Ferrari Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,600	1,526	1,257	939.29	833.14
Depreciation & Amortization	661.94	666.78	662.31	546.23	455.99
Other Adjustments	650.26	527.05	498.42	400.9	289.68
Change in Receivables	-20.62	-94.03	-33.38	-48.4	1.77
Changes in Inventories	-76.68	-157.53	-309.56	-153.89	-81.31
Changes in Accounts Payable	-59.13	7.67	43.28	103.98	72.57
Changes in Income Taxes Payable	-385.55	-409.79	-292.46	-304.69	-109
Changes in Other Operating Activities	-20.43	-139.41	-109.42	-80.08	-180.11
Operating Cash Flow	2,349	1,927	1,717	1,403	1,283
Operating Cash Flow Growth	21.94%	12.23%	22.32%	9.40%	53.03%
Capital Expenditures	-485.21	-482.28	-381.76	-347.73	-352.32
Sale of Property, Plant & Equipment	0.4	2.04	2.46	0.58	4.41
Purchases of Intangible Assets	-457.98	-506.87	-487.15	-456.89	-384.83
Purchases of Investments	-	-	-	-1.37	-
Payments for Business Acquisitions	-1.35	-	-	-	-
Investing Cash Flow	-944.14	-987.11	-866.45	-805.41	-732.74
Long-Term Debt Issued	584.9	1,113	435.81	262.29	757.82
Long-Term Debt Repaid	-908.75	-389.64	-733.38	-151.04	-723.53
Net Long-Term Debt Issued (Repaid)	-323.85	723.03	-297.57	111.25	34.29
Repurchase of Common Stock	-785.33	-581.08	-460.63	-396.52	-230.9
Net Common Stock Issued (Repurchased)	-785.33	-581.08	-460.63	-396.52	-230.9
Common Dividends Paid	-529.71	-439.92	-328.63	-249.52	-160.1
Other Financing Activities	-28.27	-26.79	-22.58	-18.77	-22.96
Financing Cash Flow	-1,667	-324.76	-1,109	-553.56	-579.67
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-12.51	5.45	-7.7	0.38	11.42
Net Cash Flow	-274.5	620.23	-266.92	44.76	-18.26
Free Cash Flow	1,864	1,444	1,335	1,056	930.41
Free Cash Flow Growth	29.06%	8.20%	26.46%	13.46%	93.36%
FCF Margin	26.09%	21.63%	22.36%	20.72%	21.78%
Free Cash Flow Per Share	10.45	8.02	7.35	5.76	5.04
Levered Free Cash Flow	908.01	1,730	566.86	807.69	670.88
Unlevered Free Cash Flow	1,270	1,010	881.62	742.69	665.54

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.