Day. Deliveries of our F80 supercar and personalizations, led by the Ferrari 296 Speciale family, support our robust financial growth and reflect our clients’ ever-deepening desire to make each Ferrari uniquely their own. Building on this solid foundation, we are further raising our full-year guidance,
Benedetto Vigna, CEO of Ferrari
Our order book now reaches into 2028, and we still have two more launches to come this year. In addition, we continue to create engaging events around the world to further tighten the bonds with our clients and partners across Racing, Sports Cars and Lifestyle
Benedetto Vigna, CEO of Ferrari
Not in the filing
stated, not guessed- Gross margin was not reported.
- Dividend declaration, payment, or dividend guidance was not reported.
- Prior-quarter comparative figures were not reported for the income statement and cash flow metrics.
- A separate previous-release outlook section was not provided, so no reported actual-versus-prior-guidance comparison is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Ferrari furnished preliminary unaudited results for Q3 and nine months ended September 30, 2026 on Form 6-K.
Ticker impact
Ferrari reported 9M 2026 net revenues, EBIT, net profit, and raised full-year guidance, with order book visibility into 2028.
Shares likely face upward pressure as investors price in higher full-year expectations and improved cash generation.
The filing includes multiple profitability and cash-flow increases plus an explicit guidance raise, which typically drives near-term estimate revisions.
Market effects
Luxury auto and high-end sports car demand expectations may firm if guidance raises signal resilient pricing power and personalization-driven mix.
Limited direct regional spillover, but European luxury sentiment could benefit from a strong US-listed print.
Global luxury and discretionary sentiment may improve modestly given Ferrari’s visibility into 2028 via the order book.
Counterpoint
FX headwinds are noted (USD and JPY), so upside may be partially offset if currency moves worsen in coming quarters.
Key entities
- issuerFerrari N.V.
NYSE-listed automaker reporting 9M 2026 results and raising full-year guidance.
- executiveBenedetto Vigna
Ferrari CEO quoted in the filing regarding raised full-year guidance and order book visibility.
