Ferrari Expects Revenue and Earnings to Rise This Year — Update

By Dominic Chopping

Ferrari said it expects revenue and earnings to rise this year, supported by its lineup of higher-margin luxury sports models and demand for customized vehicles.

The Italian luxury sports-car maker expects full-year revenue of around 7.5 billion euros ($8.94 billion) this year, up from the 7.15 billion euros it reported in 2025, with the year set to be dictated by new models and higher income from racing activities and its lifestyle business. However, higher investments and currency could drag on earnings.

"Demand for Ferrari remains very solid and is managed with discipline in every market reflecting our exclusivity model: our order book extends towards the end of 2027," Chief Executive Benedetto Vigna said.

Overall shipments in the fourth quarter fell to 3,152 vehicles--173 fewer than a year earlier.

Ferrari launched six new models last year, including the F80, which began initial deliveries during the fourth quarter. The first reveal phase of the company's first electric vehicle--the Luce--has also been completed, with the model set to shape deliveries in 2026 and beyond, the company said Tuesday.

In Ferrari's largest regional market--Europe, the Middle East and Africa--shipments were unchanged at 1,550 vehicles in the fourth quarter on year. Shipments fell 8.2% in the Americas and by 36% in Mainland China, Hong Kong and Taiwan. The rest of the Asia-Pacific region recorded a 1.7% rise.

Despite many European automakers grappling with intense competition in China and sluggish electric-vehicle demand, Ferrari has been largely sheltered from much of the turmoil. It is able to maintain margins as it sells to more exclusive customers than ordinary manufacturers and it has only recently unveiled details of its first fully-electric car at the same time as it scaled back its EV ambitions to focus on more combustion-engine models.

In addition, Ferrari has only limited exposure to China as sports cars make up a much smaller part of the luxury market than other regions. Ferrari has an ambition to keep sales in the country at below 10% of overall deliveries as it is a lower-margin region due to high taxes. In 2025, Mainland China, Hong Kong and Taiwan represented 6.9% of overall shipments.

The company said fourth-quarter adjusted earnings before interest and taxes--one of its preferred measures of profitability--increased to 513 million euros from 468 million euros, generating a 28.5% margin. Meanwhile, adjusted earnings before interest, taxes, depreciation, and amortization rose to 700 million euros from 643 million euros, generating a 38.8% margin.

Analysts had forecast adjusted EBIT of 487 million euros and adjusted Ebitda of 669 million euros.

In the year ahead, it expects to report adjusted EBIT of at least 2.22 billion euros and a margin of at least 29.5%, from 2.11 billion euros and 29.5%, respectively, in 2025.

Adjusted Ebitda is seen reaching at least 2.93 billion euros, with a margin of at least 39%, up from 2.77 billion euros and 38.8%, respectively, in 2025.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

February 10, 2026 08:46 ET (13:46 GMT)