NIO Q4 Earnings Call Highlights

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NIO (NYSE:NIO) elaborate grounds deliveries, improving margins, and its first-ever quarterly nett arsenic absorption reviewed fourth-quarter and full-year 2025 results and outlined merchandise and exertion priorities for 2026 connected its latest net league call.

Founder, Chairman, and CEO William Li said the institution delivered 124,807 astute EVs successful Q4 2025, a 71.7% year-over-year increase, with quarterly deliveries reaching grounds highs crossed NIO, Onvo, and Firefly. For full-year 2025, the 3 brands delivered 326,028 vehicles, up 46.9% year-over-year, which Li described arsenic a instrumentality to a “strong maturation trajectory.”

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For aboriginal 2026, Li reported deliveries of 27,182 vehicles successful January and 27,797 successful February. The institution guided for Q1 2026 deliveries of 80,000 to 83,000 vehicles, representing 90.1% to 97.2% year-over-year growth, according to management.

CFO Stanley Qu said total gross successful Q4 2025 was RMB 34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter. Vehicle income gross was RMB 31.6 billion, rising 80.9% year-over-year and 64.6% quarter-over-quarter, driven by higher deliveries and a higher mean selling terms from merchandise mix. Other sales were RMB 3.0 billion, up 36.6% year-over-year, with absorption citing utilized car sales, method R&D services, and parts, accessories, and after-sales services arsenic contributors.

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Qu said vehicle borderline improved to 18.1%, up from 13.1% successful Q4 2024 and 14.7% successful Q3 2025, attributing the gains to a much favorable merchandise premix and outgo optimization. Other income gross borderline reached a grounds 11.9%, and wide gross borderline roseate to 17.5% versus 11.7% a twelvemonth earlier and 13.9% the anterior quarter.

On expenses, Qu reported R&D disbursal of RMB 2.0 billion, down 44.3% year-over-year and 15.3% quarter-over-quarter, and SG&A disbursal of RMB 3.5 billion, down 27.5% year-over-year and 15.5% quarter-over-quarter, which absorption linked to organizational optimization and reduced selling activities.

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Qu said NIO reached a milestone with its first-ever quarterly profit. GAAP operating nett was RMB 810 million (versus an operating nonaccomplishment of RMB 6.0 cardinal successful Q4 2024), portion non-GAAP operating nett was RMB 1.25 billion. Net nett was RMB 300 million, compared with a nett nonaccomplishment of RMB 7.1 cardinal a twelvemonth earlier; non-GAAP adjusted nett net was RMB 700 million. Management besides said the institution delivered positive operating currency travel and affirmative escaped currency flow successful the 4th and ended Q4 with RMB 45.9 billion successful currency and currency equivalents, restricted cash, short-term investments, and semipermanent clip deposits.