TLDR
- NIO achieved its maiden quarterly operating profit in Q4 2025, recording non-GAAP operating income of RMB1.25B
- Quarterly revenue reached RMB34.65B, representing a 76% year-over-year increase and surpassing the RMB33.25B estimate
- The company delivered 124,807 vehicles in Q4, marking a 71.7% year-over-year surge
- Vehicle margins expanded to 18.1%, a significant increase from the prior year’s 13.1%
- Management forecasts Q1 2026 deliveries between 80,000–83,000 units, implying 90–97% year-over-year growth
NIO achieved a significant milestone in Q4 2025, marking a transformative moment that caught investor attention. The Chinese electric vehicle manufacturer delivered its maiden quarterly operating profit, propelling shares higher by nearly 6% during Tuesday’s premarket session.
The automaker disclosed earnings of RMB0.29 per share for the period, substantially exceeding analyst projections that anticipated a loss of RMB0.09 per share. This represents a dramatic turnaround.
Quarterly revenue totaled RMB34.65 billion, climbing 76% compared to the previous year and surpassing the analyst consensus of RMB33.25B.
The company shipped 124,807 vehicles during Q4 2025. This figure represents a 71.7% increase versus the corresponding quarter last year and a 43.3% sequential gain from Q3 2025.
NIO’s non-GAAP operating income reached 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 would “continue to enhance operational efficiency and optimize cost” throughout 2026, committing to deliver stronger, more sustainable results for investors and business partners.
Margin Expansion Accelerates
Vehicle margins climbed to 18.1% in Q4 from 13.1% during the year-ago period. Overall gross margin expanded to 17.5% compared to merely 11.7% in Q4 2024.
The margin enhancement stemmed from economies of scale, a more favorable product mix featuring recently launched models, and comprehensive cost reduction initiatives.
Total gross profit for the quarter approached RMB11.9 billion.
Vehicle sales jumped 65% sequentially and exceeded the prior year’s comparable period by 81%.
Delivery Performance and Forward Guidance
NIO shipped 27,182 vehicles in January 2026 and 20,797 in February. By February 28, the manufacturer had delivered 47,979 vehicles in 2026, pushing cumulative deliveries beyond 1 million units.
For Q1 2026, NIO projects revenue between RMB24.48B and RMB25.18B, exceeding the analyst consensus estimate of RMB23.3B.
The company anticipates deliveries ranging from 80,000 to 83,000 units in Q1 — translating to year-over-year expansion of 90.1% to 97.2%.
Competitor stocks showed muted responses. XPeng (XPEV) advanced 0.8% in premarket activity, while Li Auto (LI) declined 0.4%.
NIO’s total deliveries surpassed the 1,045,571 milestone by the conclusion of February 2026.
