NIO Inc. Class A (HK:9866)
:9866
Earnings Data
Report Date
Jun 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.71Last Year’s EPS
-3.28Same Quarter Last Year
Strong Buy
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational and financial momentum: record deliveries, robust revenue growth (+75.9% YoY in Q4), meaningful margin improvement, the company's first profitable quarter, positive cash flow, major tech milestones (5nm chip, world model with closed-loop RL) and substantial charging/swapping scale (100M cumulative swaps). Management also provided constructive guidance (40–50% volume growth target, Q1 margins similar to Q4, R&D and SG&A discipline) and confirmed strategic initiatives (new models, Shenji financing). Key risks include emerging raw material and memory cost inflation, rising related-party receivables tied to battery services, and near-term infrastructure investment losses. Overall, the positive operational and financial developments and concrete technology and infrastructure progress outweigh the noted challenges.Company Guidance
Strong Delivery Growth
Q4 2025 deliveries of 124,807 vehicles, up 71.7% YoY; full-year 2025 deliveries of 326,028 vehicles, up 46.9% YoY. Q1 2026 guidance of 80,000–83,000 vehicles, implying a YoY increase of ~90.1%–97.2%. Jan-Feb 2026 deliveries: 27,182 and 20,797.
Robust Revenue Expansion
Q4 2025 total revenue RMB 34.7 billion, up 75.9% YoY and 59.0% QoQ. Vehicle sales RMB 31.6 billion, up 80.9% YoY and 64.6% QoQ; other sales RMB 3.0 billion, up 36.6% YoY and 17.5% QoQ.
Margin Improvement
Vehicle gross margin 18.1% in Q4 2025 (vs 13.1% YoY and 14.7% QoQ). Gross margin from other sales reached a record 11.9%. Overall gross margin rose to 17.5% (vs 11.7% YoY and 13.9% QoQ).
Quarterly and Annual Profitability Milestones
First-ever profitable quarter: GAAP operating profit RMB 810 million and non-GAAP operating profit RMB 1.25 billion in Q4 2025; profit from operations turned positive versus losses of RMB 6.0 billion YoY and RMB 3.5 billion QoQ. Net profit RMB 0.3 billion (adjusted net profit RMB 0.7 billion).
Positive Cash Flow and Strong Liquidity
Positive free cash flow for two consecutive quarters and positive operating cash flow for full-year 2025. Ended Q4 2025 with cash, restricted cash, short-term investments and long-term deposits totaling RMB 45.9 billion.
Product and Market Achievements
All‑New ES8 reached 70,000 deliveries in 160 days and set a monthly delivery record for vehicles priced above RMB 400,000. ONVO L90 became the best-selling large BEV SUV in 2025. FIREFLY ranked #1 in high-end small car market for 7 consecutive months.
Technology and R&D Progress
Mass production achieved for automotive-grade 5nm Smart Driving chip, full-domain vehicle OS and SkyRide Intelligent Chassis. New NIO World Model (NWM) with closed-loop reinforcement learning rolled out; Smart Driving usage increased >80% month-over-month in February 2026.
Infrastructure and Battery Swapping Scale
Operates 3,815 power swap stations and >28,000 chargers. Reached 100 million cumulative battery swaps and recorded a single-day peak of >177,000 swaps. Over 2,000 urban swap stations now support automated, integrated swapping with urban NOP.
Strategic Financing and Chip Business Validation
Shenji (chip subsidiary) completed first equity financing of RMB 2.257 billion, valuing the unit at >RMB 8 billion, supporting further development of high-performance and mid-tier chips for NIO and potential external customers.
Forward-looking Operational Targets
Management guidance: maintain Q1 vehicle gross margin similar to Q4; R&D spending targeted at ~RMB 2.0–2.5 billion per quarter in 2026; SG&A to be controlled around ≤10% of revenue; long-term vehicle gross margin targets: NIO 20–25%, ONVO >15%, FIREFLY >10%; target full-year non-GAAP operating profit breakeven in 2026 and 40–50% YoY volume growth.
HK:9866 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
HK:9866 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 10, 2026 | HK$38.26 | HK$38.14 | -0.31% |
Nov 25, 2025 | HK$45.44 | HK$46.82 | +3.04% |
Sep 02, 2025 | HK$52.95 | HK$51.05 | -3.59% |
Jun 03, 2025 | HK$27.50 | HK$27.50 | 0.00% |
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 NIO Inc. Class A (HK:9866) report earnings?
NIO Inc. Class A (HK:9866) is schdueled to report earning on Jun 04, 2026, Before Open (Confirmed).
What is NIO Inc. Class A (HK:9866) earnings time?
NIO Inc. Class A (HK:9866) earnings time is at Jun 04, 2026, Before Open (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 the P/E ratio of NIO Inc. Class A stock?
The P/E ratio of NIO Inc. Class A is N/A.
What is HK:9866 EPS forecast?
HK:9866 EPS forecast for the fiscal quarter 2026 (Q1) is -0.71.
