Jun 2026 (Q2 FY26) — Oct 19, 2026
VinFast Q2 FY26 — Strong Delivery Growth and Strategic Real Estate Investment
Read the full callVinFast (VFS) earnings
- Jun 2026 (Q2 FY26)
- Dec 2024
VinFast earnings: last reported Mon, 19 Oct 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 21 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| North Carolina, U.S. manufacturing facility SOP | North Carolina facility to reach start of production (SOP) by 2028 | Dec 2024 | At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation. What we can say is that VinFast remains committed to the U.S. market. | At Risk |
| 2-wheeler (e-scooter) deliveries target (2026) | 1.5 million 2-wheeler deliveries in Vietnam alone in 2026 (about 60% of total new 2-wheeler sales in Vietnam) | Sep 2025 | our target is to exceed -- to be at least 2.5x the 2-wheel sales of last year. We've met 22% of this target so far, and that sets us well on track to meeting the target by the end of the year. | On Track |
| Full-year EV delivery target (2025) | At least double 2024's EV deliveries (2024 total was 97,399, implying roughly 195,000) in 2025 | Dec 2024 | We delivered 196,919 EVs for the full year. This exceeded our guidance to at least double the number of EVs delivered in 2024. | Achieved |
21 of VinFast Auto Ltd.'s 27 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Electric 4-wheeler deliveries increased 20% QoQ and 96% YoY to 70,085 units in Q2 FY26.
- Electric 2-wheeler deliveries increased 100% QoQ and 311% YoY to 286,000 units in Q2 FY26.
- Revenue grew 32.9% QoQ and 85.5% YoY to USD 1.2 billion in Q2 FY26.
- Secured over 28,700 preorders for the VF 2 within three days and 12,700 for the new VF 8 within eight days.
- Total liquidity stood at USD 2.3 billion as of June 30, 2026, including funding commitments.
Qualified
- Gross margin was negative 62.8% in Q2 FY26, compared to negative 21.8% in Q2 FY25.
- Adjusted EBITDA was negative USD 1.1 billion in Q2 FY26, an increase from negative USD 728 million in Q1 FY26.
- Net loss from continuing operations was approximately USD 1.2 billion, representing a net loss margin of 102.8% in Q2 FY26.
- SG&A expenses increased 116.9% QoQ to USD 209 million, primarily due to sales programs and incentives in overseas markets.
Price
$2.9 −7.05% · −$0.22
Performance −11.0% 1Y
1Y: $3.26 on 17 Oct 2025 → $2.9. High $4.76 (21 Apr 2026), low $2.81 (18 Mar 2026).
- Previous close
- $3.12
- 52-week range
- $2.81 – $4.76
- One year
- −11.59%
Overview
- Symbol
- VFS
- Sector
- Consumer Discretionary
- Industry
- Motor Vehicles & Passenger Car Bodies
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 21 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| North Carolina, U.S. manufacturing facility SOP | North Carolina facility to reach start of production (SOP) by 2028 | Dec 2024 | At this juncture, we are not going to comment on any North Carolina specifics because this is an active litigation. What we can say is that VinFast remains committed to the U.S. market. | At Risk |
| 2-wheeler (e-scooter) deliveries target (2026) | 1.5 million 2-wheeler deliveries in Vietnam alone in 2026 (about 60% of total new 2-wheeler sales in Vietnam) | Sep 2025 | our target is to exceed -- to be at least 2.5x the 2-wheel sales of last year. We've met 22% of this target so far, and that sets us well on track to meeting the target by the end of the year. | On Track |
| Full-year EV delivery target (2025) | At least double 2024's EV deliveries (2024 total was 97,399, implying roughly 195,000) in 2025 | Dec 2024 | We delivered 196,919 EVs for the full year. This exceeded our guidance to at least double the number of EVs delivered in 2024. | Achieved |
Claimed
- Electric 4-wheeler deliveries increased 20% QoQ and 96% YoY to 70,085 units in Q2 FY26.
- Electric 2-wheeler deliveries increased 100% QoQ and 311% YoY to 286,000 units in Q2 FY26.
- Revenue grew 32.9% QoQ and 85.5% YoY to USD 1.2 billion in Q2 FY26.
- Secured over 28,700 preorders for the VF 2 within three days and 12,700 for the new VF 8 within eight days.
- Total liquidity stood at USD 2.3 billion as of June 30, 2026, including funding commitments.
Qualified
- Gross margin was negative 62.8% in Q2 FY26, compared to negative 21.8% in Q2 FY25.
- Adjusted EBITDA was negative USD 1.1 billion in Q2 FY26, an increase from negative USD 728 million in Q1 FY26.
- Net loss from continuing operations was approximately USD 1.2 billion, representing a net loss margin of 102.8% in Q2 FY26.
- SG&A expenses increased 116.9% QoQ to USD 209 million, primarily due to sales programs and incentives in overseas markets.
The full ledger
Open VinFast Auto Ltd.’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Jun 8, 2026
VinFast Q1 FY26 — Strategic Asset-Light Shift Amidst Strong EV Adoption
Read the full callDec 2025 (Q4 FY25) — Mar 16, 2026
VinFast Q4 FY25 — Record Deliveries and Strategic Global Expansion
Read the full callEvery analysed call
VinFast earnings calls (VFS)
Financials
What the filings say
| Line item | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|
| Equity capital | — | 871,021 | 413 | 405 |
| Reserves | — | -127,188,455 | -7,733 | -11,004 |
| Total liabilities | — | 149,833,805 | 212,269,436 | 10,309 |
| Fixed assets | — | 57,188,667 | 2,836 | 3,234 |
| Investments | — | 3,902 | 0 | 34 |
| Total assets | — | 113,605,299 | 5,515 | 6,409 |
| Line item | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|
| Cash from operations | -28,969,088 | -47,867,646 | -2,248 | -1,252 |
| Cash from investing | 2,420,050 | -21,124,819 | -964 | -659 |
| Cash from financing | 28,855,195 | 70,317,469 | 3,244 | 2,014 |
| Capital expenditure | -6,007,925 | -23,337,793 | -1,046 | -686 |
| Free cash flow | -34,977,013 | -71,205,439 | -3,293 | -1,938 |
VFS operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Change vs prior quarter |
|---|---|---|---|
| Vehicle deliveries | 86.557KIn Q4 alone, we delivered 86,557 EVs.Source: earnings call transcript | 58.577KQ1 '26 deliveries were 58,577 units, an increase of 61% year-over-year despite being the seasonally slowest quarter.Source: earnings call transcript | -32.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
No filings in the last 12 months.
No officer, director or 10% owner of VFS filed a Form 4 in this window. That is a statement about filings, not about ownership — see the note below.
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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