Ferrari N.V. (RACE)

Ferrari reported third-quarter 2026 net revenues of Euro 1,896 million on 3 November, up 7 percent 1. Operating profit was Euro 563 million and net profit was Euro 431 million 1.

The release credits a richer mix of cars, led by the F80 supercar, and more personalizations 1. Personalizations are the options clients choose to make a car their own 1.

Ferrari further upgraded its 2026 guidance and now expects net revenues of about Euro 7.65 billion and diluted earnings per share of at least Euro 9.85 1. It named stronger personalizations, smaller currency headwinds and second place in the Formula 1 Championship as the new assumptions 1.

Deliveries were 3,368 cars in the quarter against 3,401 a year earlier, as the company carried out a planned model change-over 1.

Between 1 and 30 October the company bought 176,262 of its own common shares for Euro 61.5 million, under a multi-year programme of about Euro 3.5 billion that runs to 2030 1. On 17 September it signed a partnership with Rakuten Group, effective 1 January 2027 4.

Enzo Ferrari founded the racing team Scuderia Ferrari in Modena in 1929 and moved his headquarters to Maranello in late 1943, where the company still sits 5. The first Ferrari racing car, the 125 S, came in 1947 and the first road car, the 166 Inter, in 1948 5.

Fiat bought half of the Italian operating company in 1969 and raised its stake to 90 percent in 1988 5. Piero Ferrari held the other 10 percent 5. Ferrari N.V. was set up in 2015, listed in New York in October 2015 and in Milan on 4 January 2016, after the separation from Fiat Chrysler was completed on 3 January 2016 5.

Ferrari grew by selling a controlled number of cars at a richer mix, not by selling many more 5. Annual shipments rose from 7,255 cars in 2014 to 13,663 in 2023, then held at 13,752 in 2024 and 13,640 in 2025 5.

In 2023 Ferrari began deliveries of the Purosangue, its first four-door, four-wheel-drive, four-seat car, which widened the market it competes in 5.

Net revenues were Euro 5,970 million in 2023 and Euro 6,677 million in 2024, up 11.8 percent 5. The company put the rise down to a richer product and country mix and more personalization 5.

In 2025 net revenues reached Euro 7,146 million, up 7.0 percent, even though shipments slipped 0.8 percent to 13,640 cars 5. Cars and spare parts brought Euro 6,005 million, sponsorship, commercial and brand Euro 820 million, and other revenues Euro 321 million 5.

The sponsorship line grew mainly on sponsorships and lifestyle activity, plus higher Formula 1 commercial income from the better 2024 season ranking 5. Sales to China, Hong Kong and Taiwan fell from 1,162 cars in 2024 to 941 in 2025 5.

In 2025 the company launched six new models, including the Ferrari Luce, its first full electric car 5.

Sports cars

The current line-up has nine Range models, four Special Series models and one supercar, the F80 5. Range cars are the main line, Special Series are limited versions sold mainly to collectors, and the supercar is the fastest and rarest 5.

The Range runs from V8 cars such as the Amalfi, to V12 cars such as the Purosangue and 12Cilindri, to hybrids such as the 296 GTB and the 849 Testarossa 5. The Purosangue is rated at 725 hp and the 12Cilindri at 830 hp 5.

Cars and spare parts brought Euro 6,005 million of the Euro 7,146 million of 2025 net revenues 5. In 2025 about 84 percent of new cars went to clients who already owned a Ferrari 5.

The Luce is the first electric Ferrari 5. Reuters reported the price as Euro 550,000 at its Rome launch on 25 May, and Electrek reported a United States price of $560,800 78.

Reuters reported that critics said the Luce looked little like a Ferrari, and that CEO Benedetto Vigna replied that it was an addition to the range and not a replacement for petrol engines 7. Electrek reported that the 2026 allocation of just under 500 cars sold out in less than two months 8.

Racing, brand and lifestyle

Scuderia Ferrari has raced in Formula 1 since 1950 and holds 16 Constructors' and 15 Drivers' titles 1. The 2025 drivers were Charles Leclerc and Lewis Hamilton 5.

The 2025 Formula 1 agreement for 2026 to 2030 includes a new eleventh team, Cadillac 5. In the third quarter, racing revenue rose on sponsorships and on renting engines to other Formula 1 teams 1.

Lifestyle covers fashion, collectibles and experiences, and at the end of 2025 the company ran 16 directly operated Ferrari Stores and 2 franchised ones 5. The Hypersail project is a 100-foot ocean-racing monohull launched in 2025 5.

Plants, people and dealers

All cars and engines are assembled at Maranello, and all chassis are made in nearby Modena 5. The group averaged 5,544 employees in 2025, and sells through 181 authorized dealers 5.

John Elkann is Executive Chairman, Benedetto Vigna is Chief Executive Officer and Piero Ferrari is Vice Chairman 5.

Rivals and problems

The company says the United States took 25 percent of 2025 shipments, and that European cars face a 15 percent tariff there since 1 August 2025 5. It describes most key components as coming from single source suppliers 5.

Ferrari defines its market as cars above 500 hp and above Euro 200,000 and names competition in luxury performance cars as a risk 5.

The umbrella, in words

Ferrari N.V. owns the Italian operating company directly, which does the engineering, manufacturing and sales 6. Through it the group owns importers in the United States, Japan, Australia, Hong Kong and China 6. Ferrari Korea is 51 percent held and the Shanghai importer 80 percent 6.

The Mugello racetrack is run by a wholly owned company 6. Ferrari Financial Services, Inc. does financial services in the United States, and both are wholly owned 6. The group also owns 20 percent of the Fondazione Casa di Enzo Ferrari 6.

Exor N.V. is the largest shareholder, with about 21.33 percent of common shares and 32.32 percent of the votes as of 4 February 2026 5. The extra votes come from the loyalty voting program, which gives special voting shares to long-term holders 5.

Trust Piero Ferrari holds voting rights on about 10.67 percent of common shares, and Piero Ferrari has the use of those rights, about 16.17 percent of the votes 5. Exor and Piero Ferrari have a shareholder agreement 5.

The company expects 2026 net revenues of about Euro 7.65 billion, adjusted operating profit of at least Euro 2.285 billion and industrial free cash flow of up to Euro 1.65 billion 1.

CEO Benedetto Vigna said on 3 November that the order book reaches into 2028 and that two more launches are still to come this year 1.

The annual report says the company plans to launch an average of four new models a year from 2026 to 2030 5. It also plans new Tailor Made personalization centers in Tokyo and Los Angeles by 2027 5.

At its Capital Markets Day on 9 October 2025 the company announced a repurchase program of about Euro 3.5 billion for 2026 to 2030 5. It also proposed a dividend payout of 40 percent of adjusted net profit 5.

A third tranche of Euro 250 million was announced on 1 September 2026 2. The second tranche, announced on 10 April 2026, was reported complete on that day 3.

The Rakuten partnership takes effect on 1 January 2027 4. The company said in the third-quarter release that the Hypersail flying monohull is in its final construction phase 1.