Ferrari delivered just over 13,500 vehicles in 2025, achieving improvements in net profit, cash flow, and revenue from racing activities, with the Formula 1 team celebrating strong commercial results. Shareholders will receive a dividend of €8.96 per share, while employees can earn bonuses of up to €14,900.
Despite delivering 112 fewer cars than the previous year, Ferrari reported a 5% increase in net profit and a remarkable 50% rise in industrial free cash flow. These figures come from the Italian manufacturer’s 2025 financial report, which also confirmed the launch date for the Ferrari Luce, the company’s first fully electric model. The unveiling is scheduled for 25 May in Rome, with orders opening two days later following the announcement of pricing. In addition to the Luce, Ferrari plans to release four more models in 2026.
“2025 was an extraordinary year for our company, a year of new beginnings and renewed commitments,” said Ferrari CEO Benedetto Vigna. Around 5,000 employees will receive a product bonus of up to €14,900, an increase from €14,400 in 2024.
Sales and new models
Last year, Ferrari sold 13,640 cars, a deliberately stable number to facilitate a significant model transition that will continue into 2026, according to the company statement. The 2025 product lineup saw the arrival of models including the 296 Speciale, 296 Speciale Aperta, Amalfi, 849 Testarossa, and 849 Testarossa Spider. Ferrari also showcased the technology that underpins the Luce electric model.
Geographically, the EMEA region (Europe, Middle East, and Africa) remained Ferrari’s largest market, with 6,346 deliveries, up 142 units from the previous year. The Americas followed with 3,937 vehicles, while the Asia-Pacific region accounted for 2,416 units. Deliveries to China, Hong Kong, and Taiwan totaled 941 cars, down 221 units. CEO Benedetto Vigna explained, “We need to distinguish between China and Taiwan. In China, there is a punitive tax regime for 12-cylinder engines. Our portfolio is more aligned with Taiwan and other global markets, and the 2024-25 offering did not meet the demand of Chinese customers.”
Financial performance
Ferrari posted a net profit of €1.6 billion, a 5% increase over 2024. Industrial free cash flow surged to €1.538 billion, a 50% increase year-on-year. Free cash flow represents consolidated cash flows from operations minus investments in property, plant, machinery, and intangible assets. Industrial free cash flow is adjusted to exclude operating cash flow from financial services activities. Net debt fell sharply to €32 million from €180 million at the end of 2024. Total net revenue increased by 8% to €7.146 billion, including €6.005 billion from vehicle and spare parts sales. Diluted net profit per share reached €8.96 compared to €8.46 the previous year.
Formula 1 revenue growth
In Formula 1, Ferrari reported that “revenues from racing activities in 2025 further increased thanks to new sponsorship deals, reflecting Ferrari’s appeal in this sector. Commercial revenue from Formula 1 also rose during the year, benefiting from a better positioning in the 2024 season compared to the previous year.” Sponsorship, commercial, and brand-related revenues exceeded €800 million, up 22%, primarily driven by sponsorship contributions, lifestyle activities, and improved commercial revenue linked to Ferrari’s stronger championship position in the prior F1 season.
Goals for 2026
Looking ahead, Ferrari CFO Antonio Picca Piccon stated during the financial presentation, “In 2026 we will launch four new products in addition to completing the presentation of the electric Luce on 25 May in Rome.” Key targets for the year include a positive contribution from product mix and personalization options, increased revenue from racing activities primarily through sponsorships, growth in lifestyle-related revenue streams, a slightly negative currency impact (after hedging), and strong industrial free cash flow driven by high profitability.
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