Ferrari continues to earn more money for every car sold, and could set a new record in 2025!

After Maserati then Lamborghininow it's the turn of Ferrari to announce its financial results for the first half of 2025. And while the Prancing Horse brand is in insolent health in terms of profitability, its share price has nevertheless undergone a sharp correction, a sign that investors remain alert to signs of a slowdown.

A historic fall on the stock market... despite solid figures

Last Thursday, Ferrari shares lost more than 12 % in a single session, the biggest one-day drop since the company's IPO nine years ago. This reaction was all the more surprising given that the automaker confirmed its forecasts for 2025.

The reason: the announcement of a price reduction on certain cars sold in the United States, once customs duties on European vehicles are reduced from 27.5 % to 15 %. Analysts are now focusing on second-half operating margins, against a backdrop of slowing deliveries and average prices.

Towards a record year in terms of volume

In the first six months of 2025, Ferrari delivered 7,087 cars. If the pace continues, the company will pass the symbolic 14,000-unit mark for the first time in a calendar year. This milestone is expected after three consecutive years of sales of around 13,000 cars.

Ferrari's targets for 2025 are dizzying:

• 14,000 cars delivered
• 7 billion euros in sales
• 1.6 billion euros net profit

Steadily rising earnings per car

The most impressive figure is unit profitability. Based on half-yearly sales and profits for 2025, Ferrari earns an average of €117,115 per car sold. A meteoric rise in less than 10 years:

Year	Sales	Sales (€ billions)	Earnings (€ billions)	Gain/car (€)
2025 (H1)	7 087	3,57	0,83	117 115
2024	13 752	6,67	1,52	110 400
2023	13 663	5,97	1,25	91 500
2022	13 221	5,09	0,939	71 000
2021	11 155	4,27	0,833	74 700
2020	9 119	3,46	0,609	66 800
2019	10 131	3,76	0,699	68 900

Even allowing for the fact that sales include other revenues (F1, merchandising, lifestyle activities...), over 85 % come directly from car sales. Of the €3.57 billion in sales for the first half of 2025, €3.04 billion will come from vehicles and parts.

The figures show that Ferrari continues to rely on an enriched product mix (SF90 XX, 12Cilindri, 499P Modificata, Purosangue...) and on customization, which is on the rise, particularly in North America. The order book already covers the full year 2026, proof that demand remains higher than supply.

Sales buoyed by Europe, the Americas solid, China in decline

In the first half of 2025, Ferrari generated sales of €3.57 billion, up from €3.29 billion in the same period of 2024.

Europe remains the main driving force:

• Italy: €268.2m, +18 % year-on-year
• Rest of EMEA: €1.49 bn, versus €1.32 bn last year
  • Germany: €299.9m (+5.7 1TP3Q)
  • United Kingdom: €320.4m (virtually stable)

The Americas posted moderate growth, to €1.13 billion (+8.9 1Q3Q), with the US market alone accounting for €988 million, up sharply year-on-year.

On the other hand, China, Hong Kong and Taiwan declined:

• All of China, Hong Kong, Taiwan: €244.3m (-12.8 1Q3Q)
• China alone: €176.9m (-14.9 1TP3Q)

The rest of Asia-Pacific remained stable at €429.3m (+2.2 1Q3Q).

This sales geography illustrates a trend already observed at Lamborghini: China is marking time, while Europe and North America are sustaining growth.

Why does the stock market punish in spite of everything?

The markets' negative reaction can be explained by two factors:

• Slower earnings growth
• Expected impact of US tariffs, which Ferrari has chosen to partially absorb

Investors want to know whether the brand will be able to maintain its record margins in a context where volume and price growth seem to be stalling.

When will Ferrari hit its glass ceiling?

Hard to say. In less than a decade, Ferrari has doubled its earnings per car and is poised to break new financial and commercial records in 2025. But in the long term, production capacity, the transition to electric vehicles, regulations and market sensitivity to the slightest variation in margins could define this famous ceiling. For now, Ferrari remains a model of profitability...