Ferrari tops Wall Street's first-quarter expectations ahead of EV debut

Ferrari on Tuesday beat Wall Street's first-quarter earnings expectations and reconfirmed its guidance for the year, weeks ahead of the sports car maker revealing its first all-electric vehicle.

Here's how the company performed in the first quarter compared with average estimates compiled by LSEG:

Earnings per share: 2.33 euros ($2.72) adjusted vs. 2.27 euros expected

Revenue: 1.85 billion euros vs. 1.81 billion euros expected

Ferrari's revenue was up more than 3% compared with 1.79 billion euros during the first quarter of 2025, while its operating profit and adjusted earnings increased 1.1% and 4.2% year over year, respectively.

The company's 2026 guidance includes 7.5 billion euros in net revenue and an adjusted operating profit of at least 2.22 billion euros, or 9.45 euros adjusted EPS. Its industrial free cash flow is targeted at 1.5 billion euros or more for the year.

Those results were despite deliveries being down 4.4% year over year to 3,436 units, as the sports car maker said it slowed production to "ease the execution of the planned model change-over."

The company said deliveries "were not impacted by the surge of hostilities in the Middle East, as Ferrari leveraged its geographical allocation flexibility, bringing forward certain deliveries to other regions."

Ferrari's results come weeks before the scheduled debut of the Luce, its first fully electric vehicle, on May 25.

"With only twenty days to the world premiere of the Ferrari Luce, the sense of anticipation has never been so high. The Ferrari Luce brings together so much extraordinary technologies and the passion of so many people. It is the evidence of how tradition and innovation can come together to create something unique," Ferrari CEO Benedetto Vigna said in a statement Tuesday.

Vigna on a call with media Tuesday declined to disclose order details or expectations for the Luce other than saying that the debut event is "fully booked, actually overbooked." He said Ferrari expects to attract current and new owners with the company's first EV.

"So clearly there are expectations from everyone. We are very pleased. I think we did a good job, but at the end of the story, the client is the supreme judge," he said on the call.

Initial analyst reactions were positive on Ferrari's beat and the confirmed guidance for 2026. Ferrari stock was roughly flat following the results.