Ferrari Q4 Sales Up 4% to $2.098B, EBITDA Jumps 8.9%, Order Book to 2027
In Q4, Ferrari reported 4.0% sales growth to $2.098 billion and EPS of €2.14, beating consensus, while adjusted EBITDA rose 8.9% to €700 million and margin expanded 181 bps as shipments dipped 5.2% to 3,152 units and net industrial debt fell to €32 million. Management said the order book runs to end-2027, cash reached €1.47 billion and free cash flow totaled €269 million.
1. Q4 Earnings Results
Ferrari posted Q4 revenue of $2.098 billion, a 4.0% year-over-year increase, and delivered EPS of €2.14, surpassing analyst expectations. Despite a 5.2% drop in shipments to 3,152 units, the earnings beat was driven by a favorable product mix and higher personalization revenues.
2. Profitability and Cash Flow
Adjusted EBITDA climbed 8.9% to €700 million, with margins widening by 181 basis points to 38.85%. Operating cash flow reached €519 million, yielding free cash flow of €269 million, highlighting strong cash generation.
3. Balance Sheet and Order Book
Net industrial debt plunged to €32 million from €180 million a year ago, while cash and equivalents stood at €1.47 billion as of December 31, 2025. Management emphasized disciplined demand control, noting the order book is committed through the end of 2027.