Ferrari N.V. (NYSE: RACE) stock rose Tuesday after the luxury automaker reported better-than-expected third-quarter results and raised its 2026 outlook. Stronger demand for personalized vehicles, a richer product mix and lower-than-expected currency headwinds supported growth.

Revenue rose 7% year over year to 1.896 billion euros ($2.18 billion), beating the analyst estimate of $2.11 billion. Earnings reached 2.44 euros ($2.81) per share, topping expectations of $2.66.

Personalization Drives Ferrari's Growth

Revenue from cars and spare parts increased 7%, driven by higher personalization and a richer sports car mix. Sponsorship, commercial and brand revenue rose 4%. However, lower Formula 1 commercial revenue partly offset the gains. Vehicle shipments slipped to 3,368 from 3,401 a year earlier.

EBITDA climbed 12% to 753 million euros, while the margin expanded 180 basis points to 39.7%. Net profit increased 13% to 431 million euros. Consolidated free cash flow reached 511 million euros, while industrial free cash flow totaled 567 million euros, up 43% year over year. Ferrari ended September with 219 million euros in net industrial cash, compared with 131 million euros in net industrial debt in June.

Ferrari Raises 2026 Outlook

Ferrari increased its 2026 revenue forecast to approximately 7.65 billion euros ($8.80 billion), up from 7.60 billion euros. Analysts expected $8.70 billion. The company also raised its adjusted earnings forecast to at least 9.85 euros ($11.34) per share from 9.68 euros, above the $11.10 consensus.

CEO Benedetto Vigna highlighted strong personalization demand, supported by the Ferrari 296 Speciale family and F80 deliveries. Ferrari's order book now extends into 2028, with two additional vehicle launches planned this year. Vigna also said geopolitical tensions have not materially affected demand, according to Bloomberg.

Ferrari's first fully electric car, the Luce, is already sold out for 2027, even before customers have had a chance to test-drive it. Vigna said initial deliveries will begin in the fourth quarter, with media test drives scheduled for early 2027, followed by customer test drives.

Analysts Weigh Higher Expectations

RBC Capital Markets analysts led by Tom Narayan described Ferrari's results as healthy and said the company's outlook leaves room for fourth-quarter upside, according to Bloomberg. However, he warned that investors had expected a larger guidance increase, according to CNBC. Berenberg analyst Michael Filatov also highlighted elevated expectations heading into the report.

Separately, Ferrari repurchased 176,262 shares for 61.5 million euros in October under its multiyear buyback program.

RACE Price Action: Ferrari shares were up 2.16% at $411.79 at the time of publication on Tuesday, according to market data.