Ferrari
RACE · NYSEMotor Vehicles & Passenger Car Bodies · Fiscal year ends Dec 31 · Reports in EUR
Ferrari reported revenue of EUR 7.1B in the fiscal year ended Dec 2025, up 7.0% from the year before. Operating income was EUR 2.1B, an operating margin of 29.5%, and net income was EUR 1.6B. Operating cash flow of EUR 2.3B less capital expenditure of EUR 485M left free cash flow of EUR 1.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | EUR 4.3B | EUR 5.1B | EUR 6B | EUR 6.7B | EUR 7.1B |
| Cost of revenue | EUR 2.1B | EUR 2.6B | EUR 3B | EUR 3.3B | EUR 3.5B |
| Gross profit | EUR 2.2B | EUR 2.4B | EUR 3B | EUR 3.3B | EUR 3.7B |
| Research & development | EUR 768M | EUR 776M | EUR 882M | EUR 894M | EUR 919M |
| Selling, general & admin | EUR 348M | EUR 428M | EUR 463M | EUR 561M | EUR 642M |
| Operating income | EUR 1.1B | EUR 1.2B | EUR 1.6B | EUR 1.9B | EUR 2.1B |
| Interest expense | EUR 17M | EUR 27M | EUR 61M | EUR 88M | EUR 99M |
| Pre-tax income | EUR 1B | EUR 1.2B | EUR 1.6B | EUR 1.9B | EUR 2.1B |
| Income tax | EUR 209M | EUR 238M | EUR 345M | EUR 363M | EUR 464M |
| Net income | EUR 833M | EUR 939M | EUR 1.3B | EUR 1.5B | EUR 1.6B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | EUR 1.3B | EUR 1.4B | EUR 1.1B | EUR 1.7B | EUR 1.5B |
| Inventory | EUR 541M | EUR 675M | EUR 949M | EUR 1.1B | EUR 1.1B |
| Current assets | EUR 3.4B | EUR 4B | EUR 4B | EUR 5B | EUR 4.8B |
| Net PP&E | EUR 1.4B | EUR 1.5B | EUR 1.6B | EUR 1.8B | EUR 2.1B |
| Goodwill | EUR 785M | EUR 785M | EUR 785M | EUR 785M | EUR 785M |
| Total assets | EUR 6.9B | EUR 7.8B | EUR 8.1B | EUR 9.5B | EUR 9.6B |
| Shareholders' equity | EUR 2.2B | EUR 2.6B | EUR 3.1B | EUR 3.5B | EUR 3.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | EUR 1.3B | EUR 1.4B | EUR 1.7B | EUR 1.9B | EUR 2.3B |
| Capital expenditure | EUR 352M | EUR 348M | EUR 382M | EUR 482M | EUR 485M |
| Free cash flow | EUR 930M | EUR 1.1B | EUR 1.3B | EUR 1.4B | EUR 1.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.3% | 17.2% | 11.8% | 7.0% |
| Operating income growth (YoY) | – | 14.1% | 31.8% | 16.7% | 11.8% |
| Gross margin | 51.3% | 48.0% | 49.8% | 50.1% | 51.7% |
| Operating margin | 25.2% | 24.1% | 27.1% | 28.3% | 29.5% |
| Net margin | 19.5% | 18.4% | 21.1% | 22.9% | 22.4% |
| Return on equityBlank when equity is negative | 37.8% | 36.2% | 41.1% | 43.2% | 40.9% |
| Free cash flow margin | 21.8% | 20.7% | 22.4% | 21.6% | 26.1% |
| Cash conversion (CFO ÷ net income) | 1.54x | 1.49x | 1.37x | 1.26x | 1.47x |
| Inventory days | 95 | 93 | 116 | 119 | 118 |
| Interest cover | 64.6x | 45.2x | 26.6x | 21.4x | 21.3x |
More in Motor Vehicles & Passenger Car Bodies
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.