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 deliveries and strong segment recognition.

• Q4 marked the first-ever quarterly profit, with positive free cash flow for two consecutive quarters and positive operating cash flow for the full year.

• Continued investments in core technologies, including mass production of a 5nm automotive-grade chip and advanced smart driving systems.

• Global expansion ongoing, with Firefly now in 10 countries and further international growth planned for 2026.

• Full-year net loss narrowed to RMB14,942.6 million, a 33.3% improvement from 2024.

Financial highlights

• Q4 2025 total revenue was 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.

• Vehicle margin improved to 18.1% from 13.1% a year ago and 14.7% last quarter; overall gross margin rose to 17.5%.

• Non-GAAP operating profit was RMB 1.25 billion; GAAP operating profit was RMB 810 million.

• Net profit was RMB 282.7 million, compared to a net loss of RMB 7,111.5 million in Q4 last year.

• Cash and equivalents at quarter-end totaled RMB 45.9 billion.

Outlook and guidance

• Q1 2026 deliveries expected between 80,000 and 83,000 vehicles, up 90.1% to 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 maintained at 40%-50%.

• Three new large SUV models to launch in 2026, further strengthening the premium segment lineup.

• Continued investments in R&D, charging, and swapping infrastructure, with R&D expenses to remain at CNY 2-2.5 billion per quarter.