NIO's profitability remains elusive, with operating margins reaching -25.8% in 2025Q2 as R&D and SG&A expenses consistently outpace the company's 10.0% gross margin.
| Sales/Revenue | 69.42B | 85.1B | 65.73B | 55.62B | 49.27B | 36.14B | 16.26B | 7.82B | 4.95B | 0 | 0 |
| Revenue Growth % | 30.42% | 29.47% | 18.18% | 12.89% | 36.34% | 122.27% | 107.77% | 58.04% | - | - | - |
| Cost of Goods Sold | 62.29B | 73.51B | 59.24B | 52.57B | 44.12B | 29.31B | 14.38B | 9.02B | 5.21B | 0 | 0 |
| COGS % of Revenue | - | 86.38% | 90.12% | 94.51% | 89.56% | 81.12% | 88.48% | 115.32% | 105.17% | - | - |
| Gross Profit | 7.13B | 11.59B | 6.49B | 3.05B | 5.14B | 6.82B | 1.87B | -1.2B | -255.88M | 0 | 0 |
| Gross Margin % | 10.28% | 13.62% | 9.88% | 5.49% | 10.44% | 18.88% | 11.52% | -15.32% | -5.17% | - | - |
| Gross Profit Growth % | - | 78.52% | 112.75% | -40.67% | -24.59% | 264.12% | 256.27% | -368.52% | - | - | - |
| Operating Expenses | 29.73B | 25.97B | 28.37B | 25.71B | 20.78B | 11.32B | 6.48B | 9.88B | 9.34B | 4.95B | 2.6B |
| OpEx % of Revenue | - | 30.51% | 43.16% | 46.22% | 42.19% | 31.32% | 39.86% | 126.27% | 188.64% | - | - |
| Selling, General & Admin | 15.58B | 15.65B | 14.45B | 11.95B | 9.72B | 6.29B | 3.53B | 4.89B | 5.09B | 2.36B | 1.15B |
| SG&A % of Revenue | - | 18.39% | 21.99% | 21.48% | 19.73% | 17.4% | 21.69% | 62.44% | 102.84% | - | - |
| Research & Development | 13.14B | 10.32B | 13.04B | 13.43B | 10.84B | 4.59B | 2.49B | 4.43B | 4B | 2.6B | 1.47B |
| R&D % of Revenue | - | 12.12% | 19.83% | 24.15% | 21.99% | 12.71% | 15.3% | 56.6% | 80.75% | - | - |
| Other Operating Expenses | 0 | 7 | 877.26M | 327.83M | 229.42M | 438.36M | 466.38M | 565.82M | 249.76M | -12.37M | -10.48M |
| Operating Income | -22.6B | -14.37B | -21.87B | -22.66B | -15.64B | -4.5B | -4.61B | -11.08B | -9.6B | -4.95B | -2.6B |
| Operating Margin % | -32.55% | -16.89% | -33.28% | -40.73% | -31.75% | -12.44% | -28.34% | -141.59% | -193.8% | - | - |
| Operating Income Growth % | - | 34.29% | 3.45% | -44.85% | -247.86% | 2.42% | 58.41% | -15.46% | -93.71% | -90.34% | - |
| EBITDA | -13.49B | -5B | -14.17B | -17.75B | -11.65B | -2.14B | -3.06B | -9.56B | -9.12B | -4.79B | -2.56B |
| EBITDA Margin % | -19.43% | -5.87% | -21.56% | -31.91% | -23.64% | -5.93% | -18.83% | -122.15% | -184.23% | - | - |
| EBITDA Growth % | 7.07% | 64.73% | 20.14% | -52.39% | -443.12% | 29.97% | 67.97% | -4.79% | -90.6% | -87.2% | - |
| D&A (Non-Cash Add-back) | 8.77B | 9.38B | 7.7B | 4.91B | 3.99B | 2.35B | 1.55B | 1.52B | 474.22M | 167.86M | 46.09M |
| EBIT | -22.99B | -13.56B | -21.63B | -20.06B | -14.05B | -3.34B | -4.87B | -10.92B | -9.49B | -5B | -2.6B |
| Net Interest Income | -488.01M | -120.22M | 55.37M | 1.81B | 1.03B | 274.42M | -259.11M | -210.26M | 9.74M | 886K | 27.5M |
| Interest Income | 420.95M | 740.91M | 853.73M | 2.21B | 1.36B | 911.83M | 166.9M | 160.28M | 133.38M | 18.97M | 27.56M |
| Interest Expense | 908.96M | 861.13M | 798.36M | 403.53M | 333.22M | 637.41M | 426.01M | 370.54M | 123.64M | 18.08M | 55K |
| Other Income/Expense | -1.3B | -42.49M | -550.45M | 2.2B | 1.26B | 521.62M | -690.07M | -208.57M | -21.33M | -2.64B | -947.63M |
| Pretax Income | -23.9B | -14.42B | -22.42B | -20.46B | -14.38B | -3.97B | -5.3B | -11.29B | -9.62B | -7.59B | -3.55B |
| Pretax Margin % | -34.43% | -16.94% | -34.12% | -36.78% | -29.19% | -11% | -32.59% | -144.25% | -194.24% | - | - |
| Income Tax | 15.75M | 118.56M | -22.82M | 260.83M | 55.1M | 42.27M | 6.37M | 7.89M | 22.04M | 7.91M | 4.31M |
| Effective Tax Rate % | -0.07% | -0.82% | 0.1% | -1.27% | -0.38% | -1.06% | -0.12% | -0.07% | -0.23% | -0.1% | -0.12% |
| Net Income | -24.31B | -14.55B | -22.66B | -21.15B | -14.56B | -10.57B | -5.61B | -11.41B | -9.66B | -4.98B | -2.54B |
| Net Margin % | -35.01% | -17.1% | -34.47% | -38.02% | -29.55% | -29.26% | -34.51% | -145.86% | -195.12% | - | - |
| Net Income Growth % | -9.99% | 35.77% | -7.14% | -45.25% | -37.71% | -88.43% | 50.84% | -18.14% | -93.8% | -96.53% | - |
| Net Income (Continuing) | -23.92B | -14.54B | -22.4B | -20.72B | -14.44B | -4.02B | -5.3B | -11.3B | -9.64B | -7.6B | -3.55B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.82B | 8.54B | 7.54B | 4.05B | 3.78B | 75.63M | 2.13M | 22.09M | -15.9M | 11.31M | -11.58M |
| EPS (Diluted) | -10.90 | -6.64 | -11.03 | -12.44 | -8.89 | -6.72 | -4.74 | -11.08 | -9.29 | -1.07 | -0.50 |
| EPS Growth % | 3.18% | 39.8% | 11.33% | -39.93% | -32.29% | -41.77% | 57.22% | -19.27% | -768.22% | -114% | - |
| EPS (Basic) | - | -6.64 | -11.03 | -12.44 | -8.89 | -6.72 | -4.74 | -11.08 | -9.29 | -1.07 | -0.50 |
| Diluted Shares Outstanding | 2.23B | 2.27B | 2.06B | 1.7B | 1.64B | 1.57B | 1.18B | 1.03B | 1.04B | 1.05B | 1.05B |
| Basic Shares Outstanding | 2.23B | 2.27B | 2.06B | 1.7B | 1.64B | 1.57B | 1.18B | 1.03B | 1.04B | 1.05B | 1.05B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
According to reported financial statements, NIO's revenue growth has exhibited significant volatility, with quarterly year-over-year fluctuations ranging from a 14.8% contraction in 2023Q2 to a 98.9% surge in 2024Q2, reflecting the inherent instability of its current vehicle-centric, luxury-focused sales model in a competitive market.
The erratic top-line performance suggests that NIO remains highly sensitive to seasonal demand cycles and the aggressive pricing strategies of domestic competitors. Investors should monitor whether the introduction of the ONVO sub-brand can provide a more stable, volume-driven growth trajectory or if it merely accelerates the dilution of the company's premium brand positioning.
As indicated by recent income statements, NIO's gross margin remains structurally constrained, fluctuating between a low of 1.0% in 2023Q2 and a peak of 11.7% in 2024Q4, highlighting the company's limited pricing power and vulnerability to raw material cost volatility in the battery supply chain.
The inability to consistently maintain double-digit gross margins suggests that the current cost structure is not yet optimized for scale. This margin profile appears particularly weak when compared to peers like Li Auto and XPeng, which have demonstrated a greater capacity to protect profitability despite similar industry-wide headwinds.
Based on the provided data, NIO continues to struggle with negative operating leverage, as operating losses have persisted at multi-billion dollar levels despite significant revenue growth, with the operating margin reaching -25.8% in 2025Q2 as R&D and SG&A expenses continue to outpace gross profit generation.
The persistent gap between gross profit and operating expenses suggests that the company's massive investment in battery-swapping infrastructure and autonomous driving technology has yet to yield the expected operational efficiencies. This trend warrants further investigation into whether the current R&D-to-revenue ratio is sustainable without a fundamental shift in the company's cost-to-scale dynamics.
Analysis of the income statement reveals that NIO's net losses are consistently exacerbated by significant stock-based compensation, which reached $897.1 million in 2025Q2, further obscuring the underlying operational performance and diluting shareholder value in an environment already characterized by deep, recurring net income deficits.
The reliance on stock-based compensation as a primary expense component suggests that the company is utilizing equity to preserve cash, which may mask the true cost of talent acquisition and retention. Investors should be cautious of the impact these non-cash charges have on the reported EPS, as they do not reflect the actual cash-based operational reality of the business.
While management emphasizes the long-term moat of the battery-swapping network, the income statement suggests a high risk of insolvency, as the company has reported a cumulative net loss exceeding $5 billion in several recent quarters, raising questions about the viability of its current capital allocation strategy.
Short-sellers would likely focus on the persistent cash burn and the company's reliance on external financing to fund its infrastructure expansion. The lack of a clear path to operating breakeven suggests that the company may remain dependent on capital markets or strategic government support, which may not be guaranteed in a shifting macroeconomic environment.
Quick answers to the most common questions about buying NIO stock.
For fiscal year 2025, NIO Inc. (NIO) reported total revenue of $85.10B.
NIO Inc. (NIO) reported a net loss of $14.55B for the fiscal year ending 2025.
NIO Inc. (NIO) reported an operating income of $-14374.4M, resulting in an operating profit margin of -16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
NIO Inc. (NIO) generated $11.59B in gross profit for the year, representing a gross profit margin of 13.6%. This demonstrates the company's core pricing power and production efficiency.