VinFast Auto Ltd.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), VinFast Auto Ltd. reported revenue of $3.6B (+103.3% year on year) and net income of ($4.0B) (-24.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Revenues | $3.6B | $1.8B | $1.2B |
| Cost of sales | ($5.2B) | ($2.8B) | ($1.8B) |
| Gross loss | ($1.6B) | ($1.0B) | ($554.2M) |
| Research and development costs | ($395.0M) | ($412.0M) | ($608.3M) |
| Selling and distribution costs | ($275.8M) | ($328.6M) | ($243.3M) |
| Administrative expenses | ($568.0M) | ($365.4M) | ($220.8M) |
| Net other operating expenses | ($82.2M) | ($131.8M) | ($21.9M) |
| Operating loss | ($2.9B) | ($2.3B) | ($1.7B) |
| Finance income | $12.2M | $14.6M | $3.5M |
| Finance costs | ($888.3M) | ($785.2M) | ($508.4M) |
| Net loss on financial instruments at fair value through profit or loss | ($120.1M) | — | — |
| Share of profit/ (losses) from equity investees | ($4.2M) | ($2.0M) | — |
| Loss before income tax expense | ($3.9B) | ($3.2B) | ($2.4B) |
| Tax expense | ($14.2M) | $1.2M | ($3.7M) |
| Net loss for the year | ($4.0B) | ($3.2B) | ($2.4B) |
| Net loss attributable to non-controlling interests | ($7.9M) | ($3.7M) | ($3.1M) |
| Net loss attributable to controlling interest | ($4.0B) | ($3.2B) | ($2.4B) |
| Line item | Jun 30, 2025 · YTD |
|---|---|
| Revenues | $1.3B |
| Cost of sales | ($1.8B) |
| Gross loss | ($501.4M) |
| Research and development costs | ($173.7M) |
| Selling and distribution costs | ($147.7M) |
| Administrative expenses | ($137.8M) |
| Net other operating expenses | ($44.6M) |
| Operating loss | ($1.0B) |
| Finance income | $3.3M |
| Finance costs | ($424.5M) |
| Net loss on financial instruments at fair value through profit or loss | ($77.7M) |
| Share of losses from equity investees | ($5.1M) |
| Loss before income tax expense | ($1.5B) |
| Tax expense | ($9.1M) |
| Net loss for the period | ($1.5B) |
| Net loss attributable to non-controlling interests | ($1.9M) |
| Net loss attributable to controlling interest | ($1.5B) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Cash and cash equivalents | $292.7M | $135.9M | $167.7M |
| Restricted cash | $30.5M | $97.4M | — |
| Trade receivables | $185.9M | $230.3M | $19.5M |
| Advances to suppliers | $472.4M | $357.3M | $194.6M |
| Inventories, net | $1.4B | $1.1B | $1.2B |
| Short-term prepayments, other receivables and other assets | $570.5M | $472.0M | $302.9M |
| Current net investment in sales-type lease | $1.1M | $5.5M | $3.7M |
| Short-term investments | $121.5M | $33.7M | $172.0K |
| Short-term amounts due from related parties | $338.0M | $175.6M | $129.1M |
| Total current assets | $3.4B | $2.7B | $2.0B |
| Trade receivables | $22.4M | $25.3M | $4.6M |
| Property, plant and equipment, net | $3.2B | $3.2B | $2.8B |
| Intangible assets, net | $48.0M | $47.9M | $54.1M |
| Right-of-use assets | $252.2M | $210.8M | — |
| Long-term derivative assets | $15.4M | — | $2.8M |
| Long-term prepayments | $3.5M | $28.0M | $8.1M |
| Non-current net investment in sales-type lease | $5.5M | $42.1M | $26.0M |
| Investment in equity investees | $42.2M | $47.9M | — |
| Other long-term investments | $231.6M | $37.7M | — |
| Long-term amounts due from related parties | $2.2M | $149.2K | $2.0M |
| Restricted cash | $73.1M | $66.2M | — |
| Other non-current assets | $18.2M | $7.0M | $231.5M |
| Total non-current assets | $3.9B | $3.7B | $3.5B |
| TOTAL ASSETS | $7.3B | $6.4B | $5.5B |
| Short-term and current portion of long-term interest-bearing loans and borrowings | $1.4B | $1.6B | $1.7B |
| Short-term financial liabilities | $972.4M | $888.4M | $765.0M |
| Trade payables | $1.3B | $854.4M | $463.6M |
| Deposits and down-payment from customers | $79.1M | $146.5M | $36.2M |
| Short-term deferred revenue | $3.9M | $5.1M | $7.3M |
| Short-term accruals | $738.7M | $454.5M | $467.2M |
| Other current liabilities | $2.0B | $3.0B | $2.3B |
| Current portion of lease liabilities | $51.1M | $61.6M | — |
| Total current liabilities | $6.6B | $7.0B | $5.8B |
| Long-term interest-bearing loans and borrowings | $1.9B | $939.5M | $1.3B |
| Long-term financial liabilities | $520.0K | $1.5M | $5.7M |
| Other non-current liabilities | $1.9B | $2.0B | $853.6M |
| Non-current lease liabilities | $222.4M | $167.5M | — |
| Long-term deferred revenue | $164.3M | $111.9M | $75.8M |
| Deferred tax liabilities | $51.6M | $38.6M | $38.8M |
| Long-term accruals | $113.8M | $13.5M | $5.2M |
| Total non-current liabilities | $4.4B | $3.3B | $2.5B |
| Ordinary shares (2,338,812,496 and 2,339,536,010 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 392.8M | 405.5M | 412.6M |
| Accumulated losses | ($14.6B) | ($11.0B) | ($7.7B) |
| Additional paid-in capital | $7.3B | $3.8B | $1.3B |
| Other comprehensive loss | ($22.8M) | ($18.9M) | ($16.2M) |
| Line item | Jun 30, 2025 |
|---|---|
| Cash and cash equivalents | $549.8M |
| Restricted cash | $65.4M |
| Trade receivables | $116.3M |
| Advances to suppliers | $445.0M |
| Inventories, net | $1.4B |
| Short-term prepayments, other receivables and other assets | $633.1M |
| Current net investment in sales-type lease | $664.5K |
| Short-term investments | $100.3M |
| Short-term amounts due from related parties | $128.0M |
| Total current assets | $3.4B |
| Trade receivables | $24.8M |
| Property, plant and equipment, net | $3.3B |
| Intangible assets, net | $41.1M |
| Operating lease right-of-use assets | $161.2M |
| Finance lease right-of-use assets | $136.6M |
| Long-term prepayments | $14.8M |
| Non-current net investment in sales-type lease | $9.0M |
| Investment in equity investees | $41.5M |
| Other long-term investments | $36.6M |
| Long-term amounts due from related parties | $255.6K |
| Long-term Restricted cash | $83.9M |
| Other non-current assets | $5.1M |
| Total non-current assets | $3.8B |
| TOTAL ASSETS | $7.2B |
| Short-term and current portion of long-term interest-bearing loans and borrowings | $1.2B |
| Short-term financial liabilities | $938.0M |
| Trade payables | $879.9M |
| Deposits and down payment from customers | $76.9M |
| Short-term deferred revenue | $3.7M |
| Short-term accruals | $478.0M |
| Other current liabilities | $3.7B |
| Current portion of operating lease liabilities | $52.8M |
| Current portion of finance lease liabilities | $7.7M |
| Total current liabilities | $7.4B |
| Long-term interest-bearing loans and borrowings | $1.7B |
| Long-term financial liability | $958.7K |
| Other non-current liabilities | $1.7B |
| Non-current operating lease liabilities | $127.0M |
| Non-current finance lease liabilities | $128.9M |
| Long-term deferred revenue | $114.8M |
| Deferred tax liabilities | $46.6M |
| Long-term accruals | $69.7M |
| Total non-current liabilities | $3.9B |
| Ordinary shares, no par value - VinFast Auto (2,338,812,496 and 2,338,812,676 shares issued and outstanding as of December 31, 2024 and June 30, 2025) | 393.9M |
| Accumulated losses | ($12.2B) |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY |
|---|---|---|---|
| Net loss for the year | ($4.0B) | ($3.2B) | ($2.4B) |
| Depreciation of property, plant and equipment and amortization of intangible assets | $456.1M | — | — |
| Impairment of goodwill, assets, right-of-use assets and changes in fair value of held for sale assets | $348.0M | $161.6M | $54.6M |
| Changes in operating lease right-of-use assets | $29.0M | $51.7M | $48.7M |
| Provision related to write-downs of inventories | $281.7M | — | — |
| Provision related to assurance-type warranties | $711.6M | — | — |
| Provision for contract penalty, compensation and other provisions | $90.0M | — | — |
| Deferred income tax expenses/(incomes) | $14.3M | ($3.6M) | ($934.2K) |
| Unrealized foreign exchange losses | ($19.0M) | $42.1M | $32.4M |
| Net loss/(gain) on financial instruments at fair value through profit or loss | $120.1M | $130.8M | $204.5M |
| Change in amortized costs of financial instruments measured at amortized cost | $130.0M | $118.9M | $118.7M |
| Loss on disposal of fixed assets | $30.1M | $23.4M | $3.4M |
| Share of (profit)/losses from equity investees | $4.2M | $2.0M | — |
| Others | $4.4M | — | — |
| Trade receivables, advance to suppliers, net investment in sales-type lease | ($136.3M) | ($325.9M) | $55.0M |
| Inventories | ($537.2M) | ($277.4M) | ($525.5M) |
| Trade payables, deferred revenues, and other payables | $823.3M | $802.9M | ($404.8M) |
| Operating lease liabilities | ($36.5M) | ($34.2M) | ($38.2M) |
| Prepayments, other receivables and other assets | ($119.6M) | ($43.9M) | ($22.9M) |
| Net cash flows used in operating activities | ($1.8B) | ($1.3B) | ($2.2B) |
| Purchase of property, plant and equipment, and intangible assets (including deposit paid under construction contracts) | ($914.7M) | ($685.8M) | ($1.0B) |
| Payment under a business cooperation contract | ($214.8M) | — | — |
| Proceeds from disposal of property, plant and equipment | $22.6M | $2.3M | $42.0M |
| Disbursement of loans to external parties and bank deposit | ($135.7M) | — | — |
| Disbursement of loans to related parties | ($417.6K) | — | — |
| Collection of bank deposit | $32.4M | — | — |
| Receipt from government grants | $6.0M | $60.7M | $16.5M |
| Net cash flows used in investing activities | ($1.2B) | ($658.6M) | ($964.4M) |
| Capital contribution from owners/issuance of ordinary shares | 637 | — | 199.4M |
| Additional amount paid up to convert warrants to capital | $2.1K | — | $59.6M |
| Deemed contribution from owners | $2.5B | $903.8M | $865.2M |
| Proceeds from borrowings from external parties, business cooperation contract and convertible debenture | $2.6B | — | — |
| Proceeds from borrowings from related parties | $1.7B | — | — |
| Repayment of borrowings from external parties | ($1.8B) | ($3.0B) | ($2.1B) |
| Repayment of borrowings from related parties | ($1.9B) | — | — |
| Net cash flows from financing activities | $3.1B | $2.0B | $3.2B |
| Net increase in cash, cash equivalents and restricted cash | $97.8M | $102.9M | $31.6M |
| Cash, cash equivalents and restricted cash at January 1 | $290.1M | $199.7M | $179.0M |
| Net foreign exchange differences | $8.4M | ($3.1M) | ($11.2M) |
| Cash, cash equivalents and restricted cash at December 31 | $396.3M | $299.5M | $199.4M |
| Issuance of dividend preferred shares by offsetting against borrowings from a related party | 1.6B | — | — |
| Non-cash property, plant and equipment additions | $231.2M | $153.7M | $306.5M |
| Exercise of warrant liability | $2.1K | — | $61.9M |
| Commitment shares issued under Standby Equity Purchase Agreement | 1.7M | 1.7M | 5.0M |
| Establishment of right-of-use assets and lease liabilities at commencement dates, lease modification and other non-cash changes | $81.7M | ($21.8M) | — |
| Line item | Jun 30, 2025 · YTD |
|---|---|
| Net loss for the period | ($1.5B) |
| Depreciation of property, plant and equipment | $211.2M |
| Amortization of intangible assets | $7.7M |
| Impairment of assets and changes in fair value of held for sale assets | $47.6M |
| Changes in operating lease right-of-use assets | $14.2M |
| Provision related to compensation expenses, assurance-type warranties, net realizable value of inventories and others | $412.6M |
| Deferred tax (income)/expense | $9.2M |
| Unrealized foreign exchange losses/(gains) | ($31.7M) |
| Net losses on financial instruments at fair value through profit or loss | $77.7M |
| Change in amortized costs of financial instruments measured at amortized cost other than nominal interest | $54.8M |
| Losses on disposal and write-off of fixed assets | $16.8M |
| Share of losses from equity investees | $5.1M |
| Share-based compensation expenses | ($162.3K) |
| Trade receivables and advance to suppliers, net investment in sales-type lease | $142.8M |
| Inventories | ($489.1M) |
| Trade payables, deferred revenue and other payables | $8.5M |
| Operating lease liabilities | ($17.5M) |
| Prepayments, other receivables and other assets | ($16.8M) |
| Net cash flows used in operating activities | ($1.1B) |
| Purchase of property, plant and equipment, and intangible assets | ($357.0M) |
| Payment under a business investment and cooperation contract | ($91.8M) |
| Proceeds from disposal of property, plant and equipment | $12.6M |
| Disbursement of bank deposit and loans | ($100.3M) |
| Collection of bank deposit | $32.7M |
| Receipt from government grants | $6.0M |
| Net cash flows used in investing activities | ($497.7M) |
| Capital contribution from owners | $639 |
| Additional amount paid up to convert warrants to capital | $2.2K |
| Deemed contribution from owners | $918.1M |
| Proceeds from borrowings | $2.3B |
| Repayment of borrowings | ($1.2B) |
| Net cash flows from financing activities | $2.0B |
| Net decrease in cash and cash equivalents and restricted cash | $418.8M |
| Cash, cash equivalents and restricted cash at beginning of the period | $290.9M |
| Net foreign exchange differences | ($10.7M) |
| Cash, cash equivalents and restricted cash at end of the period | $699.1M |
| Debt conversion to equity | $399.2M |
| Non-cash property, plant and equipment additions | $293.2M |
| Establishment of right-of-use assets and lease liabilities at commencement dates, lease modification and other non-cash changes | $107.3M |
| Interest paid, net of capitalized interest | $183.5M |
| Income tax paid | $2.2M |
VinFast Auto Ltd. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.