NYSE : NIO
NIO Inc. — Financial statements
Consumer Discretionary · Auto Manufacturers · China
Last price 3.32 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.31B
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Financial statements
NIO Inc. (NIO) reported revenue of 114.11B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 114.11B | 87.49B | 65.73B | 55.62B | 49.27B | 36.14B |
| Cost of Revenue | 94.30B | 75.57B | 59.24B | 52.57B | 44.12B | 29.31B |
| Gross Profit | 19.81B | 11.92B | 6.49B | 3.05B | 5.14B | 6.82B |
| Selling, General & Admin | 15.67B | 15.94B | 15.58B | 12.87B | 10.45B | 6.73B |
| Research & Development | 8.43B | 10.37B | 12.79B | 13.16B | 10.64B | 4.54B |
| Other Operating Expenses | -469.60M | -349.55M | -1.84M | -318.52M | -303.65M | 46.32M |
| Operating Expenses | 23.62B | 25.96B | 28.37B | 25.71B | 20.78B | 11.32B |
| Operating Income | -3.81B | -14.04B | -21.87B | -22.66B | -15.64B | -4.50B |
| Interest Expense | -884.43M | -885.25M | -798.36M | -403.53M | -333.22M | -637.41M |
| Interest & Investment Income | 577.85M | 761.66M | 853.73M | 2.21B | 1.36B | 911.83M |
| Earnings From Equity Investments | -898.62M | -1.09B | -503.19M | 64.39M | 377.77M | 62.51M |
| Other Non Operating Income (Expenses) | 636.89M | 450.95M | -98.14M | 155.19M | -282.95M | 184.69M |
| EBT Excluding Unusual Items | -4.38B | -14.81B | -22.42B | -20.63B | -14.52B | -3.97B |
| Other Unusual Items | -674.30M | -624.52M | -352.00M | -132.97M | -141.02M | -6.59B |
| Pretax Income | -4.61B | -15.43B | -22.77B | -20.76B | -14.66B | -10.56B |
| Income Tax Expense | 119.26M | 121.88M | -22.82M | 260.83M | 55.10M | 42.27M |
| Earnings From Continuing Operations | -4.73B | -15.55B | -22.75B | -21.02B | -14.72B | -10.60B |
| Minority Interest in Earnings | -23.75M | -18.22M | 91.53M | -124.05M | 157.01M | 31.22M |
| Net Income | -4.76B | -15.57B | -22.66B | -21.15B | -14.56B | -10.57B |
| Net Income to Common | -4.76B | -15.57B | -22.66B | -21.15B | -14.56B | -10.57B |
| Shares Outstanding (Basic) | 2.44B | 2.27B | 2.05B | 1.70B | 1.64B | 1.57B |
| Shares Outstanding (Diluted) | 2.44B | 2.27B | 2.05B | 1.70B | 1.64B | 1.57B |
| EPS (Basic) | -1.95 | -6.85 | -11.03 | -12.44 | -8.89 | -6.72 |
| EPS (Diluted) | -1.95 | -6.85 | -11.03 | -12.44 | -8.89 | -6.72 |
| Free Cash Flow | -3.07B | -16.99B | -15.72B | -10.84B | -2.11B | |
| Free Cash Flow Per Share | -1.35 | -8.27 | -9.25 | -6.62 | -1.34 | |
| Gross Margin | 17.36% | 13.62% | 9.88% | 5.49% | 10.44% | 18.88% |
| Operating Margin | -3.34% | -16.05% | -33.28% | -40.73% | -31.75% | -12.44% |
| Profit Margin | -4.17% | -17.80% | -34.47% | -38.02% | -29.55% | -29.26% |
| Free Cash Flow Margin | -3.51% | -25.85% | -28.27% | -22.00% | -5.85% | |
| EBITDA | 3.41B | -6.89B | -16.00B | -19.28B | -12.79B | -2.79B |
| EBITDA Margin | 2.99% | -7.88% | -24.34% | -34.66% | -25.96% | -7.72% |
| D&A For EBITDA | 7.22B | 7.15B | 5.88B | 3.38B | 2.85B | 1.71B |
| EBIT | -3.81B | -14.04B | -21.87B | -22.66B | -15.64B | -4.50B |
| EBIT Margin | -3.34% | -16.05% | -33.28% | -40.73% | -31.75% | -12.44% |
| Revenue as Reported | 114.11B | 87.49B | 65.73B | 55.62B | 49.27B | 36.14B |
| Advertising Expenses | 1.51B | 1.48B | 1.24B | 815.62M | 529.06M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 17.45B | 11.27B | 19.33B | 32.94B | 19.89B | 15.33B |
| Short-Term Investments | 25.63B | 20.05B | 14.51B | 17.05B | 19.52B | 37.14B |
| Cash & Short-Term Investments | 43.09B | 31.33B | 33.84B | 49.99B | 39.41B | 52.48B |
| Accounts Receivable | 1.20B | 1.39B | 1.68B | 4.66B | 5.12B | 2.80B |
| Other Receivables | 14.99B | 16.08B | 7.70B | 2.07B | 1.96B | 2.01B |
| Receivables | 16.18B | 17.47B | 9.38B | 6.73B | 7.07B | 4.80B |
| Inventory | 11.09B | 8.53B | 7.09B | 5.28B | 8.19B | 2.06B |
| Restricted Cash | 13.51B | 14.75B | 8.32B | 5.54B | 3.15B | 2.99B |
| Other Current Assets | 5.38B | 4.55B | 3.26B | 2.85B | 1.32B | 1.31B |
| Total Current Assets | 89.25B | 76.63B | 61.89B | 70.38B | 59.15B | 63.64B |
| Property, Plant & Equipment | 36.21B | 43.24B | 38.75B | 36.31B | 23.08B | 10.45B |
| Long-Term Investments | 2.34B | 2.48B | 3.13B | 5.49B | 6.36B | 3.06B |
| Other Intangible Assets | 367.25M | 226.34M | 231.64M | 236.95M | 212.60M | 199.12M |
| Long-Term Accounts Receivable | 727.80M | 863.80M | 2.49B | 4.72B | 2.57B | |
| Other Long-Term Assets | 8.05B | 1.10B | 2.74B | 2.49B | 2.74B | 2.96B |
| Total Assets | 136.21B | 124.40B | 107.60B | 117.38B | 96.26B | 82.88B |
| Accounts Payable | 60.39B | 53.34B | 34.50B | 30.22B | 25.52B | 13.16B |
| Accrued Expenses | 15.37B | 6.22B | 6.77B | 6.53B | 6.12B | 3.28B |
| Short-Term Debt | 8.16B | 4.69B | 5.73B | 5.09B | 4.04B | 5.23B |
| Current Portion of Long-Term Debt | 897.71M | 655.97M | 3.40B | 4.74B | 1.24B | 2.07B |
| Current Portion of Leases | 1.96B | 2.43B | 1.96B | 1.77B | 1.06B | 772.38M |
| Current Income Taxes Payable | 334.60M | 439.24M | 400.15M | 349.35M | 286.30M | 627.79M |
| Current Unearned Revenue | 4.40B | 4.07B | 2.86B | 2.11B | 1.38B | |
| Other Current Liabilities | 502.35M | 6.41B | 5.48B | 6.26B | 5.48B | 2.68B |
| Total Current Liabilities | 87.62B | 78.58B | 62.31B | 57.80B | 45.85B | 29.20B |
| Long-Term Debt | 8.55B | 8.63B | 11.44B | 13.04B | 10.89B | 9.74B |
| Long-Term Leases | 9.42B | 14.86B | 11.30B | 10.09B | 6.53B | 2.35B |
| Long-Term Unearned Revenue | 3.70B | 3.44B | 3.38B | 2.60B | 1.76B | |
| Long-Term Deferred Tax Liabilities | 133.01M | 112.69M | 127.47M | 212.35M | 218.19M | 25.20M |
| Other Long-Term Liabilities | 16.22B | 5.83B | 5.49B | 3.27B | 2.53B | 1.74B |
| Total Liabilities | 121.94B | 111.71B | 94.10B | 87.79B | 68.62B | 44.82B |
| Common Stock | 4.06B | 4.34M | 3.66M | 3.62M | 2.92M | 2.89M |
| Additional Paid-In Capital | 131.73B | 118.69B | 117.72B | 94.59B | 92.47B | |
| Retained Earnings | -128.03B | -113.07B | -90.76B | -69.91B | -55.63B | |
| Treasury Stock | -123.91M | -239.33M | -1.85B | -1.85B | -1.85B | |
| Comprehensive Income & Other | 579.80M | 582.66M | 432.99M | 1.04B | -276.30M | |
| Total Common Equity | 4.06B | 4.16B | 5.97B | 25.55B | 23.87B | 34.71B |
| Minority Interest | 10.20B | 8.53B | 7.54B | 4.05B | 3.78B | 3.35B |
| Shareholders' Equity | 14.27B | 12.69B | 13.51B | 29.60B | 27.65B | 38.06B |
| Total Liabilities & Equity | 136.21B | 124.40B | 107.60B | 117.38B | 96.26B | 82.88B |
| Total Debt | 29.00B | 31.26B | 33.82B | 34.73B | 23.75B | 20.16B |
| Net Cash (Debt) | 14.09B | 65.68M | 19.31M | 15.26B | 15.66B | 32.32B |
| Net Cash Per Share | 5.79 | 0.03 | 0.01 | 8.98 | 9.56 | 20.55 |
| Filing Date Shares Outstanding | 2.50B | 2.50B | 2.24B | 2.07B | 1.67B | 1.65B |
| Total Common Shares Outstanding | 2.50B | 2.47B | 2.09B | 2.06B | 1.66B | 1.64B |
| Working Capital | 1.63B | -1.95B | -424.98M | 12.58B | 13.30B | 34.44B |
| Book Value Per Share | 1.63 | 1.68 | 2.85 | 12.43 | 14.36 | 21.12 |
| Tangible Book Value | 3.70B | 3.93B | 5.74B | 25.31B | 23.66B | 34.51B |
| Tangible Book Value Per Share | 1.48 | 1.59 | 2.74 | 12.31 | 14.23 | 21.00 |
| Buildings | 911.45M | 913.28M | 912.38M | 890.58M | 875.56M | |
| Machinery | 25.58B | 21.18B | 17.74B | 10.35B | 5.94B | |
| Construction In Progress | 852.92M | 3.62B | 2.89B | 3.11B | 1.30B | |
| Leasehold Improvements | 6.37B | 6.12B | 5.16B | 3.41B | 1.88B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -15.57B | -22.66B | -21.15B | -14.56B | -10.57B | |
| Depreciation & Amortization | 9.38B | 7.70B | 4.91B | 3.99B | 2.35B | |
| Loss (Gain) From Sale of Assets | -43.33M | 63.62M | -4.47M | 12.81M | 31.11M | |
| Asset Writedown & Restructuring Costs | 55.33M | 35.01M | ||||
| Loss (Gain) From Sale of Investments | -213.77M | 438.05M | -969.13M | -174.85M | -105.61M | |
| Loss (Gain) on Equity Investments | 1.09B | 503.19M | -64.39M | -377.77M | -62.51M | |
| Stock-Based Compensation | 1.79B | 1.93B | 2.37B | 2.30B | 1.01B | |
| Provision & Write-off of Bad Debts | -46.69M | -3.76M | -26.32M | 48.71M | 54.33M | |
| Other Operating Activities | 796.62M | 510.97M | 467.82M | 608.62M | 6.59B | |
| Change in Accounts Receivable | 298.20M | 2.99B | 453.38M | -2.30B | -1.72B | |
| Change in Inventory | -3.12B | -1.79B | 2.90B | -6.26B | -990.55M | |
| Change in Accounts Payable | 18.25B | 4.72B | 4.87B | 11.65B | 6.26B | |
| Change in Income Taxes | 36.92M | 53.32M | 61.01M | -341.59M | 446.98M | |
| Change in Other Net Operating Assets | -9.66B | -2.36B | 4.80B | 1.50B | -1.33B | |
| Operating Cash Flow | 2.99B | -7.85B | -1.38B | -3.87B | 1.97B | |
| Capital Expenditures | -6.07B | -9.14B | -14.34B | -6.97B | -4.08B | |
| Sale of Property, Plant & Equipment | 113.47M | 231.52M | 73.06M | 3.62M | 1.13M | |
| Investment in Securities | -5.51B | 3.95B | 3.38B | 17.35B | -35.74B | |
| Other Investing Activities | 50.00M | |||||
| Investing Cash Flow | -11.46B | -4.96B | -10.89B | 10.39B | -39.76B | |
| Long-Term Debt Issued | 5.63B | 9.22B | 16.14B | 6.92B | 15.67B | |
| Total Debt Issued | 5.63B | 9.22B | 16.14B | 6.92B | 15.67B | |
| Long-Term Debt Repaid | -11.10B | -10.85B | -9.52B | -8.58B | -2.47B | |
| Total Debt Repaid | -11.10B | -10.85B | -9.52B | -8.58B | -2.47B | |
| Net Debt Issued (Repaid) | -5.47B | -1.63B | 6.61B | -1.66B | 13.21B | |
| Issuance of Common Stock | 11.95B | 111.35M | 21.05B | 78.73M | 12.82B | |
| Other Financing Activities | 365.50M | 3.30B | -250.00K | -35.88M | -7.90B | |
| Financing Cash Flow | 6.84B | 1.77B | 27.66B | -1.62B | 18.13B | |
| Foreign Exchange Rate Adjustments | -16.26M | 161.04M | 70.25M | -121.90M | -500.96M | |
| Net Cash Flow | -1.64B | -10.87B | 15.47B | 4.78B | -20.17B | |
| Free Cash Flow | -3.07B | -16.99B | -15.72B | -10.84B | -2.11B | |
| Free Cash Flow Margin | -3.51% | -25.85% | -28.27% | -22.00% | -5.85% | |
| Free Cash Flow Per Share | -1.35 | -8.27 | -9.25 | -6.62 | -1.34 | |
| Levered Free Cash Flow | -1.91B | -16.32B | -15.44B | -851.93M | -1.64B | |
| Unlevered Free Cash Flow | -1.35B | -15.82B | -15.19B | -643.67M | -1.25B | |
| Cash Interest Paid | 879.66M | 641.90M | 285.48M | 274.35M | 218.83M | |
| Cash Income Tax Paid | 144.10M | 65.36M | 35.98M | 77.19M | 6.01M | |
| Change in Working Capital | 5.81B | 3.61B | 13.09B | 4.25B | 2.67B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.98B | 12.62B | 9.06B | 18.87B | 16.11B | 50.39B |
| Enterprise Value | 5.91B | 14.30B | 9.26B | 18.49B | 14.13B | 47.15B |
| Last Close Price | 3.19 | 5.10 | 4.36 | 9.07 | 9.75 | 31.68 |
| PS Ratio | 0.48 | 1.01 | 1.01 | 2.40 | 2.25 | 8.86 |
| PB Ratio | 13.31 | 6.95 | 4.89 | 4.52 | 4.02 | 8.41 |
| P/TBV Ratio | 14.67 | 22.44 | 11.52 | 5.29 | 4.70 | 9.28 |
| P/OCF Ratio | 29.49 | 162.79 | ||||
| EV/Sales Ratio | 0.35 | 1.14 | 1.03 | 2.36 | 1.98 | 8.29 |
| Debt / Equity Ratio | 2.03 | 2.46 | 2.50 | 1.17 | 0.86 | 0.53 |
| Net Debt / Equity Ratio | -0.99 | -0.01 | -0.00 | -0.52 | -0.57 | -0.85 |
| Net Debt / EBITDA Ratio | -4.13 | 0.01 | 0.00 | 0.79 | 1.22 | 11.59 |
| Net Debt / FCF Ratio | 0.02 | 0.00 | 0.97 | 1.45 | 15.30 | |
| Asset Turnover | 0.97 | 0.75 | 0.58 | 0.52 | 0.55 | 0.53 |
| Inventory Turnover | 9.76 | 9.68 | 9.58 | 7.80 | 8.61 | 18.68 |
| Quick Ratio | 0.68 | 0.62 | 0.69 | 0.98 | 1.01 | 1.96 |
| Current Ratio | 1.02 | 0.97 | 0.99 | 1.22 | 1.29 | 2.18 |
| Return on Equity (ROE) | -45.32% | -118.72% | -105.56% | -73.45% | -44.79% | -30.33% |
| Return on Assets (ROA) | -2.02% | -7.56% | -12.15% | -13.26% | -10.91% | -4.09% |
| Return on Capital Employed (ROCE) | -7.80% | -30.60% | -48.30% | -38.00% | -31.00% | -8.40% |
| Earnings Yield | -9.00% | -17.64% | -34.28% | -15.81% | -13.10% | -3.30% |
| FCF Yield | -5.77% | -3.48% | -25.71% | -11.75% | -9.75% | -0.66% |
| Buyback Yield / Dilution | -15.33% | -10.61% | -20.84% | -3.86% | -4.09% | -32.98% |