Ferrari (NYSE:RACE) executives used the company’s full-year 2025 results call to highlight record financial metrics, progress on product launches, and a multi-step unveiling process for what management described as its “visionary” new fully electric sports car, the Ferrari Luce. The call was hosted by CEO Benedetto Vigna and CFO Antonio Picca Piccon, who also outlined key priorities and assumptions embedded in the company’s 2026 outlook.
2025 described as a “remarkable year,” with six model launches
Vigna said 2025 featured “consistent execution and…new beginnings,” including the launch of six new sports cars. He framed the year as the conclusion of Ferrari’s previous business plan, noting that “all financial targets, including share buyback plan, [were] achieved one year ahead of schedule.”
Racing, lifestyle, and museum attendance cited as contributors
In motorsport, Vigna said Ferrari’s 499P Hypercar secured the 2025 FIA World Endurance Championship, with Ferrari winning both the manufacturers and drivers titles. In Formula 1, he said the team was approaching the coming regulatory changes with “unity and confidence,” while also stressing realism and discipline.
In lifestyle, Vigna said client activations remained an important driver of engagement and acquisition, and highlighted museum attendance records. Ferrari’s museums in Maranello and Modena welcomed “almost 900,000 visitors” in 2025.
Record financial metrics and employee award in Italy
Ferrari reported record results across the metrics management highlighted on the call:
- Revenues: over €7.1 billion
- EBIT: over €2.1 billion, with “double-digit growth”
- Industrial free cash flow: surpassing €1.5 billion
Vigna also announced a “yearly competitive award of up to €14,900” for Ferrari’s employees in Italy, describing it as tied to company performance and alignment with staff.
Picca Piccon said shipments were “deliberately kept flat year-over-year” in 2025. He described a changing model mix, with the 12Cilindri family ramping up to global distribution, the SF90 XX family reaching its peak, and the Daytona SP3 concluding its limited series run in the third quarter. The first few units of the F80 were delivered in the fourth quarter, though Ferrari declined to provide specific shipment figures.
At constant currency, Ferrari’s net revenues rose 8% year-over-year in 2025 (7% including currency headwinds). Picca Piccon said revenue growth in cars and spare parts reflected a “richer product and country mix” and higher personalizations, partly offset by lower Daytona SP3 deliveries. He said personalizations accounted for approximately 20% of total revenues from cars and spare parts, with particular relevance for the SF90 XX family and the Purosangue, driven by carbon fiber and special paints.
Margins improved despite higher U.S. import duties and currency pressure, with Ferrari reporting an EBITDA margin of 38.8% and an EBIT margin of 29.5%. Picca Piccon attributed fourth-quarter performance that exceeded guidance to a lower-than-anticipated cost base and a better product mix, also citing an R&D government grant received before year-end and lower racing expenses tied to Ferrari’s fourth-place Formula 1 championship ranking.
Industrial free cash flow increased roughly 50% versus the prior year, supported by higher profitability and working capital benefits, including collection of F80 advances. Ferrari used the cash generation to lift shareholder remuneration by roughly 30% to over €1.3 billion through dividends and share purchases.
Order book visibility and residual values
Vigna said brand momentum remained strong, with an order book extending “toward the end of 2027.” He added that residual values were “stable and solid,” citing recent auctions, and described residual values as a structural foundation for brand discipline.
In response to questions on the used market, Vigna said residual values in the U.K. were stabilizing after Ferrari reduced shipments there, and that no similar actions were ongoing elsewhere.
2026 priorities: Luce reveal timeline, seven-model changeover, and FX headwind
Looking ahead, management pointed to a heavy model transition in 2026. Picca Piccon said 2026 would include “seven new models…a record number” entering production and distribution phases. He said the 296 Speciale and 849 Testarossa families would replace the 296 and SF90 families, and the Amalfi would succeed the Roma. The F80 would ramp up, while Ferrari Luce would begin deliveries in the fourth quarter of 2026.
Vigna detailed Ferrari’s staged reveal of Luce, with interior concepts presented to journalists in San Francisco and a “third step” world premiere set for May 25 in Rome. He said customers had not yet seen the Luce “in full glory,” only the interiors, and added that the company would not force clients to purchase the electric model as a prerequisite for other vehicles.
For 2026, Picca Piccon said Ferrari expects another year of “consistent growth,” supported by a positive product mix and continued contributions from sponsorship and lifestyle activities. He said personalizations are expected to remain around 20% of cars and spare parts revenues, while SG&A would rise due to increased investment in brand, lifestyle retail, racing, and digital transformation. Depreciation and amortization are expected to be higher with new model production, and CapEx is expected to be “slightly higher” than 2025.
On foreign exchange, Ferrari assumed a U.S. dollar exchange rate of about 1.20 versus the euro and said the combined impact from FX and hedging dynamics would create an EBIT headwind of about €200 million in 2026, which management said was already embedded in its guidance.
About Ferrari (NYSE:RACE)
Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.
Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.
