Ferrari vs McLaren Automotive: Revenue, Profit and Business Model
Ferrari reported ~$8.1B of revenue in FY2025 and ~$1.8B of net income. McLaren Automotive reported ~$615M of revenue in FY2023 and — of net income.
Latest financial snapshot
Ferrari
- Latest revenue
- ~$8.1B (FY2025)
- Net income
- ~$1.8B
- Net margin
- 22.3%
- Revenue growth
- +9.7% a year, FY2016–FY2025
McLaren Automotive
- Latest revenue
- ~$615M (FY2023)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- -25.8% a year, FY2022–FY2023
Financial summary
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).
McLaren Automotive
McLaren has struggled to fund new models from its own cash. The 2020 pandemic forced job cuts, a ~$224 million (£170 million) sale-and-leaseback of the Woking campus and fresh shareholder funding. In 2023 revenue fell 25.8% to ~$615 million (£465.9 million) as deliveries dropped, and the holding company booked a record loss that included a ~$495 million (£375 million) impairment. Mumtalakat kept the business funded until CYVN Holdings took over in April 2025; CYVN has not published standalone McLaren Automotive figures since.
Revenue and profit by year
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 |
McLaren Automotive
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$615M | — | 0.0% | -25.8% | Source |
| FY2022 | ~$828.7M | — | 0.0% | — | Source |
Where the revenue comes from
Ferrari
No segment breakdown is published.
McLaren Automotive
- Series supercars (Artura, 750S, GTS)
Not disclosed
Most of McLaren's unit volume, sold through franchised retailers worldwide.
- Ultimate Series hypercars (W1 and limited editions)
Not disclosed
Small runs at multi-million-dollar prices, such as the 399-unit W1.
- MSO personalisation, racing, parts and service
Not disclosed
Bespoke options, customer GT3/GT4 cars, servicing and heritage work.
Business model and strategy
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.
McLaren Automotive
How it makes money
McLaren sells hand-assembled cars through a franchised retailer network. Series models (Artura, 750S and the GTS grand tourer) provide most of the volume, while Ultimate Series hypercars such as the 399-unit W1 are sold in small numbers at multi-million-dollar prices. Bespoke options from McLaren Special Operations (MSO), customer GT racing cars, servicing and parts add further income.
Growth strategy
Growth now rests on the CYVN merger. Combining McLaren with Forseven gives McLaren access to more engineers and capital for electrified and multi-seat models, while the McLaren Licensing business aims to earn more from the brand. Earlier, Michael Leiters (CEO 2022-2025) focused on fixing Artura quality problems and stabilising production.
Competitive advantage
Every McLaren road car since the 2011 MP4-12C has used a carbon-fibre tub, a technique the company brought to Formula 1 with the 1981 MP4/1. Tubs for current cars are made at its composites plant in Sheffield, which gives McLaren lighter, stiffer cars than many aluminium-chassis rivals and a clear engineering story linked to its F1 team.
Questions about Ferrari vs McLaren Automotive
Which company has higher revenue — Ferrari N.V. or McLaren Automotive?
Ferrari N.V. reported ~$8.1B (FY2025), while McLaren Automotive reported ~$615M (FY2023). By last reported revenue, Ferrari N.V. is the larger business, with McLaren Automotive reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
How do Ferrari N.V. and McLaren Automotive make money?
Ferrari N.V. and McLaren Automotive generate revenue in fundamentally different ways. 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. McLaren Automotive: McLaren sells hand-assembled cars through a franchised retailer network.
Is Ferrari N.V. bigger than McLaren Automotive?
By last reported revenue, Ferrari N.V. (~$8.1B (FY2025)) is the larger company compared to McLaren Automotive (~$615M (FY2023)). 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 Ferrari vs McLaren Automotive overview