Liquidity remains under pressure as evidenced by a negative $10.9 billion in operating cash flow during 2025Q2, highlighting the difficulty of converting revenue into sustainable cash generation.
| Cash from Operations | -8.75B | 2.99B | -7.85B | -1.38B | -3.87B | 1.97B | 1.95B | -8.72B | -7.91B | -4.57B | -2.2B |
| Operating CF Margin % | - | 3.52% | -11.94% | -2.48% | -7.85% | 5.44% | 12% | -111.46% | -159.8% | - | - |
| Operating CF Growth % | -87.63% | 138.13% | -468.14% | 64.26% | -296.6% | 0.79% | 122.37% | -10.24% | -72.95% | -107.79% | - |
| Net Income | -24.31B | -14.94B | -22.66B | -21.15B | -14.56B | -10.57B | -5.3B | -11.3B | -9.64B | -5.02B | -2.57B |
| Depreciation & Amortization | 8.77B | 9.38B | 7.7B | 4.91B | 3.99B | 2.35B | 1.55B | 1.52B | 474.22M | 167.86M | 46.09M |
| Stock-Based Compensation | 3.17B | 1.79B | 1.93B | 2.37B | 2.3B | 1.01B | 187.09M | 333.5M | 679.47M | 90.3M | 76.68M |
| Deferred Taxes | 0 | -14.78M | 0 | 0 | 0 | 0 | 9.65M | 0 | 41.7M | 36.44M | 36.94M |
| Other Non-Cash Items | 22.87B | 971.71M | 6.34B | 4.34B | 11.46B | 13.22B | 682.63M | 282.64M | 26.16M | 21.13M | -44.88M |
| Working Capital Changes | -7.23B | 5.81B | -1.16B | 8.15B | -7.06B | -4.04B | 4.83B | 436.84M | 505.65M | 130.73M | 256.86M |
| Change in Receivables | 609.38M | -8.09B | 2.99B | 453.38M | -2.3B | -1.72B | 237.93M | -681.56M | -756.51M | 0 | 0 |
| Change in Inventory | -4.04B | -3.12B | -1.79B | 2.9B | -6.26B | -990.55M | -197.83M | 569.16M | -1.38B | -89.46M | 0 |
| Change in Payables | 0 | 18.25B | 0 | 0 | 0 | 0 | 3.26B | 116.53M | 2.83B | 0 | 0 |
| Cash from Investing | -5.27B | -11.46B | -4.96B | -10.89B | 10.39B | -39.76B | -5.07B | 3.38B | -7.94B | -1.19B | 117.84M |
| Capital Expenditures | -7.75B | -6.07B | -9.14B | -14.34B | -6.97B | -4.08B | -1.13B | -1.71B | -2.64B | -1.11B | -654.46M |
| CapEx % of Revenue | 11.17% | 7.13% | 13.91% | 25.78% | 14.15% | 11.29% | 6.94% | 21.81% | 53.4% | - | - |
| Acquisitions | 0 | -565.45M | 0 | 0 | 0 | 0 | -250.83M | 45.15M | -110.9M | -79.88M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.48B | 113.47M | 4.18B | 3.46B | 17.36B | -35.69B | 163.07M | 0 | -31.28M | 0 | 0 |
| Cash from Financing | 2.1B | 6.84B | 1.77B | 27.66B | -1.62B | 18.13B | 41.36B | 3.09B | 11.6B | 12.87B | 2.29B |
| Debt Issued (Net) | -4.46B | -5.47B | -1.63B | 6.61B | -1.66B | 13.21B | 3.68B | 3.02B | 2.63B | 621.3M | 37.5M |
| Equity Issued (Net) | 0 | 11.95B | 0 | 0 | 0 | 0 | 34.61B | 0 | 7.6B | 12.23B | 2.26B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.49M | 0 | -8.41M |
| Other Financing | 6.56B | 365.5M | 3.41B | 21.05B | 42.85M | 4.92B | 3.05B | 76.59M | 1.37B | 19.58M | 0 |
| Net Change in Cash | -11.99B | -1.64B | -10.87B | 15.47B | 4.78B | -20.17B | 37.56B | -2.23B | -4.31B | 6.93B | 249.52M |
| Free Cash Flow | -16.5B | -3.07B | -16.99B | -15.72B | -10.84B | -2.11B | 823.21M | -10.43B | -10.56B | -5.69B | -2.86B |
| FCF Margin % | -23.77% | -3.61% | -25.85% | -28.27% | -22% | -5.85% | 5.06% | -133.27% | -213.2% | - | - |
| FCF Growth % | 45.2% | 81.92% | -8.07% | -45.06% | -413.11% | -356.6% | 107.89% | 1.21% | -85.56% | -99.18% | - |
| FCF per Share | -7.40 | -1.35 | -8.27 | -9.25 | -6.62 | -1.34 | 0.70 | -10.13 | -10.15 | -5.42 | -2.72 |
| FCF Conversion (FCF/Net Income) | 0.68x | -0.21x | 0.35x | 0.07x | 0.27x | -0.19x | -0.35x | 0.76x | 0.82x | 0.92x | 0.87x |
| Interest Paid | 665.7M | 879.66M | 641.9M | 285.48M | 274.35M | 218.83M | 333.88M | 260.38M | 112.68M | 15.43M | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 13.17M | 18.19M | 11.16M | 1.13M | 0 |
Persistent operating cash burn
As reported in recent financial filings, NIO's operating cash flow frequently diverges from net income, with the company recording a negative $10.9 billion in operating cash flow against a $5.1 billion net loss in 2025Q2, signaling significant challenges in converting accounting profits into actual liquidity.
The persistent gap between net income and operating cash flow suggests that the company's accrual-based accounting does not capture the full extent of its cash-intensive operational requirements. Investors should monitor whether this divergence stems from aggressive working capital management or the inherent difficulty of funding a high-growth, infrastructure-heavy business model.
Based on the provided quarterly data, NIO's free cash flow trajectory remains consistently negative, reaching a trough of -$16.6 billion in 2023Q2 and continuing to show significant outflows, which underscores the company's ongoing reliance on external financing to sustain its aggressive expansion and infrastructure development.
The inability to generate positive free cash flow suggests that the company's current scale is insufficient to cover both its operational costs and the massive capital expenditures required for its battery-swapping network. This trend warrants further investigation into whether future unit volume growth can realistically bridge the gap to self-sustaining cash generation.
According to historical data, NIO's capital expenditure remains exceptionally high, peaking at 57.4% of revenue in 2023Q2, which reflects the heavy burden of building out a proprietary battery-swapping infrastructure that requires continuous, large-scale investment to maintain its competitive moat in the Chinese EV market.
The high ratio of capital expenditure to revenue indicates that the company is prioritizing long-term infrastructure dominance over near-term cash preservation. This capital intensity appears to be a structural feature of the business model, potentially limiting the company's ability to pivot during periods of market volatility or reduced access to capital.
As indicated by recent financial statements, NIO's working capital dynamics are highly volatile, with a significant $5.5 billion outflow in 2025Q2 following a $6.4 billion inflow in 2023Q4, suggesting that the company's cash position is heavily influenced by the timing of inventory management and supplier payment cycles.
These sharp fluctuations in working capital suggest that the company may be using its payables as a lever to manage short-term liquidity, which could create risks if supplier relationships are strained. Investors should monitor these shifts closely, as they may mask underlying operational inefficiencies in the company's supply chain and production planning.
Quick answers to the most common questions about buying NIO stock.
NIO Inc. (NIO) generated $2.99B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NIO Inc. (NIO) reported negative free cash flow of $3.07B in 2025, indicating capital requirements exceeded cash from operations.
NIO Inc. (NIO) spent $6.07B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.