Bentley Motors vs Ferrari: Revenue, Profit and Business Model
Bentley Motors reported ~$2.9B of revenue in FY2025 and — of net income. Ferrari reported ~$8.1B of revenue in FY2025 and ~$1.8B of net income.
Latest financial snapshot
Bentley Motors
- Latest revenue
- ~$2.9B (FY2025)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +2.8% a year, FY2016–FY2025
Ferrari
- Latest revenue
- ~$8.1B (FY2025)
- Net income
- ~$1.8B
- Net margin
- 22.3%
- Revenue growth
- +9.7% a year, FY2016–FY2025
Financial summary
Bentley Motors
Bentley's results swing with product cycles. The Continental GT changeover and WLTP homologation left a ~$325 million (288 million euro) operating loss on revenue of ~$1.75 billion (1.548 billion euros) in 2018. Recovery followed: ~$73.5 million (65 million euros) of operating profit in 2019, 20 million in 2020, 389 million in 2021 and a record ~$800 million (708 million euros) on revenue of ~$3.82 billion (3.38 billion euros) in 2022, when deliveries peaked at 15,174 cars. Operating profit was ~$666 million (589 million euros) in 2023 on ~$3.32 billion (2.938 billion euros) of revenue, ~$421 million (373 million euros) in 2024 on ~$2.99 billion (2.648 billion euros), and ~$244 million (216 million euros) in 2025 on ~$2.94 billion (2.6 billion euros), an 8.3 per cent margin, Bentley's seventh consecutive profitable year.
Ferrari
Ferrari grew net revenues from ~$3.5 billion (€3.1 billion) in 2016 to ~$8.08 billion (€7.15 billion) in 2025 while shipments rose only from about 8,000 to 13,640 cars. In 2025 revenue rose 7% (8% at constant currency), EBIT margin improved 120 basis points to 29.5%, adjusted EBITDA reached ~$3.13 billion (€2.77 billion) (38.8% margin) and industrial free cash flow exceeded ~$1.69 billion (€1.5 billion). In Q2 2026 net revenues rose 8.4% to ~$2.19 billion (€1.94 billion), EBITDA hit ~$853 million (€755 million) (39.0% margin) and EBIT ~$684 million (€605 million) (31.2%), and management raised 2026 guidance to roughly $8.59 billion (€7.6 billion) of revenue and adjusted EBITDA of at least ~$3.36 billion (€2.97 billion).
Revenue and profit by year
Bentley Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$2.9B | — | 0.0% | -1.8% | Source |
| FY2024 | ~$3B | — | 0.0% | -9.9% | Source |
| FY2023 | ~$3.3B | — | 0.0% | -13.1% | Source |
| FY2022 | ~$3.8B | — | 0.0% | +18.8% | Source |
| FY2021 | ~$3.2B | — | 0.0% | +38.8% | Source |
| FY2020 | ~$2.3B | — | 0.0% | -2.1% | Source |
| FY2019 | ~$2.4B | — | 0.0% | +35.1% | Source |
| FY2018 | ~$1.7B | — | 0.0% | -16.0% | Source |
| FY2017 | ~$2.1B | — | 0.0% | -9.3% | Source |
| FY2016 | ~$2.3B | — | 0.0% | — | Source |
Ferrari
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$8.1B | ~$1.8B | 22.3% | +7.0% | Source |
| FY2024 | ~$7.5B | ~$1.7B | 22.8% | +11.8% | Source |
| FY2023 | ~$6.7B | ~$1.4B | 21.0% | +17.2% | Source |
| FY2022 | ~$5.8B | ~$1.1B | 18.3% | +19.3% | Source |
| FY2021 | ~$4.8B | ~$938.8M | 19.5% | +23.4% | Source |
| FY2020 | ~$3.9B | ~$686.8M | 17.6% | -8.1% | Source |
| FY2019 | ~$4.3B | ~$786.3M | 18.5% | +10.1% | Source |
| FY2018 | ~$3.9B | ~$886.7M | 22.9% | +0.1% | Source |
| FY2017 | ~$3.9B | ~$605M | 15.7% | +10.0% | Source |
| FY2016 | ~$3.5B | ~$450.6M | 12.8% | — | Source |
Business model and strategy
Bentley Motors
How it makes money
Bentley runs a low-volume manufacturing model built on Volkswagen Group platforms and heavy personalisation. The Continental GT and Flying Spur use the MSB platform shared with the Porsche Panamera and the Bentayga uses the MLB Evo architecture shared with the Audi Q7 and Porsche Cayenne, so Bentley avoids developing its own chassis, electronics and crash engineering.
Growth strategy
Bentley's strategy is value over volume. Rather than chase unit growth it pushes Mulliner personalisation, Speed and Azure derivatives and higher revenue per car, which is why 2025 revenue slipped only 1 per cent while deliveries fell 4.8 per cent. The Beyond100 plan announced in 2020 targeted an all-electric range by 2030;
Competitive advantage
Bentley combines a brand with six Le Mans wins and a century of Crewe craft skills with Volkswagen Group engineering it does not have to fund alone. Group platforms, electronic architectures and powertrains underpin every model, which leaves Bentley's own spending for design, cabins and the Mulliner bespoke programme that about 70 per cent of customers now use.
Ferrari
How it makes money
Ferrari earns most of its money selling cars and spare parts (about 85% of 2025 net revenues), with the rest coming from sponsorship, commercial and brand income (Formula 1 sponsorships, F1 prize money, lifestyle and licensing) plus a small engines line.
Growth strategy
Ferrari's strategy is 'multi-energy': it sells combustion, plug-in hybrid and now fully electric cars side by side, built in-house at the e-building in Maranello that opened in June 2024. Growth comes from mix (hypercars such as the F80, the Purosangue and special series), personalization, sponsorship and lifestyle income, rather than from big volume increases.
Competitive advantage
Ferrari's absolute, unassailable competitive advantage is its large, mythological brand equity, completely tied to its history in Formula 1 racing. Since 1947, Ferrari has competed in almost every single Formula 1 race. The 'Prancing Horse' logo possesses a deep, emotional, almost religious significance for automotive enthusiasts globally.
Questions about Bentley Motors vs Ferrari
Which company has higher revenue — Bentley Motors or Ferrari N.V.?
Bentley Motors reported ~$2.9B (FY2025), while Ferrari N.V. reported ~$8.1B (FY2025). By last reported revenue, Ferrari N.V. is the larger business, with Bentley Motors reporting a smaller revenue base.
Which is more financially efficient — Bentley Motors or Ferrari N.V.?
Bentley Motors generates $735k / employee in revenue per employee. A comparable figure for Ferrari N.V. requires matching employee and revenue data from the same reporting period.
How do Bentley Motors and Ferrari N.V. make money?
Bentley Motors and Ferrari N.V. generate revenue in fundamentally different ways. Bentley Motors: Bentley runs a low-volume manufacturing model built on Volkswagen Group platforms and heavy personalisation. Ferrari N.V.: Ferrari earns most of its money selling cars and spare parts (about 85% of 2025 net revenues), with the rest coming from sponsorship, commercial and brand income (Formula 1 sponsorships, F1 prize money, lifestyle and licensing) plus a small engines line.
Is Bentley Motors bigger than Ferrari N.V.?
By last reported revenue, Ferrari N.V. (~$8.1B (FY2025)) is the larger company compared to Bentley Motors (~$2.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bentley Motors vs Ferrari overview