Ferrari (RACE) Stock Slides After Q1 Earnings Beat as Middle East War Hits Shipments

TLDR

• Ferrari beat Q1 earnings with EPS of €2.33 vs €2.30 expected and revenue of €1.85 billion vs €1.82 billion expected
• Q1 shipments fell to 3,436 units, down 157 year-over-year, due to Middle East conflict disrupting EMEA deliveries
• Ferrari offset the disruption by moving deliveries forward to other regions
• Full-year 2026 guidance confirmed: revenue of ~€7.5 billion and adjusted EPS of €9.45
• RACE stock slipped 0.8% ahead of Tuesday’s open and is down 29% over the past 12 months

Ferrari beat Wall Street’s expectations in Q1 2026, but the numbers came with an asterisk — the Iran conflict dented deliveries in the Middle East, one of the brand’s key markets.

The company posted revenue of €1.85 billion, up 3% year-over-year, beating the €1.82 billion consensus. Adjusted EPS came in at €2.33, ahead of the €2.30 forecast.

RACE stock slipped 0.8% to $336.21 in pre-market trading on Tuesday. The stock is down 29% over the past 12 months.

Ferrari N.V., RACE

EBITDA came in at €722 million, up 4% from last year. The EBITDA margin hit 39.1%, which Ferrari says is industry-leading.

Q1 shipments totaled 3,436 units, down from 3,593 in the same period a year ago. Wall Street had been expecting 3,473. EMEA shipments dropped 243 units year-over-year to 1,458.

Ferrari said the shortfall was deliberate, to a degree. The company cited both the ongoing Middle East conflict and a planned model changeover as factors behind the dip.

Some investors may be concerned that pulling forward deliveries into Q1 could leave fewer cars to ship in Q2, which could weigh on second-quarter results.

Order Book Extends Into 2027

CEO Benedetto Vigna was upbeat. He pointed to stronger personalization revenue and a healthy order book as reasons for confidence.

Ferrari’s full-year guidance remains: net revenue of approximately €7.5 billion, up around 5% from last year, and adjusted EBITDA of €2.93 billion. Adjusted EPS is forecast at €9.45.

The revenue mix helped offset the lower unit count. More high-margin sports cars — including the 12Cilindri family, the Purosangue, and the SF90 XX family — were delivered in the quarter. The 296 family and Roma Spider declined in line with their model lifecycles.

Ferrari Luce EV Premiere Approaching

The earnings report lands just 20 days before Ferrari premieres the Luce, its first fully-electric sports car. Ferrari unveiled the chassis, motor, and battery pack last October, though the event was overshadowed by cautious sales guidance at the time.

Ferrari plans to reveal four new models in 2026, with the Luce as the headline act.

Trump’s renewed tariff threats against the EU remain a potential headwind for the Italian brand. Ferrari has not yet revised guidance to account for any new tariffs.

Global Ferrari sales fell slightly in the full year 2025, to 13,640 units, which Ferrari described as a deliberate result of model transitions that will carry into 2026.

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