Ferrari NV

RACE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ferrari Earnings: Stronger-Than-Expected Personalization Offsets US Tariff and Currency Headwinds

Rella Suskin

Nov 4, 2025

Ferrari's revenue growth of 7% (9% at constant currency) was mainly driven by higher personalization, offsetting fewer Daytona deliveries. Volumes grew 0.5%. The EBIT margin was flat despite US tariffs being margin-dilutive, foreign-exchange headwinds, and solid growth in racing and marketing costs.

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Ferrari NV

Ferrari Earnings: Stronger-Than-Expected Personalization Offsets US Tariff and Currency Headwinds

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