Ferrari outruns expectations: revenues and profits rise, 2025 guidance raised

The Prancing Horse closes a record third quarter with higher revenues and margins. Net profit soars to €382 million, and the company raises its full-year outlook, putting behind it the stock market slump of October.

Ferrari accelerates, leaving market concerns behind. In the third quarter of 2025, the Maranello-based company reported net revenues of €1.77 billion, up 7.4% compared to the same period in 2024, confirming the brand’s strength even in an uncertain macroeconomic environment.

Operating profit (EBIT) rose to €503 million (+7.6%), with a margin of 28.4%, while net profit reached €382 million, equal to €2.14 per share. EBITDA came in at €670 million (+5%) with a margin of 37.9%, supported by a more exclusive product mix and a higher number of customer-requested customizations.

Total deliveries increased by 1%, reaching 3,401 cars. The regional breakdown reflects Ferrari’s strategy of maintaining a balance between demand and brand exclusivity: in EMEA, deliveries rose by 23 units, while the Americas lost 25 cars and China (including Hong Kong and Taiwan) recorded a decline of 33 units, affected by trade tensions with the United States. In contrast, the Rest of APAC region saw an increase of 53 units.

Sales of cars and spare parts generated €1.48 billion (+6%), while sponsorships and commercial revenues climbed 21% to €211 million, driven by stronger Formula 1 performance and the success of lifestyle initiatives.

Industrial free cash flow, at €365 million, remained solid despite €230 million in investments and a negative change in working capital. Net debt fell to €116 million, an improvement from €338 million in June, even after €132 million in share buybacks.

In light of these results, Ferrari raised its 2025 guidance, targeting revenues above €7.1 billion, EBITDA over €2.72 billion (margin above 38%), and earnings per share of at least €8.8.

“We continue our growth journey with confidence and strong visibility,” said CEO Benedetto Vigna, emphasizing that the Ferrari Electric represents “a new frontier of innovation.”

These figures and outlook help erase, at least in part, the blow from the October 9 market drop, when the presentation of the 2030 plan and the first details about the electric lineup caused the stock to lose more than 15%. Now, however, the Prancing Horse seems back to full gallop.

Andrea Pelucchi