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Ferrari Raises 2026 Targets Again

Ferrari beat third-quarter forecasts and lifted its 2026 targets for a second straight quarter, despite delivering fewer cars, as richer personalisation and a smaller currency hit did the work.

Ferrari (NYSE: RACE), the Italian luxury sports car maker, beat third-quarter forecasts and raised its 2026 guidance for the second quarter running. Adjusted earnings per share were €2.44, against €2.37 expected by analysts polled by data provider LSEG, and up about 14% from €2.14 a year earlier. Revenue was €1.9bn against €1.89bn expected.

Ferrari shares closed yesterday at $403.09, about 7.7% below the 21st of August close of $436.54. The stock first fell and then turned higher in premarket trading, and at 14:24 GMT it was up about 2.9% at $414.86, ahead of the New York open.

RACE.US

Ferrari said the upgrade reflected stronger-than-expected personalisations, the paid bespoke options customers add to their cars, lower currency headwinds than anticipated, and second place in the Formula 1 championship.

Volume did not drive it. Shipments were 10,170 cars in the first nine months, 318 fewer than a year earlier, with the Americas and China, Hong Kong and Taiwan leading the decline.

The raise itself is small. Revenue guidance rises to €7.65bn from €7.6bn, adjusted EBITDA (core operating profit before interest, tax and depreciation, excluding one-offs) to €3.0bn from €2.97bn, and adjusted EPS to at least €9.85 from at least €9.68. The implied EBITDA margin is about 39.2%, against about 39.1% before, so profit growth is coming from price and mix rather than cars delivered.

Line chart of Ferrari's share price over six months, closing below its August high ahead of third-quarter results
Ferrari (NYSE: RACE) closed at $403.09 on the 2nd of November, about 7.7% below its 21st of August close of $436.54, ahead of Q3 results.

Chief executive Benedetto Vigna pointed to demand already booked, the order book being cars customers have ordered but not yet received.

Our order book now reaches into 2028, and we still have two more launches to come this year.

Benedetto Vigna, Ferrari

Tom Narayan, an analyst at RBC Capital Markets, said the shares may be under slight pressure because some investors hoped for a bigger guidance raise, but he expects them to improve once people realise the results are healthy.

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