Nio Q4 Revenue Soars 75.9% to 34.65B Yuan with 17.5% Gross Margin
Nio reported Q4 revenue of 34.65 billion yuan, up 75.9% year-over-year, with vehicle deliveries rising 71.7% to 124,807 units. Gross margin expanded to 17.5% and the company forecasts Q1 2026 deliveries of 80,000–83,000 units and revenue of 24.48–25.18 billion yuan.
1. Q4 Financial Performance
Nio achieved quarterly revenue of 34.65 billion yuan, exceeding consensus by 7.3%, and reported adjusted earnings of 0.29 yuan per ADS versus a 3.17 yuan loss a year earlier. Vehicle revenue jumped 80.9% year-over-year, driven by stronger demand across multiple models.
2. Delivery Momentum
The company delivered 124,807 vehicles in Q4, up 71.7% year-over-year and 43.3% sequentially, led by record monthly deliveries of the All-New ES8 in the premium segment. Year-to-date deliveries reached 47,979 units through February, pushing cumulative deliveries past 1.04 million units.
3. Margin Expansion and Balance Sheet
Gross margin climbed to 17.5% from 11.7% a year earlier, supported by a favorable product mix and in-house smart EV technologies. Vehicle margin rose to 18.1%, and the balance sheet holds 45.9 billion yuan in cash, equivalents and investments as of December 31, 2025.
4. 2026 Outlook
Nio projects Q1 deliveries between 80,000 and 83,000 units, reflecting 90.1%–97.2% growth, and forecasts revenue of 24.48–25.18 billion yuan, implying over 100% year-over-year growth. Management plans continued investment in core technologies, new model launches, and expansion of charging and battery-swap networks.