Overview
- Nio reported Q4 2025 non-GAAP operating profit of 1.251 billion yuan and GAAP operating profit of 807 million yuan, with net profit of 122.4 million yuan on revenue of 34.65 billion yuan.
- Record quarterly deliveries reached 124,807 vehicles across Nio, Onvo and Firefly, as vehicle margin improved to 18.1% and gross margin rose to 17.5%.
- Guidance calls for 80,000–83,000 deliveries and 24.48–25.18 billion yuan in revenue in Q1 2026, implying roughly 32,000–35,000 March deliveries.
- Operating costs tightened as R&D fell about 44% year over year and SG&A dropped roughly 28% in Q4; liquidity totaled 45.9 billion yuan, with management asserting it can fund operations for the next 12 months despite a current ratio shortfall.
- U.S.-listed shares jumped after the release, and brokers moved quickly: BofA lifted its target to $6.70 (Neutral), Macquarie raised to $6.50 (Outperform) and Nomura upgraded to Buy, even as some analysts cautioned that steep R&D cuts and intensifying competition could weigh on longer-term momentum.