TLDR
- NIO achieved its inaugural operating profit during Q4 2025, recording non-GAAP operating income of RMB1.25B
- Quarterly revenue reached RMB34.65B, representing a 76% year-over-year increase and exceeding analyst projections of RMB33.25B
- The company delivered 124,807 vehicles in Q4, marking a 71.7% year-over-year surge
- Vehicle margins expanded to 18.1%, compared to 13.1% in the previous year
- Management forecast Q1 2026 deliveries between 80,000–83,000 units, approximately 90–97% above prior-year levels
NIO achieved a pivotal milestone in Q4 2025 — and investors took notice. The Chinese electric vehicle manufacturer disclosed its inaugural quarterly operating profit, propelling shares higher by approximately 6% during Tuesday’s premarket session.
The automaker delivered earnings per share of RMB0.29 for the period, significantly outperforming analyst consensus which had projected a loss of RMB0.09 per share. That represents a remarkable reversal.
Quarterly revenue totaled RMB34.65 billion, reflecting a 76% year-over-year expansion and exceeding the analyst consensus forecast of RMB33.25B.
The company delivered 124,807 vehicles during Q4 2025. This figure represents a 71.7% increase compared to the corresponding quarter last year and a 43.3% sequential gain from Q3 2025.
NIO’s non-GAAP operating income registered at RMB1.25 billion — a dramatic shift from the substantial losses posted in Q4 2024. Executives characterized this achievement as a turning point for the business.
CFO Stanley Yu Qu indicated the organization would “continue to enhance operational efficiency and optimize cost” throughout 2026, committing to deliver more robust and sustainable results for stakeholders and collaborators.
Profitability Metrics Show Improvement
Vehicle margins climbed to 18.1% in Q4 versus 13.1% during the same period last year. Overall gross margin advanced to 17.5% from merely 11.7% in Q4 2024.
The enhancement stemmed from economies of scale, an improved product portfolio featuring newer releases, and comprehensive cost reduction initiatives throughout operations.
Total gross profit for the period measured approximately RMB11.9 billion.
Vehicle sales increased 65% sequentially and registered 81% higher compared to the year-ago quarter.
Delivery Performance and Forward Guidance
NIO distributed 27,182 vehicles during January 2026 and 20,797 in February. As of February 28, the manufacturer had delivered 47,979 vehicles year-to-date in 2026, pushing cumulative deliveries beyond 1 million units.
For Q1 2026, NIO projected revenue ranging from RMB24.48B to RMB25.18B, surpassing the consensus forecast of RMB23.3B.
Delivery projections for Q1 range between 80,000 and 83,000 units — indicating year-over-year expansion of 90.1% to 97.2%.
Competitor stocks showed muted reactions. XPeng (XPEV) advanced 0.8% in premarket trading, while Li Auto (LI) declined 0.4%.
NIO’s total deliveries reached 1,045,571 units as of February 2026’s conclusion.
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