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NIO

NIO Inc.

NIO

NIO Inc. • NYSE
$5.51 ▲ 0.92% (+0.05)
Market Cap $12.15 B
52w High $8.02
52w Low $3.02
Dividend Yield 0%
P/E -3.38
Volume 30.22M
Outstanding Shares 2.21B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.794B ▲ $-4.185B ▼ $-3.48B ▲ -15.97% ▲ $0 ▲ $0 ▲
Q2-2025 $19.009B ▲ $6.806B ▼ $-5.141B ▲ -27.047% ▲ $-2.31 ▲ $-4.739B ▲
Q1-2025 $12.035B ▼ $7.338B ▼ $-6.891B ▲ -57.26% ▼ $-3.29 ▲ $-6.501B ▲
Q4-2024 $19.703B ▲ $8.342B ▲ $-7.132B ▼ -36.196% ▼ $-3.47 ▼ $-6.934B ▼
Q3-2024 $18.674B $7.245B $-5.142B -27.534% $-2.5 $-4.818B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $17.801B ▼ $100.046B ▲ $93.43B ▼ $-1.206B ▼
Q1-2025 $19.722B ▼ $98.164B ▼ $98.436B ▲ $-365.896M ▼
Q4-2024 $33.843B ▼ $107.605B ▲ $94.098B ▲ $5.967B ▼
Q3-2024 $37.15B ▲ $103.989B ▲ $87.918B ▲ $11.347B ▼
Q2-2024 $36.269B $100.516B $79.799B $16.075B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-5.141B ▲ $0 $0 $0 $2.264B ▲ $0
Q1-2025 $-6.891B ▲ $0 $0 $0 $-13.212B ▼ $0
Q4-2024 $-7.132B ▼ $0 $0 $0 $-2.221B ▼ $0
Q3-2024 $-5.142B ▼ $0 $0 $0 $1.344B ▲ $0
Q2-2024 $-5.126B $0 $0 $0 $-494.83M $0

Revenue by Products

Product Q3-2020Q4-2020Q3-2021Q4-2021
Automotive Regulatory Credits
Automotive Regulatory Credits
 $0 ▲$0 ▲$0 ▲$0 ▲
Battery upgrade service
Battery upgrade service
 $0 ▲$0 ▲$270.00M ▲$20.00M ▼
Other sales
Other sales
 $0 ▲$0 ▲$0 ▲$690.00M ▲
Others
Others
 $0 ▲$0 ▲$0 ▲$430.00M ▲
Sales of Charging pile
Sales of Charging pile
 $0 ▲$0 ▲$0 ▲$80.00M ▲
Sales of Packages
Sales of Packages
 $0 ▲$0 ▲$0 ▲$160.00M ▲
Vehicle sales
Vehicle sales
 $0 ▲$0 ▲$0 ▲$9.22Bn ▲
Automotive Regulatory Credit Sale
Automotive Regulatory Credit Sale
 $0 ▲$0 ▲$520.00M ▲$0 ▼
Charging Pile
Charging Pile
 $130.00M ▲$100.00M ▼$240.00M ▲$0 ▼
Others Revenue
Others Revenue
 $310.00M ▲$290.00M ▼$880.00M ▲$0 ▼
Product
Product
 $9.01Bn ▲$6.17Bn ▼$23.95Bn ▲$0 ▼
Product And Service Other
Product And Service Other
 $610.00M ▲$470.00M ▼$2.28Bn ▲$0 ▼
Service Other
Service Other
 $160.00M ▲$80.00M ▼$370.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement NIO has grown its sales rapidly over the past five years, showing that demand for its vehicles and services has been expanding strongly. However, the company has not yet converted this growth into profitability. Gross profit has been volatile, with periods of margin pressure likely tied to price competition, higher input costs, and promotional activity, followed by some recovery more recently. Operating losses and net losses have steadily widened as NIO continues to spend heavily on R&D, sales, marketing, and its ecosystem. In simple terms, the business is scaling up on the revenue side, but the cost base and investment intensity are still too high for the company to break even, and profitability remains a key uncertainty.

Balance Sheet

Balance Sheet NIO’s balance sheet shows a company that has built up a large asset base, including factories, technology, and infrastructure like battery swap stations. At the same time, debt levels have climbed significantly compared with earlier years, and the equity cushion has thinned sharply more recently, reflecting the accumulated losses. Cash balances have moved up and down, improving in some years but then falling again, which suggests active use of financing and spending to support growth. Overall, NIO still has meaningful resources, but it is operating with higher leverage and much less balance sheet headroom than a few years ago, which increases financial risk if losses persist.

Cash Flow

Cash Flow The cash flow picture underlines how capital-intensive and cash-hungry NIO’s strategy has been. A few years ago, the core business was generating modest positive cash from operations, but this has turned negative and has worsened over the last three years. Free cash flow has been consistently negative, with the combination of operating losses and heavy investment in facilities, technology, and infrastructure driving a sizable cash burn. This means NIO has relied on external funding and balance sheet flexibility to sustain its growth plans. Going forward, the company’s ability to narrow operating cash outflows and moderate investment will be critical to easing pressure on liquidity.

Competitive Edge

Competitive Edge NIO holds a differentiated position in the electric vehicle market, especially in China, through its premium brand image, battery swapping network, and strong owner community. The battery swap and “Battery as a Service” model create a unique ecosystem that is not easy or cheap for rivals to replicate, giving NIO a distinctive customer experience and some degree of lock-in. Its NIO Houses, app-based community, and high-touch services further reinforce brand loyalty and a lifestyle positioning rather than just a car purchase. At the same time, NIO operates in one of the most competitive auto environments in the world, facing aggressive price competition and rapid innovation from both domestic players and global brands. This mix of a strong conceptual moat but intense external pressure makes future margin stability and market share retention important open questions.

Innovation and R&D

Innovation and R&D NIO is clearly an innovation-driven company, and its heavy spending on R&D is visible in its financials. It has pioneered large-scale battery swapping, the Battery as a Service model, and a full suite of power solutions that aim to remove range and charging anxiety. The company is building its own autonomous driving stack, including a self-developed chip and operating system, which could deepen its technology integration but also raises execution risk and adds to costs. Its work on high-energy-density batteries and the rollout of new brands (ONVO and Firefly) show an ambition to reach both the premium and mass markets, as well as expand globally. The upside of this approach is strong technological differentiation; the downside is that it prolongs the period of heavy investment before clear financial payoffs are visible.

Summary

NIO combines fast-growing revenue, a distinctive technology and service ecosystem, and a bold innovation roadmap with a financially demanding business model. The company has established a recognizable premium EV brand and a unique battery swapping and service network that set it apart from most competitors. However, persistent and growing losses, rising leverage, shrinking equity, and sustained negative free cash flow highlight meaningful financial strain and dependence on external funding. The success of its new product lines, autonomous driving technology, and international expansion will play a major role in whether NIO can eventually translate its innovations and brand strength into sustainable profitability. Overall, NIO represents a high-innovation, high-uncertainty profile where execution on costs, cash management, and scaling its ecosystem will be central to its long-term outcome.

NEWS

November 28, 2025 · 4:31 PM UTC

Nio Strategic Metals Announces Flow-Through Shares Private Placement to Advance Oka Explorations

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November 25, 2025 · 5:08 AM UTC

NIO Inc. Reports Unaudited Third Quarter 2025 Financial Results

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November 13, 2025 · 4:31 PM UTC

Nio Strategic Metals Announces Grants of Stock Options

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November 12, 2025 · 4:30 AM UTC

NIO Inc. to Report Unaudited Third Quarter 2025 Financial Results on Tuesday, November 25, 2025

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November 1, 2025 · 3:30 AM UTC

NIO Inc. Provides October 2025 Delivery Update

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