BMW stays the course while Ferrari makes progress in the third quarter of 2025

Automotive giants Ferrari and BMW both showed remarkable resilience in the third quarter, with the former continuing its sustained growth and the latter stabilizing its performance thanks to an increase in global sales.

While Ferrari stood out this quarter with record margins and a policy of controlled growth in the ultra-luxury segment, BMW is relying on a “technologically neutral” strategy, combining combustion engines, hybrids, and electric motors to maintain its global competitiveness. As a result, both manufacturers’ sales figures remain positive.

High ambitions for Ferrari

Ferrari has once again demonstrated the strength of its business model. In the July-September 2025 period, Ferrari generated revenue of €1.77 billion, up 7.4% year-on-year, despite virtually stable volumes with 3,401 vehicles delivered (+0.5%). Hybrid models accounted for 34% of production, confirming the group’s ramp-up of its partial electrification strategy.

Net profit amounted to €382 million, compared with €375 million in the previous year, or €2.14 per share, exceeding market expectations. The operating margin reached 28.4%, supported by strong demand for vehicle customization, although partially offset by US customs duties.

For the first nine months of the year, cumulative revenue amounted to €5.34 billion, up 8%, and net profit reached €1.22 billion (+7%). EBITDA climbed to €2.07 billion with a margin of 38.8%, while net industrial debt fell to €116 million thanks to free cash flow generation of €1.22 billion.

On the strength of this performance, Ferrari has raised its annual forecasts : the group is now targeting revenues of at least €7.1 billion and adjusted earnings per share of more than €8.80. Margins are expected to remain among the highest in the luxury automotive sector, at around 38% for EBITDA and 29% for EBIT.

Investors reacted positively: in Milan, Ferrari shares rose 1.65% to €345.3 immediately after the results were announced. This upturn contrasts with the fall recorded in early October after the presentation of the first electric Ferrari, which analysts deemed too cautious. At midday on Friday, the stock remained up 0.71%.

BMW focuses on discipline and diversification

For its part, BMW is showing solid performance despite a more challenging environment. In the third quarter, the group posted revenue of €32.3 billion, stable year-on-year, and pre-tax profit of €2.33 billion, compared with €838 million a year earlier. For the first nine months, pre-tax profit came in at €8.06 billion, down slightly by 9%.

The automotive segment generated €28.5 billion in revenue in the third quarter (+2.4%), with EBIT of €1.49 billion, double that of a year earlier. The operating margin reached 5.2%, boosted by the strong performance of BMW M electric and sports models. Between January and September, global deliveries rose 2.4% to 1.8 million vehicles, of which 26.2% were electrified and 18% were 100% electric.

The manufacturer continued its rigorous cost control, with a 10.6% reduction in R&D expenditure and a nearly 22% reduction in investments, which are now focused on the future “Neue Klasse” electric platform, set to mark a major technological turning point in 2026. Free cash flow for the automotive segment amounted to €2.69 billion over nine months, confirming the group’s financial strength.

BMW also announced the continuation of its share buyback program, totaling €2 billion by 2027, while maintaining a policy of distributing 30-40% of profits to its shareholders.

“In the third quarter, we once again demonstrated the robustness and resilience of our business model,” said Oliver Zipse, Chairman of the Board of Management of BMW AG. “We have all the assets we need to continue on our path to success : a technology-neutral approach, exciting products, a strong global presence, and exceptional innovation capabilities throughout the value chain.”

Back on the stock market, the German group saw a sharp rise at midday, with its share price up 2.37%.