VinFast Auto (VFS)
NASDAQ:VFS
Earnings Data
Report Date
Apr 22, 2026During Market Hours (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.31Last Year’s EPS
-0.3Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presents a mix of material operational and commercial progress alongside continued sizable financial challenges. Highlights include record deliveries, strong top-line growth (+105% FY revenue), improving unit economics and manufacturing scale (combined capacity ~600k EVs), meaningful BOM reduction targets (double-digit to up to ~30–40% on next‑gen platforms), expanding international footprint, and growing 2-wheeler momentum with supporting infrastructure. Lowlights are substantial: persistent negative gross margins and large absolute losses (Q4 net loss USD 1.4B; adjusted EBITDA negative USD 1.0B), a one-off USD 236M impairment for the U.S. factory, elevated SG&A and major ongoing CapEx commitments that imply continued cash burn despite a reported USD 3.1B liquidity balance. Management communicated a clear strategy toward scale-driven margin improvement and multiple technology/partnership initiatives, but timelines to sustained profitability remain uncertain. Overall the call shows meaningful operational momentum and improving unit metrics but balanced by significant near-term financial pressure and execution/timing risks.Company Guidance
Record Quarterly and Annual Deliveries
Full-year EV deliveries of 196,919 in 2025 (exceeding guidance to at least double 2024); Q4 2025 deliveries reached a company record of 86,557 vehicles; 2026 guidance targets at least 300,000 EV deliveries.
Strong Revenue Growth
Revenue for Q4 2025 was USD 1.6 billion, up 118% quarter-over-quarter and 139% year-over-year; full-year 2025 revenue was USD 3.6 billion, up 105% year-over-year.
Improving Gross Margins and Operating Leverage
Q4 2025 gross margin improved to -40% from -79% in Q4 2024; full-year gross margin improved to -43% from -57% in 2024. Excluding one-time adjustments, Q4 gross margin would have been -28% (vs -26% prior year) and full-year -24% (vs -32% prior year). Management cites BOM optimization, localization and scale as sustainable drivers.
Rapid 2-Wheeler Growth and Infrastructure
2-wheeler deliveries grew approximately 5.7x to 406,496 units in 2025; company expects 2-wheeler deliveries to be at least 2.5x in 2026. V-GREEN battery swapping network reached ~4,500 stations in Vietnam as of January 2026.
Expanded Global Manufacturing Footprint and Capacity
VinFast now operates 4 manufacturing facilities with combined annual capacity ~600,000 EVs and 500,000 e-scooters; opened factories in India (Tamil Nadu) and Indonesia (Subang) in 2025; Hai Phong plant rolled out its 200,000th vehicle and produced ~26,000 EVs in December 2025.
Material Reductions in BOM and Cost Roadmap
Reported BOM cost reductions: VF-6 ~13% and VF-7 ~23%; management expects further next-generation platform BOM reductions in the 20–40% range and ongoing ~5% annual BOM optimization over time due to EE 2.0 and component consolidation.
Technology Partnerships and In‑House R&D Progress
Collaborations with Autobrains and Tensor on autonomy programs, expansion of in-house ADAS and EE 2.0 development, and deeper integration with VinRobotics; R&D spend was USD 114 million (+7% QoQ and YoY) while R&D as a percentage of revenue fell to 7%, the lowest in five quarters.
Improved Adjusted EBITDA and Net Loss Margins (Sequential and YoY)
Q4 adjusted EBITDA margin improved to -65% from -80% in Q3 2025 and -129% year-over-year; full-year adjusted EBITDA margin improved to -66% from -103% in 2024. Net loss margin improved to -89% in Q4 2025 vs -186% a year ago, and full-year -108% vs -176% in 2024 (exclusions further improve these metrics).
Solid Liquidity Position
Total liquidity of USD 3.1 billion as of December 31, 2025, which includes USD 1.1 billion disbursed from the founder and an outstanding Vingroup borrowing commitment of USD 413 million.
VFS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
VFS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 16, 2026 | $3.10 | $3.02 | -2.58% |
Nov 21, 2025 | $3.46 | $3.23 | -6.65% |
Sep 04, 2025 | $3.40 | $3.33 | -2.06% |
Jun 09, 2025 | $3.42 | $3.57 | +4.39% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does VinFast Auto (VFS) report earnings?
VinFast Auto (VFS) is schdueled to report earning on Apr 22, 2026, During Market Hours (Confirmed).
What is VinFast Auto (VFS) earnings time?
VinFast Auto (VFS) earnings time is at Apr 22, 2026, During Market Hours (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is VFS EPS forecast?
VFS EPS forecast for the fiscal quarter 2026 (Q1) is -0.31.
