Ferrari Beats Q3 Estimates, Raises Full-Year Guidance and Reports Luce EV Sold Out for 2027

Ferrari posted stronger-than-expected third-quarter results on November 3 and raised its full-year 2026 guidance, citing richer car customizations, a favorable product mix and smaller-than-anticipated currency headwinds. Revenue rose 7.4% year over year to €1.896 billion, beating consensus estimates of €1.89 billion, while diluted earnings per share climbed 14% to €2.44 against expectations of €2.38. Net profit grew 13% to €431 million, topping the €419 million consensus, and EBITDA reached €753 million, up 12% and ahead of the €734 million estimate.

Profitability expanded sharply even as shipment volumes edged lower. Ferrari delivered 3,368 vehicles in the quarter, down about 1% from 3,401 a year earlier, yet EBITDA margin widened 180 basis points to 39.7% and EBIT margin expanded 130 basis points to 29.7%. Industrial free cash flow surged 43% year over year to €567 million. CEO Benedetto Vigna attributed the gains to the 296 Speciale family, deliveries of the F80 supercar, and buyers spending more on personalizing their vehicles. Ferrari's Q4 guidance assumptions include personalization revenue above 20% of sales and a euro-to-dollar rate above $1.15.

Ferrari raised its full-year adjusted EBITDA forecast to at least €3 billion and set revenue guidance at approximately €7.65 billion, in line with consensus. Adjusted EPS guidance was lifted to at least €9.85. The company had already raised guidance in July. Vigna noted the order book now extends into 2028 and flagged two additional model launches still to come before year-end.

The Luce, Ferrari's first fully electric car and a five-seat model starting at around $615,000, has had its entire 2027 production run pre-ordered, Vigna confirmed. First deliveries of the Luce are planned for the fourth quarter of 2026, with journalist test drives scheduled for early 2027 and customer test drives to follow. Despite the earnings beat and guidance raise, Ferrari shares were under pressure in early trading, with Barron's noting the stock had already gone largely sideways over the prior three months.