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Auto manufacturers · Consumer Cyclical · Fiscal year ends Dec 31 · Reports in CNY
NIO reported revenue of CNY 87.5B in the fiscal year ended Dec 2025, up 33.1% from the year before. Operating income was −CNY 14B, an operating margin of −16.0%, and net income was −CNY 14.9B. Operating cash flow of CNY 3B less capital expenditure of CNY 6.1B left free cash flow of −CNY 3.1B. It held more cash than debt (net cash CNY 2B).
Ranks among the 15 auto manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 36,136 | 49,269 | 55,618 | 65,732 | 87,488 |
| Cost of revenue | 29,315 | 44,125 | 52,566 | 59,239 | 75,572 |
| Gross profit | 6,821 | 5,144 | 3,052 | 6,493 | 11,916 |
| Research & development | 4,592 | 10,836 | 13,431 | 13,037 | 10,605 |
| Selling, general & admin | 6,878 | 10,537 | 12,885 | 15,741 | 16,088 |
| Operating income | −4,496 | −15,641 | −22,655 | −21,874 | −14,041 |
| Interest expense | 637 | 333 | 404 | 798 | 885 |
| Pre-tax income | −3,975 | −14,382 | −20,459 | −22,425 | −14,821 |
| Income tax | 42.3 | 55.1 | 261 | −22.8 | 122 |
| Net income | −4,017 | −14,437 | −20,720 | −22,402 | −14,943 |
| Diluted EPS | −6.72 | −8.89 | −12.44 | −11.03 | −6.85 |
| Diluted shares | 1,573 | 1,637 | 1,700 | 2,055 | 2,273 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 15,334 | 19,888 | 32,935 | 19,329 | 11,274 |
| Receivables | 2,798 | 5,118 | 4,658 | 1,676 | 1,394 |
| Inventory | 2,056 | 8,191 | 5,278 | 7,087 | 8,531 |
| Current assets | 63,641 | 59,150 | 70,380 | 61,886 | 76,633 |
| Net PP&E | 7,400 | 15,659 | 24,847 | 25,893 | 25,828 |
| Total assets | 82,884 | 96,264 | 117,383 | 107,605 | 124,401 |
| Payables | – | 12,709 | 14,112 | – | – |
| Deferred revenue | 2,198 | 3,562 | 4,996 | 6,202 | 6,020 |
| Current liabilities | 29,198 | 45,852 | 57,798 | 62,311 | 78,583 |
| Short-term debt | 2,068 | 1,238 | 4,736 | 3,398 | 656 |
| Long-term debt | 9,739 | 10,886 | 13,043 | 11,441 | 8,626 |
| Total liabilities | 44,820 | 68,617 | 87,787 | 94,098 | 111,709 |
| Shareholders' equity | 34,710 | 23,868 | 25,546 | 5,967 | 4,159 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,966 | −3,866 | −1,382 | −7,849 | 2,993 |
| Capital expenditure | 4,079 | 6,973 | 14,341 | 9,142 | 6,065 |
| Free cash flow | −2,112 | −10,839 | −15,722 | −16,991 | −3,073 |
| Depreciation & amortisation | 1,708 | 2,852 | 3,378 | 5,875 | 7,147 |
| Stock-based compensation | 1,010 | 2,296 | 2,369 | 1,929 | 1,791 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 36.3% | 12.9% | 18.2% | 33.1% |
| Gross margin | 18.9% | 10.4% | 5.5% | 9.9% | 13.6% |
| Operating margin | −12.4% | −31.7% | −40.7% | −33.3% | −16.0% |
| Net margin | −11.1% | −29.3% | −37.3% | −34.1% | −17.1% |
| Return on equityBlank when equity is negative | −11.6% | −60.5% | −81.1% | −375.4% | −359.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.4% | −31.0% | −38.0% | −48.3% | −30.6% |
| Free cash flow margin | −5.8% | −22.0% | −28.3% | −25.8% | −3.5% |
| Cash conversion (CFO ÷ net income) | −0.49x | 0.27x | 0.07x | 0.35x | −0.20x |
| Receivable days | 28 | 38 | 31 | 9 | 6 |
| Inventory days | 26 | 68 | 37 | 44 | 41 |
| Payable days | – | 105 | 98 | – | – |
| Interest cover | −7.05x | −46.9x | −56.1x | −27.4x | −15.9x |
| Debt ÷ equity | 0.34x | 0.51x | 0.70x | 2.49x | 2.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −3,527 | −7,764 | −15,156 | −4,491 | −1,992 |
| Current ratio | 2.18x | 1.29x | 1.22x | 0.99x | 0.98x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.