Ferrari N.V. (RACE) Cash Flow Statement
Where RACE’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €4.18B +116.9% vs 2024
- Capital expenditures
- €1.52B 21.3% of revenue
- Free cash flow
- €2.66B 37.2% margin
- Returned to shareholders
- €2.41B 90% of free cash flow
- Change in cash
- −€598.1M cash at year-end €1.47B
Drawn to scale: where the cash came from and how it was used. Hover for values.
RACE operating cash flow, capex and free cash flow
RACE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €1.01B2016 | €4.18B2025 | +17.2%/yr | |
| Capital expenditures | €342.0M2016 | €1.52B2025 | +18.0%/yr | |
| Free cash flow | €663.3M2016 | €2.66B2025 | +16.7%/yr | |
| Free cash flow margin | 21.4%2016 | 37.2%2025 | +15.8 pts | |
| Operating cash flow / net income | 1.772016 | 1.482025 | −0.29 | |
| Stock-based compensation | €1.1M2016 | €5.8M2025 | +20.1%/yr | |
| Dividends paid | €86.9M2016 | €1.06B2025 | +32.1%/yr | |
| Share buybacks (net) | €02016 | €1.34B2025 | — | |
| Capex / revenue | 11.0%2016 | 21.3%2025 | +10.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RACE cash flow by activity
RACE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RACE cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €2.82B | €1.53B | €1.26B | €1.18B | €1.04B | €667.0M | €875.4M | €802.9M | €746.2M | €567.4M |
| Depreciation & amortization | €661.9M | €666.8M | €662.3M | €546.2M | €456.0M | €426.6M | €351.9M | €288.7M | €260.6M | €247.7M |
| Stock-based compensation | €5.8M | — | €29.9M | −€238.5M | −€209.1M | — | €17.5M | €22.5M | €28.6M | €1.1M |
| Change in working capital | −€147.7M | −€382.6M | −€358.3M | −€146.2M | −€159.6M | −€221.4M | €59.8M | −€127.8M | −€177.8M | €395.8M |
| Other non-cash items | €841.4M | €116.6M | €125.7M | €64.0M | €153.2M | −€34.0M | €1.5M | −€52.3M | −€194.7M | −€206.7M |
| Cash from operating activities | €4.18B | €1.93B | €1.72B | €1.40B | €1.28B | €838.2M | €1.31B | €934.0M | €662.8M | €1.01B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.52B | −€989.2M | −€868.9M | −€804.6M | −€737.1M | −€709.0M | −€705.6M | −€638.3M | −€391.4M | −€342.0M |
| Investments (net) | — | −€987.1M | −€859.8M | −€805.4M | −€732.7M | −€708.0M | −€701.1M | −€636.9M | −€379.4M | −€320.5M |
| Acquisitions & other investing | −€115.9M | €989.2M | €862.3M | €804.6M | €737.1M | €709.0M | €705.6M | €638.3M | €391.4M | €342.0M |
| Cash from investing activities | −€1.64B | −€987.1M | −€866.5M | −€805.4M | −€732.7M | −€708.0M | −€701.1M | −€636.9M | −€379.4M | −€320.5M |
| Financing activities | ||||||||||
| Dividends paid | −€1.06B | −€439.9M | −€328.6M | −€249.5M | −€160.1M | −€208.1M | −€192.7M | −€133.1M | −€120.0M | −€86.9M |
| Share repurchases & issuance (net) | −€1.34B | −€581.1M | −€460.6M | −€396.5M | −€230.9M | −€129.8M | −€386.7M | −€100.1M | €0 | €1.10B |
| Net borrowing (repayment) | −€347.7M | €701.0M | −€315.3M | €94.8M | −€187.3M | €680.5M | €80.0M | €83.1M | €36.1M | −€443.4M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€362.6M | −€4.8M | −€4.9M | −€2.3M | −€1.4M | −€2.9M | −€2.1M | −€2.0M | −€1.2M | −€985.1M |
| Cash from financing activities | −€3.12B | −€324.8M | −€1.11B | −€553.6M | −€579.7M | €339.7M | −€501.5M | −€152.1M | −€85.1M | −€411.0M |
| Summary | ||||||||||
| Net change in cash | −€598.1M | €620.2M | −€266.9M | €44.8M | −€18.3M | €464.5M | €104.3M | €146.0M | €189.9M | €275.0M |
| Cash at end of period | €1.47B | €1.74B | €1.12B | €1.39B | €1.34B | €1.36B | €897.9M | €793.7M | €647.7M | €457.8M |
| Free cash flow | €2.66B | €937.5M | €847.7M | €598.7M | €545.6M | €129.2M | €600.5M | €295.7M | €271.4M | €663.3M |
| Free cash flow margin | 37.2% | 14.0% | 14.2% | 11.8% | 12.8% | 3.7% | 15.9% | 8.6% | 7.9% | 21.4% |
| Capex / revenue | 21.3% | 14.8% | 14.6% | 15.8% | 17.3% | 20.5% | 18.7% | 18.7% | 11.5% | 11.0% |
| Operating cash flow / net income | 1.48 | 1.26 | 1.37 | 1.19 | 1.23 | 1.26 | 1.49 | 1.16 | 0.89 | 1.77 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €461.6M | €414.4M | €1.60B | €381.7M | €425.1M | €412.1M | €385.5M | €374.9M | €413.3M | €352.2M | €294.0M | €425.2M |
| Depreciation & amortization | €150.4M | €173.7M | €186.9M | €167.4M | €156.6M | €151.0M | €174.4M | €171.3M | €158.3M | €162.8M | €186.1M | €172.6M |
| Stock-based compensation | — | — | — | €5.8M | — | — | — | — | €6.4M | €5.9M | €13.1M | €5.3M |
| Change in working capital | −€217.0M | €102.5M | −€88.6M | −€68.9M | −€133.8M | €143.6M | −€13.8M | −€30.9M | −€213.0M | −€125.0M | €78.8M | −€113.0M |
| Other non-cash items | €40.8M | €176.0M | €651.5M | €102.3M | −€53.0M | €140.2M | −€51.1M | €95.9M | −€49.3M | €108.8M | −€44.4M | €11.0M |
| Cash from operating activities | €435.6M | €866.7M | €2.35B | €588.3M | €394.9M | €846.9M | €495.0M | €611.2M | €315.7M | €504.7M | €527.5M | €501.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −€106.1M | −€135.0M | −€943.2M | −€115.7M | −€239.0M | −€223.8M | −€277.1M | −€124.9M | −€268.4M | −€194.6M | −€315.7M | −€204.8M |
| Investments (net) | −€60,000 | €0 | — | −€230.5M | −€238.7M | −€224.2M | −€275.7M | −€249.1M | −€268.3M | −€194.1M | −€315.7M | −€203.6M |
| Acquisitions & other investing | −€128.5M | −€118.8M | −€952,000 | €115.7M | €239.0M | €223.8M | €277.1M | €124.9M | €268.4M | €194.6M | €315.7M | €204.8M |
| Cash from investing activities | −€234.7M | −€253.8M | −€944.1M | −€230.5M | −€238.7M | −€224.2M | −€275.7M | −€249.1M | −€268.3M | −€194.1M | −€315.7M | −€203.6M |
| Financing activities | ||||||||||||
| Dividends paid | −€598.0M | — | −€534.2M | −€31.8M | −€497.9M | — | −€1.8M | −€24.6M | −€413.5M | — | −€1.2M | −€19.9M |
| Share repurchases & issuance (net) | −€208.6M | −€226.7M | −€785.3M | −€132.4M | €0 | −€423.7M | −€150.5M | −€146.8M | −€147.5M | −€136.3M | −€86.2M | −€194.8M |
| Net borrowing (repayment) | €233.4M | €3.0M | €10.5M | −€293.9M | −€41.8M | −€22.4M | €140.5M | €12.9M | — | — | — | −€183.1M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€349,342 | €11,205 | −€358.2M | €0 | −€4.4M | €0 | €0 | −€4.8M | €478.8M | €68.9M | −€11.6M | €0 |
| Cash from financing activities | −€573.6M | −€223.7M | −€1.67B | −€458.1M | −€544.2M | −€446.1M | −€11.8M | −€163.3M | −€82.2M | −€67.4M | −€99.0M | −€397.9M |
| Summary | ||||||||||||
| Net change in cash | −€392.7M | €366.7M | −€274.5M | −€99.8M | −€396.3M | €172.6M | €213.5M | €196.6M | −€34.1M | €244.2M | €109.5M | −€98.0M |
| Cash at end of period | €1.48B | €1.86B | €1.47B | €1.42B | €1.52B | €1.91B | €1.74B | €1.53B | €1.33B | €1.37B | €1.12B | €1.01B |
| Free cash flow | €329.5M | €731.6M | €1.41B | €472.6M | €155.9M | €623.1M | €217.9M | €486.3M | €47.3M | €310.1M | €211.8M | €296.3M |
| Free cash flow margin | 17.0% | 39.6% | 78.1% | 26.8% | 8.7% | 34.8% | 12.6% | 29.6% | 2.8% | 19.6% | 13.9% | 19.2% |
| Capex / revenue | 5.5% | 7.3% | 52.4% | 6.6% | 13.4% | 12.5% | 16.0% | 7.6% | 15.7% | 12.3% | 20.7% | 13.3% |
| Operating cash flow / net income | 0.94 | 2.09 | 1.47 | 1.54 | 0.93 | 2.06 | 1.28 | 1.63 | 0.76 | 1.43 | 1.79 | 1.18 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
RACE cash generation
In fiscal 2025 (ended December 31, 2025), Ferrari generated €4.2 billion of cash from operations (up 116.9%) and spent €1.5 billion on capital expenditures, leaving free cash flow of €2.7 billion, 37.2% of revenue. It returned €2.4 billion to shareholders through dividends (€1.1 billion) and net share buybacks (€1.3 billion). Cash and equivalents fell by €598.1 million over the year.
Related: RACE income statement, RACE balance sheet, RACE dividend history. See the RACE stock overview for the latest quote and news.
RACE cash flow FAQ
What is Ferrari's free cash flow?
Ferrari's free cash flow was €2.7 billion in fiscal 2025: €4.2 billion of operating cash flow minus €1.5 billion of capital expenditures It was €937.5 million a year earlier..
How much cash does Ferrari generate from operations?
Ferrari generated €4.2 billion of cash from operating activities in fiscal 2025, 1.48 times its net income of €2.8 billion.
How much does Ferrari spend on capital expenditures?
Ferrari spent €1.5 billion on capital expenditures in fiscal 2025, 21.3% of revenue, compared with €989.2 million the year before.
How much stock does Ferrari buy back?
Ferrari spent €1.3 billion on net share repurchases in fiscal 2025.
How much does Ferrari pay in dividends?
Ferrari paid €1.1 billion in dividends in fiscal 2025, 40.0% of free cash flow.