Ferrari (RACE) earnings: Selling fewer cars to make more money

Ferrari defied the laws of economic gravity in Q4 by shipping 7% fewer cars while pushing revenue and profits to new highs, though a sharp drop in American volume raises questions about the resilience of the U.S. consumer.In this episode:• The math behind the volume drop (-7%) vs. revenue gain (+2%)• Why shipments to the Americas plunged ~16%• CEO Vigna’s "freedom of choice" strategy for the Luce EV• The infinite margins on "personalization" (paint & carbon fiber)• Why the company launched a new €3.5B buyback immediatelyManagement insists the U.S. shipment air pocket is just a "model transition" from the Roma to the 12Cilindri, but with capex rising for the new e-building and FX headwinds looming, execution in 2026 needs to be flawless. We unpack the risks of their rising depreciation costs and whether the "optional" EV strategy can hold up against regulation. 🏎️Ferrari N.V. (RACE) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted