DETROIT — Ferrari on Tuesday beat Wall Street's first-quarter earnings expectations and reconfirmed its guidance for the year, weeks ahead of the sports car maker revealing its first all-electric vehicle.
Here's how the company performed in the first quarter compared with average estimates compiled by LSEG:
- 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 was up more than 3% compared with 1.79 billion euros during the first quarter of 2025, while its operating profit and adjusted earnings increased 1.1% and 4.2% year-over-year, respectively.
The company's 2026 guidance includes 7.5 billion euros in net revenues and an adjusted operating profit of at least 2.22 billion euros, or 9.45 euros adjusted EPS. Its industrial free cash flow is targeted at 1.5 billion euros or more for the year.
Those results were despite deliveries being down 4.4% year-over-year to 3,436 units, as the sports car maker said it slowed production to "ease the execution of the planned model change-over."
The company said deliveries "were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions."
Ferrari's results come weeks before the scheduled debut of the Luce, its first fully electric vehicle, on May 25.
"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 said in a statement Tuesday.
Facts Only
Earnings per share were 2.33 euros (US $2.72) adjusted versus the expected 2.27 euros.
Revenue was 1.85 billion euros versus the expected 1.81 billion euros.
Revenue increased more than 3% compared with 1.79 billion euros during the first quarter of 2025.
Operating profit increased 1.1% year-over-year.
Adjusted earnings increased 4.2% year-over-year.
Deliveries were 3,436 units, representing a 4.4% decrease year-over-year.
Production was slowed to ease the execution of a planned model change-over.
Deliveries were not impacted by hostilities in the Middle East due to geographical allocation flexibility.
2026 guidance includes 7.5 billion euros in net revenues and an adjusted operating profit of at least 2.22 billion euros.
Industrial free cash flow is targeted at 1.5 billion euros or more for the year.
The Ferrari Luce is scheduled to debut on May 25.
Executive Summary
Full Take
The timing of the earnings report preceding the unveiling of the first electric vehicle suggests a strategic attempt to frame innovation within established luxury performance narratives. The narrative successfully blends traditional success (beating expectations) with disruptive future (the EV launch) to manage investor perception. The slowdown in deliveries, linked to a "planned model change-over," indicates operational friction, suggesting that innovation is not purely a smooth transition but involves costly, managed resistance within a traditional manufacturing system. The geopolitical note regarding deliveries being unaffected implies that operational resilience is being leveraged to maintain market stability regardless of external shocks. The high level of anticipation expressed by the CEO positions the Luce as an outcome where tradition and innovation converge, which functions as a powerful mechanism for appealing to both legacy buyers and future adopters. The underlying pattern involves using established brand prestige to absorb the risk and excitement associated with radical technological shifts. This structure attempts to minimize uncertainty by anchoring radical change in familiar, proven success.
Patterns detected: ARC-0043 Motte-and-Bailey, ARC-0024 Ambiguity