Ferrari just experienced something unprecedented – their Formula 1 failures literally cost shareholders billions. The Italian marque’s Capital Markets Day turned into a financial bloodbath when their shares plunged 15% on the New York Stock Exchange, the worst single-day decline since joining in 2015. This wasn’t just about racing anymore. This was about Ferrari’s corporate credibility crumbling under the weight of 18 years without a championship.
CEO Benedetto Vigna stood before investors trying to paint a rosy picture of Ferrari’s future. Revenue projections of €7.1 billion for 2025, climbing to €9 billion by 2030. Adjusted earnings of €3.6 billion. All impressive numbers on paper. But investors weren’t buying it because Ferrari couldn’t deliver what matters most to the brand’s mystique: winning Formula 1 championships.
Vigna’s admission was brutal in its honesty. “We succeeded with the 499P in endurance, but in Formula 1 we have to improve. We have to win. We owe it to our loyal fans all over the world.” That statement captured everything wrong with Ferrari’s current situation. They’re dominating endurance racing with three consecutive Le Mans victories and leading the 2025 WEC standings. But in F1, where Ferrari built its legendary reputation, they’re third-rate pretenders.
The numbers tell a devastating story. Ferrari hasn’t won a Constructors’ Championship since 2008. Their last Drivers’ title came via Kimi Raikkonen in 2007. That’s 18 years of failure in the sport that defines the Ferrari brand. Last season’s 14-point loss to McLaren represented their closest shot at glory, making 2025’s collapse even more painful.
Chairman John Elkann’s passionate speech revealed just how personal this drought has become. “I want to be clear: this is a personal matter. My commitment is as president, as a majority shareholder, and above all as a person who has lived Ferrari as a lifelong passion.” That’s the chairman of one of motorsport’s most iconic brands essentially admitting their core business has failed for nearly two decades.
The 2025 campaign has been particularly brutal. Ferrari sits third in the Constructors’ Championship with zero wins and just six races remaining. They’re not even close to McLaren’s dominance. Charles Leclerc and Lewis Hamilton, two drivers capable of championships in the right machinery, are stuck driving a car that can’t deliver when it matters most.
What makes Ferrari’s situation even more concerning is that investors now clearly connect F1 success to corporate value. The projected earnings fell below the growth rate Ferrari outlined in 2022, but the stock market massacre suggests investors specifically punished Ferrari for F1 failures. In Milan, shares dropped over 14%, mirroring the New York bloodbath.
The pressure on Ferrari’s F1 operation heading into 2026 is now immense. The regulation changes offer a reset opportunity, but they’ve said that before. New rules in 2014, 2017, 2022 – each time Ferrari promised championship contention and each time they’ve fallen short. Why should 2026 be different?
Ferrari’s Capital Markets Day was supposed to showcase their bright future. Instead, it exposed the fundamental crisis facing the brand. When your racing failures start costing shareholders billions, the problem transcends motorsport. This is about Ferrari’s corporate identity unraveling because they can’t do the one thing they’re supposed to do better than anyone: win Formula 1 championships.
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