This article first appeared on GuruFocus .
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Net Revenues:EUR1.9 billion in Q3 2026; up ~10% at constant currency and 7% reported, with FX headwind from US dollar and Japanese yen.
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EBIT:Above EUR560 million, growing double-digits, driven by strong product mix and personalizations.
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EBIT & EBITDA Margins:Both increased year-over-year despite FX headwind; remained at very strong levels.
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Industrial Free Cash Flow:More than EUR565 million in Q3; nearly reached full-year guidance in first nine months.
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Net Cash Position:EUR219 million at quarter end, after share repurchases.
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Personalizations:Surpassed 21% of total revenues from cars and spare parts; particularly strong for the 296 Speciale family, with carbon and paint driving growth.
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Product Mix:Positive contribution from F80, 849 Testarossa, and 12Cilindri families; partially offset by lower SF90 XX deliveries and Amalfi ramp-up.
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Shipments:Deliberately planned slightly lower to support smooth model changeover; positive volume variance from spare parts.
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Sponsorship, Commercial & Brand Revenue:Increased on higher sponsorships and lifestyle activities, partially offset by lower commercial revenues tied to last year's F1 ranking.
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Other Revenues:Positively contributed, mainly from engine rentals to other Formula 1 teams.
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Costs:Higher depreciation and amortization (new model production start) and higher marketing expenses; higher F1 costs largely offset by racing and lifestyle contributions.
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Full-Year Guidance:Raised, on stronger personalizations, improved USD/EUR rate (incl. hedges), and lower F1 costs reflecting second position in Championship ranking.
Release Date: November 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Ferrari NV ( NYSE:RACE ) raised its full-year guidance, driven by stronger personalization and a favorable product mix.
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Q3 revenues reached EUR1.9 billion, with EBIT above EUR560 million, growing double-digits.
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Industrial free cash flow generation was strong at over EUR565 million, nearly achieving full-year guidance in the first nine months.
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Personalizations surpassed 21% of total revenues from cars and spare parts, exceeding expectations.
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The order book remains healthy across all geographies, extending into 2028, with two new models to be launched before the end of the year.
Negative Points
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Ferrari NV ( NYSE:RACE ) faced a negative foreign exchange impact, primarily from the US dollar and Japanese yen, with a full-year headwind of EUR150-200 million.
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Shipments were deliberately planned slightly lower to allow for a smooth model changeover, impacting volume growth.
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Higher depreciation and amortization, along with increased marketing expenses, partially offset positive variances.
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Formula 1 costs increased due to a better in-season ranking assumption compared to last year, though substantially offset by racing and lifestyle activities.
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The high share of Special series in Q3 (22%) is expected to normalize going forward, potentially reducing future revenue support.
Q & A Highlights
Q: With the F80, are you still delivering around 50 units per quarter, and is there any material acceleration expected? A: CFO Antonio Piccon said F80 deliveries have been growing slightly quarter over quarter and remain in the region of 50 units.
Q: What is the expected impact from Formula 1 championship position and the related provision release in Q4? A: CFO Antonio Piccon said Ferrari already adjusted some assumptions in Q3. The contractual championship bonus is included in full-year guidance and is not very material, amounting to a few million euros.
Q: What FX headwind should we expect for the full year, and what euro-dollar rate is assumed? A: CFO Antonio Piccon said the full-year negative FX impact should be between EUR150 million and EUR200 million, lower than the earlier EUR200 million estimate. The blended euro-dollar assumption, including hedges, is approximately more than 1.15 for Q4.
Q: How should we think about Q4 shipments and the country mix as model changeover completes? A: CEO Benedetto Vigna confirmed that Q4 shipments will increase year over year and that the country mix is moving in line with the model changeover and global distribution rollout, as embedded in the updated guidance.
Q: What is driving the revenue growth acceleration implied by the upgraded guidance, in terms of volume and ASP? A: CFO Antonio Piccon said Ferrari has not adjusted volume assumptions. Volumes benefit from an easier comparison base, and ASP is expected to be slightly higher in H2 versus H1, consistent with prior guidance.
Q: The share of Special series was very high at 22% in Q3. Will it normalize in Q4? A: CFO Antonio Piccon said 2026 is a special year with a concentration of Special series, and this is expected to normalize going forward. The personalization rate started the year guided at about 20%, is currently above that, and is expected to remain elevated in Q4.
Q: What are the key moving parts in the Q4 EBIT bridge versus Q3? A: CFO Antonio Piccon said ASP and mix-price variance should be slightly better in H2 versus H1, unchanged from prior guidance. Q4 will see higher marketing and event expenses versus Q3, and D&A will continue to grow with new model introductions.
Q: How is the Ferrari Luce progressing, and where do you see upside? A: CEO Benedetto Vigna said Luce is in production as planned, with first units on the road by year-end and media and client test drives in Q1 2027. All 2027 Luce volumes are fully allocated. Upside exists in regions where physical and driving experiences can improve customer perception.
Q: Can you update on residual values, particularly for models such as the 12Cilindri? A: CEO Benedetto Vigna said residual values are very sound across different models and countries, and Ferrari is pleased with the trend for both recent and less recent models.
Q: Is carbon fiber supply still a constraint on personalization, and are you seeing any affordability risk? A: CEO Benedetto Vigna said Ferrari secured good supply contracts, so carbon fiber is no longer a limiting factor. He added that demand remains healthy across all models and geographies, with regional preferences between hybrid and ICE or six- and eight-cylinder engines.
Q: Have you hedged 2027 and 2028 FX exposure, and what is the profile of Luce buyers? A: CFO Antonio Piccon said Ferrari uses a 12-month rolling hedging policy, targeting about 70% hedged, so 2027 benefits progressively from lower spot rates. CEO Benedetto Vigna declined to split Luce buyers between repeat and new clients but said the mix is good by client type and geography.
Q: What is driving higher D&A, and is the pace of Special series launches changing? A: CFO Antonio Piccon said the Special series concentration is by design and reflects model phasing. Higher D&A is entirely due to new model introductions and the start of production, consistent with assumptions since the beginning of the year.
Q: How do you see industrial costs and R&D trending toward the end of the decade? A: CFO Antonio Piccon said sports car innovation R&D should grow smoothly and lightly. The area with less control is Formula 1 development costs, which are dictated by budget cap evolution and have grown in recent years.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
