✦ The Brand Business, Growing at Twenty-Two PercentNarrow moat
Ferrari (RACE) — the future bets
The fastest-growing part of Ferrari is the part that does not require building a car — which is the appeal and the danger in one sentence.
The fastest-growing part of Ferrari is the part that does not require building a car.
Sponsorship, commercial and brand revenue reached €820 million in 2025, up 22.4%, against 4.8% growth in cars and spare parts.1 It is 11.5% of revenue, up from 9.6% two years ago, and it carries none of the volume constraint that governs everything else in the company.2
That is the structural appeal. Ferrari's central problem is that its most valuable asset — exclusivity — is destroyed by using it. Every additional car dilutes it. A licensing agreement, a sponsorship, or a Formula 1 commercial payment does not.
The catch is that this only holds while the licensing is selective. A brand can be extended into more categories at high margin for a long time before anything visible breaks, and then the damage is not recoverable. Ferrari has been unusually disciplined here — the restaurants, the theme parks and the merchandise are small and controlled — but the incentive to lean on the only unconstrained growth line gets stronger every year the car business stays flat.
There is also a dependency Ferrari does not control: sponsorship values track racing results and Formula 1's own commercial arrangements.
Watch this line's share of revenue. Growing from 11.5% is the plan working. Growing past roughly a fifth would mean the brand is being monetised faster than the cars are earning it.
€820M growing at 22.4% against 4.8% for cars, and the line has risen from 9.6% to 11.5% of revenue in two years without touching the volume discipline.
The structural appeal of the brand line is that Ferrari's most valuable asset is destroyed by using it — every extra car dilutes exclusivity, and a licensing agreement does not. The catch is that this only holds while the licensing stays selective, and the incentive to lean on the one unconstrained growth line strengthens every year the car business stays flat. Watch the share: growing past roughly a fifth would mean the brand is being monetised faster than the cars are earning it.
Source: Ferrari Form 20-F, FY2025 ↗- Moat Explorer calcSponsorship, commercial and brand revenue reached €820 million in 2025, up 22.4%, against 4.8% growth in cars and spare parts. It is 11.5% of revenue, up from 9.6% two years ago, and it carries none of the volume constraint that governs everything else in the company.Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025). — FY2025 · publ. 2026-02 · source ↗
- Moat Explorer calcIt is 11.5% of revenue, up from 9.6% two years ago, and it carries none of the volume constraint that governs everything else in the company. That is the structural appeal.Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025). — FY2025 · publ. 2026-02 · source ↗