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NIO: Full-year revenue of 87.49 billion yuan in 2025, first profitable quarter in Q4
On March 10, NIO released its Q4 and full-year 2025 financial reports.
In Q4, it achieved an operating profit of 1.25 billion yuan, marking the company’s first quarterly profit.
Q4 cash reserves reached 45.9 billion yuan, a significant increase of nearly 10 billion yuan quarter-over-quarter. The delivery guidance for Q1 2026 is 80,000 to 83,000 units, a year-over-year increase of 90.1% to 97.2%. Revenue guidance is 24.48 billion to 25.18 billion yuan, a year-over-year increase of 103.4% to 109.2%.
NIO delivered 124,807 vehicles in Q4, a year-over-year increase of 71.7% and a quarter-over-quarter increase of 43.3%, setting a new record.
Q4 revenue was 34.65 billion yuan, up 75.9% year-over-year and 59.0% quarter-over-quarter, also a record high. Gross profit for Q4 was 6.07 billion yuan, up 163.1% year-over-year and 100.8% quarter-over-quarter, reaching a new high. The comprehensive gross margin for Q4 was 17.5%, an increase of 5.8 percentage points year-over-year and 3.6 percentage points quarter-over-quarter, the highest since 2022. Vehicle gross margin in Q4 was 18.1%, up 5.0 percentage points year-over-year and 3.4 percentage points quarter-over-quarter, reaching a three-year high, with significant improvement in vehicle business profitability. Other sales gross margin was 11.9%, up 10.8 percentage points year-over-year and 4.1 percentage points quarter-over-quarter, with other sales businesses remaining profitable for three consecutive quarters, and steady growth in services and community business contributions.
NIO delivered a total of 326,028 new vehicles in 2025, a year-over-year increase of 46.9%, setting a new record. Full-year revenue was 87.49 billion yuan, up 33.1% year-over-year, also a record high. Full-year gross profit was 11.92 billion yuan, up 83.5% year-over-year, reaching a new high. The full-year comprehensive gross margin was 13.6%, an increase of 3.7 percentage points year-over-year, the highest since 2022. Vehicle gross margin for the full year was 14.6%, up 2.3 percentage points year-over-year, also a new high since 2022.
The Q1 2026 delivery guidance remains 80,000 to 83,000 units, with revenue guidance of 24.48 billion to 25.18 billion yuan, representing a year-over-year increase of 90.1% to 97.2%.