Results are in line with guidance; the stock may see limited reaction. Focus on upcoming Ferrari Luce launch (May 2026) and model changeover execution. Monitor Q2 for sustained margin performance and tariff impact.
Price Chart
Executive Summary
Ferrari reported Q1 2026 results: net revenues of €1,848M (+3% YoY), diluted EPS of €2.33 (+1%), and EBITDA of €722M (+4%). Shipments declined 4% to 3,436 units due to planned model changeover, but strong mix and personalizations drove margin expansion. The company confirmed its 2026 guidance and continues a €3.5B buyback program. Overall solid but unspectacular results with modest growth.
Key Facts
- Net revenues €1,848M, up 3% YoY (6% constant currency)
- EBIT €548M, up 1% YoY (8% constant currency); margin 29.7%
- Diluted EPS €2.33, up from €2.30
- EBITDA €722M, up 4% YoY; margin 39.1%
- Shipments 3,436 units, down 4% YoY (157 units)
- Industrial free cash flow €653M, up 5% YoY
- Net industrial cash position €388M vs net debt €32M at Dec 2025
- 2026 guidance confirmed: net revenues ~€7.5B, adj. EBITDA ~€2.93B (margin ~39%), adj. diluted EPS ~€9.45, industrial FCF ~€1.5B
- Second tranche of share buyback program up to €250M started April 13, 2026
- US import tariffs and higher D&A partially offset earnings
Financial Impact
Modest growth with net profit essentially flat at €413M vs €412M; revenue growth 3% with volume decline offset by mix.
Risk Factors
- US import tariffs and potential trade escalation
- Geopolitical tensions in the Middle East affecting deliveries
- Negative currency impact from USD and JPY
- Model changeover execution and volume decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001648416-26-000062 |
| Document: coverfnvq12026resultspress.htm | 0001648416-26-000062 |
| Document: 0001648416-26-000062-index-headers.html | 0001648416-26-000062 |
| Document: 0001648416-26-000062-index.html | 0001648416-26-000062 |
| Document: 0001648416-26-000062.txt | 0001648416-26-000062 |
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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