RACE financial statements

The full income statement, balance sheet, and cash-flow statement for Ferrari N.V. (RACE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 189.0M2018-12 187.9M2019-12 185.3M2020-12 184.7M2021-12 184.8M2022-12 183.1M2023-12 181.5M2024-12 180.0M2025-12 178.3M-5.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.09B YoY+11.9%	7.22B YoY+11.9%	6.46B YoY+20.5%	5.36B YoY+6.0%	5.05B YoY+28.1%
Cost of revenue	3.91B YoY+8.5%	3.60B YoY+11.2%	3.24B YoY+16.3%	2.79B YoY+13.2%	2.46B YoY+28.0%
Research & development	1.04B YoY+7.5%	967M YoY+1.5%	953M YoY+16.9%	815M YoY-10.3%	909M YoY+12.7%
Operating income	2.39B YoY+16.9%	2.04B YoY+16.8%	1.75B YoY+35.6%	1.29B YoY+1.4%	1.27B YoY+55.8%
Interest expense	242M YoY+53.6%	158M YoY-0.9%	159M YoY+13.5%	140M YoY+55.6%	90.2M YoY+33.7%
Pre-tax income	2.34B YoY+14.3%	2.04B YoY+17.9%	1.73B YoY+39.9%	1.24B YoY+0.4%	1.23B YoY+62.1%
Income tax	525M YoY+33.7%	393M YoY+5.3%	373M YoY+48.8%	251M YoY+1.4%	247M YoY+273.1%
	1.81B YoY+9.6%	1.65B YoY+21.4%	1.36B YoY+37.7%	988M YoY+0.2%	985M YoY+42.0%
Net income to common	1.81B YoY+9.7%	1.65B YoY+21.6%	1.35B YoY+38.1%	981M YoY-0.2%	983M YoY+41.8%
	$10.14 YoY+10.8%	$9.15 YoY+22.7%	$7.46 YoY+39.4%	$5.35 YoY+0.5%	$5.32 YoY+42.4%
EPS (basic)	$10.15 YoY+10.8%	$9.17 YoY+22.6%	$7.47 YoY+39.1%	$5.37 YoY+0.9%	$5.32 YoY+41.9%
	178M YoY-0.9%	180M YoY-0.8%	181M YoY-0.9%	183M YoY-0.9%	184M YoY-0.2%
	178M YoY-0.9%	180M YoY-0.8%	182M YoY-0.9%	183M YoY-0.9%	185M YoY-0.3%
Dividends per share	$3.36 YoY+27.1%	$2.64 YoY+35.1%	$1.96 YoY+36.7%	$1.43 YoY+39.8%	$1.02 YoY-20.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.67B YoY+8.2%	5.24B YoY+18.7%	4.41B YoY+4.7%	4.21B YoY+10.3%	3.82B YoY+1.4%
Cash & equivalents	1.72B YoY-5.1%	1.82B YoY+46.3%	1.24B YoY-16.1%	1.48B YoY-3.0%	1.53B YoY-8.5%
Inventory	1.31B YoY+15.3%	1.13B YoY+8.1%	1.05B YoY+46.0%	719M YoY+17.1%	614M YoY+8.8%
	11.3B YoY+14.2%	9.90B YoY+11.1%	8.91B YoY+7.6%	8.28B YoY+6.2%	7.80B YoY+1.6%
Property, plant & equipment	2.42B YoY+26.7%	1.91B YoY+9.4%	1.74B YoY+12.2%	1.55B YoY+1.1%	1.54B YoY+2.3%
Goodwill	922M YoY+12.6%	819M YoY-5.8%	869M YoY+3.8%	837M YoY-6.2%	892M YoY-7.3%
Total non-current assets	5.64B YoY+20.8%	4.67B YoY+3.8%	4.50B YoY+10.7%	4.07B YoY+2.2%	3.98B YoY+1.8%
	4.59B YoY+24.5%	3.69B YoY+8.8%	3.39B YoY+22.6%	2.76B YoY+10.3%	2.51B YoY+14.6%
Total equity incl. non-controlling	4.60B YoY+24.4%	3.70B YoY+8.7%	3.40B YoY+22.5%	2.77B YoY+10.4%	2.51B YoY+14.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.66B YoY+27.5%	2.08B YoY+12.3%	1.86B YoY+25.8%	1.48B YoY-2.8%	1.52B YoY+58.8%
Depreciation & amortization	338M YoY+4.3%	324M YoY+3.3%	314M YoY+14.9%	273M YoY+0.4%	272M YoY+9.5%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	662M YoY-45.0%	1.20B YoY+155.4%	471M YoY+70.9%	276M YoY-58.2%	660M YoY-38.7%
Long-term debt repaid	1.06B YoY+136.9%	445M YoY-45.2%	812M YoY+361.1%	176M YoY-80.0%	881M YoY+193.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	889M YoY+41.3%	629M YoY+26.2%	498M YoY+19.5%	417M YoY+52.6%	273M YoY+84.6%
Dividends paid	599M YoY+25.9%	476M YoY+33.9%	355M YoY+35.5%	262M YoY+38.5%	189M YoY-20.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	65.9B YoY-13.8%	76.5B YoY+23.4%	62.0B YoY+56.6%	39.6B YoY-17.2%	47.8B YoY+12.8%
P/E	36.4× YoY-21.4%	46.3× YoY-26.2%	62.8× YoY+56.2%	40.2× YoY-17.2%	48.5× YoY-20.6%
P/S	8.1× YoY-23.0%	10.6× YoY-8.5%	11.6× YoY+47.7%	7.8× YoY-17.2%	9.5× YoY-11.9%
P/B	14.4× YoY-30.8%	20.7× YoY-7.5%	22.4× YoY+41.9%	15.8× YoY-17.2%	19.1× YoY-1.6%
	2.7% YoY+27.2%	2.2% YoY+35.5%	1.6% YoY-36.0%	2.5% YoY+20.8%	2.1% YoY+25.9%
	0.91% YoY+46.1%	0.62% YoY+7.6%	0.58% YoY-13.5%	0.67% YoY+68.9%	0.40% YoY-29.2%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: RACE's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all RACE filings on SEC EDGAR → Not investment advice.