Ferrari raised its 2026 guidance Tuesday after delivering third quarter results that slightly exceeded Wall Street expectations. The sports car maker lifted several major targets while reporting adjusted earnings and revenue above average estimates compiled by LSEG.
Adjusted earnings per share came in at 2.44 euros, or $2.77, compared with the 2.37 euros analysts expected. Revenue reached 1.9 billion euros, narrowly topping the 1.89 billion euro estimate.
The results gave Ferrari another opportunity to raise its outlook after it had already increased guidance in the previous quarter. Tuesday’s revision marked the second consecutive quarter in which the automaker boosted its expectations for 2026.
Ferrari now expects revenue of 7.65 billion euros, up from its previous guidance of 7.6 billion euros. The increase was modest, but it accompanied higher forecasts across earnings, adjusted earnings per share and industrial free cash flow.
The company raised its adjusted earnings before interest, taxes, depreciation and amortization forecast to 3 billion euros. Ferrari previously expected that measure to reach 2.97 billion euros.
Adjusted earnings per share are now expected to reach at least 9.85 euros, compared with the prior forecast of at least 9.68 euros. That revision followed the third quarter adjusted earnings beat reported Tuesday.
Ferrari also upgraded its expectations for industrial free cash flow to as much as 1.65 billion euros. Its previous outlook called for industrial free cash flow of at least 1.55 billion euros.
The stronger financial expectations arrived even as Ferrari reported lower vehicle shipments through the first nine months of the year. The company shipped 10,170 vehicles during that period, representing 318 fewer units than a year earlier.
Fewer shipments to the Americas contributed to the decline. Ferrari also reported lower shipments to China, Hong Kong and Taiwan, although revenue and earnings increased despite the reduction in total vehicles shipped.
Ferrari attributed the improved guidance to customer personalizations that were stronger than expected and currency headwinds that were lower than anticipated. The company also cited a second place finish in the Formula 1 championship.
Chief Executive Benedetto Vigna highlighted Ferrari’s order book, upcoming launches and continuing efforts to strengthen its relationships with clients and partners in a company release.
“Our order book now reaches into 2028, and we still have two more launches to come this year. In addition, we continue to create engaging events around the world to further tighten the bonds with our clients and partners across Racing, Sports Cars and Lifestyle,” Vigna said.
RBC Capital Markets analyst Tom Narayan described Ferrari’s results as largely in line with Wall Street expectations. He said shares could face slight pressure because some investors had hoped the company would deliver a larger guidance increase.
Narayan nevertheless said he expected the reaction to improve once investors recognized that the results were healthy. The stock initially declined following the report, then reversed direction and moved into positive territory.
Ferrari’s United States shares were up roughly 2% during premarket trading after the early decline. The reversal followed a quarter in which revenue and adjusted earnings per share topped estimates, while management raised its 2026 targets for the second consecutive quarter.
The latest forecast pairs higher revenue, earnings and industrial free cash flow expectations with an order book extending into 2028. It also comes despite the year to date shipment decline led by fewer deliveries across the Americas, China, Hong Kong and Taiwan.