Ferrari vs Porsche: Revenue, Profit and Business Model
Ferrari reported ~$8.1B of revenue in FY2025 and ~$1.8B of net income. Porsche reported ~$41B of revenue in FY2025 and ~$350.3M of net income.
Latest financial snapshot
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).
Porsche
Porsche's financials swung from a record 2023 (~$45.8 billion (EUR40.53 billion) revenue, ~$5.83 billion (EUR5.16 billion) profit after tax) to a sharp reset. In 2025 revenue fell 9.5% to ~$41 billion (EUR36.27 billion), operating profit dropped to ~$467 million (EUR413 million) (1.1% return on sales) and profit after tax was ~$350 million (EUR310 million), hit by costs of reworking the product plan, U.S. tariffs and weak China demand. In the first half of 2026 revenue was ~$19.5 billion (EUR17.23 billion) (prior year ~$20.5 billion (EUR18.16 billion)), operating profit rose 34% to ~$1.53 billion (EUR1.35 billion) and return on sales improved to 7.8%, helped by lower one-off charges.
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 |
Porsche
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41B | ~$350.3M | 0.9% | -9.5% | Source |
| FY2024 | ~$45.3B | ~$4.1B | 9.0% | -1.1% | Source |
| FY2023 | ~$45.8B | ~$5.8B | 12.7% | +7.7% | Source |
| FY2022 | ~$42.5B | ~$5.6B | 13.2% | +13.6% | Source |
| FY2021 | ~$37.4B | ~$4.6B | 12.2% | — | Source |
Where the revenue comes from
Ferrari
No segment breakdown is published.
Porsche
- Vehicle sales
Sales of 911, Cayenne, Macan, Panamera, Taycan, and 718 vehicles.
- Personalization and options
High-margin customization, trims, performance packages, and limited editions.
- Financial services
Financing and leasing for Porsche customers.
- Parts, service, and brand
After-sales, accessories, motorsport-linked products, and brand experiences.
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.
Porsche
How it makes money
Porsche earns most of its money selling premium vehicles at high average prices. SUVs (Cayenne and Macan) supply most of the volume, the 911 anchors the brand and its pricing power, and the Panamera, Taycan and 718 fill out the range. Margin comes from mix and options: personalization through Porsche Exclusive Manufaktur and Sonderwunsch adds high-margin revenue per car.
Growth strategy
After 2025, Porsche moved from an EV-first plan to a flexible powertrain mix. It is extending combustion and hybrid versions of existing lines, adding the T-Hybrid 911, keeping the electric Taycan, Macan and the new Cayenne Electric, and planning a combustion Macan for 2028 after electric Macan sales fell in the first half of 2026.
Competitive advantage
Porsche's edge is a 60-year 911 lineage that few rivals can copy, a reputation for cars that are both track-capable and usable every day, and access to Volkswagen Group platforms and purchasing scale. The Cayenne shares architecture with the Audi Q7 and VW Touareg, and the electric Macan uses the PPE platform co-developed with Audi, which spreads development cost over far more vehicles than Porsche sells alone.
Questions about Ferrari vs Porsche
Which company has higher revenue — Ferrari N.V. or Dr. Ing. h.c. F. Porsche AG?
Ferrari N.V. reported ~$8.1B (FY2025), while Dr. Ing. h.c. F. Porsche AG reported ~$41B (FY2025). By last reported revenue, Dr. Ing. h.c. F. Porsche AG is the larger business, with Ferrari N.V. reporting a smaller revenue base.
What is the market cap of Ferrari N.V. vs Dr. Ing. h.c. F. Porsche AG?
Dr. Ing. h.c. F. Porsche AG has a market capitalisation of $41.4B. A public market cap figure for Ferrari N.V. was not available (it may be privately held).
Which is more financially efficient — Ferrari N.V. or Dr. Ing. h.c. F. Porsche AG?
Dr. Ing. h.c. F. Porsche AG generates $981k / 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 Ferrari N.V. and Dr. Ing. h.c. F. Porsche AG make money?
Ferrari N.V. and Dr. Ing. h.c. F. Porsche AG 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. Dr. Ing. h.c. F. Porsche AG: Porsche earns most of its money selling premium vehicles at high average prices.
Is Ferrari N.V. bigger than Dr. Ing. h.c. F. Porsche AG?
By last reported revenue, Dr. Ing. h.c. F. Porsche AG (~$41B (FY2025)) is the larger company compared to Ferrari N.V. (~$8.1B (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 Ferrari vs Porsche overview