RACE // Q2 2026 EARNINGS
THEVALUETRADER RESEARCH
EARNINGS DASHBOARD: JUL 30, 2026
REF: RACE-Q2-2026-EARNINGS
Ferrari: Q2 2026 Earnings
Fewer cars, more revenue per car, personalization and pricing power more than offset a 3.7% drop in shipments
Headline
Revenue of €1.94B beat estimates as personalization exceeded 20% of car and parts revenue, and Ferrari raised guidance in Q2, something it "rarely" does.
NET REVENUE€1.94B, vs ~€1.87B est., +8% reported / +11% CC
DILUTED EPS€2.62, vs €2.47 est., +10.1% YoY
EBITDA MARGIN39.0%, EBITDA €755M
UNIT SHIPMENTS−3.7% YoY
PERSONALIZATION SHARE>20% of cars & parts revenue
FY2026 EPS GUIDANCERaised to ≥€9.68 (from ≥€9.45)
Cleared the Bar
Beats
- Net revenue €1.94B vs. ~€1.87B FactSet estimate, +8% reported, +11% at constant currency
- Diluted EPS €2.62 vs. €2.47 FactSet estimate, up 10.1% YoY
- EBITDA €755M at a 39.0% margin; EBIT margin 31.2%, slightly up YoY
- Personalization now exceeds 20% of cars and spare parts revenue, demonstrating continued pricing power per unit
- Full-year 2026 guidance raised across every metric: revenue, EBIT, EPS, and industrial free cash flow
Watch Items
Softer Spots
- Unit shipments fell 3.7% YoY, with the Americas dropping from 993 to 787 units and Greater China from 274 to 185 units
- Reported revenue growth (8%) trailed constant-currency growth (11%) due to USD and JPY currency headwinds
- Industrial costs and marketing expenses rose in the quarter, partly tied to model changeover and Formula 1 in-season ranking assumptions
φ 02Income Statement Snapshot
NET REVENUE€1.94B, +8% reported / +11% CC
EBITDA€755M, 39.0% margin
EBIT MARGIN31.2%, slightly up YoY
DILUTED EPS€2.62, +10.1% YoY
INDUSTRIAL FREE CASH FLOW€275M
UNIT SHIPMENTS−3.7% YoY
PERSONALIZATION SHARE>20% of cars & parts revenue
ICE POWERTRAIN SHARE OF SHIPMENTS70%
EMEA SHIPMENT SHARE55%
AMERICAS SHIPMENT SHARE23%, units 787 vs 993 YoY
GREATER CHINA / HK / TAIWAN SHIPMENT SHARE6%, units 185 vs 274 YoY
Regional Shipments, A Timing Story, Not a Demand Story
- Americas shipments fell from 993 to 787 units and Greater China from 274 to 185 units, but management attributed the decline to the timing of new model introductions and the longer build times required for highly personalized vehicles, not softening demand
- The order book now extends through 2027, supporting management's interpretation that underlying demand remains healthy across all geographies
- EMEA remains Ferrari's largest shipment region at 55% of the total, followed by the Americas (23%), Rest of APAC (16%), and Greater China/HK/Taiwan (6%)
Currency & Cost Dynamics
- The guidance raise reflects both stronger-than-expected personalization demand and an improved USD/EUR exchange rate assumption, now around 1.16
- Currency headwinds from the U.S. dollar and Japanese yen meant reported revenue growth (8%) trailed constant-currency growth (11%)
- Industrial costs and marketing expenses increased in the quarter, partly due to better Formula 1 in-season ranking assumptions and higher costs tied to the model changeover
- Depreciation and amortization is expected to grow progressively through the remainder of the year
Powertrain Mix
- Internal combustion engines maintained a 70% share of shipments in the quarter, with hybrid and electric models comprising the remainder
- Ferrari continues to balance its EV launch roadmap against sustained demand for ICE and hybrid models among its core collector base
Benedetto Vigna, CEO
Vigna attributed the quarter's results and the guidance increase to a "sustained trend in personalizations" as well as resilient demand for Ferrari's vehicles, noting the order book remains full through 2027.
Bull Case
Positives
- Revenue and EPS both beat estimates despite a 3.7% shipment decline, proof that Ferrari's pricing power and personalization strategy can more than offset lower unit volumes
- Personalization exceeding 20% of cars and spare parts revenue confirms customers are paying substantially above list price for bespoke configuration, a durable margin lever competitors can't easily replicate
- An order book extending through 2027 provides multi-year revenue visibility regardless of near-term regional shipment timing noise
- RBC analyst Tom Narayan specifically flagged that Ferrari "rarely raises its guide in Q2, favoring instead to do so in Q3," calling this timing "a positive indicator for the remainder of the year"
Bear Case
Concerns
- Shipment declines in both the Americas and Greater China are significant in percentage terms, and while management attributes them to model-changeover timing, sustained regional weakness would eventually show up in revenue regardless of personalization offsets
- Currency headwinds meaningfully depressed reported growth versus constant-currency growth this quarter, a dynamic that could reverse or worsen depending on FX moves
- Rising industrial and marketing costs, tied partly to Formula 1 performance assumptions, introduce a variable cost element outside Ferrari's direct operational control
- ICE models still represent 70% of shipments, Ferrari's transition toward electrification remains gradual, leaving longer-term emissions regulation exposure still to be resolved
φ 06FY2026 Guidance, Raised
FY2026 REVENUE (NEW)~€7.6B (from ~€7.5B)
FY2026 ADJUSTED EBIT (NEW)≥ €2.26B (from ≥ €2.22B)
FY2026 EBIT MARGIN THRESHOLD≥ 29.5% (maintained)
FY2026 ADJUSTED DILUTED EPS (NEW)≥ €9.68 (from ≥ €9.45)
FY2026 INDUSTRIAL FREE CASH FLOW (NEW)≥ €1.55B (from ≥ €1.50B)
USD/EUR ASSUMPTION~1.16 (improved)
φ 07TVT Verdict, Quick Reference
Ferrari's Q2 2026 is a clean demonstration of the business model working exactly as designed: unit shipments fell 3.7%, yet revenue and EPS both beat estimates because personalization and pricing more than compensated for volume. Regional shipment declines in the Americas and Greater China look concerning at first glance, but management's explanation, model-changeover timing and longer builds for highly personalized cars, is corroborated by an order book that now extends through 2027, suggesting genuine demand rather than a hidden slowdown. The most telling signal in the release may be the timing of the guidance raise itself: as RBC's Tom Narayan noted, Ferrari typically waits until Q3 to raise guidance, so doing so in Q2 is a deliberate confidence signal from management about the rest of the year. Currency headwinds and rising industrial/marketing costs are real but secondary concerns against a backdrop of raised guidance across revenue, EBIT, EPS, and free cash flow simultaneously. This remains a story about scarcity and personalization pricing power outweighing unit volume, and this quarter, that thesis held up cleanly. Next earnings expected November 3, 2026.
This content is for educational and informational purposes only and reflects TheValueTrader's independent analysis of publicly reported earnings data. It is not financial advice, investment advice, or a recommendation to buy or sell any security. All investing involves risk, and you are responsible for your own decisions. Always do your own research.