Ferrari Navigates Shareholder Returns Amid Trade Headwinds

Ferrari balances major shareholder returns with a €3.5B buyback through 2030 and a €640M dividend, while navigating 25% US import tariffs on its Italian-made cars.

The iconic Italian automaker Ferrari is approaching a pivotal week, balancing ambitious capital returns to shareholders against the persistent challenge of U.S. import tariffs. With a key shareholder meeting and the near-completion of a major share buyback, the company's strategy is coming into focus.

On April 15, 2026, shareholders will convene in Amsterdam for the Annual General Meeting. A central agenda item is the approval of a dividend of €3.615 per share, representing a total distribution of approximately €640 million. If approved, the payment will be made on May 5, 2026.

Simultaneously, the first tranche of Ferrari's multi-year share repurchase program is nearing its conclusion. The company announced on April 7, 2026, that it has already deployed roughly €232 million of the planned €250 million, repurchasing nearly 789,000 shares. In the week of March 30 to April 2 alone, it bought an additional 51,193 shares for about €14.8 million. This initial phase, launched in December 2025, is just the beginning of a far larger €3.5 billion buyback program slated to run through 2030. These transactions have increased Ferrari's treasury shares to 17.4 million, equating to about 9% of its issued share capital.

These shareholder-friendly moves unfold against a complex macroeconomic backdrop. The United States, Ferrari's largest single market accounting for roughly a quarter of global deliveries, imposes a 25% tariff on imported vehicles. This hits the company particularly hard as all its models are exclusively manufactured at its Maranello plant in Italy. In response, Ferrari has adopted a nuanced pricing strategy, absorbing the tariff costs for some models and partially passing them on to customers for others.

Despite this pressure, analysts point to the company's underlying strength. UBS analyst Zuzanna Pusz recently lowered her price target from $555 to $483 but maintained a Buy recommendation. She cited Ferrari's significant pricing power and the depth of its order book, where cancellations remain rare. This resilience is seen as a buffer against cost pressures.

The company's financial foundation appears robust. For the full year 2025, Ferrari reported revenue of €7.1 billion, an EBIT exceeding €2.1 billion, and industrial free cash flow of more than €1.5 billion. Looking ahead to 2026, management anticipates further growth and the launch of four new models, even while forecasting a €200 million headwind from currency effects and an effective tax rate of 23%.

All eyes will now turn to May 5, 2026, a date with dual significance. It is both the scheduled dividend payment day and the release date for Ferrari's first-quarter 2026 results. This report will provide critical insight into how the tariff impact is affecting margins and how the ramp-up of models like the F80 super sports car is contributing to performance. For now, the stock continues to trade more than 30% below its 52-week high, reflecting the market's cautious assessment of these crosscurrents.