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 and strong recognition in their segments.

• Q4 marked the first-ever quarterly profit, with non-GAAP operating profit at RMB 1.25 billion and GAAP operating profit at RMB 810 million, reflecting significant operational improvement.

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

Financial highlights

• Q4 2025 total revenues were RMB 34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter; full-year revenues reached RMB 87.49 billion, up 33.1% year-over-year.

• Vehicle sales reached RMB 31.6 billion in Q4, up 80.9% year-over-year and 64.6% quarter-over-quarter, driven by higher deliveries and favorable product mix.

• Vehicle margin improved to 18.1% in Q4 2025 from 13.1% last year; gross margin rose to 17.5% from 11.7% last year.

• Q4 2025 net profit was RMB 0.3 billion, compared to a net loss of RMB 7.1 billion in Q4 last year; full-year net loss narrowed to RMB 14.94 billion, a 33.3% improvement.

• 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 revenues projected between RMB 24.48 billion and RMB 25.18 billion, 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.

• SG&A to be controlled within 10% of sales revenue.