Ferrari (RACE) Earnings Date & Reports
Ferrari designs, engineers, and manufactures some of the world's most expensive luxury cars... Show more
RACE is expected to report earnings to rise 7.06% to $2.88 per share on July 30
Ferrari (RACE) Q1 2026 Earnings Recap: Beats on Key Metrics Amid Strong Demand
Key Takeaways
- Ferrari reported Q1 2026 net revenues of €1.848 billion, up 3% year-over-year (6% at constant currency), beating consensus estimates around €1.83 billion.
- EBITDA reached €722 million with a 39.1% margin, up 4% (9% at constant currency), while EBIT was €548 million (29.7% margin).
- Diluted EPS of €2.33, slightly above prior-year €2.30 and mixed vs. analyst views (~€2.30-€2.37), with net profit at €413 million.
- Industrial free cash flow strong at €653 million; order book extends to end-2027; shipments at 3,436 units, down due to model transitions.
- 2026 full-year guidance confirmed: ~€7.5 billion revenues, adjusted EPS >€9.45, robust free cash flow.
- Stock fell ~4% post-earnings, reflecting caution on guidance slightly below some consensus views amid FX headwinds and geopolitics.
Earnings Context and Why It Matters
Ferrari's Q1 2026 results, released May 5 for the quarter ended March 31, underscore the luxury automaker's resilience amid geopolitical tensions and model year transitions. With a brand commanding premium pricing and limited supply, earnings highlight pricing power through personalizations and enriched product mix. Investors watch these reports closely as they signal demand from high-net-worth clients, order backlog visibility, and transition to electrification. Amid broader auto sector tariff talks and Middle East instability (minimal impact, ~5% of sales), Ferrari's performance offers insights into luxury spending trends and operational flexibility in a volatile environment.
Ferrari delivered solid Q1 2026 results, with net revenues of €1,848 million surpassing consensus of ~€1.83 billion and growing 3% YoY (6% constant currency). Cars and parts revenues topped €1.5 billion (up 1%), boosted by Americas strength, while sponsorship/commercial/brand hit €218 million (up 14%) from F1 engines and licensing.
Profitability shone: EBITDA €722 million (39.1% margin, up from prior year), EBIT €548 million (29.7%). Diluted EPS €2.33 vs. ~€2.30-2.37 expected, net profit €413 million. Shipments dipped to 3,436 units (lower due to changeover: gains in 12Cilindri, Purosangue; ramps for F80, new 296 Speciale/Amalfi), offset by mix. Industrial FCF €653 million; net cash €388 million. Guidance reaffirmed despite FX, investments.
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Market Reaction and Investor Sentiment
Despite beats on revenue and core profitability, RACE shares dropped ~4% on May 5 (close ~$325 from $339 prior), extending in after-hours, as guidance (~€7.5B revenue, >€9.45 EPS) trailed some higher consensus (~€7.57B, ~€9.77-9.63). Investors parsed lower shipments, FX headwinds, and H1/H2 balance comments amid geopolitics/tariffs. Sentiment mixed: positives in order book/demand, but caution on valuation (PE ~31) and macro risks prevailed.
Forward Outlook and Key Factors to Monitor
Ferrari confirmed 2026 guidance, projecting net revenues around €7.5 billion and adjusted diluted EPS above €9.45, assuming model launches, personalization demand, racing/sponsorship growth, and lifestyle expansion (e.g., stores, licensing). Robust FCF supports buybacks/dividends (€640M paid recently).
Key watches: Order book to late-2027 signals sustained demand; monitor ramp-ups for F80, 296 Speciale, Amalfi (Spider 2027), amidst EV debut soon. Geopolitics (Middle East ~5% sales) managed via allocation flexibility; US tariffs/import costs noted.
Margins face pressures from higher D&A (depreciation & amortization), brand/racing/digital spends, offset by mix/pricing. Currency (negative net of hedges) and tax (Patent Box benefits) also pivotal. Q2 (July 30) will clarify H1 progress vs. balanced year view.
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General Information
an operator of an automobile company, which engages in the designing, engineering, producing and selling of sports cars
Industry MotorVehicles