Ferrari's Q1 results were in line with guidance, showing revenue growth despite lower volumes. The confirmed 2026 outlook and strong industrial FCF generation support the stock's premium valuation. Monitor Q2 delivery trends and currency/tariff impacts; the model changeover should normalize as new models ramp up.
Price Chart
Executive Summary
Ferrari reported Q1 2026 net revenues of €1,848 million (+3.2% YoY) and net profit of €413 million (+0.2% YoY), with EPS of €2.33 (+1.3%). Shipments declined 4.4% to 3,436 units due to planned model changeover, but richer mix and personalizations offset volume headwinds. 2026 guidance was confirmed, including net revenues of €7.50 billion and adj. diluted EPS of €9.45. Results were mixed: modest top-line growth with volume decline and slight margin compression, but strong profitability and cash flow.
Key Facts
- Net revenues €1,848M in Q1 2026, up 3.2% YoY (6.0% constant currency)
- Operating profit (EBIT) €548M, up 1.1% YoY; EBIT margin 29.7% vs 30.3%
- Net profit €413M, up from €412M; diluted EPS €2.33 vs €2.30
- Car shipments 3,436 units, down 4.4% YoY, reflecting planned model changeover
- Negative FX impact of €36M, mainly from USD and JPY
- 2026 guidance confirmed: net revenues €7.50B, adj. EBITDA €2.93B (39.0% margin), adj. diluted EPS €9.45, industrial FCF €1.50B
- Dividend of €3.615/share (~€640M) approved for May 5, 2026 payment; €3.5B buyback program ongoing (2026-2030)
Financial Impact
Revenue +€57M (+3.2%), net profit +€1M (+0.2%), EBIT +€6M (+1.1%)
Risk Factors
- Continued volume decline from model changeover could pressure near-term results
- Negative FX impact of €36M in Q1 may persist, especially USD and JPY
- Higher US import tariffs and rising industrial costs are squeezing margins
- Geopolitical tensions (Middle East) could affect regional demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-030266 |
| Document: a6-kferrarinvfirstquartere.htm | 0001628280-26-030266 |
| Document: 0001628280-26-030266-index-headers.html | 0001628280-26-030266 |
| Document: 0001628280-26-030266-index.html | 0001628280-26-030266 |
| Document: 0001628280-26-030266.txt | 0001628280-26-030266 |
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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