NYSE$RACE
Ferrari NV · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Ferrari Q1 revenue up 13% on richer mix; EPS rises to €2.30
Ferrari reported Q1 2025 net revenues of €1,791 million, up 13.0% year over year, driven by a richer product and country mix and higher personalizations despite shipments rising only 1% to 3,593 units. Operating profit (EBIT) grew 22.7% to €542 million with a 30.3% margin, and net profit increased 17% to €412 million. Diluted EPS reached €2.30 versus €1.95 a year ago. EBITDA rose 14.6% to €693 million and industrial free cash flow was €620 million. Management reaffirmed 2025 guidance for net revenues above €7.0 billion and adjusted diluted EPS of at least €8.60.
- Net revenues of €1,791M (+13% YoY) on mix enrichment despite only 33 additional unit shipments
- EBIT margin expanded 240 bps to 30.3%; diluted EPS of €2.30 (+18% YoY)
- Cars and spare parts revenue €1,536M (+11%); sponsorship/commercial revenue up 32% to €191M
- Industrial free cash flow of €620M supported by F80 advance collections and strong EBITDA
- 2025 guidance reaffirmed: revenues >€7.0B, adjusted EBIT margin ≥29%, adjusted diluted EPS ≥€8.60
Headline financials
Revenue & EPS history
Ferrari · Revenue · Quarterly
€1.79B
Revenue by segment
Ferrari · €1.79B total across 3 segments · Q1 2025
- Cars and spare parts€1.54B—85.8%
- Sponsorship, commercial and brand€191M—10.7%
- Other€64M—3.6%
Forward guidance
Ferrari reaffirmed 2025 guidance for net revenues above €7.0B (+≥5%), adjusted EBITDA margin ≥38.3%, adjusted EBIT margin ≥29.0%, adjusted diluted EPS ≥€8.60, and industrial FCF ≥€1.20B, with a potential 50 bps margin risk from U.S. import tariffs.
Tailwinds
- Strong mix and personalization trends support revenue quality over volume
- Six new model launches planned in 2025 including Ferrari elettrica
Headwinds
- Mainland China/HK/Taiwan shipments down 25% in the quarter
- Potential 50 bps EBIT/EBITDA margin reduction if tariff-related pricing changes required
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
+1.2%
Avg return
Earnings day
+2.0%
Avg return
5 days after
+4.5%
Avg return
30 days after
56%
23 / 41 earnings
Positive
+12.8%
Q4 2018
Best reaction
-11.5%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.1% | +0.2% | +3.2% | |
| Q3 2025 | +2.0% | +5.4% | +0.3% | |
| Q2 2025 | -11.5% | +5.4% | +0.3% | |
| Q1 2025 | +1.7% | +4.7% | +3.0% | |
| Q4 2024 | +7.1% | -0.1% | +16.4% | |
| Q2 2024 | +5.0% | +0.9% | +20.3% | |
| Q1 2024 | -5.0% | -5.3% | -2.5% | |
| Q4 2023 | +9.6% | +9.4% | +23.0% | |
| Q3 2023 | +8.7% | +9.3% | +17.1% | |
| Q1 2023 | +6.9% | -1.7% | -2.9% | |
| Q2 2023 | -1.1% | -1.7% | -2.9% | |
| Q4 2022 | +2.7% | +6.0% | +7.5% | |
| Q3 2022 | -2.3% | +0.2% | +1.2% | |
| Q2 2022 | +1.2% | +1.5% | +15.0% | |
| Q4 2021 | -2.5% | -11.0% | -11.4% | |
| Q1 2022 | -5.7% | -11.0% | -11.4% | |
| Q3 2021 | +6.6% | -2.5% | -1.0% | |
| Q2 2021 | -3.2% | +9.5% | +9.5% | |
| Q1 2021 | -6.8% | +0.5% | -0.4% | |
| Q4 2020 | -7.8% | -6.6% | -13.5% | |
| Q3 2020 | +10.4% | +13.5% | +17.6% | |
| Q2 2020 | +2.1% | +2.3% | +8.2% | |
| Q1 2020 | +4.7% | +7.3% | +18.3% | |
| Q4 2019 | -1.4% | -2.0% | -9.4% | |
| Q3 2019 | +2.6% | +2.2% | +3.9% | |
| Q2 2019 | -3.8% | -3.0% | -3.2% | |
| Q1 2019 | +6.6% | +6.8% | +12.2% | |
| Q4 2018 | +12.8% | +12.9% | +17.0% | |
| Q3 2018 | -3.0% | -7.9% | -9.3% | |
| Q2 2018 | -4.9% | -6.5% | -1.2% | |
| Q1 2018 | +9.2% | +8.7% | +5.6% | |
| Q4 2017 | +6.4% | +6.2% | +1.3% | |
| Q3 2017 | -2.1% | -4.3% | -10.4% | |
| Q2 2017 | +0.0% | +2.1% | +7.8% | |
| Q1 2017 | +8.5% | +11.1% | +19.2% | |
| Q4 2016 | +5.7% | +3.8% | +6.6% | |
| Q3 2016 | +6.6% | +6.7% | +11.5% | |
| Q2 2016 | +2.4% | +2.4% | +5.5% | |
| Q1 2016 | -4.1% | — | — | |
| Q4 2015 | -7.1% | — | — | |
| Q3 2015 | -5.3% | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro