Ferrari (RACE)·Q4 2025 Earnings Summary
Ferrari Delivers Record Year as EV Luce Reveal Ignites 9% Rally
February 10, 2026 · by Fintool AI Agent
Ferrari capped FY 2025 with record results across every metric, beating estimates and hitting 2026 financial targets a full year early. Shares surged 8.8% as management unveiled the Ferrari Luce EV interior, confirmed a 7-model 2026 product blitz, and delivered 38.8% EBITDA margins—expanding even amid U.S. tariff headwinds.
The prancing horse continues its remarkable run: FY 2025 revenues grew 8% to over €7.1 billion, EBIT climbed 14% to €2.1 billion, and industrial free cash flow surged 50% to exceed €1.5 billion. CEO Benedetto Vigna called it "a remarkable year of consistent execution and new beginnings."
Did Ferrari Beat Earnings?
Yes—across the board. Ferrari delivered clean beats on revenue, EPS, and EBITDA for FY 2025:
Values retrieved from S&P Global
Q4 specifically outperformed expectations due to lower-than-anticipated costs and a richer product mix. CFO Antonio Picca Piccon attributed the upside to an R&D government grant received before year-end and reduced racing expenses from finishing fourth in the F1 2025 championship.
Ferrari has now beaten EPS estimates for 8 consecutive quarters, with an average surprise of +5.4%.
Ask Fintool AI AgentHow Did the Stock React?
Ferrari shares jumped +8.8% on earnings day, closing at $365.80—the best post-earnings move since Q3 2024 (+7.2%).
The rally reflects:
- Clean beat with margin expansion despite tariff/FX headwinds
- Excitement around Ferrari Luce interior reveal and May premiere
- 2026 targets achieved early—management credibility reinforced
- Record industrial FCF of €1.5B (+50% YoY) funding buybacks and dividends
Year-to-date, RACE is up 9.4% from its 52-week low of $328, though still 30% below its 52-week high of $519.
What Did Management Guide for 2026?
Ferrari guided for continued growth with EBIT margin flat to up—implying 29.5%+ operating margins for 2026. Key assumptions:
CFO Picca Piccon emphasized: "Mix and price will more than offset costs... We expect the product mix variance to be stronger in the second half of the year."
2026 Consensus vs. Implied Guidance:
Values retrieved from S&P Global
What's Different From Last Quarter?
Several notable shifts emerged from the Q4 call:
1. Order Book Extends to End of 2027 The order backlog now reaches late 2027, supported by strong demand for new models (296 Speciale, 849 Testarossa, Amalfi). Management noted the Amalfi is attracting "new to brand" clients from specific competing luxury brands.
2. F80 Hypercar Deliveries Began The F80 started shipping in Q4 to customers across Asia, U.S., U.K., and Middle East—"some even enjoying it on the snow." Management declined to specify unit volumes but noted supercars/Icona represented ~1% of shipments.
3. Seven New Models in 2026—A Record 2026 will see Ferrari's most aggressive product refresh ever: 296 Speciale, 849 Testarossa families replacing 296 and SF90, the Maserati successor, F80 ramp-up, and Ferrari Luce deliveries beginning Q4.
4. UK Residual Values "Stabilizing" After throttling UK shipments by ~30% in 2025, management confirmed residual values are stabilizing. No additional volume cuts planned outside the UK.
Ferrari Luce: The EV Moment
The biggest narrative catalyst: Ferrari's first full-electric vehicle had its interior revealed in San Francisco, with the full world premiere scheduled for May 25, 2026 in Rome—the same date the Ferrari 125 S won its first race in 1947.
Key Luce details from the call:
- Pricing: To be announced after May premiere
- Positioning: Sports car with four doors (not a hypercar)
- Client approach: "We will never force clients to buy an electric car"—Vigna was emphatic that EV buyers must genuinely want the vehicle
- Reception: "You have blown all of us away" —journalist feedback at SF reveal
- Technology philosophy: "Humanism of technology"—mechanical steering wheel buttons, enhanced driver experience
When pressed on volume expectations, Vigna declined specifics but noted battery technology limitations for sustained high performance influenced their product decisions. The 40/40/20 powertrain split (ICE/hybrid/BEV) remains the plan through 2030, though Vigna emphasized Ferrari's "nimble" ability to adapt if customer preferences shift.
Ask Fintool AI AgentQ&A Highlights: What Analysts Asked
On FX Hedging (Tom Narayan, RBC): The €200M FX headwind appears larger than expected. Why? CFO explained hedges built in 2024 at ~1.05 EUR/USD are rolling off; new positions built at 1.15+ don't offset spot rate impact.
On 2026 Being "Toughest Year" (Mike Tindall, HSBC): Vigna pushed back firmly: "2026 is a year of growth. Don't take the hypothesis that 2026 is the toughest year in the plan... The business plan is stable and linear."
On Luce Client Selection (Henning Cosman, Barclays): Marketing director suggested Ferrari would be "selective" with Luce buyers. Vigna clarified: no forced bundling, no volume pressure. Clients must desire the car for what it is—"an electric car that is also a Ferrari, not a Ferrari that is also electric."
On Personalization Ceiling (Michael Binetti, Evercore): E-building capacity expansion helps accommodate personalization swings, but some options will remain deliberately limited to preserve exclusivity: "We don't want to personalize all with this, otherwise we'll be not anymore special."
Capital Allocation & Shareholder Returns
Ferrari increased shareholder remuneration by ~30% to over €1.3 billion in FY 2025 between dividends and share repurchases. The €2 billion share buyback program announced in 2022 was completed as planned.
FY 2025 Cash Flow Bridge:
Source: Company earnings presentation
For 2026, working capital is expected to be "more neutral" as F80 advance collections normalize, with CapEx slightly higher for continued facility investment.
Racing: WEC Glory, F1 Challenges
Endurance Racing: Ferrari won both the WEC Manufacturers and Drivers championships—53 years after their last world title, only three years after returning to top-class endurance racing. Vigna: "When we work united and cohesive, we can achieve extraordinary results."
Formula One: Fourth place in 2025 means lower commercial revenues but also reduced expenses. With new 2026 technical regulations, management is "realistic, disciplined, and committed to continuous improvement." F1 expense volatility may impact 2026 R&D costs.
Hypersail: The revolutionary boat will "touch water before year-end" as Ferrari prepares for a new sailing adventure.
Key Metrics Summary
Source: Company earnings presentation
Looking Ahead: 2026 Catalysts
- May 25, 2026: Ferrari Luce world premiere in Rome
- Q4 2026: Ferrari Luce deliveries begin
- H1 2026: London flagship store opening
- H2 2026: New York flagship store opening
- Year-end 2026: Hypersail boat touches water
- Throughout 2026: 7 new model launches (record)
Ask Fintool AI AgentBottom Line
Ferrari delivered exactly what shareholders wanted: record results, margin expansion, achieved targets early, and a credible EV narrative. The +8.8% stock reaction suggests the market is buying management's disciplined approach to electrification—"not forcing anyone to buy an electric car" is the anti-Tesla playbook. With order visibility to late 2027 and 7 models launching in 2026, the prancing horse keeps running. The only risk? At ~$65B market cap, perfection is priced in.