Ferrari N.V. (NYSE:RACE) stock gained Thursday after the luxury automaker reported fiscal second-quarter 2026 results and reaffirmed its full-year guidance.
The Italian carmaker posted revenue of 1.94 billion euros ($2.25 billion), up 8% from a year earlier and above the analyst consensus estimate of $2.14 billion. Earnings per share came in at 2.62 euros ($3.05), topping expectations of $2.83.
Segment Performance and Margins
Revenue from cars and spare parts rose 8% year over year, driven by a richer sports-car mix and higher personalization. Sponsorship, commercial and brand revenue increased 2%, supported by higher sponsorships, partially offset by lower Formula 1 commercial revenues.
Total shipments declined 3.7% to 3,366.
EBITDA rose 7% to 755 million euros, while the margin declined 70 basis points to 39.0%. Net profit rose 9% to 463 million euros.
Operating cash flow totaled 437 million euros, and free cash flow reached 201 million euros. Ferrari reported net industrial debt of 131 million euros as of June 30, 2026, compared with net industrial cash of 388 million euros as of March 31, 2026. Cash and equivalents stood at 1.49 billion euros.
Executive Commentary
CEO Benedetto Vigna said Ferrari delivered another strong quarter through disciplined execution and healthy demand. He said stronger-than-expected personalization supported the company’s raised full-year guidance.
CFO Antonio Picca Piccon said Ferrari benefited from a strong sports-car mix, higher personalization and increased racing revenue. CFO Antonio Picca Piccon said personalization exceeded expectations and represented more than 20% of cars and spare-parts revenue, with carbon and paint supporting growth. Vigna added that customers were also spending more on rims and special leathers.
Limited Models Support Pricing Power
Ferrari’s current product cycle is weighted toward higher-value models, including the 3.6 million euros F80 hybrid supercar and the Purosangue Handling Speciale. The F80, limited to 799 units, began reaching customers late last year and is contributing to the product mix alongside other special-series vehicles, Bloomberg reported on Thursday.
Citi analyst Harald Hendrikse told Bloomberg that Ferrari’s strategy shows how the company is extracting more value from scarce, low-volume cars while most automakers face tougher conditions. He estimated Ferrari sold 60 to 70 F80s in the quarter, near what he expects to be the model’s peak quarterly pace.
Luce And Order Book Add Visibility
Vigna said Ferrari now offers its broadest and most diversified lineup, spanning combustion, hybrid and electric models. He said Ferrari Luce, the company’s first electric model, has generated orders in line with plan from existing customers and new buyers, including people who had never owned a Ferrari before.
Ferrari also introduced the limited-edition 12Cilindri Manuale on July 3, targeting traditional customers with a manual-gearbox 12-cylinder model.
Vigna said Ferrari has the most complete lineup in its history and continues to see healthy demand. He said the company’s order book fully covers 2027, giving Ferrari strong visibility as it balances scarcity, pricing power and new-model launches.
Ferrari Outlook
Ferrari raised its fiscal 2026 revenue forecast to about 7.60 billion euros (or $8.84 billion), up from the prior outlook of about 7.50 billion euros, versus the analyst consensus of $8.72 billion.
The company expects adjusted earnings per share of at least 9.68 euros (or $11.25), up from the prior outlook of at least 9.45 euros, compared with estimates of $11.24.
RACE Price Action: Ferrari shares were up 2.29% at $394.78 at the time of publication on Thursday, according to Benzinga Pro data.
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