Ferrari 2024: €6.68B revenue (up 11.8%), 13,752 units shipped, 28.3% operating margin, and a non-automotive CEO (Benedetto Vigna, from STMicroelectronics)
Ferrari N.V. (NYSE: RACE, BIT: RACE) reported full-year 2024 net revenues of €6.68 billion, up 11.8% year-on-year. Total shipments reached 13,752 units. Operating profit reached €1.89 billion, with an operating margin of 28.3%. Net profit was €1.53 billion, diluted EPS €8.46. EBITDA reached €2.55 billion (38.3% margin). Industrial free cash flow generation: €1.03 billion. CEO Benedetto Vigna — who took the role on September 1, 2021 after a career at STMicroelectronics where he had led the Analog, MEMS and Sensors Group — emphasized on the 2024 earnings call that the result reflected 'quality of revenues over volumes,' driven by strong product mix and demand for personalizations. The new Ferrari F80 supercar launched during 2024 alongside the inauguration of Ferrari's e-building manufacturing facility and the new E-Cells Lab for electrochemical research. Ferrari is preparing for a Capital Markets Day on October 9, 2025.
- Story: Ferrari N.V. (NYSE/BIT: RACE) reported full-year 2024 net revenues of €6.677 billion, up 11.8% year-on-year, on 13,752 unit shipments. Operating profit reached €1.888 billion at a 28.3% operating margin — among the highest in the global automotive industry. Net profit was €1.526 billion (diluted EPS €8.46). EBITDA reached €2.555 billion at 38.3% margin. Industrial free cash flow: €1.027 billion. CEO Benedetto Vigna, who took the role on September 1, 2021 from STMicroelectronics, emphasized 'quality of revenues over volumes' on the 2024 earnings call.
- Why it matters: Per-unit average revenue of approximately €486K (€6.677B / 13,752 units) reflects Ferrari's structural pricing discipline plus high attach rates on personalization options. The new Ferrari F80 supercar launched during 2024 alongside the inauguration of Ferrari's e-building manufacturing facility and the new E-Cells Lab for electrochemical research — both preparation steps for the upcoming first all-electric Ferrari.
- Takeaway: Vigna's background is in semiconductors (President of STMicroelectronics's Analog, MEMS and Sensors Group since 2016), not automotive — the unusual hire signaled Ferrari's intent to focus on technology platforms.
- Takeaway: Capital Markets Day scheduled for October 9, 2025 at Maranello — where specific EV launch timing, pricing, and naming will likely be detailed.
- Takeaway: Ferrari is structured as a publicly listed company on NYSE and Borsa Italiana, with Exor N.V. (Agnelli family) as the largest shareholder.
Ferrari under Benedetto Vigna
Ferrari 2024 financials
Quick facts
2024 full-year financial performance
Ferrari reported 2024 full-year net revenues of €6.677 billion, up 11.8% versus 2023. Operating profit of €1.888 billion implies an operating margin of 28.3%, up from 27.4% the prior year. Net profit was €1.526 billion. Total shipments reached 13,752 units. Diluted earnings per share was €8.46. EBITDA was €2.555 billion at a 38.3% margin. Industrial free cash flow generation reached €1.027 billion. The company exceeded all 2024 targets it had set itself and reiterated guidance for continued growth in 2025.
- Per-vehicle economics: Net revenue of €6.677 billion on 13,752 shipments works out to approximately €486K per unit average revenue — Ferrari's structural pricing discipline plus high attach rates on personalization options.
- Operating margin sustainability: 28.3% operating margin is among the highest in the automotive industry globally, structurally distinct from mass-market luxury automakers like Mercedes or BMW.
- Capital-allocation pattern: €1.027 billion of industrial free cash flow against €1.526 billion net profit — Ferrari is converting roughly two-thirds of earnings into deployable cash, the kind of capital efficiency that supports both R&D investment and shareholder returns.
- Capital Markets Day on October 9, 2025: Ferrari has scheduled a formal investor day in Maranello at which longer-term targets and the EV launch trajectory are expected to be detailed.
Vigna's unusual background and the technology pivot
Benedetto Vigna's appointment to Ferrari CEO on September 1, 2021 was unusual for the company: his background is in semiconductors, not automobiles. He had been President of STMicroelectronics's Analog, MEMS and Sensors Group since 2016 and had joined ST in 1995 — where he founded the company's MEMS (micro-electromechanical systems) activities and contributed to ST's three-axis gyroscope work that became the technology behind smartphone screen-orientation sensors. Vigna replaced Louis Camilleri, who had retired in December 2020. The appointment was widely read as a signal that Ferrari's strategic future depends on technology platforms (software, batteries, electronics) as much as on the historical engine craftsmanship.
The F80 supercar, e-building, and Ferrari's EV roadmap
Ferrari's 2024 also included the launch of the F80 supercar — the new flagship of Ferrari's limited-series-supercar program — and the inauguration of two important facilities in Maranello: the 'e-building' (which will produce Ferrari's electric and hybrid models) and the 'E-Cells Lab' (an R&D facility for electrochemical research). Ferrari has previously stated its intent to launch its first fully-electric Ferrari and has framed 2024-2025 as the buildup period for that launch. Specific 2026 EV details — naming, pricing, volume — are expected to be detailed at the October 9, 2025 Capital Markets Day in Maranello rather than disclosed piecemeal.
Frequently asked questions
How big was Ferrari in 2024?
€6.677 billion in net revenues, 13,752 shipments, €1.888 billion in operating profit (28.3% margin), €1.526 billion in net profit, €2.555 billion EBITDA (38.3% margin), and €1.027 billion in industrial free cash flow. Per-unit average revenue: approximately €486K.
Who runs Ferrari and what is their background?
CEO Benedetto Vigna took the role on September 1, 2021. He came from STMicroelectronics, where he had been President of the Analog, MEMS and Sensors Group since 2016 (having joined ST in 1995). His background is in semiconductors and motion-sensor technology, not in traditional automotive — an unusual appointment that was read as a signal of Ferrari's intent to focus on technology platforms and electrification.
When did Ferrari launch its first EV?
As of the 2024 full-year results, Ferrari's first fully-electric model had not yet launched. The 2024 results referenced the inauguration of the e-building manufacturing facility and the new E-Cells Lab as preparation for the EV launch. Specific timing, pricing, and naming details for the first Ferrari EV are expected to be detailed at the October 9, 2025 Capital Markets Day in Maranello.
What is the F80?
The Ferrari F80 is the new flagship of Ferrari's limited-series-supercar program, launched during 2024. It is a high-end, low-volume hypercar in the tradition of Ferrari's most exclusive halo products. Specific pricing and production volume were not detailed in the 2024 results release.
Is Ferrari publicly traded?
Yes — Ferrari N.V. is listed on both NYSE (RACE) and Borsa Italiana (RACE). Exor N.V., the holding company controlled by the Agnelli family, remains a significant shareholder. Ferrari was spun off from Fiat Chrysler (now Stellantis) and began trading independently in October 2015 on the NYSE and January 2016 on the Italian exchange.
Sources & references
- Ferrari N.V. Form 6-K — Full-Year 2024 Results (SEC, February 4, 2025) — Primary source for all 2024 financial figures and operational milestones cited.
- Ferrari N.V. Form 6-K — Q3 2024 Results (SEC) — Q3 2024 quarterly results filing.
- Ferrari N.V. Form 6-K — Q2 2024 Results (SEC) — Q2 2024 quarterly results filing.
- Ferrari appoints Benedetto Vigna as Chief Executive Officer (Ferrari press release) — Ferrari's own announcement of the Vigna appointment, including effective date and prior role.
- Ferrari appoints STMicroelectronics exec Benedetto Vigna as new CEO (CNBC, June 9, 2021) — CNBC coverage of the appointment with Vigna career background.
- Executive Officers (Ferrari corporate site) — Ferrari's current executive team listing.