NIO Inc. Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	72,541	65,732	55,618	49,269	36,136	16,258
Revenue Growth (YoY)	14.90%	18.18%	12.89%	36.34%	122.27%	107.77%
Cost of Revenue	64,364	59,239	52,566	44,125	29,315	14,385
Gross Profit	8,177	6,493	3,052	5,144	6,821	1,873
Selling, General & Admin	17,172	15,582	12,868	10,445	6,733	3,913
Research & Development	11,792	12,787	13,158	10,643	4,538	2,437
Other Operating Expenses	-201.5	-1.84	-318.52	-303.65	46.32	131.24
Operating Expenses	28,762	28,367	25,707	20,785	11,318	6,481
Operating Income	-20,586	-21,874	-22,655	-15,641	-4,496	-4,608
Interest Expense	-927.7	-798.36	-403.53	-333.22	-637.41	-426.02
Interest & Investment Income	465.22	853.73	2,210	1,359	911.83	166.9
Earnings From Equity Investments	-773.38	-503.19	64.39	377.78	62.51	-66.03
Other Non Operating Income (Expenses)	-177.16	-98.14	155.19	-282.95	184.69	-364.93
EBT Excluding Unusual Items	-21,999	-22,420	-20,629	-14,520	-3,975	-5,298
Other Unusual Items	-202.1	-4.48	170.19	138.33	-6,587	-311.67
Pretax Income	-22,497	-22,425	-20,459	-14,382	-10,561	-5,609
Income Tax Expense	34.51	-22.82	260.84	55.1	42.27	6.37
Earnings From Continuing Operations	-22,531	-22,402	-20,720	-14,437	-10,604	-5,616
Minority Interest in Earnings	-293.81	-255.98	-427.21	-122.34	31.22	4.96
Net Income	-22,825	-22,658	-21,147	-14,559	-10,572	-5,611
Net Income to Common	-22,825	-22,658	-21,147	-14,559	-10,572	-5,611
Shares Outstanding (Basic)	2,205	2,055	1,700	1,637	1,573	1,183
Shares Outstanding (Diluted)	2,205	2,055	1,700	1,637	1,573	1,183
Shares Change (YoY)	11.49%	20.84%	3.86%	4.09%	32.98%	14.83%
EPS (Basic)	-10.35	-11.03	-12.44	-8.89	-6.72	-4.74
EPS (Diluted)	-10.35	-11.03	-12.44	-8.89	-6.72	-4.74
Free Cash Flow	-	-16,991	-15,722	-10,839	-2,112	823.21
Free Cash Flow Per Share	-	-8.27	-9.25	-6.62	-1.34	0.70
Gross Margin	11.27%	9.88%	5.49%	10.44%	18.88%	11.52%
Operating Margin	-28.38%	-33.28%	-40.73%	-31.75%	-12.44%	-28.34%
Profit Margin	-31.46%	-34.47%	-38.02%	-29.55%	-29.26%	-34.51%
Free Cash Flow Margin	-	-25.85%	-28.27%	-22.00%	-5.85%	5.06%
EBITDA	-12,837	-15,999	-19,277	-12,788	-2,788	-3,561
EBITDA Margin	-17.70%	-24.34%	-34.66%	-25.96%	-7.72%	-21.90%
D&A For EBITDA	7,749	5,875	3,378	2,852	1,708	1,046
EBIT	-20,586	-21,874	-22,655	-15,641	-4,496	-4,608
EBIT Margin	-28.38%	-33.28%	-40.73%	-31.75%	-12.44%	-28.34%
Revenue as Reported	72,541	65,732	55,618	49,269	36,136	16,258
Advertising Expenses	-	-	-	-	529.06	266.57

Updated Nov 25, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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