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Mar 31
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Ferrari Q1 2025 Earnings Report
Ferrari reported strong Q1 2025 results with record profitability and robust demand across new models.
Key Takeaways
Ferrari delivered a solid first quarter in 2025, achieving double-digit growth in revenue and profitability driven by a rich product mix and personalization demand. Shipments remained relatively stable while net income and EPS rose notably.
Revenue rose 13% YoY to €1.791 billion, driven by stronger product and country mix.
Net income reached €412 million, up 17% from Q1 2024.
Adjusted and diluted EPS increased to €2.30.
Strong industrial free cash flow of €620 million supported by working capital gains and model advances.
Ferrari
Ferrari
Ferrari Revenue by Segment
Ferrari Revenue by Geographic Location
Revenue by Segment
Cars and spare parts Revenue
CapyFin.comSponsorship and brand Revenue
CapyFin.comRevenue by Geographic Location
EMEA Revenue
CapyFin.comAmericas Revenue
CapyFin.comChina, HK, Taiwan Revenue
CapyFin.comRest of APAC Revenue
CapyFin.com Forward Guidance
Ferrari reaffirmed its 2025 guidance, projecting revenue above €7.0 billion and robust free cash flow, though margins may be pressured by new import tariffs in the U.S.
Positive Outlook
- Strong product and country mix expected to continue.
- High personalization demand to sustain revenue quality.
- Improved contribution from racing activities including new sponsorships.
- Expansion of lifestyle business with broader revenue base.
- Solid industrial free cash flow despite high investment levels.
Challenges Ahead
- Potential 50bps reduction in EBIT and EBITDA margins from U.S. import tariffs.
- Ongoing supply chain cost pressures.
- Increased SG&A due to brand and digital transformation investments.
- Higher racing and innovation expenditures.
- Rising effective tax rate due to changes in the Patent Box regime.
Revenue & Expenses
Visualization of income flow from segment revenue to net income