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	1,597	1,522	1,252	932.61	830.77
Depreciation & Amortization	335.77	336	319.31	288.5	261.52
Other Amortization	326.17	330.78	343	257.73	194.47
Loss (Gain) on Equity Investments	-12.57	-8.25	-6.14	-6.18	-6.9
Other Operating Activities	191.66	128.86	166.69	76.87	162.42
Change in Accounts Receivable	-20.62	-94.03	-33.38	-48.4	1.77
Change in Inventory	-76.68	-157.53	-309.56	-153.89	-81.31
Change in Accounts Payable	-59.13	7.67	43.28	103.98	72.57
Change in Other Net Operating Assets	67.8	-138.73	-58.61	-47.88	-152.59
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
Cash Acquisitions	-1.35	-	-	-	-
Sale (Purchase) of Intangibles	-457.98	-506.87	-487.15	-456.89	-384.83
Investment in Securities	-	-	-	-1.37	-
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	557.82
Long-Term Debt Repaid	-932.58	-411.64	-751.07	-167.54	-745.14
Total Debt Repaid	-932.58	-411.64	-751.07	-167.54	-745.14
Net Debt Issued (Repaid)	-347.67	701.03	-315.26	94.75	-187.32
Repurchase of Common Stock	-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	-4.45	-4.79	-4.89	-2.27	-1.35
Financing Cash Flow	-1,667	-324.76	-1,109	-553.56	-579.67
Foreign Exchange Rate Adjustments	-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%
Free Cash Flow Margin	26.09%	21.63%	22.36%	20.72%	21.79%
Free Cash Flow Per Share	10.45	8.03	7.35	5.76	5.04
Cash Interest Paid	126.26	50.35	83.24	37.35	29.2
Cash Income Tax Paid	385.55	409.79	292.46	304.69	-
Levered Free Cash Flow	839.14	543.27	637.36	612.9	345.17
Unlevered Free Cash Flow	864.87	568.31	655.65	628.83	359.97
Change in Working Capital	-88.63	-382.62	-358.27	-146.19	-159.56

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.