VinFast (Nasdaq: VFS) posted Q4 2025 revenue of $1.57 billion (+139% YoY), delivering a record 86,557 EVs in the quarter. EPS came in at -$0.60, a 15% deterioration year-over-year. Shares saw a modest 0.65% gain in premarket trading following the announcement, reflecting cautious investor sentiment amid ongoing losses.
About VinFast
VinFast Auto Ltd. (Nasdaq: VFS) is a pure-play electric vehicle manufacturer headquartered in Hai Phong City, Vietnam, founded in June 2017 by billionaire Pham Nhat Vuong. The company designs and manufactures EVs, e-scooters, and e-buses, operating across Vietnam, India, Indonesia, the Philippines, Europe, and the Middle East. Its mission centers on making electric mobility accessible to everyone, with a multi-brand strategy spanning the mass-market VF lineup, commercial Green brand, and ultra-luxury Lac Hong marque.
As of March 2026, VinFast carries a market capitalization of approximately $6.90 billion. The company does not pay a dividend, and its P/E ratio is currently negative given ongoing net losses. VinFast operates four global manufacturing facilities with a combined annual EV capacity of approximately 600,000 units and an e-scooter capacity of 500,000 units per year. The stock trades within a 52-week range of $2.56 to $3.82, and Wall Street analysts maintain a consensus price target of approximately $5.75 to $6.00, reflecting significant implied upside from current levels.
Top Financial Highlights
- Total Revenue reached $1,568.9 million (VND 39,411.7 billion) in Q4 2025, up 138.9% year-over-year and up 117.7% quarter-over-quarter
- Vehicle Sales were $1,509.3 million (VND 37,915.4 billion), rising 145.5% year-over-year and 127.1% quarter-over-quarter
- EPS (Basic and Diluted Net Loss per Share) was -$0.60 (VND 15,004), compared with -$0.54 in Q4 2024 and -$0.41 in Q3 2025
- Gross Margin improved significantly to -39.9% in Q4 2025, versus -79.1% in Q4 2024 and -56.2% in Q3 2025
- Gross Loss was $626.2 million (VND 15,732.0 billion), an increase of 20.5% from Q4 2024
- Net Loss was $1,401.2 million (VND 35,199.3 billion), up 15.0% year-over-year and up 46.6% quarter-over-quarter
- Loss from Operations totaled $1,156.1 million (VND 29,042.5 billion), reflecting an increase of 21.8% year-over-year
- SG&A Expenses included a one-time impairment charge of $235.6 million (VND 5,919.7 billion) related to the North Carolina manufacturing facility
- R&D Costs were $114.2 million (VND 2,869.4 billion), up 7.1% year-over-year, focused on ADAS L2+ development and next-gen vehicle platforms
- EV Deliveries hit a quarterly record of 86,557 units, up 127% quarter-over-quarter and 63% year-over-year
- E-Scooter and E-Bike Deliveries totaled 171,962 units, up 452% year-over-year
- Cash and Cash Equivalents stood at $292.7 million (VND 7,352.0 billion) as of December 31, 2025
- Total Available Liquidity was up to $3.1 billion, including undrawn credit lines and grant commitments from founder Pham Nhat Vuong
- Full Year 2025 Revenue reached $3,599.7 million, up 105.4% year-over-year, exceeding delivery guidance of doubling 2024 volumes
- Capital Expenditure (Q4 2025) was approximately $304 million, up 16% quarter-over-quarter
Beat or Miss?
No official analyst consensus estimates were published specifically for VinFast’s Q4 2025 quarter in the earnings release. The table below compares reported figures to contextual expectations where available.
| Metric | Reported | Context and Analysis |
| Total Revenue (Q4) | $1,568.9 million | Exceeded prior quarter ($808.8M) by 117.7%; strong beat vs. trajectory |
| EPS (Q4) | ($0.60) | Worsened from -$0.54 in Q4 2024 and -$0.41 in Q3 2025; no analyst consensus available |
| Gross Margin (Q4) | -39.90% | Significant improvement from -79.1% (Q4 2024); improvement trend continuing |
| EV Deliveries (Q4) | 86,557 units | Surpassed management’s 2025 annual guidance of doubling 2024 deliveries |
| Full Year Revenue | $3,599.7 million | Up 105.4% YoY; management’s prior stated target of delivery doubling was met |
| North Carolina Impairment | $235.6 million | Unplanned charge; management confirmed long-term U.S. commitment unchanged |
| Cash on Hand | $292.7 million | Total available liquidity of $3.1B when credit lines and grants are included |
What Leadership Is Saying?
Chairwoman 8uMadame Thuy Le on strategy and vision:
“2025 was another landmark year for VinFast – but more importantly, it was a year of disciplined investment behind our core mission: making electric mobility and sustainable journey accessible to everyone. Every strategic decision we make is anchored to that objective, including investing in technology, industrial capabilities, and global expansion. For 2026 and beyond, scale and unit cost optimization remain the primary levers in our path to profitability.”
CFO Ms. Lan Anh Nguyen on financial performance:
“Our 2025 results reflect a focus on accelerating revenue growth while improving operating efficiency over time. By exceeding our 2025 guidance while only operating our flagship factory at roughly two-thirds capacity during the year, we have demonstrated our ability to scale more efficiently. The fourth quarter of 2025 reflected the strongest financial performance we have delivered to date, with several key metrics reaching new highs as we begin to see early benefits of scale.”
Historical Performance – VinFast YoY
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $1,568.9M | $656.9M | +138.9% |
| Vehicle Sales | $1,509.3M | $614.9M | +145.5% |
| Gross Loss | -$626.2M | -$519.9M | +20.5% |
| Gross Margin | -39.90% | -79.10% | Improved 39.2 pp |
| Net Loss | -$1,401.2M | -$1,218.6M | +15.0% |
| Loss from Operations | -$1,156.1M | -$949.7M | +21.8% |
| EPS (Diluted) | ($0.60) | ($0.54) | -11.10% |
| EV Deliveries | 86,557 units | 53,139 units | +63% |
| E-Scooter Deliveries | 171,962 units | 31,170 units | 452% |
Competitor Performance – Q4 2025 YoY
VinFast operates in a fiercely competitive EV landscape. Below is a comparison with key EV peers for Q4 2025.
| Company | Q4 2025 Revenue | Q4 2024 Revenue | Change (%) | Net Income Q4 2025 |
| VinFast (VFS) | $1,568.9M | $656.9M | +138.9% | -$1,401.2M |
| NIO (NIO) | $4,954.9M | ~$2,816M | +75.9% | +$40.4M (first-ever profit) |
| Li Auto (LI) | $4,100M | ~$6,100M | -35.0% | +$20.2M (narrow) |
VinFast posted the strongest revenue growth rate among the three at +138.9% year-over-year, though it remains the smallest by absolute revenue and continues to report the deepest losses. NIO achieved a historic milestone by reporting its first-ever quarterly net profit of $40.4 million in Q4 2025, having undergone a dramatic turnaround driven by a 71.7% delivery surge and new brands Onvo and Firefly. Li Auto narrowly returned to profitability with net income of $20.2 million but faced a 35% revenue decline year-over-year amid ongoing challenges in its pivot to pure EVs.
How the Market Reacted?
Following the earnings announcement on March 16, 2026, VinFast shares saw a modest premarket gain of 0.65%, reaching $3.12, reflecting cautious but not negative initial sentiment toward the report. On the day of publication, however, the stock declined 2.58%, removing approximately $187 million from the company’s market capitalization and bringing it to around $7.07 billion at that time.
As of March 18, 2026, shares were trading near $2.81 to $2.88, remaining in the lower half of the 52-week range of $2.56 to $3.82. Wall Street analysts currently maintain a consensus Buy rating with a median price target of approximately $5.75 to $6.00, implying roughly 78-94% upside from current levels, supported by the company’s accelerating revenue trajectory and improving gross margins.
