NIO Inc. Earnings Recaps
Q2 2026
Sep 3, 2026
Shares dropped 8.7% as investors reacted negatively to cautious delivery guidance indicating deceleration in sales growth and margin pressure from rising raw material and chip costs.
Key takeaways
- Q2 deliveries totaled 107,658 vehicles, representing 49.4% year-over-year growth, but Q3 guidance narrowed to 108,000-111,000 units, signaling a moderation in growth.
- Gross margin stood at 18.4%, supported by higher-margin products and cost optimization, yet raw material and chip cost pressures constrained expansion.
- The company maintained non-GAAP operating profit and positive free cash flow, increasing cash reserves to RMB 56.7 billion.
- Flagship models ES8 and ES9 led the premium segment with strong user adoption, but competitive pressures and margin compression warrant caution.
- Continued investment in smart driving technology and infrastructure expansion signals long-term strategic focus but adds near-term execution risks.
Q1 2026
May 22, 2026
NIO’s share price remained largely unchanged post-earnings (+0.2%) as strong delivery growth and margin improvement balanced cautious guidance and a slower Q2 outlook.
Key takeaways
- Q1 deliveries nearly doubled year-over-year to 83,465 vehicles, led by strong performances across the NIO, ONVO, and FIREFLY brands.
- Gross margin improved to 19%, with vehicle margin at 18.8% and services margin reaching a four-year high of 20.6%.
- Positive non-GAAP operating profit and operating cash flow were sustained, boosting cash reserves to RMB 48.2 billion.
- Q2 delivery guidance is 11,000–11,500 units, implying growth of 52.7%–59.6% year-over-year but notable deceleration from Q1’s pace.
- Multiple product launches underway, including the upcoming ES9 flagship SUV premiering late May, but investors appear cautious on near-term growth trajectory.
Q3 2025
Nov 25, 2025
NIO Inc. reported robust third-quarter performance with a 40.8% year-over-year increase in smart EV deliveries, achieving the highest overall gross margin in nearly three years.
Key takeaways
- Delivered 87,071 smart EVs in Q3 2025, with monthly deliveries peaking at 40,397 units in October, reflecting a 92.6% year-over-year growth.
- Achieved an overall gross margin of 13.9%, bolstered by improved vehicle gross margins at 14.7%.
- Non-GAAP operating loss reduced by 30% quarter-over-quarter, marking improved operational efficiency.
- Q4 delivery forecast expected between 120,000 and 125,000 units, a significant year-over-year increase of 60.1% to 72%.
- Successfully completed $1.16 billion in equity financing, enhancing financial stability for ongoing R&D and infrastructure development.
Q2 2025
Sep 2, 2025
NIO Inc. reported robust Q2 2025 results with a 25.6% year-over-year increase in EV deliveries, alongside significant advancements in product innovation and market positioning.
Key takeaways
- Delivered 72,056 EVs in Q2, with a strong sales forecast of 87,000 to 91,000 for Q3, indicating 40.7% to 47.1% year-over-year growth.
- Achieved over 30% reduction in non-GAAP operating loss quarter-over-quarter, bolstered by stable vehicle gross margins and improved sales efficiencies.
- Launched the Envoy L90 and all-new ES8, with the L90 exceeding initial delivery expectations and strong pre-order interest for the ES8.
- Continued advancements in technology with the introduction of a proprietary smart driving chip across multiple models, enhancing overall product competitiveness and safety ratings.
- Expanded service infrastructure with over 3,500 battery swap stations and 27,000 charging points, reinforcing market leadership in the EV industry.