TLDR
- NIO achieved its maiden operating profit in Q4 2025, recording non-GAAP operating profit of RMB1.25B
- Quarterly revenue reached RMB34.65B, surging 76% year-over-year and exceeding analyst projections of RMB33.25B
- Q4 vehicle deliveries totaled 124,807 units, marking a 71.7% year-over-year increase
- Vehicle margin expanded to 18.1%, climbing from 13.1% in the prior-year period
- Company forecasts Q1 2026 deliveries between 80,000–83,000 units, representing approximately 90–97% year-over-year growth
NIO achieved a significant milestone in Q4 2025 — and investors took notice. The Chinese electric vehicle manufacturer announced its inaugural quarterly operating profit, propelling shares higher by nearly 6% during Tuesday’s premarket session.
$NIO (NIO) #earnings are out: pic.twitter.com/6561tG5hze
— The Earnings Correspondent (@earnings_guy) March 10, 2026
For the quarter, the company delivered earnings per share of RMB0.29, substantially exceeding analyst projections that had anticipated a loss of RMB0.09 per share. This represents a remarkable turnaround.
Quarterly revenue totaled RMB34.65 billion, reflecting a 76% year-over-year surge and surpassing the consensus forecast of RMB33.25B.
The automaker 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 rise from Q3 2025.
NIO’s non-GAAP operating profit stood at RMB1.25 billion — a dramatic shift from the substantial losses reported in 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, committing to deliver stronger, more consistent results for investors and business partners.
Profitability Metrics Show Improvement
Vehicle margin climbed to 18.1% in Q4 from 13.1% in the year-ago quarter. Overall gross margin expanded to 17.5% from merely 11.7% in Q4 2024.
The margin expansion stemmed from economies of scale, an enhanced product portfolio featuring newer vehicle models, and comprehensive cost reduction initiatives throughout the organization.
Quarterly gross profit reached approximately RMB11.9 billion.
Vehicle sales increased 65% sequentially and jumped 81% versus the comparable period last year.
Delivery Performance and Forward Guidance
NIO shipped 27,182 vehicles in January 2026 and 20,797 in February. As of February 28, the automaker had delivered 47,979 vehicles in 2026, pushing total cumulative deliveries beyond the 1 million unit threshold.
For Q1 2026, NIO projected revenue ranging from RMB24.48B to RMB25.18B, surpassing the analyst consensus estimate of RMB23.3B.
The company’s delivery forecast for Q1 ranges between 80,000 and 83,000 units — indicating year-over-year expansion of 90.1% to 97.2%.
Competitor stocks showed muted responses. XPeng (XPEV) advanced 0.8% in premarket trading, while Li Auto (LI) declined 0.4%.
NIO’s all-time deliveries reached 1,045,571 units by the conclusion of February 2026.
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