Sponsorship, commercial and brandNarrow moat

Ferrari (RACE) — moat facet

The part of Ferrari that needs no car grew fastest for two years, and part of it is still set by where the team finishes.

Sponsorship, commercial and brand is the part of Ferrari that does not need a car. The line earned €820 million in 2025, from €670 million in 2024 and €572 million in 2023 1, 11.5% of revenue 2. It includes sponsorship of Ferrari's racing teams, mainly in Formula 1 and the World Endurance Championship, Ferrari's share of Formula 1's commercial revenues, and the brand's lifestyle collections, merchandising, licensing and royalties 3.

Sponsorship, commercial and brand revenue (€ M)4882016538201939020204992022572202367020248202025Ferrari Forms 20-F FY2016-FY2025; 2022 on the restated basis including WEC sponsorship
Barely grew for six years, fell 27.5% in 2020, then rose 64% in three years.

It is paid by sponsors and by a sport. Part of it depends on where Ferrari finishes: the 2025 increase came from sponsorships and lifestyle activities, and from higher commercial revenues reflecting a better 2024 Formula 1 ranking 4. From 2023 the endurance-racing sponsorships moved into this line, after Ferrari returned to the top Hypercar class after 50 years 5.

The history is slower than the cars'. The line was €417 million in 2014 and €488 million in 2016 6, €538 million in 2019 7, and fell to €390 million in 2020 8, 27.5% down in the pandemic year 9. It was €499 million in 2022 on the restated basis 10. From 2016 to 2025 it grew about 1.7 times against 2.75 times for cars 11; its fast growth is recent.

Ferrari reports no margin for the line. Its costs, the racing teams above all, sit in the company's operating expenses and are not allocated to it.

The latest quarter slowed. Sponsorship, commercial and brand earned €209 million in the June 2026 quarter, up 2%, as higher sponsorship was partly offset by lower Formula 1 commercial revenues linked to the prior year's ranking; the half was €427 million, up 8% 12.

That is the line's weakness: part of it is set each year by results on track that no strategy guarantees. The number to watch is its first-half growth rate, 8% in 2026 against 22.4% for all of 2025 13. Growth back near 20% would mean lifestyle and sponsorship are carrying the line; growth near the cars' rate would mean 2025 was a good season rather than a new business.

Moat trajectory: Widening

Sponsorship and lifestyle grew 22.4% in 2025 and 8% in the first half of 2026, faster than cars, though a weaker Formula 1 ranking slowed the June quarter.

The number that tests this moat
Reported
Sponsorship, commercial and brand revenue, first half
EUR427M in H1 2026, +8%, after +22.4% in 2025

Growth back near 20% would mean lifestyle and sponsorship carry the line; near the cars' rate would mean 2025 was a good season.

Source: Ferrari Q2 2026 results release ↗
References
  1. ReportedThe line earned €820 million in 2025, from €670 million in 2024 and €572 million in 2023 , 11.5% of revenue .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  2. ReportedThe line earned €820 million in 2025, from €670 million in 2024 and €572 million in 2023 , 11.5% of revenue .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  3. ReportedIt includes sponsorship of Ferrari's racing teams, mainly in Formula 1 and the World Endurance Championship, Ferrari's share of Formula 1's commercial revenues, and the brand's lifestyle collections, merchandising, licensing and royalties .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  4. ReportedPart of it depends on where Ferrari finishes: the 2025 increase came from sponsorships and lifestyle activities, and from higher commercial revenues reflecting a better 2024 Formula 1 ranking .
    Ferrari N.V., Form 20-F FY2025 - Item 5, net revenues by line (cars and spare parts EUR6,005M, sponsorship, commercial and brand EUR820M, other EUR321M) for 2025, 2024 and 2023, with line definitions and drivers — FY2023-FY2025 · publ. 19 February 2026 · source ↗
  5. ReportedFrom 2023 the endurance-racing sponsorships moved into this line, after Ferrari returned to the top Hypercar class after 50 years .
    Ferrari N.V., Form 20-F FY2023 - Item 4 and Item 5: engines for Maserati 2003 to December 2023, about 5,600 engines in 2023; net revenues by line incl. engines for 2023, 2022 and 2021; WEC sponsorship reclassification — FY2021-FY2023 · publ. 22 February 2024 · source ↗
  6. ReportedThe line was €417 million in 2014 and €488 million in 2016 , €538 million in 2019 , and fell to €390 million in 2020 , 27.5% down in the pandemic year .
    Ferrari N.V., Form 20-F FY2016 - Item 5, net revenues by line for 2016, 2015 and 2014 — FY2014-FY2016 · publ. 3 March 2017 · source ↗
  7. ReportedThe line was €417 million in 2014 and €488 million in 2016 , €538 million in 2019 , and fell to €390 million in 2020 , 27.5% down in the pandemic year .
    Ferrari N.V., Form 20-F FY2019 - Item 5, net revenues by line for 2019, 2018 and 2017 — FY2017-FY2019 · publ. 18 February 2020 · source ↗
  8. ReportedThe line was €417 million in 2014 and €488 million in 2016 , €538 million in 2019 , and fell to €390 million in 2020 , 27.5% down in the pandemic year .
    Ferrari N.V., Form 20-F FY2022 - Item 5, net revenues by line for 2022, 2021 and 2020 as then reported — FY2020-FY2022 · publ. 24 February 2023 · source ↗
  9. Moat Explorer calcThe line was €417 million in 2014 and €488 million in 2016 , €538 million in 2019 , and fell to €390 million in 2020 , 27.5% down in the pandemic year .
    Moat Explorer calculation from Ferrari's Forms 20-F FY2016-FY2025 and Q2 2026 release: growth multiples, compound rates, shares of revenue, revenue per shipment — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  10. ReportedIt was €499 million in 2022 on the restated basis .
    Ferrari N.V., Form 20-F FY2024 - Item 5, net revenues by line for 2024, 2023 and 2022 (engines folded into other), and shipments by powertrain — FY2022-FY2024 · publ. 21 February 2025 · source ↗
  11. Moat Explorer calcFrom 2016 to 2025 it grew about 1.7 times against 2.75 times for cars ; its fast growth is recent.
    Moat Explorer calculation from Ferrari's Forms 20-F FY2016-FY2025 and Q2 2026 release: growth multiples, compound rates, shares of revenue, revenue per shipment — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  12. ReportedSponsorship, commercial and brand earned €209 million in the June 2026 quarter, up 2%, as higher sponsorship was partly offset by lower Formula 1 commercial revenues linked to the prior year's ranking; the half was €427 million, up 8% .
    Ferrari N.V., second-quarter 2026 results press release (SEC 6-K exhibit) - net revenues by line for Q2 and H1 2026, shipments — Q2 2026 · publ. July 2026 · source ↗
  13. Moat Explorer calcThe number to watch is its first-half growth rate, 8% in 2026 against 22.4% for all of 2025 .
    Moat Explorer calculation from Ferrari's Forms 20-F FY2016-FY2025 and Q2 2026 release: growth multiples, compound rates, shares of revenue, revenue per shipment — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026