Ferrari N.V. (RACE) Earnings
Ferrari N.V. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $2.79. RACE has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +4.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $2.83 | $2.99 | +5.7% | $2.2B | +3.5% |
| May 5, 2026 | $2.70 | $2.73 | +1.1% | $2.1B | +0.9% |
| Nov 4, 2025 | $2.35 | $2.50 | +6.4% | $2.1B | -0.7% |
| Jul 31, 2025 | $2.57 | $2.70 | +5.1% | $2.1B | +8.3% |
| Feb 4, 2025 | $1.89 | $2.28 | +20.6% | $1.8B | -2.1% |
| Aug 1, 2024 | $2.26 | $2.50 | +10.6% | $1.8B | -5.7% |
| Feb 1, 2024 | $1.61 | $1.75 | +8.5% | $1.7B | +0.1% |
| Nov 2, 2023 | $1.70 | $1.94 | +13.8% | $1.6B | +5.0% |
| Aug 2, 2023 | $1.84 | $2.01 | +9.2% | $1.6B | -0.2% |
| May 4, 2023 | $1.60 | $1.79 | +11.9% | $1.6B | +3.9% |
| Feb 2, 2023 | $1.27 | $1.31 | +3.1% | $1.5B | +7.0% |
| Nov 2, 2022 | $1.16 | $1.21 | +4.3% | $1.2B | +4.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Strategic Execution - Ferrari continues to execute its long-term plan with focus and discipline, centered on client needs and emotion-driven innovation (innovation rooted in customer experience, not technology for technology's sake). - The company maintains a technology neutrality strategy, offering all three powertrain options (ICE, hybrid, electric) to address diverse customer desires across collectors, repeat buyers, new customers, and next-generation Ferrari owners. ### Product Portfolio Milestones - Q2 2026 saw the launch of two high-profile products that demonstrate Ferrari's blend of heritage and innovation: - *Ferrari Luce*, the brand's first fully electric vehicle, is a 5-seat sports car with over 60 new patents, engineered to deliver a authentic Ferrari driving experience. Two months after launch, order intake is in line with plans, with orders coming from both repeat Ferrari customers and brand-new buyers, including those specifically interested in electric propulsion. - *12 Cilindri Manuale*, a limited edition of only 1,499 fully allocated units, reintroduces manual transmission with a new in-house patented manuale-by-wire system derived from Ferrari's Hypersail racing project. It is designed to preserve the driver-car connection rather than purely serve nostalgia. - Two additional new models are scheduled to launch before the end of 2026. The full portfolio now includes naturally aspirated, turbo, hybrid, and electric powertrains, the most diversified offering in Ferrari's history. ### Demand and Order Book - The total order book covers all of 2027, providing strong visibility. Key models including the 296 Speciale and 12 Cilindri families are already sold out for their entire production run, and demand is healthy across all geographies. ### Operational Highlights - Personalization penetration and average value per vehicle is growing faster than expected, driven by increased customer uptake of custom paint, carbon fiber components, special wheels, and premium leather. - Lifestyle and brand activation delivered strong results in Q2, including events at the 24 Hours of Le Mans and Goodwood Festival of Speed, plus branded capsule collections for the Monaco and Silverstone Grands Prix. - Capital expansion is ongoing, with construction of the new paint shop progressing on schedule.
Guidance
- Management upgraded full-year 2026 guidance driven by stronger-than-expected personalization trends and a more favorable foreign exchange environment. Updated guidance assumes personalization will account for more than 20% of full-year cars and spare parts revenue, and uses an assumed USD/EUR exchange rate of ~1.16. - EBIT margin for full-year 2026 is expected to be at least 30%, maintaining the capital market target floor; price-mix for H2 2026 is expected to be higher than H1 2026. - Adjusted EBITDA (DNA) is expected to grow progressively in H2 2026, reaching over 700 million euro for the full year. Average selling price (ASP) for H2 2026 is expected to be similar to H1, slightly better than prior forecasts due to higher personalization. - Special series contribution to H2 2026 shipments is not expected to change significantly from H1 levels, remaining aligned with product lifecycle plans. - Long-term capital market targets, including the 30% EBIT margin floor and 6% EPS CAGR to 2030, remain unchanged. The current upside to EPS relative to the long-term CAGR is driven by better-than-expected personalization performance, more favorable currency assumptions, and ongoing share buyback execution.
Segment performance
Overall Q2 2026 net revenues grew 8% year-over-year including currency headwinds, reaching 1.94 billion euro. EBIT was 605 million euro with an EBIT margin of 31.2%, and EBITDA hit 755 million euro with a 39% margin. Industrial free cash flow was 275 million euro. By product segment: - **Cars and spare parts**: This is the largest revenue contributor, with growth driven by richer product mix and higher personalization. Personalization alone accounts for ~20% of total cars and spare parts revenue, exceeding expectations, with particularly strong uptake on the 296 Speciale family. Model performance: Amalfi, 849 Testarossa, and 296 Speciale are ramping up and growing contribution; 12-cylinder Coupé Spider and Purosangue have steady deliveries; F80 deliveries increased only modestly per plan; 296 GTS, Roma Spider, and SF90XX declined in line with phase-out/end of limited series run. Special series models contributed 13% of shipments in H1 2026, higher than recent historical levels. - **Sponsorship, commercial and brand**: This segment grew overall, with higher sponsorship revenue partially offset by lower commercial revenues tied to 2025's lower Formula One ranking. - **Other revenues**: This segment grew, primarily driven by engine rental revenues to other Formula One teams.
Risks & headwinds
- Foreign exchange volatility remains a risk for 2027, as only a small portion of 2027 exposure is currently hedged, with results dependent on future spot exchange rates. - Higher levels of vehicle personalization increase manufacturing cycle time, which can impact quarterly shipment volumes. - The ongoing model changeover creates temporary volatility in shipment volumes, product mix, and profitability across quarters. - Higher-than-expected industrial, SG&A, and R&D costs in H2 2026 could pressure full-year margins.
Analyst Q&A
Q: Do traditional, heritage-focused models like the 12 Cilindri Manuale carry stronger pricing power than newer powertrain options, and will this shift your future product cycle planning? How does volume growth interact with your long-standing focus on scarcity?
A: Pricing power is a result of Ferrari's consistent ability to innovate and delight customers, rather than being tied to a specific type of powertrain. The company's product plan already incorporates customer feedback, and it will continue balancing legacy and innovative products aligned with its emotion-driven strategy. Scarcity and exclusivity remain Ferrari's North Star, so volume will always be managed to preserve brand value, regardless of product mix trends.
Q: U.S. shipments declined more than expected in Q2. Is this a demand issue or just supply and product cycle timing, and when will shipments normalize?
A: There are no underlying demand or supply chain issues in the U.S. market. The decline is purely a function of the ongoing major model changeover, and the fact that higher personalization content per vehicle increases manufacturing lead times. Shipments will ramp up progressively as new model production scales in coming quarters, consistent with Ferrari's standard cadence of serving closer EMEA markets first before expanding deliveries to other regions.
Q: Personalization is outperforming expectations. What is driving this trend, and can you give examples of popular personalization options?
A: There is a broad, general trend of customers wanting to customize their vehicles more, rather than growth from any single option or geographic region. The average value of personalization per vehicle is increasing, with particularly strong growth in custom paint jobs, carbon fiber components, special wheels, and premium interior leathers. This matches Ferrari's strategic investment in expanding atelier and tailor-made customization capabilities globally, which is driving higher uptake.
Q: Ferrari Luce is your first electric vehicle. How much of its order intake comes from new customers to the Ferrari brand, and is it attracting customers specifically interested in EVs?
A: Ferrari Luce has already attracted meaningful numbers of customers who have never purchased a Ferrari before, in addition to existing repeat Ferrari customers. Many of these new customers are already familiar with driving electric vehicles and purchased Luce because Ferrari now offers an EV that meets their performance and design preferences. This matches one of Luce's core goals: expanding the Ferrari brand to new customer segments interested in electric propulsion. Management does not disclose detailed order intake ratios, but confirmed order flow is progressing exactly as planned.