Ferrari reported first-quarter results that exceeded Wall Street expectations, with adjusted earnings per share of 2.33 euros (US $2.72) compared to the anticipated 2.27 euros, and revenue of 1.85 billion euros surpassing the expected 1.81 billion euros [1]. This marks a revenue increase of more than 3% from the 1.79 billion euros recorded in the first quarter of 2025, while operating profit and adjusted earnings rose by 1.1% and 4.2% year-over-year, respectively [1].
Despite a 4.4% year-over-year decline in deliveries to 3,436 units, Ferrari attributed the decrease to a deliberate slowdown in production to facilitate a planned model change-over [1]. The company emphasized that deliveries were not affected by the surge of hostilities in the Middle East, as it leveraged geographical allocation flexibility to bring forward certain deliveries to other regions [1].
Ferrari reaffirmed its 2026 guidance, projecting 7.5 billion euros in net revenues, an adjusted operating profit of at least 2.22 billion euros, and an adjusted EPS of 9.45 euros. The company also targets industrial free cash flow of 1.5 billion euros or more for the year [1].
The results come just weeks before the scheduled debut of the Luce, Ferrari's first fully electric vehicle, set for May 25. CEO Benedetto Vigna highlighted the high anticipation for the Luce, describing it as a blend of extraordinary technologies and tradition, and a testament to Ferrari's innovative capabilities [1].
CONCLUSION
Ferrari's strong first-quarter performance and reaffirmed 2026 guidance signal confidence in its strategic direction, despite a temporary dip in deliveries. The upcoming launch of the Luce, Ferrari's first fully electric vehicle, is generating significant anticipation and could mark a pivotal moment for the company.