NIO Inc. (NIO) Income Statement
NIO 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanNIO revenue and net income
Where NIO's revenue goes
2025Each bar shows an amount and its share of revenue. NIO kept −17.1% of revenue as net income.
NIO profit margins
NIO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +33.1% | +21.1% | +40.0% | — |
| Gross profit | +83.5% | +32.3% | +44.8% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NIO income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥87.49B | CN¥65.73B | CN¥55.62B | CN¥49.27B | CN¥36.14B | CN¥16.26B | CN¥7.82B | CN¥4.95B | CN¥0 | CN¥0 |
| Cost of revenue | CN¥75.57B | CN¥59.24B | CN¥52.57B | CN¥44.12B | CN¥29.31B | CN¥14.38B | CN¥9.02B | CN¥5.21B | CN¥0 | CN¥0 |
| Gross profit | CN¥11.92B | CN¥6.49B | CN¥3.05B | CN¥5.14B | CN¥6.82B | CN¥1.87B | −CN¥1.20B | −CN¥255.9M | CN¥0 | CN¥0 |
| Research & development | CN¥10.60B | CN¥13.04B | CN¥13.43B | CN¥10.84B | CN¥4.59B | CN¥2.49B | CN¥4.43B | CN¥4.00B | CN¥2.60B | CN¥1.47B |
| Sales, general & admin | CN¥14.76B | CN¥14.45B | CN¥11.95B | CN¥9.72B | CN¥6.29B | CN¥3.53B | CN¥4.89B | CN¥5.09B | CN¥2.36B | CN¥1.15B |
| Total operating expenses | CN¥25.96B | CN¥28.37B | CN¥25.71B | CN¥20.78B | CN¥11.32B | CN¥6.48B | CN¥9.88B | CN¥9.34B | CN¥4.95B | CN¥2.60B |
| Operating income | −CN¥14.04B | −CN¥21.87B | −CN¥22.66B | −CN¥15.64B | −CN¥4.50B | −CN¥4.61B | −CN¥11.08B | −CN¥9.60B | −CN¥4.95B | −CN¥2.60B |
| Interest income | CN¥1.22B | CN¥853.7M | CN¥2.21B | CN¥1.40B | CN¥911.8M | CN¥166.9M | CN¥274.7M | CN¥19,000 | CN¥19.0M | CN¥27.6M |
| Interest expense | CN¥885.2M | CN¥798.4M | CN¥403.5M | CN¥333.2M | CN¥637.4M | CN¥426.0M | CN¥370.5M | CN¥123.6M | CN¥18.1M | CN¥55,000 |
| Income before taxes | −CN¥14.82B | −CN¥22.42B | −CN¥20.46B | −CN¥14.38B | −CN¥3.97B | −CN¥5.30B | −CN¥11.29B | −CN¥9.62B | −CN¥7.59B | −CN¥3.55B |
| Income taxes | CN¥121.9M | −CN¥22.8M | CN¥260.8M | CN¥55.1M | CN¥42.3M | CN¥6.4M | CN¥7.9M | CN¥22.0M | CN¥7.9M | CN¥4.3M |
| Net income | −CN¥14.96B | −CN¥22.66B | −CN¥21.15B | −CN¥14.56B | −CN¥10.57B | −CN¥5.61B | −CN¥11.41B | −CN¥9.66B | −CN¥4.98B | −CN¥2.54B |
| EBITDA | −CN¥4.56B | −CN¥13.93B | −CN¥15.15B | −CN¥10.05B | −CN¥985.4M | −CN¥3.33B | −CN¥9.40B | −CN¥9.02B | −CN¥4.83B | −CN¥2.56B |
| Gross margin | 13.6% | 9.9% | 5.5% | 10.4% | 18.9% | 11.5% | −15.3% | −5.2% | — | — |
| Operating margin | −16.0% | −33.3% | −40.7% | −31.7% | −12.4% | −28.3% | −141.6% | −193.8% | — | — |
| Net margin | −17.1% | −34.5% | −38.0% | −29.6% | −29.3% | −34.5% | −145.9% | −195.1% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥32.17B | CN¥25.53B | CN¥34.65B | CN¥21.79B | CN¥19.01B | CN¥12.03B | CN¥19.70B | CN¥18.67B | CN¥17.45B | CN¥9.91B | CN¥17.10B | CN¥19.07B |
| Cost of revenue | CN¥26.26B | CN¥20.67B | CN¥28.58B | CN¥18.77B | CN¥17.11B | CN¥11.12B | CN¥17.39B | CN¥16.67B | CN¥15.76B | CN¥9.42B | CN¥15.82B | CN¥17.54B |
| Gross profit | CN¥5.91B | CN¥4.86B | CN¥6.07B | CN¥3.02B | CN¥1.90B | CN¥919.6M | CN¥2.31B | CN¥2.01B | CN¥1.69B | CN¥487.7M | CN¥1.28B | CN¥1.52B |
| Research & development | CN¥2.15B | CN¥1.89B | CN¥2.03B | CN¥2.39B | CN¥3.01B | CN¥3.18B | CN¥3.64B | CN¥3.32B | CN¥3.22B | CN¥2.86B | CN¥3.97B | CN¥3.04B |
| Sales, general & admin | CN¥4.42B | CN¥3.50B | CN¥3.54B | CN¥4.18B | CN¥3.96B | CN¥1.31B | CN¥3.59B | CN¥4.11B | CN¥3.76B | CN¥665.2M | CN¥3.31B | CN¥3.31B |
| Total operating expenses | CN¥6.58B | CN¥5.17B | CN¥5.27B | CN¥6.55B | CN¥6.81B | CN¥7.34B | CN¥25.74B | CN¥7.25B | CN¥6.90B | CN¥5.88B | CN¥7.90B | CN¥6.37B |
| Operating income | −CN¥663.7M | −CN¥308.8M | CN¥807.3M | −CN¥3.52B | −CN¥4.91B | −CN¥6.42B | −CN¥6.03B | −CN¥5.24B | −CN¥5.21B | −CN¥5.39B | −CN¥6.63B | −CN¥4.84B |
| Interest income | — | CN¥115.9M | CN¥607.9M | CN¥354.4M | CN¥107.5M | CN¥173.2M | CN¥169.9M | CN¥310.1M | CN¥362.7M | CN¥350.8M | CN¥1.37B | CN¥288.0M |
| Interest expense | CN¥242.6M | CN¥214.4M | CN¥202.3M | CN¥222.5M | CN¥212.7M | CN¥244.9M | CN¥247.6M | CN¥203.8M | CN¥176.1M | CN¥170.9M | CN¥163.9M | CN¥88.5M |
| Income before taxes | −CN¥495.7M | −CN¥320.0M | CN¥300.0M | −CN¥3.42B | −CN¥4.95B | −CN¥6.75B | −CN¥7.18B | −CN¥5.02B | −CN¥5.04B | −CN¥5.18B | −CN¥5.13B | −CN¥4.56B |
| Income taxes | CN¥32.9M | CN¥12.1M | CN¥17.3M | CN¥57.0M | CN¥42.9M | CN¥4.6M | — | CN¥38.3M | CN¥2.0M | CN¥7.0M | CN¥232.9M | CN¥1.6M |
| Net income | −CN¥529.8M | −CN¥496.0M | CN¥122.4M | −CN¥3.66B | −CN¥5.14B | −CN¥6.89B | −CN¥7.13B | −CN¥5.14B | −CN¥5.13B | −CN¥5.26B | −CN¥5.59B | −CN¥4.63B |
| EBITDA | −CN¥663.7M | −CN¥105.6M | CN¥505.1M | −CN¥3.20B | −CN¥169.1M | −CN¥6.50B | — | −CN¥4.82B | −CN¥1.37B | −CN¥5.01B | −CN¥4.97B | −CN¥4.47B |
| Gross margin | 18.4% | 19.0% | 17.5% | 13.9% | 10.0% | 7.6% | 11.7% | 10.7% | 9.7% | 4.9% | 7.5% | 8.0% |
| Operating margin | −2.1% | −1.2% | 2.3% | −16.2% | −25.8% | −53.3% | −30.6% | −28.0% | −29.9% | −54.4% | −38.7% | −25.4% |
| Net margin | −1.6% | −1.9% | 0.4% | −16.8% | −27.0% | −57.3% | −36.2% | −27.5% | −29.4% | −53.1% | −32.7% | −24.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in NIO's financial statements (latest annual report filed April 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NIO financial results
In fiscal year 2025 (ended December 31, 2025), NIO reported revenue of CN¥87.5 billion, up 33.1% from the year before. It had a net loss of CN¥15.0 billion, a net profit margin of −17.1%. Over five years revenue grew at an average rate of 40.0% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the NIO stock overview for the latest quote and news, or the NIO chart for price history and technical indicators.
NIO income statement FAQ
What is NIO's annual revenue?
NIO reported total revenue of CN¥87.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 33.1% from CN¥65.7 billion the previous year.
Is NIO profitable?
No. NIO reported a net loss of CN¥15.0 billion in fiscal 2025, a net profit margin of −17.1%; its operating margin was −16.0%.
What is NIO's gross margin?
NIO's gross margin was 13.6% in fiscal 2025: for every $100 of revenue, NIO kept $14 after the direct cost of its products and services.
How much does NIO spend on research and development?
NIO spent CN¥10.6 billion on research and development in fiscal 2025, 12.1% of revenue.
How fast is NIO growing?
Revenue grew 40.0% a year on average over the last five fiscal years, from CN¥16.3 billion to CN¥87.5 billion.
When will NIO report its next earnings?
NIO is expected to report results for the quarter ending September 30, 2026 on November 24, 2026 before the market opens.
When does NIO's fiscal year end?
NIO's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 10, 2026.