Ferrari stock gains as richer mix lifts 2026 guidance

Ferrari reported stronger third-quarter profitability on November 3 and raised its 2026 outlook again. The company said higher personalizations and a richer sports-car mix offset lower deliveries during a planned model changeover. The Ferrari results release covers preliminary unaudited figures for the quarter and nine months ended September 30, 2026.

Ferrari generated 1.896 billion euros in third-quarter revenue, an increase of 7 percent from the year-earlier period and 10 percent at constant currency. Cars and spare parts revenue also rose 7 percent to 1.586 billion euros, driven by product mix and customer personalizations.

Mix and personalization lift margins

Operating profit increased 12 percent to 563 million euros, producing a 29.7 percent margin. EBITDA also rose 12 percent to 753 million euros, with the margin at 39.7 percent. Ferrari attributed the improvement mainly to the positive product mix, supported by the F80, and higher personalizations. Higher depreciation and amortization linked to new-model production and increased marketing expenses partly offset those gains.

Net profit reached 431 million euros, compared with 381 million euros in the prior-year quarter. Diluted earnings per share rose to 2.44 euros from 2.14 euros. Industrial free cash flow increased 43 percent to 567 million euros, supported by profitability and working capital.

Deliveries declined to 3,368 vehicles as Ferrari continued its model changeover. The Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue increased deliveries, while the 849 Testarossa and 296 Speciale Aperta continued their ramp-up. Ferrari also said F80 shipments progressed in line with plans.

Full-year targets move higher

Ferrari raised its 2026 revenue guidance to approximately 7.65 billion euros from approximately 7.60 billion euros previously. Adjusted EBITDA is now expected to reach at least 3.00 billion euros, compared with at least 2.97 billion euros before. The company lifted its adjusted EBIT target to at least 2.285 billion euros from at least 2.26 billion euros and its adjusted diluted EPS target to at least 9.85 euros from at least 9.68 euros.

Industrial free cash flow is now expected to reach up to 1.65 billion euros, versus a previous target of at least 1.55 billion euros. Ferrari cited stronger-than-expected personalizations, lower currency headwinds net of hedges and its second-place Formula 1 championship position as the updated assumptions behind the guidance.

CEO Benedetto Vigna said the order book extends into 2028 and that two more launches were still planned for 2026. For investors, the results reinforce Ferrari's strategy of prioritizing pricing, exclusivity and customer configuration over unit growth. The main risks remain the execution of the model changeover, foreign-exchange movements and the timing of new-model production.

Ferrari stock traded at 368.05 euros on Lang & Schwarz at 12:04 CET on Friday, November 13, 2026.

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