NIO Inc. (NIO) Cash Flow Statement
Where NIO’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥2.99B
- Capital expenditures
- CN¥6.07B 6.9% of revenue
- Free cash flow
- −CN¥3.07B −3.5% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥1.64B cash at year-end CN¥26.11B
Cash from operations
CN¥2.99B
Capital expenditures
−CN¥6.07B
Investments (net)
−CN¥4.94B
Acquisitions & other
−CN¥452.0M
Share buybacks (net)
+CN¥11.95B
Net borrowing (repayment)
−CN¥5.47B
Shares issued
+CN¥11.85B
Other financing
−CN¥11.49B
Currency & other
−CN¥16.3M
Change in cash
−CN¥1.64B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NIO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NIO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥2.20B2016 | CN¥2.99B2025 | — | |
| Capital expenditures | CN¥654.5M2016 | CN¥6.07B2025 | +28.1%/yr | |
| Free cash flow | −CN¥2.86B2016 | −CN¥3.07B2025 | — | |
| Free cash flow margin | −213.2%2018 | −3.5%2025 | +209.7 pts | |
| Stock-based compensation | CN¥76.7M2016 | CN¥1.79B2025 | +41.9%/yr | |
| Dividends paid | CN¥02016 | CN¥02019 | — | |
| Share buybacks (net) | CN¥8.4M2016 | CN¥02025 | −100.0% | |
| Capex / revenue | 53.4%2018 | 6.9%2025 | −46.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NIO cash flow by activity
OperatingInvestingFinancingChange in cash
NIO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NIO cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥14.94B | −CN¥22.66B | −CN¥21.15B | −CN¥14.56B | −CN¥10.57B | −CN¥5.30B | −CN¥11.30B | −CN¥9.64B | −CN¥5.02B | −CN¥2.57B |
| Depreciation & amortization | CN¥9.38B | CN¥7.70B | CN¥4.91B | CN¥3.99B | CN¥2.35B | CN¥1.55B | CN¥1.52B | CN¥474.2M | CN¥167.9M | CN¥46.1M |
| Stock-based compensation | CN¥1.79B | CN¥1.93B | CN¥2.37B | CN¥2.30B | CN¥1.01B | CN¥187.1M | CN¥333.5M | CN¥679.5M | CN¥90.3M | CN¥76.7M |
| Change in working capital | CN¥5.81B | −CN¥1.16B | CN¥8.15B | −CN¥7.06B | −CN¥4.04B | CN¥4.83B | CN¥436.8M | CN¥505.7M | CN¥130.7M | CN¥256.9M |
| Other non-cash items | CN¥956.9M | CN¥6.34B | CN¥4.34B | CN¥11.46B | CN¥13.22B | CN¥692.3M | CN¥282.6M | CN¥67.9M | CN¥57.6M | −CN¥7.9M |
| Cash from operating activities | CN¥2.99B | −CN¥7.85B | −CN¥1.38B | −CN¥3.87B | CN¥1.97B | CN¥1.95B | −CN¥8.72B | −CN¥7.91B | −CN¥4.57B | −CN¥2.20B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥6.07B | −CN¥9.14B | −CN¥14.34B | −CN¥6.97B | −CN¥4.08B | −CN¥1.13B | −CN¥1.71B | −CN¥2.64B | −CN¥1.11B | −CN¥654.5M |
| Investments (net) | −CN¥4.94B | −CN¥4.96B | −CN¥10.89B | CN¥10.39B | −CN¥35.74B | −CN¥4.11B | CN¥3.38B | −CN¥7.94B | −CN¥49.0M | CN¥117.8M |
| Acquisitions & other investing | −CN¥452.0M | CN¥9.14B | CN¥14.34B | CN¥6.97B | CN¥51.1M | CN¥163.1M | CN¥1.71B | CN¥2.64B | −CN¥27.4M | CN¥654.5M |
| Cash from investing activities | −CN¥11.46B | −CN¥4.96B | −CN¥10.89B | CN¥10.39B | −CN¥39.76B | −CN¥5.07B | CN¥3.38B | −CN¥7.94B | −CN¥1.19B | CN¥117.8M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | −CN¥2.87B | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | CN¥11.95B | CN¥111.3M | CN¥21.05B | CN¥78.7M | CN¥12.82B | CN¥34.76B | CN¥50.8M | −CN¥7.5M | CN¥12.23B | −CN¥8.4M |
| Net borrowing (repayment) | −CN¥5.47B | −CN¥1.63B | CN¥6.61B | −CN¥1.66B | CN¥13.21B | CN¥3.68B | CN¥3.04B | CN¥2.63B | CN¥621.3M | CN¥37.5M |
| Shares issued | CN¥11.85B | CN¥0 | CN¥20.96B | CN¥0 | CN¥12.68B | CN¥34.61B | CN¥0 | CN¥7.61B | CN¥0 | CN¥0 |
| Other financing | −CN¥11.49B | CN¥3.30B | −CN¥20.96B | −CN¥35.9M | −CN¥20.58B | −CN¥31.69B | CN¥0 | CN¥4.24B | CN¥13.4M | CN¥2.26B |
| Cash from financing activities | CN¥6.84B | CN¥1.77B | CN¥27.66B | −CN¥1.62B | CN¥18.13B | CN¥41.36B | CN¥3.09B | CN¥11.60B | CN¥12.87B | CN¥2.29B |
| Summary | ||||||||||
| Net change in cash | −CN¥1.64B | −CN¥10.87B | CN¥15.47B | CN¥4.78B | −CN¥20.17B | CN¥37.56B | −CN¥2.23B | −CN¥4.31B | CN¥6.93B | CN¥249.5M |
| Cash at end of period | CN¥26.11B | CN¥27.75B | CN¥38.62B | CN¥23.16B | CN¥18.37B | CN¥38.55B | CN¥989.9M | CN¥3.22B | CN¥7.53B | CN¥596.6M |
| Free cash flow | −CN¥3.07B | −CN¥16.99B | −CN¥15.72B | −CN¥10.84B | −CN¥2.11B | CN¥823.2M | −CN¥10.43B | −CN¥10.56B | −CN¥5.69B | −CN¥2.86B |
| Free cash flow margin | −3.5% | −25.8% | −28.3% | −22.0% | −5.8% | 5.1% | −133.3% | −213.2% | — | — |
| Capex / revenue | 6.9% | 13.9% | 25.8% | 14.2% | 11.3% | 6.9% | 21.8% | 53.4% | — | — |
| Jun '25 | Mar '25 | Jun '24 | Mar '24 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −CN¥12.03B | −CN¥6.89B | −CN¥10.38B | −CN¥5.26B |
| Depreciation & amortization | CN¥4.57B | CN¥4.20B | CN¥3.50B | CN¥2.87B |
| Stock-based compensation | CN¥897.1M | CN¥489.3M | CN¥792.2M | CN¥281.4M |
| Change in working capital | −CN¥5.47B | −CN¥1.76B | CN¥602.4M | CN¥6.43B |
| Other non-cash items | CN¥1.10B | CN¥6.14B | −CN¥4.53B | CN¥5.89B |
| Cash from operating activities | −CN¥10.93B | CN¥2.18B | −CN¥10.03B | CN¥10.22B |
| Investing activities | ||||
| Capital expenditures | −CN¥2.97B | −CN¥4.79B | −CN¥4.36B | −CN¥9.30B |
| Acquisitions & other investing | CN¥3.48B | −CN¥999.7M | CN¥5.18B | −CN¥3.80B |
| Cash from investing activities | CN¥516.8M | −CN¥5.79B | CN¥827.2M | −CN¥13.10B |
| Financing activities | ||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥917.8M | CN¥3.02B | −CN¥1.25B | CN¥25.61B |
| Cash from financing activities | −CN¥917.8M | CN¥3.02B | −CN¥1.25B | CN¥25.61B |
| Summary | ||||
| Net change in cash | −CN¥11.30B | −CN¥694.5M | −CN¥10.18B | CN¥22.65B |
| Cash at end of period | CN¥16.45B | CN¥27.75B | CN¥28.44B | CN¥38.62B |
| Free cash flow | −CN¥13.89B | −CN¥2.61B | −CN¥14.38B | CN¥913.1M |
| Free cash flow margin | −73.1% | −21.7% | −82.4% | 9.2% |
| Capex / revenue | 15.6% | 39.8% | 25.0% | 93.9% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
NIO cash generation
In fiscal 2025 (ended December 31, 2025), NIO generated CN¥3.0 billion of cash from operations and spent CN¥6.1 billion on capital expenditures, leaving free cash flow of -CN¥3.1 billion, −3.5% of revenue. Cash and equivalents fell by CN¥1.6 billion over the year.
Related: NIO income statement, NIO balance sheet. See the NIO stock overview for the latest quote and news.
NIO cash flow FAQ
What is NIO's free cash flow?
NIO's free cash flow was -CN¥3.1 billion in fiscal 2025: CN¥3.0 billion of operating cash flow minus CN¥6.1 billion of capital expenditures It was -CN¥17.0 billion a year earlier..
How much cash does NIO generate from operations?
NIO generated CN¥3.0 billion of cash from operating activities in fiscal 2025.
How much does NIO spend on capital expenditures?
NIO spent CN¥6.1 billion on capital expenditures in fiscal 2025, 6.9% of revenue, compared with CN¥9.1 billion the year before.