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 setting a record at 86,557 units.

• Maintained #1 OEM position in Vietnam with 36% market share, up from 22% in 2024, and achieved top BEV rankings in India, Indonesia, and the Philippines.

• Expanded global manufacturing with new facilities in India, Indonesia, and Ha Tinh, and maintained plans for U.S. factory resumption in North Carolina by 2028.

• Launched new product lines, including commercial and ultra-luxury EVs, and advanced next-gen vehicle platforms, ADAS, and robotics integration.

• Overseas markets contributed 18% of Q4 deliveries and 11% for the full year, with 424 showrooms globally by year-end.

Financial highlights

• Q4 2025 revenue reached $1.6B, up 118% quarter-over-quarter and 139% year-over-year; full-year revenue was $3.6B, up 105% year-over-year.

• Q4 gross margin improved to -39.9% from -79.1% in Q4 2024; full-year gross margin improved to -42.5% from -57.4% in 2024.

• Q4 net loss was $1.4B, net loss margin improved to -89% from -186% year-over-year; full-year net loss was $3.87B, improving 26% year-over-year.

• Adjusted EBITDA margin for Q4 improved to -64.7% from -80.2% YoY; FY 2025 margin improved to -66% from -103% in 2024.

• Year-end liquidity was $3.1B, with cash and cash equivalents at $293M; CapEx for 2025 totaled $922M.

Outlook and guidance

• 2026 guidance targets at least 300,000 EV deliveries and 2.5x e-scooter sales growth, supported by new models and international expansion.

• Plans to expand dealer networks in India, Indonesia, and the Philippines, and launch new models and e-bus business in the US.

• Revenue growth in 2026 to be driven by higher volumes, improved ASP, and product mix evolution.

• CapEx planned at ~$1B for 2026, focused on manufacturing expansion; R&D spend expected at $1.4B.

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