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Mar 31, 2025
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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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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