The raised guidance signals strong underlying demand and pricing power despite lower volumes. Monitor Q3 shipment trends as new models (12Cilindri, F80) ramp and watch for currency headwinds (USD, JPY) and US tariff impacts on cost of sales. The multi-year €3.5B buyback program supports continued capital return.
Price Chart
Executive Summary
Ferrari reported strong Q2/H1 2026 results with net revenues up 8.4% YoY to €1,938M (Q2) and operating profit up 9.5% to €605M, driven by a richer sports car mix including the F80 supercar and higher personalizations, despite a 3.7% decline in shipments due to planned model changeover. The company raised its full-year 2026 guidance: net revenues to €7.60B (from €7.50B), adjusted EBITDA to €2.97B (39.0% margin), adjusted diluted EPS to €9.68, and industrial free cash flow to €1.55B, citing stronger personalizations and lower-than-expected currency headwinds.
Key Facts
- Q2 2026 net revenues €1,938M (+8.4% YoY); H1 net revenues €3,786M (+5.8% YoY)
- Q2 2026 operating profit (EBIT) €605M (+9.5% YoY); H1 EBIT €1,153M (+5.3% YoY)
- Q2 2026 diluted EPS €2.62 vs €2.38 YoY; H1 diluted EPS €4.95 vs €4.68 YoY
- Q2 shipments 3,366 units (-3.7% YoY); H1 shipments 6,802 units (-4.0% YoY) due to planned model changeover
- 2026 guidance raised: net revenues €7.60B, adj. EBITDA €2.97B (39.0% margin), adj. diluted EPS €9.68, industrial FCF €1.55B
- H1 2026 free cash flow from industrial activities €929M (+€111M YoY); total available liquidity €2,036M
- Dividend of €3.615 per share approved for 2026 (up from €2.986 in 2025); €435M in share repurchases in H1 2026
- Negative FX impact of €68M in H1 (mainly USD and JPY), partially offset by hedging
Financial Impact
Revenue growth of 8.4% in Q2 and 5.8% in H1; operating profit margin improved to 31.2% in Q2 (from 30.9%); full-year guidance raised by ~€100M in revenue and ~€40M in adj. EBITDA
Risk Factors
- US import tariffs and trade policy changes impacting cost of sales
- Negative FX impact from USD and JPY weakness vs EUR
- Execution risk during significant model changeover and new paint shop construction
- Potential demand softness in China and APAC regions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (RACE) — Batch item 1 | 0001648416-26-000107 |
| Document: a6-kferrarinvsecondquarter.htm | 0001648416-26-000107 |
| Document: 0001648416-26-000107-index-headers.html | 0001648416-26-000107 |
| Document: 0001648416-26-000107-index.html | 0001648416-26-000107 |
| Document: 0001648416-26-000107.txt | 0001648416-26-000107 |
| 6-K Filing (RACE) — Batch item 6 | 0001648416-26-000107 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Press Release | $409.08 $416.13 | ▲ +1.72% | ▲ +1.62% | $388.33 (−5.07%) |
Sep 8, 2026 24d ago | 6-K | $405.94 $406.92 | ▲ +0.24% | ▲ +1.36% | $388.33 (−4.34%) |
Sep 1, 2026 4w ago | 6-K | $410.21 $402.33 | ▼ −1.92% | ▼ −2.00% | $388.33 (−5.33%) |
Sep 1, 2026 4w ago | Press Release | $410.21 $402.33 | ▼ −1.92% | ▼ −2.00% | $388.33 (−5.33%) |
Jul 31, 2026 9w ago | 6-K | $393.87 $412.26 | ▲ +4.67% | ▲ +1.16% | $388.33 (−1.41%) |
Jul 30, 2026 9w ago | 6-K | $397.73 $407.28 | ▲ +2.40% | ▼ −1.22% | $388.33 (−2.36%) |
Jul 27, 2026 9w ago | 6-K | $380.01 $393.87 | ▲ +3.65% | ▲ +2.57% | $388.33 (+2.19%) |
Jul 27, 2026 9w ago | Press Release | $380.01 $393.87 | ▲ +3.65% | ▲ +2.57% | $388.33 (+2.19%) |
Jul 20, 2026 10w ago | 6-K | $371.52 $360.14 | ▼ −3.06% | ▼ −2.64% | $388.33 (+4.52%) |
Jul 15, 2026 11w ago | 6-K | $375.74 $371.61 | ▼ −1.10% | ▼ −0.12% | $388.33 (+3.35%) |
US Market Status
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