NIO releases 2025 financial report: Q4 revenue of 34.65 billion yuan, adjusted operating profit turns positive for the first time

Tech Sina News, March 10 — NIO Inc. today announced its unaudited financial results for Q4 and the full year 2025. During the reporting period, NIO achieved total revenue of 34.65 billion RMB in Q4, a 75.9% year-over-year increase, and for the first time, its quarterly adjusted operating profit turned positive, reaching 1.251 billion RMB after deducting share-based compensation expenses.

In terms of core delivery data, NIO delivered 124,807 vehicles in Q4, a significant 71.7% increase compared to the same period last year. Driven by expanded delivery volume and higher-value models, its vehicle gross margin in Q4 rose to 18.1%, with overall gross margin increasing to 17.5%. In profitability, NIO posted a net profit of 282.7 million RMB in Q4, reversing a loss of 7.11 billion RMB in the same period last year; non-GAAP adjusted net profit was 726.8 million RMB.

Looking at the full year 2025, NIO delivered a total of 326,028 vehicles, a 46.9% increase year-over-year. Full-year revenue reached 87.488 billion RMB, up 33.1% from 2024. The full-year vehicle gross margin was 14.6%, an improvement from 12.3% in 2024. Although the full-year net loss was 14.943 billion RMB, the overall loss narrowed by 33.3% compared to 2024. As of December 31, 2025, NIO’s cash and cash equivalents, restricted cash, short-term investments, and long-term fixed deposits totaled 45.9 billion RMB, maintaining a relatively healthy cash reserve.

In terms of capital operations and key personnel moves, recent activities include the subsidiary “Shenji,” responsible for autonomous driving chip development, receiving a cash injection of 2.257 billion RMB. After the transaction, NIO retains a 62.7% controlling stake. Additionally, at the end of last year and early this year, the company repurchased up to 1.08% of NIO China’s shares for no more than 1.002 billion RMB, further consolidating its control to 92.9%. Meanwhile, the board approved granting approximately 248 million restricted stock units to founder and CEO William Li based on performance targets.

Looking ahead to 2026, NIO expects vehicle deliveries in Q1 to be between 80,000 and 83,000 units, with total revenue projected between 24.482 billion and 25.176 billion RMB.