Q2 FY2026
Filed Jul 30, 2026Personalizations and mix continue to drive strong results and 2026 guidance raise
Q2 net revenues, EBIT, net profit, diluted EPS and industrial free cash flow all increased versus the prior year, supported by product mix and personalizations. Ferrari raised each of its disclosed 2026 financial targets while retaining high profitability targets.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenuesother | Euro 1,938 million | – | 8% |
| Net revenues at constant currencynon-GAAP | Euro 1,949 million | – | 11% |
| Cars and spare parts revenueother | Euro 1,629 million | – | 8% |
| Sponsorship, commercial and brand revenueother | Euro 209 million | – | 2% |
| Other revenueother | Euro 100 million | – | 31% |
| Cost of salesother | Euro 919 million | – | – |
| Selling, general and administrative costsother | Euro 188 million | – | – |
| Research and development costsother | Euro 218 million | – | – |
| Operating profit (EBIT)other | Euro 605 million | – | 10% |
| Operating profit (EBIT) at constant currencynon-GAAP | Euro 611 million | – | 16% |
| Operating profit (EBIT) marginother | 31.2% | – | 30 bps |
| Adjusted Operating profit (EBIT)non-GAAP | Euro 605 million | – | – |
| EBITDAnon-GAAP | Euro 755 million | – | 7% |
| EBITDA at constant currencynon-GAAP | Euro 761 million | – | 12% |
| EBITDA marginnon-GAAP | 39.0% | – | (70 bps) |
| Net profitother | Euro 463 million | – | 9% |
| Adjusted net profitnon-GAAP | Euro 463 million | – | – |
| Basic EPS (in Euro)other | 2.63 | – | 11% |
| Diluted EPS (in Euro)other | 2.62 | – | 10% |
| Adjusted diluted EPS (in Euro)non-GAAP | 2.62 | – | – |
| Effective tax rateother | 23.0% | – | – |
| Capital expendituresother | Euro 236 million | – | – |
| Total research and developmentother | Euro 267 million | – | – |
| Cash flow from operating activitiesother | Euro 437 million | – | – |
| Free Cash Flownon-GAAP | Euro 201 million | – | – |
| Free Cash Flow from Industrial Activitiesnon-GAAP | Euro 276 million | – | 39% |
| Total Shipmentsother | 3,366 units | – | – |
| Net Industrial (Debt)/Cashnon-GAAP | Euro 131 million | – | – |
| Cash and Cash Equivalentsother | Euro 1,486 million | – | – |
| Debtother | Euro 3,166 million | – | – |
| Six-month net revenuesother | Euro 3,786 million | – | 6% |
| Six-month Operating profit (EBIT)other | Euro 1,153 million | – | 5% |
| Six-month net profitother | Euro 876 million | – | 5% |
| Six-month Free Cash Flow from Industrial Activitiesnon-GAAP | Euro 929 million | – | 14% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cars and spare partsA richer sports cars mix and higher personalizations. | Euro 1,629 million | – | 8% |
| Sponsorship, commercial and brandHigher sponsorships, partially offset by lower Formula 1 commercial revenues linked to the prior year Formula 1 ranking. | Euro 209 million | – | 2% |
| OtherMostly reflecting rental of engines to other Formula 1 racing teams. | Euro 100 million | – | 31% |
2026 outlook
- Revenue~7.60
- NoteAdjusted EBITDA (margin %): ≥2.97; ≥39.0%
- NoteAdjusted Operating profit (EBIT) (margin %): ≥2.26; ≥29.5%
- NoteAdjusted diluted EPS (€): ≥9.68
- NoteIndustrial FCF: ≥1.55
Capital returns
- Dividend distribution of Euro 640 million was approved in April 2026, of which Euro 599 million was paid in the quarter.
- Share repurchases for Euro 209 million were included in total shareholder remuneration of more than Euro 800 million.
- From July 1, 2026, to July 24, 2026, the Company purchased 139,732 common shares for total consideration of €45.5 million.
- At July 24, 2026, the Company held in treasury 1,502,095 common shares, corresponding to 0.85% of issued common shares and 0.64% of issued share capital (including special voting shares).
- On July 16, 2026, the Company cancelled 16,644,606 common shares and 6,686,115 special voting shares held in treasury.
What drove it
- Cars and spare parts revenue benefited from a richer sports cars mix and higher personalizations.
- The EBIT increase was mainly supported by F80, higher personalizations, racing activities and temporary lower amortization and depreciation during the model change-over.
- Deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale family increased.
- The Amalfi and 849 Testarossa continued their ramp up phase, while F80 shipments increased in line with plans.
- Racing revenue increased on higher sponsorships and a positive contribution from engine rentals to other Formula 1 racing teams.
- 2026 guidance was raised on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges.
Concerns
- Total Shipments were 3,366 units, compared to 3,494 units, as Ferrari executed its planned model change-over.
- The 296 GTS, Roma Spider and SF90 XX family decreased in line with their phase-out.
- Higher industrial costs, marketing expenses, and costs associated with better Formula 1 in-season ranking assumptions partially offset EBIT growth.
- Foreign exchange impact, net of currency hedges, had a negative effect primarily due to the US Dollar and the Japanese Yen.
- Guidance is based on current visibility on the Middle East crisis effects.
- Ferrari expects increased brand investments, as well as racing and digital expenses, and higher D&A in line with the start of production of new models.
What to watch
- Execution of the significant model change-over and ramp up of the Amalfi and 849 Testarossa.
- Personalization trends, which management cited as stronger than initially expected.
- The order book, which management said entirely covers 2027.
- Progression of F80 shipments and the contribution from product mix.
- Formula 1 sponsorship, commercial revenue and expense trends.
- Industrial free cash flow delivery against the ≥1.55 2026 target.
Balance sheet and cash flow
- Cash flow from operating activities was Euro 437 million, compared to Euro 395 million.
- Investments in property, plant and equipment and intangible assets were Euro 236 million, compared to Euro 239 million.
- Free Cash Flow was Euro 201 million, compared to Euro 156 million.
- Free Cash Flow from Industrial Activities was Euro 276 million, compared to Euro 198 million.
- Cash and Cash Equivalents were Euro 1,486 million as of June 30, 2026.
- Debt was Euro 3,166 million as of June 30, 2026, including Euro 157 million of leased liabilities as per IFRS 16.
- Net (Debt)/Cash was Euro 1,680 million as of June 30, 2026.
- Net Industrial (Debt)/Cash was Euro 131 million as of June 30, 2026, compared to a Net Industrial Cash position of Euro 388 million as of March 31, 2026.
Analysis
Ferrari reported Q2 2026 net revenues of Euro 1,938 million, up 8% versus the prior year, while net revenues at constant currency were Euro 1,949 million, up 11%. Cars and spare parts generated Euro 1,629 million, up 8%, with richer sports car mix and personalizations identified as the principal contributors. Sponsorship, commercial and brand revenue increased to Euro 209 million, while Other revenue rose to Euro 100 million, mostly reflecting engine rental to other Formula 1 racing teams.
Profitability remained elevated. Operating profit (EBIT) increased to Euro 605 million from Euro 552 million and the EBIT margin improved to 31.2% from 30.9%. EBITDA rose to Euro 755 million from Euro 709 million, although the EBITDA margin was 39.0% versus 39.7%. Ferrari attributed EBIT growth primarily to F80-supported mix, personalizations, racing activities and temporary lower amortization and depreciation during the model change-over. Higher industrial costs, marketing expenses and Formula 1-related costs were offsets. Net profit reached Euro 463 million and diluted EPS was Euro 2.62.
Shipments were 3,366 units versus 3,494 units as Ferrari continued its planned model change-over. Growth in deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale family, together with the F80, was offset by phase-outs in the 296 GTS, Roma Spider and SF90 XX family. Management characterized demand as healthy and said the order book entirely covers 2027. The company also introduced the Ferrari Luce and revealed the 12Cilindri Manuale, which it said is already fully allocated.
Cash generation strengthened, with Free Cash Flow from Industrial Activities of Euro 276 million compared with Euro 198 million. Cash flow from operating activities was Euro 437 million and capital expenditures were Euro 236 million. Net Industrial (Debt)/Cash was Euro 131 million at June 30, 2026, compared with a Net Industrial Cash position of Euro 388 million at March 31, 2026, reflecting shareholder remuneration of more than Euro 800 million, including Euro 599 million of dividends paid and Euro 209 million of share repurchases.
Ferrari raised all disclosed 2026 financial targets. It now expects net revenues of ~7.60, adjusted EBITDA of ≥2.97 with a margin of ≥39.0%, adjusted EBIT of ≥2.26 with a margin of ≥29.5%, adjusted diluted EPS of ≥9.68, and industrial FCF of ≥1.55. The revised assumptions cite stronger personalizations and lower than anticipated currency headwinds, net of hedges. Management also retained its expectation for significant model change-over, increased brand, racing and digital expenses, and higher D&A with new-model production.
Management, verbatim
The robust results achieved in the second quarter reflect our disciplined execution and the continued strength of our strategy. A sustained trend in personalizations allows us to raise the guidance for the year
Benedetto Vigna, CEO of Ferrari
Today we have the most complete line-up in Ferrari history and we continue to experience healthy demand, with an order book that entirely covers 2027
Benedetto Vigna, CEO of Ferrari
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Forward guidance for gross margin, operating expenses and tax rate was not provided.
- A separate previous earnings release outlook was not provided; therefore, no reported-results comparison with prior guidance is included.
- Quarterly regional shipment percentage changes were not reported.
- Dividend per share was not reported.
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.