NIO Inc. Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-15,571	-22,658	-21,147	-14,559	-10,572
Depreciation & Amortization	9,375	7,701	4,907	3,994	2,352
Loss (Gain) From Sale of Assets	-43.33	63.62	-4.47	12.81	31.11
Asset Writedown & Restructuring Costs	-	55.33	-	35.01	-
Loss (Gain) From Sale of Investments	-213.77	438.05	-969.13	-174.85	-105.61
Loss (Gain) on Equity Investments	1,092	503.19	-64.39	-377.78	-62.51
Stock-Based Compensation	1,791	1,929	2,369	2,296	1,010
Provision & Write-off of Bad Debts	-46.69	-3.76	-26.32	48.71	54.33
Other Operating Activities	796.62	510.97	467.82	608.62	6,592
Change in Accounts Receivable	298.2	2,986	453.38	-2,303	-1,718
Change in Inventory	-3,115	-1,786	2,895	-6,258	-990.55
Change in Accounts Payable	18,251	4,717	4,871	11,651	6,260
Change in Income Taxes	36.92	53.32	61.01	-341.59	446.98
Change in Other Net Operating Assets	-9,659	-2,358	4,805	1,503	-1,331
Operating Cash Flow	2,993	-7,849	-1,382	-3,866	1,966
Operating Cash Flow Growth	-	-	-	-	0.79%
Capital Expenditures	-6,065	-9,142	-14,341	-6,973	-4,079
Sale of Property, Plant & Equipment	113.47	231.52	73.06	3.62	1.13
Investment in Securities	-5,508	3,952	3,382	17,354	-35,737
Other Investing Activities	-	-	-	-	50
Investing Cash Flow	-11,460	-4,958	-10,885	10,385	-39,765
Long-Term Debt Issued	5,628	9,219	16,135	6,919	15,673
Total Debt Issued	5,628	9,219	16,135	6,919	15,673
Long-Term Debt Repaid	-11,103	-10,853	-9,521	-8,578	-2,465
Total Debt Repaid	-11,103	-10,853	-9,521	-8,578	-2,465
Net Debt Issued (Repaid)	-5,475	-1,634	6,614	-1,659	13,208
Issuance of Common Stock	11,954	111.35	21,049	78.73	12,822
Other Financing Activities	365.5	3,295	-0.25	-35.88	-7,901
Financing Cash Flow	6,844	1,772	27,663	-1,616	18,129
Foreign Exchange Rate Adjustments	-16.26	161.04	70.25	-121.9	-500.96
Net Cash Flow	-1,639	-10,874	15,466	4,781	-20,171
Free Cash Flow	-3,073	-16,991	-15,722	-10,839	-2,112
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
Cash Interest Paid	879.67	641.9	285.48	274.35	218.83
Cash Income Tax Paid	144.1	65.36	35.98	77.19	6.01
Levered Free Cash Flow	-1,906	-16,316	-15,439	-851.93	-1,644
Unlevered Free Cash Flow	-1,352	-15,817	-15,187	-643.67	-1,245
Change in Working Capital	5,812	3,612	13,085	4,251	2,668

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.