DETROIT — Ferrari on Tuesday exceeded Wall Street's first-quarter earnings projections and reaffirmed its annual guidance, just weeks before the highly anticipated unveiling of its inaugural all-electric vehicle.
Here's a breakdown of the company's Q1 performance compared to LSEG's average estimates:
- Earnings per share: 2.33 euros (US $2.72) adjusted vs. 2.27 euros expected
- Revenue: 1.85 billion euros vs. 1.81 billion euros expected
Ferrari's revenue experienced a growth of over 3% compared to the 1.79 billion euros reported in the first quarter of 2025. Operating profit and adjusted earnings saw increases of 1.1% and 4.2% year-over-year, respectively.
The company's 2026 outlook includes net revenues of 7.5 billion euros and an adjusted operating profit of at least 2.22 billion euros, translating to 9.45 euros in adjusted EPS. Industrial free cash flow is projected to reach 1.5 billion euros or more for the year.
Despite a 4.4% year-over-year decrease in deliveries to 3,436 units, attributed to a deliberate slowdown in production to facilitate planned model transitions, Ferrari maintained its positive trajectory. The company noted that geopolitical factors in the Middle East did not significantly impact deliveries, leveraging its ability to reallocate shipments to other regions.
Ferrari's results arrive in the lead-up to the May 25 debut of the Luce, its first fully electric vehicle.
"With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high. The Ferrari Luce brings together so much extraordinary technologies and the passion of so many people. It is the evidence of how tradition and innovation can come together to create something unique," Ferrari CEO Benedetto Vigna stated on Tuesday.
Vigna declined to disclose specific order details or expectations for the Luce during a media call, but confirmed the debut event is "fully booked, actually overbooked." He anticipates attracting both existing and new customers with Ferrari's first EV.
"So clearly there are expectations from everyone. We are very pleased. I think we did a good job, but at the end of the story, the client is the supreme judge," he added.
Initial analyst responses were favorable, acknowledging Ferrari's strong performance and reaffirmed 2026 guidance. Ferrari's stock remained relatively stable following the earnings release.
