NIO Q1 2026: Revenue +123%, Deliveries +98%, Vehicle Margin Hits 18.8%

NIO reported Q1 2026 results above expectations, with major year-over-year improvement across deliveries, revenue, margins, and losses.

**Key numbers:**

* EPS: **-$0.03 vs. -$0.24 expected**
* EPS surprise: **+87.5%**
* Revenue: **$3.70B vs. $3.55B expected**
* Revenue growth: **+123.2%**
* Total deliveries: **83,465 vehicles**, up **98.3% YoY**
* Vehicle sales: **RMB22.78B / $3.30B**, up **129.2% YoY**
* Vehicle margin: **18.8%**, up from **10.2% YoY**
* Gross margin: **19.0%**, up from **7.6% YoY**
* Net loss: **RMB332.1M / $48.1M**
* Adjusted net profit: **RMB43.5M / $6.3M**
* Cash and investments: **RMB48.2B / $7.0B**

**Delivery breakdown:**

* NIO brand: **58,543 vehicles**
* ONVO brand: **13,339 vehicles**
* FIREFLY brand: **11,583 vehicles**

**What actually matters here**

The delivery growth is strong, but the margin improvement is the bigger story.

Vehicle margin moved from 10.2% to 18.8% year-over-year. Gross margin improved from 7.6% to 19.0%. That is a major shift for a company that has historically been criticized for weak profitability and heavy cash burn.

The multi-brand strategy is also starting to show up in the numbers. NIO is no longer relying only on its premium brand. ONVO and FIREFLY added almost 25,000 deliveries combined, helping push total deliveries up nearly 100% year-over-year.

The catch: vehicle sales declined 27.9% sequentially from Q4. So the year-over-year numbers look very strong, but the quarter-over-quarter trend still needs watching.