Ferrari's Q1 results show steady top-line growth and strong cash generation, but EBIT margin compression and confirmed guidance offer no upside catalyst. The stock's premium valuation (79B market cap) leaves little room for error; watch for the Ferrari Luce world premiere in ~20 days and Q2 delivery trends for model change-over execution.
Price Chart
Executive Summary
Ferrari reported Q1 2026 results with net revenues of €1,848M (+3% YoY, +6% at constant currency) and diluted EPS of €2.33 (+1% YoY). Operating profit (EBIT) margin contracted 60bps to 29.7% due to higher D&A and US import tariffs, while EBITDA margin expanded 40bps to 39.1%. The company confirmed its 2026 guidance with net revenues of ~€7.5B and adjusted diluted EPS ≥€9.45.
Key Financial Metrics
Key Facts
- Net revenues of €1,848M, up 3% YoY (up 6% at constant currency)
- Diluted EPS of €2.33, up 1% YoY
- EBIT margin of 29.7%, down 60bps YoY
- EBITDA margin of 39.1%, up 40bps YoY
- Industrial free cash flow of €653M, up 5% YoY
- 2026 guidance confirmed: net revenues ~€7.5B, adjusted EBITDA margin ≥39.0%, adjusted diluted EPS ≥€9.45
- Share buyback second tranche of up to €250M announced, with €78.6M repurchased from April 1 to May 1, 2026
- Dividend distribution of ~€640M approved and paid on May 5, 2026
Financial Impact
Q1 2026 net revenues €1,848M (+3% YoY), diluted EPS €2.33 (+1% YoY), industrial FCF €653M (+5% YoY)
Risk Factors
- EBIT margin contraction of 60bps due to higher D&A and US import tariffs
- Deliveries down 4.4% YoY to 3,436 units due to planned model change-over
- Negative currency impact from USD and JPY
- Geopolitical risks from Middle East crisis and US tariff policy
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287469 |
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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