Morgan Stanley weighed in on Ferrari’s recent showing in Formula 1 following the outcome at the Spanish Grand Prix in Barcelona-Catalunya. The bank characterized the result as largely symbolic yet meaningful for Ferrari’s brand positioning, noting the victory represented the team’s first Grand Prix win in roughly two years.
The win strengthened Ferrari’s hold on second place in the F1 constructors standings and narrowed the points gap with the leader, Mercedes. While Morgan Stanley cautioned that success on the track does not automatically equate to direct commercial gains, the firm said the on-track result supports Ferrari’s broader brand image.
Morgan Stanley emphasized that Ferrari’s engagement in Formula 1 plays a central role in the company’s identity in a way that is uncommon among major carmakers. According to the firm, track success reinforces attributes at the heart of the Ferrari proposition - exclusivity, performance, engineering excellence and racing heritage - even if those qualities are not a one-to-one driver of revenue growth.
The bank pointed out that Ferrari has not captured a Formula 1 Drivers’ Championship since 2007 or a Constructors’ Championship since 2008, yet the company has nonetheless grown into one of the most valuable and profitable automotive brands globally during that span. Morgan Stanley views the team’s improved on-track form this year as an encouraging development after Ferrari failed to finish in the top three in 2025 for the first time in five years.
Ferrari’s motorsport program comprises Formula 1 alongside endurance racing such as Le Mans. The company does not disclose a separate profit and loss for F1; instead, motorsport-related income is aggregated within the “Sponsorship, Commercial & Brand” reporting line, which generated €820 million in 2025.
Drawing on its analysis, Morgan Stanley estimated that F1-related revenue amounted to about €560 million in 2025. The bank broke that total down into roughly €275 million of sponsorship, approximately €225 million of prize money, and around €60 million of licensing and other revenues. Morgan Stanley further suggested that F1 activities were close to breakeven in 2025 but remained loss making overall.
Technical changes introduced for the 2026 season have materially altered the competitive landscape, the firm noted. Those changes include revised aerodynamic rules, the introduction of active aerodynamics and a stronger emphasis on electrical power deployment and energy management. Ferrari’s new SF-26 was developed around a design philosophy that integrates advanced aerodynamic solutions, enhanced energy recovery systems and a refined balance between mechanical grip and aerodynamic performance.
In Morgan Stanley’s view, therefore, the Barcelona result is valuable for brand reinforcement even as the direct financial return from F1 remains limited and aggregated within broader sponsorship and commercial reporting.