NIO Inc. Q1 2026 Earnings Recap

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.