Ferrari Lifts Full-Year Outlook After Q2 Beat, Fueled by Personalizations and Favorable FX
RACE sits 28% above its 52-week low of $312.51.
Summary
Ferrari raised its full-year guidance after Q2 2026 results topped expectations, as a richer product mix and strong personalizations more than compensated for lower unit shipments.
Key Events · Earnings and Guidance · RACE
-
Q2 Beat Across the Board
Net revenues reached €1,938M (up 8.4% YoY), operating profit hit €605M (up 9.5%), and net profit came in at €463M (up 8.9%)—all exceeding consensus estimates.
-
Full-Year Guidance Raised
The 2026 outlook now calls for net revenues of ~€7.60B (up from ~€7.50B), Adj. EBITDA of at least €2.97B (from ≥€2.93B), Adj. EBIT of at least €2.26B (from ≥€2.22B), Adj. diluted EPS of at least €9.68 (from ≥€9.45), and Industrial FCF of at least €1.55B (from ≥€1.50B).
-
Richer Mix Offsets Volume Decline
Shipments fell 4% YoY to 6,802 units in H1 2026, reflecting planned model changeovers, but revenue still grew thanks to higher F80 deliveries and increased personalizations.
-
Shareholder Returns Continue
Under the multi-year €3.5B buyback program, €435M in share repurchases were executed in H1 2026; a dividend of €3.615 per share (€638M total) was approved and partially paid.
Analysis · RACE · Manufacturing
A richer product mix and robust personalizations propelled Ferrari to a strong Q2 2026, with net revenues climbing 8.4% to €1.94 billion and operating profit rising 9.5% to €605 million—both ahead of consensus. Shipments dipped 4% as planned model changeovers took effect, yet the impact was more than offset by deliveries of the F80 supercar and a surge in bespoke options. Management responded by raising full-year guidance across every key metric, pointing to stronger-than-expected personalization demand and milder currency headwinds. The upward revision underscores confidence in sustained appetite for high-margin limited editions and custom features, even amid a significant product transition. The results reaffirm Ferrari's pricing power and brand exclusivity, and the stock is poised to react favorably to the improved outlook.
At the time of this filing, RACE was trading at $398.94 on NYSE in the Manufacturing sector, with a market capitalization of approximately $94.3B. 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.