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Dec 31, 2025
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Ferrari Q4 2025 Earnings Report
Ferrari delivered solid quarterly revenues with strong profitability despite lower shipments.
Key Takeaways
In Q4 2025, Ferrari generated solid revenues and strong operating profitability, supported by product mix and personalization, while total shipments declined year over year.
Revenues increased year over year driven by richer product mix
Operating margin remained strong in the quarter
Net income declined slightly compared with last year
Shipments decreased across most regions
Revenue by Segment
Forward Guidance
For 2026, Ferrari expects continued revenue growth and strong margins supported by product mix and personalization.
Positive Outlook
- Positive product mix and personalization trends
- Higher racing revenues from sponsorships
- Lifestyle activities supporting topline growth
- Strong brand pricing power
- Robust industrial free cash flow generation
Challenges Ahead
- Significant model change-over during the year
- Higher brand, racing and digital investments
- Increasing depreciation and amortization
- Expected negative currency impact
- Macroeconomic and geopolitical uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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