Ferrari Raises 2026 Revenue and Earnings Targets After Q3 Beat

Ferrari, the Italian luxury sports car manufacturer, is increasing its financial projections for 2026 following a third quarter that slightly outperformed market estimates. The company announced the upgrade on Tuesday, marking the second consecutive period where it has raised its annual targets. This move reflects internal confidence in the brand's financial trajectory, even as recent delivery numbers show a modest decline.

In the third quarter, Ferrari reported adjusted earnings per share of 2.44 euros, or approximately 2.77 dollars. This figure exceeded the average analyst expectation of 2.37 euros. Revenue for the period reached 1.9 billion euros, surpassing the projected 1.89 billion euros. These figures were benchmarked against LSEG data to assess performance relative to Wall Street consensus.

Based on these quarterly results, the automaker updated its full year 2026 guidance. Revenue targets were increased to 7.65 billion euros, up from the previous goal of 7.6 billion euros. Adjusted earnings before interest, taxes, depreciation, and amortization were raised to 3 billion euros, an increase from the earlier estimate of 2.97 billion euros. The company also lifted its adjusted earnings per share target to at least 9.85 euros, compared to the prior forecast of at least 9.68 euros.

Expectations for industrial free cash flow were also upgraded. The new target is a high of 1.65 billion euros, rising from a previous floor of 1.55 billion euros. Ferrari attributed the improved outlook to several factors, including stronger than anticipated customer personalization orders. The company noted that currency headwinds were less severe than initially projected. Its second place finish in the Formula 1 championship was also cited as a key contributor to the positive financial shift.

Vehicle shipments for the first nine months of 2026 totaled 10,170 units. This represents a decrease of 318 units compared to the same period in the previous year. The drop in delivery volumes was primarily driven by lower sales in the Americas. It also reflected reduced demand in the combined regions of China, Hong Kong, and Taiwan.

CEO Benedetto Vigna stated that the order book now extends into 2028. He noted that two more vehicle launches are scheduled for the remainder of the current year. Vigna emphasized the company's ongoing efforts to strengthen relationships with clients and partners through events across the Racing, Sports Cars, and Lifestyle sectors.

Market analysts viewed the results as consistent with broader expectations. Tom Narayan, an analyst at RBC Capital Markets, stated that the performance was largely in line with Wall Street forecasts. He suggested that shares might face slight short term pressure because some investors had hoped for a more substantial increase in guidance. Narayan expects sentiment to improve as investors recognize the health of the underlying results.

Ferrari's stock price on its U.S. listing reflected a mixed initial reaction to the news. The shares declined briefly after the announcement before reversing course. By midday trading on Tuesday, the stock had recovered to gain roughly 4 percent.