Key Highlights

  • Q4 2025 marked NIO’s maiden operating profit with non-GAAP operating profit reaching RMB1.25B
  • Quarterly revenue climbed to RMB34.65B, representing 76% year-over-year growth and surpassing RMB33.25B estimates
  • The company delivered 124,807 vehicles during Q4, marking 71.7% year-over-year expansion
  • Vehicle margin expanded to 18.1% compared to 13.1% in the prior year period
  • Q1 2026 delivery forecast of 80,000–83,000 units suggests approximately 90–97% year-over-year growth

The Chinese electric vehicle manufacturer achieved a significant milestone during Q4 2025, marking its first-ever quarterly operating profit. This breakthrough sent shares climbing nearly 6% during Tuesday’s premarket session.

Financial results showed earnings per share of RMB0.29 for the quarter, significantly exceeding analyst projections of a RMB0.09 per share loss. The performance represented a dramatic improvement.


NIO Stock Card
NIO Inc., NIO

Quarterly revenue reached RMB34.65 billion, climbing 76% compared to the same period last year, while topping the RMB33.25B consensus forecast.

The company delivered 124,807 vehicles during Q4 2025, representing growth of 71.7% year-over-year and 43.3% sequentially from Q3 2025.

NIO’s non-GAAP operating profit totaled RMB1.25 billion, marking a dramatic reversal from substantial losses during Q4 2024. Leadership characterized this achievement as a pivotal moment.

CFO Stanley Yu Qu indicated the organization plans to “continue to enhance operational efficiency and optimize cost” throughout 2026, committing to deliver improved, sustainable results for shareholders and partners.

Profitability Gains Momentum

Vehicle margin expanded to 18.1% during Q4 from 13.1% during the comparable 2024 period. Overall gross margin climbed to 17.5% from 11.7% in Q4 2024.

These gains resulted from increased production scale, an enhanced product portfolio featuring updated models, and comprehensive cost optimization initiatives.

Quarterly gross profit totaled approximately RMB11.9 billion.

Vehicle sales increased 65% sequentially and registered 81% growth versus the prior year period.

Delivery Performance and Forward Guidance

NIO shipped 27,182 vehicles during January 2026 and 20,797 units in February. Year-to-date through February 28, deliveries reached 47,979 vehicles, pushing total cumulative deliveries beyond 1 million units.

Management projected Q1 2026 revenue between RMB24.48B and RMB25.18B, exceeding the RMB23.3B analyst consensus.

The delivery forecast for Q1 ranges from 80,000 to 83,000 units, implying year-over-year expansion of 90.1% to 97.2%.

Competitor shares showed limited movement. XPeng (XPEV) advanced 0.8% in premarket activity, while Li Auto (LI) declined 0.4%.

Cumulative deliveries reached 1,045,571 units through the end of February 2026.