Ferrari reported first-quarter 2026 results that exceeded Wall Street expectations, with adjusted earnings per share of €2.33 (approx. $2.72) on revenue of €1.85 billion, beating consensus forecasts of €2.30 per share and €1.82 billion in revenue. However, total shipments dropped 4.4% year-over-year to 3,436 units, partly due to disruptions from the Iran conflict in the Middle East and a planned model transition. The company offset the EMEA delivery shortfall by pulling forward deliveries to other regions.
CEO Benedetto Vigna highlighted a record order book extending toward the end of 2027 and confirmed full-year 2026 guidance: net revenue of approximately €7.5 billion, adjusted EBITDA of €2.93 billion, and adjusted EPS of €9.45. The upcoming world premiere of the Ferrari Luce, the automaker's first fully electric vehicle, is set for May 25 and is already oversubscribed.
Shares of Ferrari (RACE) slipped 0.8% in pre-market trading, and the stock is down 29% over the past 12 months. The broader EV market shows mixed signals; while Ford pushes forward with its UEV platform despite $19.5 billion in restructuring costs, used hybrid vehicles are gaining market share, and new EV registrations hit a milestone in the UK. Ferrari's earnings beat underscores its ability to maintain margins amid geopolitical headwinds and strategic model changes.
