Revenue growth has moderated to 8.2% in 2026Q2 from double-digit rates in 2024, yet gross margin remains stable at 52.6%, and operating margin expanded to 31.7%, reflecting strong pricing power and operating leverage.
Ferrari N.V. (RACE) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 7.35B | 7.15B | 6.68B | 5.97B | 5.1B | 4.27B | 3.46B | 3.77B | 3.42B | 3.42B | 3.11B | 2.85B | 2.76B | 2.34B |
| Revenue Growth % | 5.64% | 7.03% | 11.83% | 17.17% | 19.3% | 23.44% | -8.15% | 10.12% | 0.1% | 10.04% | 8.78% | 3.33% | 18.29% | - |
| Cost of Goods Sold | 3.56B | 3.45B | 3.33B | 3B | 2.65B | 2.08B | 1.69B | 1.81B | 1.62B | 1.65B | 1.58B | 1.5B | 1.51B | 1.23B |
| COGS % of Revenue | - | 48.32% | 49.87% | 50.18% | 51.99% | 48.72% | 48.74% | 47.93% | 47.45% | 48.31% | 50.87% | 52.51% | 54.51% | 52.87% |
| Gross Profit | 3.79B | 3.69B | 3.35B | 2.97B | 2.45B | 2.19B | 1.77B | 1.96B | 1.8B | 1.77B | 1.53B | 1.36B | 1.26B | 1.1B |
| Gross Margin % | 51.62% | 51.68% | 50.13% | 49.82% | 48.01% | 51.28% | 51.26% | 52.07% | 52.55% | 51.69% | 49.13% | 47.49% | 45.49% | 47.13% |
| Gross Profit Growth % | - | 10.33% | 12.54% | 21.58% | 11.69% | 23.5% | -9.58% | 9.12% | 1.78% | 15.78% | 12.53% | 7.89% | 14.16% | - |
| Operating Expenses | 1.62B | 1.6B | 1.46B | 1.34B | 1.2B | 1.12B | 1.04B | 1.04B | 970.38M | 991.78M | 929.97M | 883.63M | 858.74M | 754.39M |
| OpEx % of Revenue | - | 22.33% | 21.8% | 22.51% | 23.62% | 26.13% | 30.16% | 27.67% | 28.37% | 29.03% | 29.95% | 30.96% | 31.09% | 32.3% |
| Selling, General & Admin | 681.82M | 642.49M | 561.14M | 462.58M | 427.97M | 348.02M | 336.13M | 343.18M | 327.34M | 329.06M | 295.24M | 338.63M | 300.09M | 259.88M |
| SG&A % of Revenue | - | 8.99% | 8.4% | 7.75% | 8.4% | 8.15% | 9.72% | 9.11% | 9.57% | 9.63% | 9.51% | 11.86% | 10.86% | 11.13% |
| Research & Development | 923.44M | 918.86M | 894.09M | 881.56M | 775.57M | 768.1M | 707.38M | 699.21M | 643.04M | 657.12M | 613.63M | 561.58M | 540.83M | 479.29M |
| R&D % of Revenue | - | 12.86% | 13.39% | 14.77% | 15.22% | 17.98% | 20.45% | 18.56% | 18.8% | 19.23% | 19.76% | 19.67% | 19.58% | 20.52% |
| Other Operating Expenses | 1000K | 34.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.59M | 21.1M | -18.32M | 17.82M | 15.22M |
| Operating Income | 2.17B | 2.1B | 1.89B | 1.63B | 1.24B | 1.07B | 729.96M | 918.91M | 827.04M | 774.25M | 595.42M | 471.94M | 397.73M | 346.24M |
| Operating Margin % | 29.59% | 29.35% | 28.34% | 27.3% | 24.39% | 25.15% | 21.1% | 24.4% | 24.18% | 22.66% | 19.18% | 16.53% | 14.4% | 14.83% |
| Operating Income Growth % | - | 10.85% | 16.06% | 31.17% | 15.7% | 47.15% | -20.56% | 11.11% | 6.82% | 30.03% | 26.17% | 18.66% | 14.87% | - |
| EBITDA | 2.76B | 2.76B | 2.56B | 2.29B | 1.79B | 1.53B | 1.16B | 1.27B | 1.12B | 934.36M | 739.08M | 746.69M | 686.71M | 616.49M |
| EBITDA Margin % | 37.56% | 38.61% | 38.32% | 38.4% | 35.11% | 35.83% | 33.43% | 33.74% | 32.62% | 27.35% | 23.8% | 26.16% | 24.86% | 26.4% |
| EBITDA Growth % | 2.38% | 7.83% | 11.62% | 28.14% | 16.92% | 32.3% | -8.99% | 13.9% | 19.42% | 26.42% | -1.02% | 8.73% | 11.39% | - |
| D&A (Non-Cash Add-back) | 585.81M | 661.94M | 666.78M | 662.3M | 546.23M | 455.99M | 426.64M | 351.95M | 288.75M | 160.1M | 143.66M | 274.76M | 288.98M | 270.25M |
| EBIT | 2.16B | 2.1B | 1.93B | 1.63B | 1.23B | 1.07B | 712.61M | 919.73M | 825.96M | 779.42M | 596.85M | 450.85M | 398.23M | 366.4M |
| Net Interest Income | -21.3M | -20.75M | -15.32M | -10.3M | -49.62M | -33.26M | -49.09M | -42.08M | -23.56M | -29.26M | -27.73M | -10.15M | 8.77M | 2.85M |
| Interest Income | 15.06M | 20.42M | 31.49M | 25.81M | 4.58M | 5.14M | 1.13M | 5.81M | 2.12M | 6.44M | 2.68M | 6.53M | 7.11M | 2.43M |
| Interest Expense | 36.36M | 41.17M | 46.81M | 36.12M | 54.2M | 38.4M | 50.22M | 47.89M | 25.68M | 35.7M | 30.41M | 16.68M | 0 | 0 |
| Other Income/Expense | -47.61M | -33.51M | -2.99M | -27.78M | -64.99M | -31.92M | -62.92M | -43.55M | -24.09M | -28.1M | -28.07M | -37.77M | 503K | 20.16M |
| Pretax Income | 2.13B | 2.06B | 1.89B | 1.6B | 1.18B | 1.04B | 667.03M | 875.36M | 802.94M | 746.16M | 567.35M | 434.17M | 398.23M | 366.4M |
| Pretax Margin % | 28.94% | 28.88% | 28.29% | 26.84% | 23.11% | 24.4% | 19.28% | 23.24% | 23.48% | 21.84% | 18.27% | 15.21% | 14.42% | 15.69% |
| Income Tax | 489.5M | 464.12M | 363.04M | 344.9M | 238.47M | 209.09M | 58.16M | 176.66M | 16.32M | 208.76M | 167.63M | 144.12M | 133.22M | 120.3M |
| Effective Tax Rate % | 23.01% | 22.49% | 19.22% | 21.52% | 20.25% | 20.06% | 8.72% | 20.18% | 2.03% | 27.98% | 29.55% | 33.19% | 33.45% | 32.83% |
| Net Income | 1.64B | 1.6B | 1.52B | 1.25B | 932.61M | 830.77M | 607.82M | 695.82M | 784.68M | 535.39M | 398.76M | 287.82M | 261.37M | 240.77M |
| Net Margin % | 22.25% | 22.35% | 22.79% | 20.97% | 18.3% | 19.45% | 17.57% | 18.47% | 22.94% | 15.67% | 12.84% | 10.08% | 9.46% | 10.31% |
| Net Income Growth % | 2.55% | 4.93% | 21.55% | 34.25% | 12.26% | 36.68% | -12.65% | -11.32% | 46.56% | 34.26% | 38.55% | 10.12% | 8.55% | - |
| Net Income (Continuing) | 1.64B | 1.6B | 1.53B | 1.26B | 939.29M | 833.14M | 608.88M | 698.71M | 786.63M | 537.4M | 399.72M | 290.05M | 265.01M | 246.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.23M | 7.85M | 9.29M | 9.73M | 9.63M | 5.52M | 4.92M | 6.73M | 5.12M | 5.26M | 4.81M | 5.72M | 8.7M | 26.78M |
| EPS (Diluted) | 9.27 | 8.96 | 8.46 | 6.90 | 5.09 | 4.50 | 3.28 | 3.71 | 4.14 | 2.82 | 2.11 | 1.52 | 1.38 | 1.27 |
| EPS Growth % | 3.82% | 5.91% | 22.61% | 35.56% | 13.11% | 37.2% | -11.59% | -10.39% | 46.81% | 33.65% | 38.82% | 10.14% | 8.66% | - |
| EPS (Basic) | - | 8.97 | 8.47 | 6.91 | 5.10 | 4.50 | 3.29 | 3.73 | 4.16 | 2.83 | 2.11 | 1.52 | 1.38 | 1.27 |
| Diluted Shares Outstanding | 176.43M | 178.32M | 179.99M | 181.51M | 183.07M | 184.72M | 185.38M | 187.53M | 189.39M | 189.76M | 188.95M | 188.92M | 188.92M | 188.92M |
| Basic Shares Outstanding | 176.23M | 178.57M | 179.74M | 181.22M | 182.84M | 184.45M | 184.81M | 186.77M | 188.61M | 188.61M | 188.92M | 188.92M | 188.92M | 188.92M |
| Dividend Payout Ratio | - | 66.34% | 28.91% | 26.25% | 26.76% | 19.27% | 34.24% | 27.69% | 16.96% | 22.41% | 21.79% | - | - | - |
Quick answers to the most common questions about buying RACE stock.
For fiscal year 2025, Ferrari N.V. (RACE) reported total revenue of $7.15B. This represents a 206.0% increase compared to $2.34B in 2013.
Ferrari N.V. (RACE) is profitable, generating $1.60B in net income for the fiscal year ending 2025 with a net profit margin of 22.3%.
Ferrari N.V. (RACE) reported an operating income of $2.10B, resulting in an operating profit margin of 29.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Ferrari N.V. (RACE) generated $3.69B in gross profit for the year, representing a gross profit margin of 51.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue growth deceleration risk
Growth Momentum Moderating
Ferrari's revenue growth has decelerated from double-digit rates in early 2024 to mid-single digits in recent quarters, with 2026Q2 showing 8.2% growth, according to reported financials.
The 10-quarter trend shows a clear slowdown: 2024Q1 grew 10.9%, 2024Q2 16.2%, but by 2025Q4 growth was only 3.8%, and 2026Q1 dipped to 3.2% before recovering to 8.2% in 2026Q2. This suggests the initial surge from new model launches and pent-up demand is fading, and the company may be entering a more mature phase of its product cycle. Investors should monitor whether upcoming model launches can reaccelerate growth or if the deceleration persists.
Premium Pricing Sustains Margins
Gross margin has remained remarkably stable around 50-52% over the past ten quarters, with 2026Q2 at 52.6%, reflecting Ferrari's pricing power and favorable mix, as per income statement data.
Despite revenue growth fluctuations, gross margin has not deviated more than 200 basis points, indicating that Ferrari can maintain pricing discipline even as volumes normalize. The slight uptick in 2026Q2 to 52.6% from 50.1% in 2025Q3 suggests a favorable product mix, possibly from higher-margin special series or personalization. This stability underscores the brand's ability to protect profitability, though investors should watch for any mix shift toward entry-level models that could compress margins.
Operating Leverage Evident in Margins
Operating margin expanded from 26.9% in 2024Q4 to 31.7% in 2026Q2, indicating that operating income is growing faster than revenue, as reported in quarterly financials.
While revenue grew only 8.2% year-over-year in 2026Q2, operating income grew at a faster clip, lifting operating margin by 480 basis points from the prior year's fourth quarter. This suggests that Ferrari is leveraging its fixed cost base effectively, with SG&A and R&D not scaling proportionally with revenue. The company appears to be benefiting from operational efficiency and cost discipline, which may continue to support margin expansion if revenue growth remains stable.
Clean Earnings with No SBC Distortion
Net income and EPS growth have closely tracked operating income, with no stock-based compensation reported, indicating high earnings quality, based on the provided income statement data.
EPS growth has been consistent with net income growth, and SBC is reported as zero across all quarters, which is unusual for a company of this size. This suggests that reported earnings are not being diluted by stock-based compensation, enhancing the quality of reported EPS. However, investors should verify this in the footnotes, as zero SBC may indicate a data gap rather than actual absence, but based on the data, earnings appear clean.
R&D and SG&A Discipline
R&D and SG&A expenses have remained relatively stable as a percentage of revenue, with R&D around 12-13% and SG&A around 8-10%, reflecting disciplined cost management, as per financial statements.
R&D spending has hovered between $204M and $246M per quarter, with no significant spikes, while SG&A has grown modestly from $124M in 2024Q1 to $187.8M in 2026Q2. This stability suggests Ferrari is managing its cost structure tightly, even as it invests in new models and technologies. The slight increase in SG&A in 2026Q2 may indicate higher marketing or distribution costs, but overall, cost discipline appears to be a key driver of margin stability.
Growth Deceleration Could Pressure Valuation
The sharp slowdown in revenue growth from 16.2% in 2024Q2 to 3.2% in 2026Q1 raises concerns about Ferrari's ability to sustain its premium valuation, as per reported quarterly data.
Short-sellers might argue that Ferrari's growth is normalizing to a lower trajectory, and with no new major model launches on the horizon, the current growth rate may not justify its high price-to-earnings multiple. Additionally, the company's reliance on personalization and limited editions to boost margins may have a ceiling, and any economic downturn could hit demand for luxury goods. While Ferrari's brand strength is undeniable, the deceleration in growth warrants close monitoring, as it could lead to multiple compression.