VinFast Auto (VFS) Q4 2025 earnings summary

Executive summary

• Delivered 196,919 EVs in 2025, exceeding guidance and more than doubling 2024 deliveries, with Q4 deliveries at 86,557 units, a 127% increase quarter-over-quarter and 63% year-over-year.

• Maintained #1 OEM position in Vietnam with 36% passenger vehicle market share, up from 22% in 2024, and led the e-scooter segment, expanding to five Asian countries.

• Expanded global manufacturing footprint with new facilities in India, Indonesia, and Ha Tinh (Vietnam), and maintained commitment to the U.S. market with North Carolina factory plans.

• Overseas markets contributed 11% of full-year deliveries and 18% of Q4 deliveries, with top BEV rankings in the Philippines, Indonesia, and India.

• Launched new product lines, including commercial and ultra-luxury EVs, advanced next-gen vehicle platforms, and demonstrated self-driving robo-car and autonomy roadmap.

Financial highlights

• Q4 2025 revenue reached $1.569B, up 118% quarter-over-quarter and 139% year-over-year; full-year revenue was $3.6B, up 105% year-over-year.

• Gross margin improved to -39.9% in Q4 2025 (from -79.1% prior year); full-year gross margin improved to -42.5% (from -57.4%).

• Q4 2025 net loss was $1.401B, a 15% year-over-year improvement; full-year net loss was $3.871B, improving 26% year-over-year.

• Adjusted EBITDA margin for Q4 was -64.7% (vs. -80.2% prior year); net loss margin improved to -89.3% from -185.5%.

• CapEx for 2025 totaled $922M; liquidity at year-end was $3.1B.

Outlook and guidance

• 2026 guidance targets at least 300,000 EV deliveries, supported by new model launches and international expansion.

• Two-wheeler deliveries expected to be at least 2.5x 2025 volume, driven by Asian market expansion and battery swapping network rollout.

• Revenue growth in 2026 expected from higher volumes, improved ASP, and evolving product mix.

• CapEx planned at ~$1B for 2026, focused on manufacturing expansion in Vietnam and overseas.

• Construction of the North Carolina plant expected to resume in 2026, with SOP in 2028.