Ferrari sold slightly fewer cars this summer but made more money on each one, thanks to the F80 and buyers spending more than ever on options. It raised its 2026 outlook again, says orders now run into 2028, and promised two new models in the metal before the end of the year. One of them is expected to be the 296 Challenge Stradale, due to be revealed later in November.
Ferrari says it will show two new models in person before the end of 2026, and that its order book now reaches into 2028. CEO Benedetto Vigna made both points on Nov 3, when Ferrari reported its July-to-September results (Ferrari press release). He didn't name either car. One of them is expected to be the 296 Challenge Stradale, a road car based on the 296 Challenge race car, and The Supercar Blog reports it is expected to be revealed on Nov 21, 2026, at Ferrari's Finali Mondiali in Barcelona (The Supercar Blog). Ferrari hasn't confirmed the car or the date. We look at both launches in our story on the two new models. "Just wait a few more weeks and you will have a better understanding of what we are planning to do," Vigna told analysts on the earnings call (call transcript).
The numbers behind that confidence are strong. Ferrari delivered 3,368 cars in the quarter, 33 fewer than a year earlier, but revenue rose 7% to €1.896 billion and operating profit rose 12% to €563 million. It raised its full-year outlook for the second quarter in a row (CNBC).
Ferrari is in the middle of a big model changeover, and the quarter shows it. According to the press release, deliveries of the Amalfi, 296 Speciale, 12Cilindri Spider and Purosangue rose, the 849 Testarossa and 296 Speciale Aperta kept ramping up, and the first 849 Testarossa Spiders reached customers. Three cars reached the end of production: the Roma Spider, the 296 GTS and the SF90 XX coupe and Spider.
Two things did most of the work on profit:
Ferrari also said a carbon-fiber supply shortage that once limited how much custom work it could do is no longer holding it back, and that its new in-house paint shop is nearly finished (call transcript).
Ferrari's own figures show the drop came almost entirely from China. Shipments to mainland China, Hong Kong and Taiwan fell from 248 to 143 cars in the quarter. The Americas were flat at 1,050 cars against 1,045 a year earlier, Europe, the Middle East and Africa rose to 1,487, and the rest of Asia-Pacific rose to 688 (Ferrari press release).
Over the first nine months, Ferrari shipped 10,170 cars, 318 fewer than in 2025, with the Americas down 193 (CNBC). Vigna blamed the changeover, saying new models go to markets closest to Maranello first before rolling out worldwide, and he told analysts that fourth-quarter deliveries will be up on last year.
Ferrari now expects about €7.65 billion in revenue for 2026, up from about €7.6 billion, and earnings of at least €9.85 a share, up from at least €9.68. It gave three reasons: more spending on options than expected, a weaker hit from currency swings, and Ferrari's second place in the Formula 1 standings (Ferrari press release, Reuters via TimesLive).
Wall Street took it calmly. Profit beat analysts' forecasts, but the new full-year numbers were roughly what analysts had already expected, and Investing.com reported the shares slipped after the release (Investing.com).
Ferrari's first electric car is in production. Vigna said the first few Luces will reach customers before the end of this year, international media drives are planned for early 2027 with customer test drives right after, and all the cars Ferrari plans to sell in 2027 are already spoken for. "If someone comes, he has to wait one year to get the cars," he said (call transcript). The US price is $560,800, as we covered in October.
Ferrari hasn't said, so everything here is informed guessing. Three cars have been seen testing or reported recently:
The 296 Challenge Stradale is the likeliest of the three to be one of them, with a reveal expected later in November. The F80 Aperta and the hardcore 12Cilindri were tipped for 2027 rather than this year, so the second year-end launch may be something no one has spotted yet. One analyst on the call mentioned a special series "maybe coming in the next couple of weeks"; Ferrari didn't respond to that directly.
The headline for buyers isn't the profit. It's how Ferrari is making it. Ferrari is choosing to ship a few cars fewer and make each one more special and more expensive, through limited cars like the F80 and the 296 Speciale and through options that now make up more than a fifth of its revenue from cars and parts. A waiting list into 2028 tells you new-car demand is still deep.
That matters for the used market in two ways. First, cars that just went out of production stop being replaced on dealer lots. On Nov 3 we were tracking 66 296 GTS listings in the US and Canada, with a typical asking price of about $438,000. Of the 30 that were already listed a month earlier, 11 had dropped their price and the rest hadn't moved, so the end of production hasn't pushed asking prices up yet. These are asking prices, not sales.
Second, heavy options make sticker prices less useful as a guide. On a Bank of America analyst's question about whether 12Cilindri values were softening, Vigna said Ferrari's resale values are "very sound" across models and countries. Our data can't settle that, but it shows the spread: the 27 priced 12Cilindri coupes we tracked on Nov 3 asked from about $563,000 to about $900,000, with a typical asking price of about $682,000. The regular car starts at about $461,000 in the US, so most of that gap likely comes from options and from what sellers think a nearly new car is worth, rather than one clear market price.
Ferrari's CEO promised this morning that two new models will be shown in person before the end of the year, without naming either one. The likeliest first car is the 296 Challenge Stradale, reported to be revealed on Nov 21 at Ferrari's season finale in Barcelona. Here's what's confirmed, what's rumored, and what the second car could be.
Camouflaged 296 prototypes point to a roadgoing, hybrid-free Challenge Stradale, and a new report says it could debut Nov 21 at Ferrari's Finali Mondiali in Barcelona from about €320,000. Here's what's confirmed, what's rumored, and what our 296 asking prices look like today.
Ferrari's first electric car starts at $560,800 in the US, well under the roughly $640,000 expected at its May reveal but more than the V12 Purosangue. Here's what you get, when it arrives, and what that money buys in used Ferraris today.
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