RACE

MKT CAP:$62B

Ferrari N.V.

Market Cap

$62B

Consumer Cyclical·Auto - Manufacturers·🇮🇹 Italy·NYSE

Consumer Cyc.·Auto·🇮🇹·NYSE

Stock Price

$351.74-$20.15 (-5.42%)

Apr 24, 2026

Company Details

Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It a...

CEO

Benedetto Vigna

IPO Date

Oct 21, 2015

Website

www.ferrari.com

Key Metrics TTM

Revenue

$8.3B

+10.4% YoY

Net Income

$1.9B

EPS (Diluted)

$10.46

Free Cash Flow

$1.7B

Revenue / Share

$46.41

Gross Margin

51.3%

Operating Margin

29.3%

Net Margin

22.6%

FCF Margin

20.8%

P/S

7.5x

P/E

33.3x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 4, 2025

$2.1B+7.4%EPS $2.50

Q2 2025

Jun 30, 2025

$2.1B+4.4%EPS $2.78

Q1 2025

Mar 31, 2025

$2.1B+13.0%EPS $2.69

FY 2024

Dec 31, 2024

$7.8B+11.8%EPS $9.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$667M	$318M	$32M
Q3 20	$1.0B	$541M	$267M
Q4 20	$1.2B	$653M	$296M
Q1 21	$1.2B	$617M	$313M
Q2 21	$1.2B	$627M	$322M
Q3 21	$1.2B	$619M	$323M
Q2 22	$1.5B	$716M	$380M
Q1 23	$1.7B	$839M	$456M
Q2 23	$1.7B	$874M	$515M
Q1 24	$1.9B	$939M	$524M
Q2 24	$2.0B	$1.0B	$594M
Q3 24	$1.9B	$956M	$549M
Q4 24	$2.0B	$1.0B	$545M
Q1 25	$2.1B	$1.1B	$645M
Q2 25	$2.1B	$1.1B	$650M
Q3 25	$2.1B	$1.0B	$586M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q3 20	8.7x	56.4x
Q4 20	10.4x	59.4x
Q1 21	9.1x	50.0x
Q2 21	8.1x	38.5x
Q3 21	8.2x	38.9x
Q2 22	6.6x	33.7x
Q1 23	8.7x	44.0x
Q2 23	9.6x	46.6x
Q1 24	11.5x	54.1x
Q2 24	10.2x	45.3x
Q3 24	11.2x	49.0x
Q4 24	9.8x	43.0x
Q1 25	9.5x	41.3x
Q2 25	10.8x	46.9x
Q3 25	10.4x	45.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	-$78M	-$139M
Q3 20	$270M	$185M
Q4 20	$481M	$332M
Q1 21	$320M	$246M
Q2 21	$291M	$217M
Q3 21	$473M	$356M
Q2 22	$182M	$121M
Q1 23	$460M	$285M
Q2 23	$344M	$112M
Q1 24	$590M	$363M
Q2 24	$369M	$55M
Q3 24	$715M	$569M
Q4 24	$579M	$255M
Q1 25	$990M	$729M
Q2 25	$462M	$182M
Q3 25	$688M	$553M

Capital Expenditures

Quarter	CapEx
Q2 20	$61M
Q3 20	$84M
Q4 20	$149M
Q1 21	$74M
Q2 21	$74M
Q3 21	$117M
Q2 22	$61M
Q1 23	$175M
Q2 23	$232M
Q1 24	$227M
Q2 24	$314M
Q3 24	$146M
Q4 24	$324M
Q1 25	$262M
Q2 25	$279M
Q3 25	$135M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+15.2%	+15.3%
Q1 21	+8.5%	+4.6%
Q2 21	+81.2%	+39.6%
Q3 21	+18.6%	+17.8%
Q2 22	+20.8%	+18.5%
Q1 23	+41.3%	+39.7%
Q2 23	+42.5%	+36.2%
Q1 24	+50.5%	+46.2%
Q2 24	+32.6%	+24.6%
Q3 24	+15.1%	+13.0%
Q4 24	+17.8%	+22.8%
Q1 25	+13.0%	+9.0%
Q2 25	+4.4%	+2.3%
Q3 25	+7.4%	+7.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$5M	0.8%
Q3 20	$5M	0.5%
Q4 20	$6M	0.5%
Q1 21	$4M	0.3%
Q2 21	$4M	0.3%
Q3 21	$4M	0.3%
Q2 22	$6M	0.4%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 20	$194M	$47M	$44M	—
Q3 20	$184M	—	—	$90M
Q4 20	$237M	—	—	$120M
Q1 21	$221M	$42M	$42M	—
Q2 21	$210M	—	—	$95M
Q3 21	$200M	—	—	$96M
Q2 22	$215M	$53M	$68M	—
Q1 23	$250M	$63M	$71M	—
Q2 23	$227M	$63M	$70M	—
Q1 24	$270M	$68M	$76M	—
Q2 24	$239M	$76M	$91M	—
Q3 24	$248M	$78M	$80M	—
Q4 24	$288M	$96M	$90M	—
Q1 25	$272M	$78M	$96M	—
Q2 25	$263M	$76M	$111M	—
Q3 25	$260M	$86M	$102M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.9B	$54M	$2.0B
Q2 22	$1.5B	$66M	$1.5B
Q3 22	$1.6B	$83M	$1.6B
Q4 22	$1.6B	$8M	$1.6B
Q1 23	$1.8B	$109M	$1.9B
Q2 23	$1.4B	$119M	$1.5B
Q3 23	$1.3B	$121M	$1.4B
Q4 23	$1.3B	$7M	$1.3B
Q1 24	$1.6B	$13M	$1.6B
Q2 24	$1.6B	$10M	$1.6B
Q3 24	$1.8B	$10M	$1.8B
Q4 24	$2.0B	$7M	$2.0B
Q1 25	$2.2B	$10M	$2.2B
Q2 25	$1.8B	$9M	$1.8B
Q3 25	$1.7B	$16M	$1.7B
Q4 25	$1.7B	$5M	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	185M	-0.1%	—
Q3 20	185M	0.0%	—
Q4 20	185M	-0.1%	-0.5%
Q1 21	185M	-0.1%	-0.3%
Q2 21	185M	-0.0%	-0.2%
Q3 21	185M	-0.2%	-0.4%
Q2 22	183M	-0.7%	-1.1%
Q1 23	182M	-0.7%	-1.7%
Q2 23	182M	-0.1%	-1.8%
Q1 24	181M	-0.7%	-2.2%
Q2 24	180M	-0.2%	-1.7%
Q3 24	180M	-0.2%	-1.2%
Q4 24	179M	-0.2%	-1.3%
Q1 25	179M	-0.3%	-0.9%
Q2 25	178M	-0.3%	-1.0%
Q3 25	178M	-0.0%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$388.0K	2K
Q3 20	$603.6K	2K
Q4 20	$274.3K	5K
Q1 21	$259.5K	5K
Q2 21	$265.4K	5K
Q3 21	$270.3K	5K
Q2 22	$327.6K	5K
Q1 23	$339.7K	5K
Q2 23	$350.3K	5K
Q1 24	$371.4K	5K
Q2 24	$401.3K	5K
Q3 24	$385.5K	5K
Q4 24	$373.4K	5K
Q1 25	$385.2K	5K
Q2 25	$384.5K	5K
Q3 25	$379.9K	5K

Revenue / Employee