NIO Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data NIO Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	720	1,124	2,492	5,671	7,143	7,834	9,005	12,511
Cost of revenue	757	1,296	2,205	4,600	6,397	7,404	8,116	10,807
Gross profit	-37.2	-172	287	1,070	746	430	890	1,704
Research and development	581	636	381	721	1,571	1,892	1,786	1,516
Selling, general and administrative	777	783	603	1,079	1,528	1,815	2,157	2,301
Operating expenses	1,358	1,419	993	1,776	3,013	3,621	3,886	3,712
Operating income	-1,396	-1,591	-706	-706	-2,268	-3,191	-2,997	-2,008
Interest expense	18	53.2	65.3	100	48.3	56.8	109	127
Interest income	19.4
Other non-operating income	-3.11	9.5	-55.9	29	-41	21.9	-13.4	64.5
Pre-tax income	-1,399	-1,621	-812	-624	-2,085	-2,882	-3,072	-2,119
Income tax	3.21	1.13	0.98	6.63	7.99	36.7	-3.13	17.4
Net income to minority interests	-6.07	-1.31	-0.76	-4.9	-22.8	17.5	-12.5	2.61
Net income	-3,393	-1,639	-860	-1,659	-2,111	-2,978	-3,104	-2,227
EBITDA	-1,327	-1,448	-546	-438	-1,854	-2,715	-2,192	-986
EPS, basic	-10.21	-1.59	-0.73	-1.05	-1.29	-1.75	-1.51	-0.98
EPS, diluted	-10.21	-1.59	-0.73	-1.05	-1.29	-1.75	-1.51	-0.98
Shares, basic (weighted)	332	1,030	1,183	1,573	1,637	1,700	2,055	2,273
Shares, diluted (weighted)	332	1,030	1,183	1,573	1,637	1,700	2,055	2,273

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	456	124	5,889	2,406	2,883	4,639	2,648	1,612
Short-term investments	750	15.9	605	5,815	2,780	2,368	1,937	2,825
Receivables	110	194	172	443	742	656	230	199
Inventory	213	128	166	323	1,188	743	971	1,220
Other current assets	220	227	218	291	326	484	498	694
Total current assets	1,770	708	7,082	9,987	8,576	9,913	8,478	10,958
Property, plant and equipment	706	795	766	1,161	2,270	3,500	3,547	3,693
Lease right-of-use assets		287	207	469	1,069	1,606	1,753	1,675
Intangible assets	0.51					4.18	4.06	4.24
Long-term investments	21.6	16.6	46	480	922	773	428	355
Other non-current assets	205	252	239	879	1,073	688	490	1,063
Total assets	2,741	2,095	8,374	13,006	13,957	16,533	14,742	17,789
Accounts payable	417	447
Accrued liabilities		606	706	1,130	1,980	2,191	2,198	2,388
Short-term debt	28.9	46.3	58.3	325	179	667	465	93.8
Total current liabilities	1,250	1,364	2,142	4,582	6,648	8,141	8,537	11,237
Long-term debt	170	1,028	910	1,528	1,578	1,837	1,567	1,234
Lease liabilities		230	156	364	945	1,418	1,543	1,443
Other non-current liabilities	135	165	284	556	746	939
Total liabilities	1,555	2,787	3,491	7,033	9,949	12,365	12,891	15,974
Total debt	199	1,074	968	1,853	1,758	2,504	2,033	1,327
Paid-in capital	6,097	5,778	12,089	14,510	13,715	16,580	16,260	18,837
Retained earnings	-5,096	-6,654	-7,915	-8,730	-10,137	-12,783	-15,490	-18,308
Treasury stock	-1.34			-290	-268	-261	-32.8	-17.7
Other comprehensive income	-5.05	-29.2	-10	-43.4	150	61	79.8	82.9
Shareholders' equity	994	-905	4,164	5,447	3,461	3,598	817	595
Minority interests	-2.31	3.17	0.33	11.9	32.1	26.7	13.4	-2.68
Total equity	992	-902	4,164	5,459	3,493	3,625	831	592
Total liabilities and equity	2,741	2,095	8,374	13,006	13,957	16,533	14,742	17,789
Shares outstanding	1,051	1,064	1,527	1,644	1,662	2,055	2,092	2,474

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1,402	-1,623	-813	-630	-2,093	-2,918	-3,069	-2,137
Depreciation and amortization	69	143	160	268	414	476	805	1,022
Stock-based compensation	98.8	47.9	28.7	159	333	334	264	256
Deferred income tax						28.3	-11.6	-2.11
Change in receivables		-97.9	36.5	-270	-334	63.9	409	42.6
Change in inventory	-200	81.8	-30.3	-155	-907	408	-245	-445
Change in payables			499	982	1,689	686
Cash from operations	-1,151	-1,253	299	309	-561	-195	-1,075	428
Capital expenditures		-245	-173	-640	-1,011	-2,020	-1,252	-867
Purchases of investments	-1,177	-316	-1,164	-102	-17.4	-6,183	-7.24	-0.26
Sales and maturities of investments					39.1
Cash from investing	-1,155	486	-777	-6,240	1,506	-1,533	-679	-1,639
Debt issued	388	198	246	959	1,003	1,129	1,263	792
Debt repaid	-17.5	-375	-148	-382	-1,240	-859	-1,029	-1,185
Stock issued	1,095	7.3	5,304	1,989	11.4	2,952	15.3	1,695
Share buybacks	-1.09
Cash from financing	1,688	445	6,338	2,845	-234	3,896	243	979
Exchange rate effect	-8.28	1.46	-105	-78.6	-17.7	9.9	22.1	-2.32
Net change in cash	-626	-321	5,756	-3,165	693	2,178	-1,490	-234
Free cash flow		-1,498	126	-331	-1,571	-2,214	-2,328	-439
Interest paid	16.4	37.4	51.2	34.3	39.8	40.2	87.9	126
Income taxes paid	1.62	2.61	2.02	0.94	11.2	5.07	8.96	20.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.59 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.6%	Gross profit / revenue.
Operating margin	-16.0%	Operating income / revenue.
EBITDA margin	-7.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-16.9%	Pre-tax income / revenue.
Net margin	-17.8%	Net income / revenue.
FCF margin	-3.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.4%	Cash from operations / revenue.
Return on equity (ROE)	-315.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-13.7%	Net income / average total assets.
Return on invested capital (ROIC)	-619.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.1%	Research and development expense / revenue.
SG&A / revenue	18.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.9%	Capital expenditures / revenue.
D&A / revenue	8.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	38.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	91.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	42.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-27.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-44.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-32.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	10.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	14.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.5%	Total debt / total assets.
Liabilities / assets	89.8%	Total liabilities / total assets.
Net debt	-$3.11B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-15.9x	Operating income / interest expense.
Working capital	-$278.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$590.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	3.46x	Revenue / average property, plant and equipment.
Inventory turnover	9.87x	Cost of revenue / average inventory.
Days inventory	37 days	365 x average inventory / cost of revenue.
Receivables turnover	58.3x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Capex / operating cash flow	202.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.98	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.50	Revenue / diluted weighted shares.
FCF per share	-$0.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.19	Cash from operations / diluted weighted shares.
Book value per share	$0.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.24	Tangible book value / shares outstanding.
Cash per share	$1.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.00B	Share price x shares outstanding.
Enterprise value	$5.89B	Market cap + total debt - cash - short-term investments.
P/S	0.72x	Market cap / revenue.
P/B	15.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.2x	Market cap / tangible book value, when positive.
P/OCF	21.0x	Market cap / cash from operations, when positive.
EV/Sales	0.47x	Enterprise value / revenue.
FCF yield	-4.9%	Free cash flow / market cap.
Earnings yield	-24.8%	Net income / market cap (the inverse of P/E).

What was NIO Inc.'s revenue in fiscal 2025?

NIO Inc. reported revenue of $12.51B for fiscal 2025, 38.9% higher than the year before.

Was NIO Inc. profitable in fiscal 2025?

No. It reported a net loss of $2.23B.

How much free cash flow did NIO Inc. generate in fiscal 2025?

Cash from operations of $427.9M minus capital expenditures of $867.3M left free cash flow of -$439.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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