NIO (NIO) Q4 2025 earnings summary

Executive summary

• Q4 2025 deliveries reached 124,807 smart EVs, up 71.7% year-over-year and 43.3% sequentially; full-year deliveries totaled 326,028, up 46.9% year-over-year, with all three brands—NIO, Onvo, and Firefly—achieving record highs.

• Q4 marked the first-ever quarterly profit, with non-GAAP operating profit at RMB 1.25 billion, reflecting significant operational improvement.

• Positive free cash flow and operating cash flows were achieved for two consecutive quarters and for the full year.

• The company is entering a new phase of high-speed growth, supported by robust product launches and technology investments.

• All brands received strong recognition in their respective segments, with premium segment leadership and best-selling models.

Financial highlights

• Q4 2025 total revenues were RMB 34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter.

• Vehicle sales reached RMB 31.6 billion, up 80.9% year-over-year and 64.6% quarter-over-quarter.

• Other sales were RMB 3 billion, up 36.6% year-over-year and 17.5% quarter-over-quarter, mainly from used cars, R&D services, and after-sales growth.

• Q4 2025 gross profit reached RMB 6,074.1 million, up 163.1% year-over-year and 100.8% sequentially.

• Net profit was RMB 0.3 billion, compared to a net loss of RMB 7.1 billion in Q4 last year.

• Cash and equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 45.9 billion at quarter end.

Outlook and guidance

• Q1 2026 deliveries are expected to be 80,000–83,000 vehicles, up 90.1%–97.2% year-over-year.

• Q1 2026 total revenues projected between RMB 24,482 million and RMB 25,176 million, up 103.4% to 109.2% year-over-year.

• Full-year 2026 sales volume growth target remains at 40%–50%.

• Three new large SUV models will launch in 2026, further strengthening the product portfolio.

• Continued investments in R&D (CNY 2–2.5 billion per quarter) and infrastructure, with a focus on maintaining vehicle gross margin within a reasonable range despite raw material cost pressures.

• SG&A expenses targeted to remain below 10% of sales revenue.

• Aim to achieve full-year non-GAAP operating profit breakeven in 2026.