NIO Inc.

NIO Inc. Earnings Recaps

NIO Consumer Discretionary 3 recaps
Next earnings: September 1, 2026 (estimated) · full calendar
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.
Full recap
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.
Full recap
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.
Full recap