Ferrari N.V. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ferrari N.V. files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,105	3,417	3,420	3,767	3,460	4,271	5,095	5,970	6,677	7,146
Cost of revenue	1,580	1,651	1,623	1,805	1,686	2,081	2,649	2,996	3,329	3,453
Gross profit	1,525	1,766	1,797	1,961	1,773	2,190	2,446	2,974	3,347	3,693
Research and development	614	657	643	699	707	768	776	882	894	919
Selling, general and administrative	295	329	327	343	336	348	428	463	561	642
General and administrative	149	156	160	170	164	180	201	226	273	293
Operating income	595	775	827	917	716	1,075	1,227	1,617	1,888	2,110
Interest expense	46.6	50	43.9	66.6	59.2	76.3	133	147	146	214
Interest income	60.9	56.7	54.8	72.2	67	43	83.9	132	147	168
Pre-tax income	567	746	803	875	667	1,042	1,178	1,602	1,889	2,064
Income tax	168	209	16.3	177	58.2	209	238	345	363	464
Net income to minority interests	0.96	2	1.95	2.89	1.06	2.37	6.68	5.41	4.04	2.6
Net income	399	535	785	696	608	831	933	1,252	1,522	1,597
EPS, basic	2.11	2.83	4.16	3.73	3.29	4.50	5.11	6.91	8.47	8.97
EPS, diluted	2.11	2.82	4.14	3.71	3.28	4.50	5.09	6.90	8.46	8.96

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	458	648	794	898	1,362	1,344	1,389	1,122	1,742	1,468
Inventory	324	394	391	420	461	541	675	949	1,088	1,114
Total current assets	1,887	2,081	2,477	2,641	3,076	3,364	3,953	3,986	5,020	4,824
Property, plant and equipment	669	710	851	1,070	1,227	1,353	1,458	1,575	1,829	2,058
Lease right-of-use assets			64.3	57.8	59.7	53.8	54.1	68.3	116	146
Goodwill	785	785	785	785	785	785	785	785	785	785
Intangible assets	354	440	646	838	979	1,138	1,307	1,420	1,546	1,638
Total assets	3,850	4,141	4,852	5,446	6,262	6,864	7,766	8,051	9,497	9,628
Total liabilities	3,520	3,357	3,498	3,959	4,473	4,652	5,163	4,981	5,954	5,714
Total debt	1,848	1,806	1,927	2,090	2,725	2,630	2,812	2,477	3,352	2,884
Paid-in capital	5,889	5,769	5,769	5,769	5,769	5,769	5,769	5,769	5,769	5,769
Shareholders' equity	325	779	1,349	1,481	1,785	2,206	2,593	3,061	3,534	3,907
Minority interests	4.81	5.26	5.12	6	4.02	5.52	9.63	9.73	9.29	7.85
Total equity	330	784	1,354	1,487	1,789	2,211	2,602	3,071	3,543	3,915
Total liabilities and equity	3,850	4,141	4,852	5,446	6,262	6,864	7,766	8,051	9,497	9,628

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	400	537	787	699	609	833	939	1,257	1,526	1,600
Cash from operations	1,005	663	934	1,306	838	1,283	1,403	1,717	1,927	2,349
Capital expenditures	-176	-189	-301	-352	-357	-352	-348	-382	-482	-485
Cash from investing	-320	-379	-637	-701	-708	-733	-805	-866	-987	-944
Debt issued		972	205	629	944	558	262	436	1,113	585
Debt repaid		-935	-122	-549	-264	-745	-168	-751	-412	-933
Dividends paid						-160	-250	-329	-440	-532
Cash from financing	-411	-85.1	-152	-502	340	-580	-554	-1,109	-325	-1,667
Exchange rate effect	1.23	-8.37	0.95	0.79	-5.41	11.4	0.38	-7.7	5.45	-12.5
Net change in cash	275	190	146	104	464	-18.3	44.8	-267	620	-275
Free cash flow	830	474	633	954	481	930	1,056	1,335	1,444	1,864
Income taxes paid	252	215	87.7	33.5	91.1	109	305	292	410	386

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	51.7%	Gross profit / revenue.
Operating margin	29.5%	Operating income / revenue.
Pre-tax margin	28.9%	Pre-tax income / revenue.
Net margin	22.3%	Net income / revenue.
FCF margin	26.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	32.9%	Cash from operations / revenue.
Effective tax rate	22.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	42.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.7%	Net income / average total assets.
Return on invested capital (ROIC)	31.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.9%	Research and development expense / revenue.
SG&A / revenue	9.0%	Selling, general and administrative expense / revenue.
Capex / revenue	6.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	19.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	24.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	5.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	21.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	29.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	20.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	31.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.0%	Total debt / total assets.
Liabilities / assets	59.3%	Total liabilities / total assets.
Net debt	€1.42B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	9.85x	Operating income / interest expense.
Goodwill and intangibles / assets	25.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	€1.48B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.75x	Revenue / average total assets.
Fixed asset turnover	3.68x	Revenue / average property, plant and equipment.
Inventory turnover	3.14x	Cost of revenue / average inventory.
Days inventory	116 days	365 x average inventory / cost of revenue.
FCF conversion	116.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	20.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€8.96	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€8.97	Net income per basic share, as reported (split-adjusted).
Payout ratio	33.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	28.5%	Dividends paid / free cash flow, when free cash flow is positive.

What was Ferrari N.V.'s revenue in fiscal 2025?

Ferrari N.V. reported revenue of €7.15B for fiscal 2025, 7% higher than the year before.

Was Ferrari N.V. profitable in fiscal 2025?

Yes. Net income was €1.60B, a net margin of 22.3%.

How much free cash flow did Ferrari N.V. generate in fiscal 2025?

Cash from operations of €2.35B minus capital expenditures of €485.2M left free cash flow of €1.86B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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