Ferrari Lifts 2026 Outlook After Strong Q2: Personalizations and Mix Fuel the Beat
RACE sits 24% above its 52-week low of $312.51 on light trading volume (0.3× avg).
Summary
Ferrari reported strong Q2 2026 results, beating expectations and raising full-year guidance on the back of robust personalizations and a favorable product mix. The order book extends through 2027, and the company cancelled 16.6 million treasury shares, further enhancing per-share returns.
Key Events · Earnings and Guidance · RACE
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Q2 2026 Results Beat
Net revenues of €1,938M (up 8% reported, 11% constant currency), EBIT of €605M (up 10%), net profit of €463M, and industrial free cash flow of €276M (up 39%). All metrics exceeded prior-year levels, driven by richer product mix and higher personalizations.
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2026 Guidance Raised
Full-year guidance increased: net revenues ~€7.60B (from ~€7.50B), adj. EBITDA ≥€2.97B (from ≥€2.93B), adj. EBIT ≥€2.26B (from ≥€2.22B), adj. diluted EPS ≥€9.68 (from ≥€9.45), industrial FCF ≥€1.55B (from ≥€1.50B).
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Order Book Covers 2027
CEO Benedetto Vigna stated the order book entirely covers 2027, reflecting sustained healthy demand and pricing power.
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Treasury Share Cancellation
On July 16, 2026, Ferrari cancelled 16,644,606 common shares and 6,686,115 special voting shares, reducing share count and mechanically boosting EPS.
Analysis · RACE · Manufacturing
Ferrari delivered Q2 results ahead of expectations and raised full-year guidance across all key metrics. Net revenues rose 8% (11% at constant currency) to €1.94 billion, while EBIT climbed 10% to €605 million and industrial free cash flow surged 39% to €276 million. The beat was driven by a richer product mix — notably the F80 — and sustained demand for personalizations, which CEO Benedetto Vigna cited as the basis for the guidance raise. The order book now covers all of 2027, underscoring pricing power and demand visibility. The raised guidance implies full-year diluted EPS of at least €9.68, up from the prior €9.45 floor, on revenues of ~€7.6 billion. The company also cancelled 16.6 million treasury shares, a move that mechanically boosts per-share metrics. For a luxury automaker trading at a premium multiple, the combination of a beat, a raise, and a share cancellation reinforces the investment thesis of durable, high-margin growth.
At the time of this filing, RACE was trading at $386.17 on NYSE in the Manufacturing sector, with a market capitalization of approximately $91.3B. The 52-week trading range was $312.51 to $505.54. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.