Ferrari N.V. (RACE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.51	$2.62	+4.4%	—	$1.9B	—
Q1 26	$2.37	$2.33	-1.7%	—	$1.8B	—
Q4 25	$2.2	$2.14	-2.7%	—	$1.8B	—
Q3 25	$2.04	$2.14	+4.9%	—	$1.8B	—
Q2 25	$2.31	$2.38	+3.0%	—	$1.8B	—
Q1 25	$2.25	$2.3	+2.2%	—	$1.8B	—
Q4 24	$1.82	$2.14	+17.6%	—	$2.1B	—
Q3 24	$2	$2.08	+4.0%	—	$1.9B	—
Q2 24	$2.04	$2.29	+12.3%	—	$1.7B	—
Q1 24	$1.86	$1.95	+4.8%	—	$1.6B	—
Q4 23	$1.51	$1.62	+7.3%	—	$1.5B	—
Q3 23	$1.57	$1.82	+15.9%	—	$1.5B	—
Q2 23	$1.7	$1.83	+7.6%	—	$1.5B	—
Q1 23	$1.44	$1.62	+12.5%	—	$1.4B	—
Q4 22	$1.16	$1.21	+4.3%	—	$1.4B	—
Q3 22	$1.16	$1.23	+6.0%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.97	—	—	$7.1B	—
FY24	—	$8.47	—	—	$7.9B	—
FY23	—	$6.91	—	—	$6B	—
FY22	—	$5.11	—	—	$5.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.1B	$3.4B	$3.4B	$3.8B	$3.5B	$4.3B	$5.1B	$6B	$7.9B	$7.1B
YoY change	+8.78%	+10%	+0.1%	+10.1%	-8.15%	+23.4%	+19.3%	+17.2%	+32.1%	-9.41%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.1B	3.4B	3.4B	3.8B	3.5B	4.3B	5.1B	6B	7.9B	7.1B
Cost of revenue	1.6B	1.7B	1.6B	1.8B	1.7B	2.1B	2.6B	3B	3.9B	3.5B
Gross profit	1.5B	1.8B	1.8B	2B	1.8B	2.2B	2.4B	3B	4B	3.7B
Gross margin	49.1%	51.7%	52.6%	52.1%	51.3%	51.3%	48%	49.8%	50.1%	51.7%
Research & development	613.6M	657.1M	643M	699.2M	707.4M	768.1M	775.6M	881.6M	1.1B	918.9M
Selling, general & administrative	295.2M	329.1M	327.3M	343.2M	336.1M	348M	428M	462.6M	663M	642.5M
Operating expenses	908.9M	986.2M	970.4M	1B	1B	1.1B	1.2B	1.4B	1.7B	1.6B
Operating income	616.5M	779.8M	827M	918.9M	730M	1.1B	1.2B	1.6B	2.2B	2.1B
Operating margin	19.9%	22.8%	24.2%	24.4%	21.1%	25%	24%	27%	28.2%	29.3%
Non-operating income, net	-21.4M	-4.4M	-530K	-1.5M	-13.8M	-4.5M	-19.7M	-14.1M	1.4M	-25.6M
Pretax income	567.4M	746.2M	802.9M	875.4M	667M	1B	1.2B	1.6B	2.2B	2.1B
Income tax	167.6M	208.8M	16.3M	176.7M	58.2M	209.1M	238.5M	344.9M	428.9M	464.1M
Net income	399.7M	537.4M	786.6M	698.7M	608.9M	833.1M	939.3M	1.3B	1.8B	1.6B
Net margin	12.9%	15.7%	23%	18.6%	17.6%	19.5%	18.4%	21.1%	22.9%	22.4%
EBITDA	864.2M	1B	1.1B	1.3B	1.1B	1.5B	1.8B	2.3B	3.1B	2.8B
EPS	2.11	2.83	4.16	3.73	3.29	4.5	5.11	6.91	8.47	8.97
Diluted EPS	2.11	2.82	4.14	3.71	3.28	4.5	5.09	6.9	8.46	8.96

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.5B	1.5B	1.6B	1.7B	1.9B	2.1B	1.8B	1.8B	1.8B	1.8B	1.8B	1.9B
Cost of revenue	778.7M	779.8M	781.6M	856.6M	956.6M	1B	857.5M	846.6M	882.2M	866.7M	890.1M	918.6M
Gross profit	765.3M	743.6M	803M	855.5M	945.4M	1B	933.3M	941M	884M	934.6M	957.9M	1B
Gross margin	49.6%	48.8%	50.7%	50%	49.7%	50.2%	52.1%	52.6%	50.1%	51.9%	51.8%	52.6%
Research & development	220.9M	252.7M	231.1M	204.4M	245.8M	290.8M	232.8M	225M	222.2M	238.9M	245.2M	217.5M
Selling, general & administrative	118.6M	116.5M	124M	142.9M	156.1M	188.3M	149.1M	160M	160.3M	173.1M	160.6M	188.1M
Operating expenses	343.4M	369.2M	355.1M	346.3M	408.2M	479.7M	381.9M	391.4M	384.7M	425.9M	405.8M	417.2M
Operating income	421.9M	355.5M	447.9M	509.2M	537.2M	549.8M	551.4M	549.5M	499.3M	508.7M	552.2M	602M
Operating margin	27.3%	23.3%	28.3%	29.7%	28.2%	26.8%	30.8%	30.7%	28.3%	28.2%	29.9%	31.1%
Non-operating income, net	-698K	-3.4M	-10.5M	-560K	973.9K	4.8M	-22.1M	-4.6M	-7.3M	-3.2M	-12.8M	-625K
Pretax income	425.2M	367.8M	440.3M	510.7M	538.7M	558M	528.3M	545M	489.4M	501M	536.8M	601M
Income tax	93.5M	73.3M	88.1M	97.4M	105M	102.5M	116.2M	119.9M	107.7M	120.3M	123.5M	138.2M
Net income	331.7M	294.5M	352.2M	413.3M	433.6M	455.5M	412.1M	425.1M	381.7M	380.7M	413.4M	462.8M
Net margin	21.5%	19.3%	22.2%	24.1%	22.8%	22.2%	23%	23.8%	21.6%	21.1%	22.4%	23.9%
EBITDA	609.9M	467.7M	616.5M	682.8M	753.1M	770.8M	705.1M	721.2M	677.6M	701M	729.3M	763M
EPS	1.82	1.63	1.95	2.29	2.08	—	2.3	2.38	2.14	2.14	2.33	2.63
Diluted EPS	1.82	1.62	1.95	2.29	2.08	—	2.3	2.38	2.14	2.14	2.33	2.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	10.6B	19.1B	18.1B	29.8B	40.9B	46.1B	37.8B	58.6B	—	—	69.9B
Enterprise value	12B	20.2B	19.2B	31B	42.3B	47.4B	39.2B	60B	—	—	84.4B
Shares outstanding	182.3M	182M	182M	180.2M	178.3M	178M	176.4M	173.3M	212.4M	178.1M	178.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26.5	35.5	23	42.7	67.2	55.3	40.2	46.6	—	—	37.4
P/S	3.41	5.58	5.29	7.92	11.8	10.8	7.42	9.82	—	—	9.44
P/B	32.1	24.3	13.4	20.1	22.9	20.8	14.5	19.1	—	—	16.4
EV/EBITDA	13.9	19.4	17.2	24.3	37	30.9	22.1	25.9	—	—	30
EV/Sales	3.86	5.92	5.62	8.24	12.2	11.1	7.7	10	—	—	10.1
Earnings yield	3.77%	2.82%	4.35%	2.34%	1.49%	1.81%	2.49%	2.14%	—	—	2.67%
FCF yield	6.26%	1.42%	1.63%	2.01%	0.32%	1.18%	1.58%	1.45%	—	—	1.63%
PEG	—	—	—	—	—	—	—	—	—	—	3.56

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.1%	51.7%	52.6%	52.1%	51.3%	51.3%	48%	49.8%	50.1%	51.7%	52.6%
Operating margin	19.9%	22.8%	24.2%	24.4%	21.1%	25%	24%	27%	28.2%	29.3%	31.1%
Net margin	12.9%	15.7%	23%	18.6%	17.6%	19.5%	18.4%	21.1%	22.9%	22.4%	22.3%
ROE	121.2%	68.6%	58.1%	47%	34%	37.7%	36.1%	41%	43.1%	40.9%	45.4%
ROA	10.4%	13%	16.2%	12.8%	9.72%	12.1%	12.1%	15.6%	16.1%	16.6%	13.6%
ROIC	25.3%	29%	32.6%	27.4%	21.2%	24.4%	24.2%	28.6%	29.5%	30.5%	31.2%
Return on tangible assets	25.5%	31.8%	39.5%	31.8%	22.3%	27.6%	26.2%	34.5%	31.6%	33.5%	31.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.8	1.99	3.75	2.34	2.75	2.54	2.8	2.68	3.37	2.02	2.43
Quick ratio	1.49	1.61	3.15	1.97	2.34	2.13	2.32	2.04	2.64	1.55	1.37
Debt / equity	5.6	2.3	1.42	1.41	1.52	1.19	1.08	0.81	0.95	0.74	0.86
Debt / assets	0.48	0.44	0.4	0.38	0.44	0.38	0.36	0.31	0.35	0.3	0.31
Net debt / EBITDA	1.6	1.11	1.01	0.93	1.19	0.84	0.8	0.58	0.62	0.5	0.58
Interest coverage	—	—	32.3	19.3	14.3	45	47.2	55.8	48.2	51.1	63.9
Effective tax rate	29.5%	28%	2.03%	20.2%	8.72%	20.1%	20.2%	21.5%	19.2%	22.5%	23%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	17	18.8	18.8	20.9	19.4	24	28.9	34.5	37.1	40.1	41.5
EPS (basic)	2.11	2.83	4.16	3.73	3.29	4.5	5.11	6.91	8.47	8.97	8.97
EPS (diluted)	2.11	2.82	4.14	3.71	3.28	4.5	5.09	6.9	8.46	8.96	10.6
Book value per share	1.81	4.31	7.44	8.25	10	12.4	14.8	17.7	19.7	22	24.1
FCF per share	3.64	1.49	1.62	3.33	0.72	3.07	3.39	4.89	5.22	7.89	8.15
Cash per share	2.54	3.58	4.38	4.99	7.65	7.56	7.91	6.51	9.72	8.26	8.14
Capex per share	0.95	1.02	1.65	1.93	2	1.95	1.97	2.19	2.67	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.56%	5.42%	8.75%	9.23%	10.3%	8.15%	6.81%	6.35%	7.19%	—	—
Capex / operating cash flow	14.4%	20.5%	29.3%	25.4%	37.1%	25.1%	21.1%	19.1%	21.3%	—	—
Payout ratio	21.7%	22.3%	16.9%	27.6%	34.2%	19.2%	26.6%	26.1%	28.8%	33.1%	39%
Dividend yield	0.82%	0.63%	0.74%	0.65%	0.51%	0.35%	0.66%	0.56%	—	—	4.28%

Yield

4.28%

trailing twelve months

Frequency

Annual

Last dividend

$4.254

ex-dividend Apr 20, 2026

Payout ratio

39%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 20, 2026	$4.254
Apr 22, 2025	$3.438
Apr 22, 2024	$2.5989
Apr 24, 2023	$1.9876
Apr 19, 2022	$1.4816
Apr 19, 2021	$1.0378
Apr 20, 2020	$1.2272
Apr 23, 2019	$1.164

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.5B	$1.5B	$1.6B	$1.7B	$1.9B	$2.1B	$1.8B	$1.8B	$1.8B	$1.8B	$1.8B	$1.9B
YoY change	+23.5%	+11.4%	+10.9%	+16.2%	+23.2%	+34.6%	+13%	+4.41%	-7.14%	-12.2%	+3.2%	+8.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	463.7M	651.7M	797M	899.9M	1.4B	1.3B	1.4B	1.1B	2.1B	1.5B
Receivables	244M	239.4M	211.4M	231.4M	184.3M	185M	232.4M	261.4M	412.5M	360.3M
Inventory	324M	393.8M	391.1M	420.1M	460.6M	540.6M	674.7M	948.5M	1.3B	1.1B
Total current assets	1.9B	2.1B	2.5B	2.6B	3.1B	3.4B	4B	4B	5.9B	4.8B
Property, plant & equipment	331.8M	368.5M	477.2M	661M	796.2M	866.5M	959.8M	1.1B	1.4B	1.4B
Goodwill & intangibles	2.3B	2.5B	2.9B	3.2B	3.5B	3.8B	4.2B	4.4B	5.5B	4.8B
Total assets	3.8B	4.1B	4.9B	5.4B	6.3B	6.9B	7.8B	8.1B	11.2B	9.6B
Accounts payable	614.9M	607.5M	653.8M	711.5M	713.8M	797.8M	903M	930.6M	1.1B	841.3M
Short-term debt	—	—	—	—	—	—	—	—	—	962.3M
Total current liabilities	1B	1B	661.4M	1.1B	1.1B	1.3B	1.4B	1.5B	1.8B	2.4B
Long-term debt	1.8B	1.8B	1.9B	2.1B	2.7B	2.6B	2.8B	2.5B	4B	1.9B
Total liabilities	3.5B	3.4B	3.5B	4B	4.5B	4.7B	5.2B	5B	7B	5.7B
Shareholders' equity	329.8M	783.9M	1.4B	1.5B	1.8B	2.2B	2.6B	3.1B	4.2B	3.9B
Total debt	1.8B	1.8B	1.9B	2.1B	2.7B	2.6B	2.8B	2.5B	4B	2.9B
Net debt	1.4B	1.2B	1.1B	1.2B	1.4B	1.3B	1.4B	1.4B	1.9B	1.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	1.4B	1.5B	1.9B	1.5B
Receivables	—	—	—	—	—	—	—	—	349.9M	360.3M	378.9M	464.2M
Inventory	—	—	—	—	—	—	—	—	1.1B	1.1B	1.2B	1.2B
Total current assets	—	—	—	—	—	—	—	—	4.7B	4.8B	5.3B	5.2B
Property, plant & equipment	—	—	—	—	—	—	—	—	2B	1.4B	—	2.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	4.8B	4.8B	4.9B	5B
Total assets	—	—	—	—	—	—	—	—	9.5B	9.6B	10.2B	10.2B
Accounts payable	—	—	—	—	—	—	—	—	864.7M	841.3M	943.3M	991.2M
Short-term debt	—	—	—	—	—	—	—	—	928.8M	962.3M	—	942M
Total current liabilities	—	—	—	—	—	—	—	—	2.6B	2.4B	1.9B	2.9B
Long-term debt	—	—	—	—	—	—	—	—	1.9B	1.9B	2.9B	2.2B
Total liabilities	—	—	—	—	—	—	—	—	5.7B	5.7B	6.2B	6.5B
Shareholders' equity	—	—	—	—	—	—	—	—	3.8B	3.9B	4.1B	3.7B
Total debt	—	—	—	—	—	—	—	—	2.9B	2.9B	2.9B	3.2B
Net debt	—	—	—	—	—	—	—	—	1.5B	1.4B	1.1B	1.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	567.4M	746.2M	802.9M	875.4M	667M	833.1M	939.3M	1.3B	1.8B	1.6B
Depreciation & amortization	247.7M	260.6M	288.7M	351.9M	426.6M	456M	546.2M	662.3M	787.8M	661.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	395.8M	-177.8M	-127.8M	59.8M	-221.4M	-159.6M	-146.2M	-358.3M	-452M	-88.6M
Operating cash flow	1.2B	901.7M	1B	1.4B	960.4M	1.4B	1.6B	2B	2.7B	2.3B
Capital expenditure	-172.7M	-185.2M	-299.4M	-347.6M	-356M	-347.9M	-347.1M	-379.3M	-567.4M	—
Investing cash flow	-154.1M	-176.9M	-299.4M	-347.6M	-356M	-347.9M	-348.5M	-379.3M	-567.4M	-1.4M
Dividends paid	-86.9M	-120M	-133.1M	-192.7M	-208.1M	-160.1M	-249.5M	-328.6M	-519.7M	-529.7M
Share repurchases	0	0	-100.1M	-386.7M	-129.8M	-230.9M	-396.5M	-460.6M	-686.5M	-785.3M
Financing cash flow	-411M	-85.1M	-152.1M	-501.5M	339.7M	-579.7M	-553.6M	-1.1B	-383.7M	-1.7B
Net change in cash	635M	639.7M	569M	519M	944.1M	456.9M	746.1M	492.3M	1.7B	680.8M
Free cash flow	663.3M	271.4M	295.7M	600.5M	129.2M	545.6M	598.7M	847.7M	1.1B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	331.7M	22.9M	352.2M	413.3M	433.6M	455.5M	412.1M	425.1M	381.7M	380.7M	413.4M	462.8M
Depreciation & amortization	172.6M	186.1M	162.8M	158.3M	198.1M	206M	151M	156.6M	167.4M	186.9M	173.7M	150.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-113M	78.8M	-125M	-213M	-35.7M	-16.3M	143.6M	-133.8M	-68.9M	-29.6M	102.1M	-217.4M
Operating cash flow	497.4M	294.1M	505.1M	501M	717.6M	758.5M	836.5M	394.9M	588.3M	519.2M	863.4M	436.3M
Capital expenditure	-94.8M	-170.1M	-81.8M	-134.8M	-144.4M	-164M	-109.1M	—	—	—	—	—
Investing cash flow	-94.8M	-170.1M	-81.3M	-134.8M	-144.4M	-164M	-109.5M	0	0	—	0	-60K
Dividends paid	-19.9M	-1.2M	—	—	-28.4M	-2.1M	—	—	-31.8M	-9K	—	—
Share repurchases	-194.8M	-86.2M	-136.3M	-147.5M	-169.8M	-177.8M	-423.7M	0	-132.4M	-229.3M	-225.8M	-209M
Financing cash flow	-397.9M	-99M	-67.4M	331.3M	-183.3M	-14M	-446.1M	-41.8M	-458.1M	-218.8M	-222.9M	24.4M
Net change in cash	4.7M	25M	356.4M	697.5M	390M	580.6M	280.9M	353.1M	130.2M	300.4M	640.5M	460.7M
Free cash flow	296.3M	211.8M	310.1M	47.3M	418.8M	257.5M	623.1M	155.9M	357.9M	269.2M	610.5M	200.4M

Ferrari N.V. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement