Key Highlights
- Q4 2025 marked NIO’s historic first quarterly operating profit with non-GAAP operating income of RMB1.25B
- Quarterly revenue soared to RMB34.65B, representing 76% year-over-year growth and surpassing the RMB33.25B forecast
- The company delivered 124,807 vehicles during Q4, marking a 71.7% annual increase
- Vehicle margin expanded significantly to 18.1% compared to 13.1% in the prior year period
- Q1 2026 delivery forecast projects 80,000–83,000 units, indicating approximately 90–97% year-over-year growth
The Chinese electric vehicle manufacturer achieved a significant milestone in Q4 2025, marking its first quarterly operating profit and triggering a nearly 6% surge in premarket trading on Tuesday.
For the quarter, the company delivered earnings per share of RMB0.29, significantly outperforming analyst projections that had anticipated a loss of RMB0.09 per share. This represents a substantial beat.
Quarterly revenue reached RMB34.65 billion, marking a 76% year-over-year increase and exceeding the analyst consensus of RMB33.25B.
The electric vehicle maker delivered 124,807 units during Q4 2025, representing a 71.7% increase compared to the year-ago period and a 43.3% sequential gain from Q3 2025.
NIO’s non-GAAP operating income totaled RMB1.25 billion — a dramatic turnaround from the substantial losses reported during Q4 2024. Company leadership characterized this achievement as a pivotal turning point.
CFO Stanley Yu Qu indicated the organization will “continue to enhance operational efficiency and optimize cost” throughout 2026, pledging more robust and sustainable results for investors and business partners.
Profitability Metrics Show Improvement
The vehicle margin climbed to 18.1% in Q4 from 13.1% in the comparable quarter last year. Overall gross margin increased to 17.5%, up from 11.7% in Q4 2024.
These gains stemmed from increased production scale, an enhanced product portfolio featuring newer vehicle models, and comprehensive cost reduction initiatives throughout operations.
Quarterly gross profit totaled approximately RMB11.9 billion.
Vehicle sales increased 65% sequentially and registered 81% growth versus the prior year quarter.
Delivery Performance and Forward Guidance
NIO shipped 27,182 vehicles in January 2026 and 20,797 units in February. As of February 28, year-to-date deliveries reached 47,979 vehicles, pushing total cumulative deliveries beyond the 1 million unit threshold.
For the first quarter of 2026, the company projects revenue ranging from RMB24.48B to RMB25.18B, surpassing the consensus forecast of RMB23.3B.
Q1 delivery projections range between 80,000 and 83,000 units — translating to year-over-year expansion of 90.1% to 97.2%.
Competitor stocks showed muted reactions. XPeng (XPEV) advanced 0.8% in premarket activity, while Li Auto (LI) declined 0.4%.
As of late February 2026, NIO’s cumulative vehicle deliveries totaled 1,045,571 units.
