Ferrari raises 2026 earnings target to 9.85 euros as F1 success and custom fees drive gains

Ferrari announced on Tuesday that it is increasing its financial guidance for the full year following a third quarter that slightly outperformed analyst forecasts. The company reported adjusted earnings per share of 2.44 euros, beating the LSEG consensus estimate of 2.37 euros. Revenue came in at 1.9 billion euros, marginally above the expected 1.89 billion euros.

The company revised its 2026 revenue projection upward to 7.65 billion euros, a rise from the previous target of 7.6 billion euros. Adjusted earnings before interest, taxes, depreciation, and amortization were raised to 3 billion euros, up from 2.97 billion euros. The new adjusted EPS target stands at a minimum of 9.85 euros, increased from the prior floor of 9.68 euros.

Ferrari also adjusted its outlook for industrial free cash flow, projecting up to 1.65 billion euros for the year. This figure represents an increase from the earlier expectation of at least 1.55 billion euros. Management attributed the stronger numbers to higher than expected customer personalization fees, reduced currency headwinds, and a second place finish in the Formula 1 championship.

The upgrade marks the second consecutive quarter that Ferrari has improved its annual targets. This occurs despite a decline in physical vehicle deliveries. Shipments through the first nine months of the year totaled 10,170 units, a drop of 318 vehicles compared to the same period last year. The reduction was driven primarily by lower sales in the Americas and the Asia Pacific region, including China, Hong Kong, and Taiwan.

CEO Benedetto Vigna stated in a release that the order book now extends into 2028. He noted that two additional vehicle launches are scheduled for the remainder of this year. Vigna added that the company continues to host events globally to strengthen relationships with clients and partners across its racing, sports car, and lifestyle divisions.

RBC Capital Markets analyst Tom Narayan characterized the results as largely in line with Wall Street expectations. He suggested that shares might face slight pressure because some investors hoped for a larger guidance increase. Narayan predicted sentiment would improve once the market recognizes the health of the underlying results.

Ferrari's U.S. listed shares initially fell on the news before reversing course. During midday trading, the stock was up approximately 4%.