Ferrari's Q3: 33 Fewer Cars, 13% More Profit, and a Luce Sold Out for 2027

Ferrari has turned selling fewer cars into an art form. In the third quarter it shipped 3,368 cars, 33 fewer than a year earlier, and still grew revenue 7% to €1.896 billion, according to its results published on 3 November and summarised by CBT News. Operating profit rose 12% to €563 million and net profit 13% to €431 million.

The numbers that matter

• Earnings per share: €2.44, up from €2.14 a year earlier.
• Industrial free cash flow: €567 million, up 43%.
• Nine-month shipments: 10,170 cars, 318 fewer. The Americas fell by 193 and mainland China, Hong Kong and Taiwan by 176, while Europe, the Middle East, Africa and the rest of Asia-Pacific grew.
• New 2026 guidance: revenue of about €7.65 billion (from about €7.6 billion), earnings per share of at least €9.85 (from €9.68) and industrial free cash flow of up to €1.65 billion.

Where does the money come from? Mix and taste. The F80 hypercar led a richer model mix, and deliveries rose for the Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue, CBT News reported. On the earnings call, chief financial officer Antonio Picca Piccon said personalisations "surpassed 21% of total revenues from cars and spare parts", above the 20% target. He put F80 deliveries "within the region of 50 units" in the quarter.

The Luce: sold out before the test drive

The curious part is the Luce, Ferrari's first fully electric car. Chief executive Benedetto Vigna told analysts that the first example was auctioned at Pebble Beach "for the record amount of $40 million", that "by end of this year, we will have a few units on the road", and that "all the Luce that we plan to sell next year basically are all allocated", according to the call transcript published by The Motley Fool. Media test drives are planned for early 2027, before customers drive it, Benzinga reported.

Vigna also said the order book "enters 2028" and that Ferrari will "launch in the physical world two new models before the end of the year". He blamed the dip in mainland China on a model changeover there.

Most carmakers chase volume. Ferrari sells waiting time, and the wait is now more than a year long.

What it means if you want one

Shares rose about 2% on the day, to $411.79, Benzinga reported, with some analysts saying investors had hoped for a bigger guidance increase. For buyers, the message is simpler: allocations matter more than list prices, and a dealer relationship matters more than either. This is not investment advice; if you are weighing the shares, talk to a qualified adviser.