NIO posted its first-ever quarterly net profit of RMB282.7 million ($40.4 million) in Q4 2025, beating Wall Street estimates on both EPS and revenue. Non-GAAP adjusted EPS came in at RMB0.29, crushing the consensus estimate of a loss of RMB0.09 per share. Revenue surged 75.9% year-over-year to RMB34.65 billion ($4.95 billion), above the consensus estimate of RMB33.25 billion. Shares surged 15.38% on March 10 to close at $5.70 on massive volume.
About NIO Inc.
NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) is a pioneer and leading company in the global smart electric vehicle market, headquartered in Shanghai, China. Founded in November 2014 by William Bin Li, NIO designs, develops, manufactures, and sells premium smart electric vehicles. The company operates three distinct brands: the flagship NIO brand targeting the premium segment, the ONVO brand for family-oriented smart EVs, and the FIREFLY brand for the small smart high-end electric car segment.
As of March 2026, NIO’s market capitalization stands at approximately $14.41 billion, with shares trading on the NYSE at around $5.70 following its Q4 earnings release. The company had approximately 45,635 employees as of December 31, 2024, representing a 39% increase year-over-year. NIO’s trailing twelve-month P/E ratio is -3.69, reflecting the fact that the company remains unprofitable on a full-year basis despite achieving its first quarterly net profit in Q4 2025.
The company does not pay a dividend. NIO distinguishes itself through its proprietary battery swapping network, advanced autonomous driving technology, and a comprehensive suite of energy solutions including Power Swap, Power Home, and Power Mobile charging services.
Top Financial Highlights
- Total Q4 Revenue of RMB34,650.2 million (US$4,954.9 million), surging 75.9% year-over-year and 59.0% quarter-over-quarter.
- Q4 Net Profit of RMB282.7 million (US$40.4 million), marking NIO’s first-ever quarterly net profit since its founding, compared to a net loss of RMB7,111.5 million in Q4 2024.
- Non-GAAP Adjusted EPS of RMB0.29 (US$0.04), beating the analyst consensus estimate of a loss of RMB0.09 per share by RMB0.38.
- Gross Margin expanded to 17.5%, up from 11.7% in Q4 2024 and 13.9% in Q3 2025.
- Vehicle Margin improved to 18.1%, compared to 13.1% in Q4 2024 and 14.7% in Q3 2025, driven by a more favorable product mix.
- Non-GAAP Operating Profit of RMB1,251.3 million (US$178.9 million), exceeding the upper limit of the company’s own profit alert range of RMB700 million to RMB1.2 billion.
- Record Q4 Deliveries of 124,807 vehicles, up 71.7% year-over-year, consisting of 67,433 NIO-brand vehicles, 38,290 ONVO vehicles, and 19,084 FIREFLY vehicles.
- Full Year 2025 Revenue of RMB87,487.5 million (US$12,510.5 million), up 33.1% year-over-year.
- Full Year 2025 Deliveries of 326,028 vehicles, up 46.9% year-over-year.
- Full Year Gross Profit of RMB11,915.7 million (US$1,703.9 million), up 83.5% from the previous year.
- R&D Expenses fell 44.3% year-over-year to RMB2,026.0 million, driven by organizational optimization and reduced personnel costs.
- SG&A Expenses declined 27.5% year-over-year to RMB3,537.4 million, reflecting aggressive cost-control measures.
- Cash on Hand of RMB45.9 billion (US$6.6 billion) as of December 31, 2025.
- Q1 2026 Guidance projects deliveries of 80,000 to 83,000 vehicles (up 90.1% to 97.2% YoY) and revenue of RMB24,482 million to RMB25,176 million (up 103.4% to 109.2% YoY), both above analyst consensus.
Beat or Miss?
NIO delivered a comprehensive beat across all key metrics for Q4 2025, surprising Wall Street with its first-ever quarterly net profit and guidance that exceeded consensus estimates.
| Metric | Reported | Analyst Estimate | Difference/Analysis |
| Revenue (Q4) | RMB34,650.2M ($4,954.9M) | RMB33,250M (~$4,610M) | Beat by ~RMB1,400M (+4.2%) |
| Non-GAAP EPS (Q4) | RMB0.29 ($0.04) | -RMB0.09 (-$0.01) | Beat by RMB0.38; swung from expected loss to profit |
| GAAP EPS (Q4) | RMB0.05 ($0.01) | -$0.05 (loss) | Beat; first positive GAAP EPS in company history |
| Q4 Deliveries | 124,807 units | ~120,000-125,000 units | At the high end of expectations |
| Q1 2026 Revenue Guidance | RMB24,482M-25,176M | RMB23,300M | Beat consensus by 5.1% to 8.1% |
| Q1 2026 Delivery Guidance | 80,000-83,000 units | N/A | +90.1% to 97.2% YoY growth expected |
| Non-GAAP Operating Profit (Q4) | RMB1,251.3M | RMB700M-1,200M (NIO’s own alert) | Exceeded company’s own upper-end forecast |
What Leadership Is Saying?
“In the fourth quarter of 2025, the Company delivered 124,807 smart electric vehicles, representing a year-over-year increase of 71.7%, with quarterly deliveries of our NIO, ONVO and FIREFLY brands each reaching record highs. For the full year of 2025, total deliveries across the three brands reached 326,028 units, up 46.9% year over year, reflecting our accelerating growth trajectory.
We expect total deliveries in the first quarter of 2026 to be between 80,000 and 83,000 units, representing a year-over-year increase of 90.1% to 97.2%. Looking ahead to 2026, we will continue to invest decisively in our twelve full-stack core technologies, launch new models, enhance the commercial and operational capabilities of our battery swapping and charging network, and continue upgrading our sales and service network.”– William Bin Li, Founder, Chairman and CEO
“In the fourth quarter of 2025, our vehicle margin reached 18.1%, and other sales margin reached 11.9%. These improvements were primarily driven by the strong delivery and revenue growth, an optimized product mix, and cost reduction and efficiency enhancement initiatives. We achieved non-GAAP operating profit of RMB1,251.3 million for the first time on a quarterly basis in the fourth quarter of 2025, marking a major milestone in our operating performance. In 2026, we will continue to enhance operational efficiency and optimize cost, and deliver stronger, more sustainable performance for our users, partners and shareholders.” – Stanley Yu Qu, Chief Financial Officer
Historical Performance
The table below compares NIO’s Q4 2025 results against Q4 2024 and Q3 2025, highlighting the dramatic turnaround in profitability and the acceleration in revenue growth.
| Category | Q4 2025 | Q4 2024 | Change (% YoY) |
| Total Revenue | RMB34,650.2M ($4,954.9M) | RMB19,703.4M | +75.9% |
| Vehicle Sales | RMB31,606.2M ($4,519.6M) | RMB17,475.6M | +80.9% |
| Other Sales | RMB3,044.1M ($435.3M) | RMB2,227.8M | +36.6% |
| Gross Profit | RMB6,074.1M ($868.6M) | RMB2,308.9M | +163.1% |
| Gross Margin | 17.50% | 11.70% | +580 bps |
| Vehicle Margin | 18.10% | 13.10% | +500 bps |
| Operating Profit/(Loss) | RMB807.3M ($115.4M) | -RMB6,032.9M | Turned profitable |
| Net Profit/(Loss) | RMB282.7M ($40.4M) | -RMB7,111.5M | Turned profitable |
| R&D Expenses | RMB2,026.0M ($289.7M) | RMB3,639.0M | -44.3% |
| SG&A Expenses | RMB3,537.4M ($505.8M) | RMB4,878.7M | -27.5% |
| Vehicle Deliveries | 124,807 | 72,689 | 71.70% |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (% YoY) |
| Total Revenue | RMB87,487.5M ($12,510.5M) | RMB65,731.6M | +33.1% |
| Vehicle Sales | RMB76,883.9M ($10,994.2M) | RMB58,234.1M | +32.0% |
| Gross Profit | RMB11,915.7M ($1,703.9M) | RMB6,492.8M | +83.5% |
| Gross Margin | 13.60% | 9.90% | +370 bps |
| Operating Loss | -RMB14,041.2M | -RMB21,874.1M | Narrowed 35.8% |
| Net Loss | -RMB14,942.6M ($2,136.8M) | -RMB22,401.7M | Narrowed 33.3% |
| Deliveries | 326,028 | 221,970 | 46.90% |
Competitor Comparison
Since XPeng and Li Auto have not yet released their Q4 2025 earnings as of March 11, 2026 (XPeng reports March 20 and Li Auto reports March 12), the comparison below uses the most recent available data for each peer, alongside Rivian’s Q4 2025 results.
| Category | NIO (Q4 2025) | Rivian (Q4 2025) | XPeng (Q3 2025) | Li Auto (Q3 2025) |
| Revenue | RMB34,650.2M ($4,955M) | $1,290M | RMB20,380M ($2,840M) | RMB27,360M ($3,800M) |
| Gross Margin | 17.5% | 9.0% | 20.1% | ~19.5% |
| Net Income/(Loss) | RMB282.7M ($40.4M) profit | -$0.70/share (loss) | -RMB380M (loss) | -RMB624.4M (loss) |
| Vehicle Deliveries | 124,807 | ~10,000-12,000 (est.) | 116,249 (Q4) | 109,194 (Q4) |
| FY 2025 Revenue | RMB87,487.5M ($12,511M) | $5,290M | ~RMB71,000M (est.) | ~RMB105,000M (est.) |
| FY 2025 Deliveries | 326,028 | ~42,000-43,000 | 429,445 | ~500,000+ |
| Cash Position | RMB45.9B ($6.6B) | $6.1B | ~RMB42B (est.) | ~RMB112.8B (Q4 2024) |
Key observations from the competitive landscape:
- NIO is the only company among its Chinese EV peers to achieve a quarterly GAAP net profit in Q4 2025, a milestone that neither XPeng nor Li Auto accomplished in their most recent reported quarters.
- XPeng fell short of its own Q4 delivery guidance of 125,000 to 132,000 units, delivering only 116,249 vehicles, though its full-year 2025 deliveries of 429,445 surged 126% year-over-year.
- Rivian achieved its first-ever full-year gross profit ($144 million) in 2025, though its Q4 revenue declined from the prior year primarily due to lower regulatory credit sales and reduced EV tax credits.
- Li Auto, once the clear profitability leader among Chinese EV startups, posted a net loss of RMB624.4 million in Q3 2025, with Q4 results yet to be released as of March 11, 2026.
How the Market Reacted?
NIO shares surged 15.38% on March 10, 2026, closing at $5.70, following the release of its Q4 2025 earnings results. The stock had already jumped nearly 6% in pre-market trading after the company reported its first-ever quarterly net profit and beat analyst expectations on EPS, revenue, and forward guidance. Trading volume reached approximately 145.1 million shares, roughly 233% above the three-month average volume of 43.6 million shares, signaling exceptionally strong investor interest.
The previous close on March 9 was $4.94. Key EV peers also traded higher on the day, with Rivian gaining 5%, Li Auto up 0.79%, and XPeng rising 2.96%, though NIO’s move was clearly the standout, indicating company-specific catalysts rather than a broad sector rotation. Analyst sentiment turned more bullish, with Seeking Alpha upgrading NIO to “Buy” and the 9-analyst consensus maintaining a “Buy” rating with a 12-month price target of $6.73, representing approximately 32.7% upside from the March 10 levels.
