Ferrari (RACE) Earnings Date & Reports

Key Takeaways

• Ferrari reports its third-quarter 2026 results on Tuesday, November 3, 2026, before U.S. markets open.
• Analyst consensus points to net revenues near €1.93 billion and diluted earnings per share (EPS) in the mid-€2 range.
• Personalizations, product mix, and deliveries of the limited-edition F80 supercar remain the key profit drivers to watch.
• Management raised full-year 2026 guidance in July and has said the order book fully covers 2027.
• Investor focus is on margin resilience amid higher depreciation and investment spending.

Earnings Context and Why It Matters

Ferrari N.V. (RACE) heads into its third-quarter report from a position of unusual strength. Unlike most automakers, the Italian luxury manufacturer has continued to raise guidance while peers struggle with demand. In its second quarter, Ferrari lifted its full-year 2026 targets on the back of stronger-than-expected personalizations, and management has repeatedly emphasized that its order book now extends through 2027. The November 3 update will test whether that pricing power and scarcity-driven business model remain intact, and whether the ongoing model change-over is progressing without disrupting margins. For investors, this print is less about volume and more about the durability of Ferrari's unique value proposition.

Earnings Expectations

Ferrari reports in euros, and Wall Street's consensus for the quarter calls for net revenues of roughly €1.93 billion, with diluted EPS estimates clustering in the mid-€2 range. For context, the company posted net revenues of €1.77 billion and diluted EPS of €2.47 in the third quarter of 2025.

The modest expected EPS growth despite healthy revenue expansion reflects the deliberate costs of Ferrari's current model change-over. Higher depreciation and amortization tied to new-model production starts, along with elevated brand, racing, and digital investments, are expected to temper the bottom line even as a richer product mix and personalizations support revenue.

Key metrics to monitor include total shipments, the contribution of personalizations (which surpassed 20% of cars and spare-parts revenue in the second quarter), operating profit (EBIT, a measure of profit before interest and taxes) margin, EBITDA (earnings before interest, taxes, depreciation, and amortization) margin, and industrial free cash flow. Investors will also watch for any update to the raised full-year guidance of approximately €7.60 billion in net revenues and at least €9.68 in adjusted diluted EPS.

Historically, Ferrari shares have reacted positively to beats driven by mix and personalization strength, making the quality of the top line as important as the headline figures.

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Market Reaction and Investor Sentiment

Sentiment heading into the print remains broadly positive. Ferrari shares have traded near elevated levels following the second-quarter beat and guidance raise, and analyst coverage is heavily skewed toward buy ratings. The stock's reaction will likely hinge less on whether results meet consensus and more on two softer signals: the trajectory of personalizations and any commentary on the 2027 order book and the ramp of new models such as the F80 and the first electric Ferrari, the Luce.

Key risks include foreign-exchange effects, particularly a stronger euro against the U.S. dollar, the timing of deliveries during the model change-over, and demand trends in China. Any sign that order visibility is weakening beyond 2027, or that higher depreciation and investment costs are eroding margins faster than expected, could pressure the stock.

Forward Outlook and Key Factors to Monitor

Following this report, investors should watch whether Ferrari confirms or adjusts its full-year 2026 guidance. The company's July raise was built on stronger personalizations and a smaller currency drag, so any commentary on those two assumptions will be closely read.

The product cycle remains the central story. The €3.6 million F80 hybrid supercar, limited to 799 units, is still ramping, while the Ferrari Luce represents the company's first fully electric model and a test of whether Ferrari can extend its brand into electrification without diluting exclusivity. Early demand signals for both vehicles, alongside the fully allocated 12Cilindri Manuale special series, will shape the growth narrative into 2027.

Cost and margin trends also deserve attention. Depreciation and amortization are expected to keep rising as new models enter production, and Ferrari continues to invest in brand-building, racing, and digital initiatives. Monitoring whether EBIT and EBITDA margins hold near current levels will indicate how well the company is absorbing those costs.

Finally, capital-return and balance-sheet developments remain relevant, given the multi-year share buyback program and ongoing dividend payments. Combined with an order book that extends into 2027, these factors give Ferrari unusually strong visibility, but the market will keep testing whether its scarcity-driven, high-margin model can be sustained.

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