Ferrari Lifts 2026 Outlook After Q3 Earnings Exceed Estimates

Ferrari increased its financial targets for the coming year on Tuesday following a third quarter that outperformed analyst forecasts.

The Maranello based car maker has adjusted its 2026 guidance for the second consecutive quarter. This move occurred even though the company shipped 318 fewer vehicles in the first nine months of 2026 compared to the same period last year. Total deliveries reached 10,170 units, with the shortfall driven primarily by reduced sales in the Americas and the Asia Pacific region.

For the quarter ending September, Ferrari reported adjusted earnings per share of 2.44 euros. This figure surpassed the 2.37 euros that LSEG analysts had projected. Revenue came in at 1.9 billion euros, slightly above the expected 1.89 billion euros.

The company updated its full year projections to reflect these results. Ferrari now forecasts total revenue of 7.65 billion euros, an increase from the previous target of 7.6 billion euros. The firm also raised its adjusted earnings before interest, taxes, depreciation and amortization to 3 billion euros from 2.97 billion euros. Adjusted earnings per share are now expected to be at least 9.85 euros, up from the earlier floor of 9.68 euros. Industrial free cash flow expectations were upgraded to a maximum of 1.65 billion euros, previously set at a minimum of 1.55 billion euros.

Management attributed the improved outlook to several factors. CEO Benedetto Vigna cited stronger than expected demand for customer personalizations and lower currency headwinds. He also pointed to the team's second place finish in the Formula 1 championship as a positive driver. Vigna noted that the company's order book now extends into 2028.

Investor reaction was mixed initially but turned positive as trading progressed. Ferrari's U.S. listed shares dropped shortly after the announcement. By midday, the stock had reversed course and climbed approximately 4 percent. Tom Narayan, an analyst at RBC Capital Markets, described the results as largely in line with expectations. He suggested that while some investors may have wanted a larger guidance increase, the underlying financial health of the business remains strong.