Nio Group reported its first-ever quarterly profit in the fourth quarter of 2025, fulfilling the main financial target the Chinese EV maker had set at the start of the year, as record deliveries and a favourable product mix drove a turnaround from one of its deepest loss-making periods.
The company posted a Non-GAAP adjusted profit from operations of 1.251 billion yuan ($178.9 million) for the quarter ended December 31, 2025 — beating the upper end of its own February profit alert, which had guided for 700 million to 1.2 billion yuan.
The result compared with an adjusted operating loss of 5,543.6 million yuan in the fourth quarter of 2024, a year-on-year swing of nearly 6.8 billion yuan at the midpoint.
On a GAAP basis, profit from operations was 807.3 million yuan ($115.4 million), compared with a GAAP operating loss of 6,032.9 million yuan a year earlier.
Net profit attributable to ordinary shareholders was 122.4 million yuan ($17.5 million) for the quarter, against a net loss of 7,131.8 million yuan in Q4 2024.
Nio‘s US-listed shares jumped as much as 5% to $5.2o in pre-market trading following the release, from a closing price of $4.94 on Monday.
Deliveries
Nio delivered 124,807 vehicles in the fourth quarter of 2025, up 71.7% year-on-year and up 43.3% from the third quarter.
The quarter’s deliveries broke down as 67,433 units from the premium Nio brand, 38,290 from the family-oriented Onvo brand and 19,084 from the compact Firefly brand — each recording quarterly highs.
December alone accounted for 48,135 deliveries, up 54.6% year-on-year. For the full year 2025, Nio delivered 326,028 vehicles across all three brands, up 46.9% year-on-year.
Revenue and Margins
Total revenue for Q4 reached 34.650 billion yuan ($4.95 billion), up 75.9% year-on-year and up 59.0% from Q3.
Automotive revenue were 31.606 billion yuan ($4.52 billion), up 80.9% year-on-year, driven by higher delivery volume and a higher average selling price from a more favourable product mix.
Other sales — comprising battery swap services, accessories, used cars and technical R&D services — were 3.044 million yuan ($435.3 million), up 36.6% year-on-year.
Vehicle margin reached 18.1% in Q4, up from 14.7% in Q3 2025 and 13.1% in Q4 2024, a 500 basis point year-on-year improvement.
Gross margin was 17.5%, compared with 13.9% in Q3 and 11.7% in Q4 2024.
Gross profit more than doubled year-on-year to 6,074.1 million yuan ($868.6 million).
For the full year 2025, Nio‘s total revenue was 87.487 billion yuan ($12.51 billion), up 33.1% from 2024.
Full-year vehicle margin was 14.6%, compared with 12.3% in 2024. Full-year gross margin improved to 13.6% from 9.9%.
Operating Expenses
Research and development expenses fell 44.3% year-on-year to 2.026 million yuan ($289.7 million) in Q4, reflecting lower personnel costs following an organisational restructuring.
On an adjusted Non-GAAP basis, R&D expenses were 1,744.9 million yuan, compared with 3,291.7 million yuan in Q4 2024.
Selling, general and administrative expenses fell 27.5% year-on-year to 3,537.4 million yuan ($505.8 million), also reflecting headcount reductions and lower marketing spend.
For the full year, R&D expenses declined 18.7% to 10.605 billion yuan ($1.52 billion). SG&A expenses rose a modest 2.2% to 16,087.7 million yuan ($2.30 billion).
Full-Year 2025 Net Loss
Net loss for the full year 2025 was 14,942.6 million yuan ($2.14 billion), a 33.3% improvement from the 22,401.7 million yuan net loss in 2024.
On a Non-GAAP adjusted basis, net loss was 12,414.2 million yuan ($1.78 billion), down 39.4% year-on-year.
Balance Sheet
Cash, cash equivalents, restricted cash, short-term investments and long-term time deposits stood at 45.9 billion yuan ($6.6 billion) as of December 31, 2025.
The company noted that its current liabilities exceeded current assets as of year-end, and said it believes its liquidity — including available cash, operating cash flows and credit facilities — is sufficient to support operations over the next twelve months.
Outlook
For the first quarter of 2026, Nio guided for deliveries of 80,000 to 83,000 vehicles, representing year-on-year growth of 90.1% to 97.2%.
Q1 revenue is expected in a range of 24,482 million yuan ($3.50 billion) to 25,176 million yuan ($3.60 billion), implying year-on-year growth of 103.4% to 109.2%.
The company did not provide a Q1 profit or loss guidance figure in the release.
Management Comments
“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%,” said William Li, founder and chief executive officer.
Li cited record deliveries across all three brands in Q4 and highlighted the Nio All-New ES8’s position as the top-selling vehicle priced above 400,000 yuan in 2025, the Onvo L90 as the best-selling large BEV SUV of the year, and Firefly’s leading position in the premium small car segment since launch.
Chief Financial Officer Stanley Yu Qu said the Q4 vehicle margin of 18.1% was “primarily driven by the strong delivery and revenue growth, an optimised product mix, and cost reduction and efficiency enhancement initiatives.”
He added that in 2026 the company would “continue to enhance operational efficiency and optimise cost, and deliver stronger, more sustainable performance.”
Recent Developments
Last month, Nio and its Shenji subsidiary — responsible for Nio’s intelligent-driving chip business — signed agreements with external investors in China who will invest a combined 2,257 million yuan for a 27.3% stake in Shenji.
Nio will retain a controlling 62.7% interest. The transaction values the chip unit independently and provides dedicated external funding for one of the company’s most capital-intensive technology programmes.
In December 2025 and January 2026, Nio also agreed to purchase approximately 1.08% of the equity interest in Nio China from minority investors for up to 1,002 million yuan, raising its controlling interest in the domestic operating entity to 92.9% upon completion.
Investor Background
Abu Dhabi’s CYVN Holdings remains Nio’s largest overall shareholder with a 21.7% stake, built through approximately $2.94 billion in investments completed across two tranches in 2023 at prices of $8.72 and $7.50 per share.
CYVN, now held under the Abu Dhabi state-owned L’imad Holding Company chaired by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, is entitled to nominate two directors to Nio’s board so long as its stake remains above 15%.
