Ferrari N.V. (NYSE: RACE) reported strong third-quarter 2025 financial results, with total revenue increasing 7.4% year-over-year to approximately €1.8 billion, driven by a richer product mix and high demand for new models.
Earnings before interest and taxes (EBIT) exceeded €500 million, while the EBITDA margin reached 37.9% and the EBIT margin stood at 28.4%, underscoring the brand's operational strength.
The company raised its full-year 2025 guidance, now surpassing its initial 2026 profitability targets, reflecting management's confidence in sustained demand and pricing power. Ferrari's order book extends well into 2027, supported by upcoming launches such as the 849 Testarossa family and the Amalfi model line.
Despite these gains, Ferrari faced challenges including U.S. import tariffs, foreign exchange headwinds, and lower deliveries of models like the Daytona SP3, which slightly weighed on revenue growth. Shipments in Q3 were 3,401 units, a 0.5% increase year-over-year, with average selling prices rising 5.1% due to higher pricing in the SF90 XX and 12Cilindri families, along with increased personalization revenue.
Net profit for the quarter was €382 million, up 1.8% from the previous year, with diluted earnings per share at €2.14 compared to €2.08 in Q3 2024. Industrial free cash flow came in at €365 million, and net industrial debt was reduced to €116 million by the end of September.
Looking ahead, Ferrari plans to release an average of four new models per year between 2026 and 2030, spanning internal combustion, hybrid, and electric powertrains, with its first fully electric model, Elettrica, set for a global premiere next year. CEO Benedetto Vigna emphasized the company's focus on providing clients with maximum freedom of choice in powertrain options.
Stock performance: As of November 4, 2025, Ferrari's stock traded at $399.63, up 0.06% overnight, with a year-to-date return of 5.67% and a one-year gain of 15.56%.
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