NIO's revenue growth accelerated sharply to 69.2% year-over-year in Q2 2026, with gross margins expanding to 18.4%, yet operating losses persisted at -$663.7M as SG&A expenses of $4.4B outpaced the gross profit improvement.
NIO Inc. (NIO) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 82.92B | 85.1B | 65.73B | 55.62B | 49.27B | 36.14B | 16.26B | 7.82B | 4.95B | 0 | 0 |
| Revenue Growth % | 31.34% | 29.47% | 18.18% | 12.89% | 36.34% | 122.27% | 107.77% | 58.04% | - | - | - |
| Cost of Goods Sold | 71.88B | 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 | 11.04B | 11.59B | 6.49B | 3.05B | 5.14B | 6.82B | 1.87B | -1.2B | -255.88M | 0 | 0 |
| Gross Margin % | 13.31% | 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 | 29.06B | 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 | 15.9B | 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 | 11.97B | 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 | 1M | 7 | 877.26M | 327.83M | 229.42M | 438.36M | 466.38M | 565.82M | 249.76M | -12.37M | -10.48M |
| Operating Income | -18.02B | -14.37B | -21.87B | -22.66B | -15.64B | -4.5B | -4.61B | -11.08B | -9.6B | -4.95B | -2.6B |
| Operating Margin % | -21.74% | -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 | -9.33B | -5B | -14.17B | -17.75B | -11.65B | -2.14B | -3.06B | -9.56B | -9.12B | -4.79B | -2.56B |
| EBITDA Margin % | -11.25% | -5.87% | -21.56% | -31.91% | -23.64% | -5.93% | -18.83% | -122.15% | -184.23% | - | - |
| EBITDA Growth % | 38.99% | 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 | -18.84B | -13.56B | -21.63B | -20.06B | -14.05B | -3.34B | -4.87B | -10.92B | -9.49B | -5B | -2.6B |
| Net Interest Income | -837.02M | -120.22M | 55.37M | 1.81B | 1.03B | 274.42M | -259.11M | -210.26M | 9.74M | 886K | 27.5M |
| Interest Income | 110.83M | 740.91M | 853.73M | 2.21B | 1.36B | 911.83M | 166.9M | 160.28M | 133.38M | 18.97M | 27.56M |
| Interest Expense | 947.84M | 861.13M | 798.36M | 403.53M | 333.22M | 637.41M | 426.01M | 370.54M | 123.64M | 18.08M | 55K |
| Other Income/Expense | -1.35B | -42.49M | -550.45M | 2.2B | 1.26B | 521.62M | -690.07M | -208.57M | -21.33M | -2.64B | -947.63M |
| Pretax Income | -19.37B | -14.42B | -22.42B | -20.46B | -14.38B | -3.97B | -5.3B | -11.29B | -9.62B | -7.59B | -3.55B |
| Pretax Margin % | -23.37% | -16.94% | -34.12% | -36.78% | -29.19% | -11% | -32.59% | -144.25% | -194.24% | - | - |
| Income Tax | 10.35M | 118.56M | -22.82M | 260.83M | 55.1M | 42.27M | 6.37M | 7.89M | 22.04M | 7.91M | 4.31M |
| Effective Tax Rate % | -0.05% | -0.82% | 0.1% | -1.27% | -0.38% | -1.06% | -0.12% | -0.07% | -0.23% | -0.1% | -0.12% |
| Net Income | -19.69B | -14.55B | -22.66B | -21.15B | -14.56B | -10.57B | -5.61B | -11.41B | -9.66B | -4.98B | -2.54B |
| Net Margin % | -23.75% | -17.1% | -34.47% | -38.02% | -29.55% | -29.26% | -34.51% | -145.86% | -195.12% | - | - |
| Net Income Growth % | 6.75% | 35.77% | -7.14% | -45.25% | -37.71% | -88.43% | 50.84% | -18.14% | -93.8% | -96.53% | - |
| Net Income (Continuing) | -19.38B | -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 | 10.21B | 8.54B | 7.54B | 4.05B | 3.78B | 75.63M | 2.13M | 22.09M | -15.9M | 11.31M | -11.58M |
| EPS (Diluted) | -7.89 | -6.64 | -11.03 | -12.44 | -8.89 | -6.72 | -4.74 | -11.08 | -9.29 | -1.07 | -0.50 |
| EPS Growth % | 12.93% | 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 | 2.5B | 2.27B | 2.06B | 1.7B | 1.64B | 1.57B | 1.18B | 1.03B | 1.04B | 1.05B | 1.05B |
| Basic Shares Outstanding | 2.5B | 2.27B | 2.06B | 1.7B | 1.64B | 1.57B | 1.18B | 1.03B | 1.04B | 1.05B | 1.05B |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative margins and high leverage
Robust Top-Line Surge Masks Volatility
NIO's revenue accelerated dramatically to 69.2% year-over-year growth in Q2 2026, following a period of erratic performance, indicating successful new model launches and market share capture in China's competitive EV sector.
The revenue trajectory has been highly uneven, swinging from a 14.8% decline in Q2 2023 to near 100% growth in Q2 2024 and back to single digits in 2025, before the recent surge. This volatility appears tied to product cycle timing and promotional intensity rather than consistent organic demand, suggesting future growth may remain lumpy and dependent on execution of the ONVO sub-brand launch.
Fragile Gross Margin Recovery
Gross margin expanded significantly to 18.4% in Q2 2026, its highest level in the dataset, yet remains highly vulnerable to raw material costs and the ongoing Chinese EV price war that could easily reverse this progress.
The improvement from a nadir of 1.0% in Q2 2023 suggests meaningful manufacturing scale and cost optimization. However, this level still trails peers like Li Auto (18.7%) and XPeng (18.9%) despite NIO's premium positioning, indicating that pricing power is insufficient to fully offset its high battery costs and capital-intensive swap network overhead.
Negative Leverage and SG&A Inefficiency
Despite strong revenue growth, NIO's operating losses deepened to -$663.7M in Q2 2026 as SG&A expenses of $4.4B outpaced gross profit growth, demonstrating severe operating de-leverage and poor expense control.
Operating margin improved dramatically from -53.3% to -2.1% over eight quarters, but this was driven almost entirely by gross margin recovery, not overhead efficiency. SG&A as a percentage of revenue remains elevated at 13.7%, and absolute SG&A spending increased quarter-over-quarter, suggesting management has not yet prioritized the cost discipline necessary to achieve operating breakeven.
High Fixed-Cost Burden Persists
R&D spending decreased to $2.1B in Q2 2026, its lowest level in two years, while COGS grew 49% year-over-year, indicating a strategic shift from investment-heavy periods to a focus on manufacturing cost absorption.
The reduction in R&D spend as a percent of revenue is a positive sign for near-term margin expansion, but it comes after years of heavy investment in autonomous driving and chips. The primary cost challenge remains the COGS line, which absorbs 81.6% of revenue, highlighting NIO's struggle to achieve manufacturing efficiencies that peers have demonstrated.
Dilutive Stock-Based Compensation Burden
NIO's stock-based compensation of $554.1M in Q2 2026 represents a significant dilutive headwind, consuming over 93% of its gross profit and masking the true cash burn required to sustain operations.
While SBC has decreased from its peak of $1.2B in Q4 2023, it remains a material expense that inflates net loss figures. The reliance on equity-based compensation suggests cash constraints and creates ongoing shareholder dilution, a critical factor for assessing the true economic returns for investors as the company pursues growth.
Path to Profitability Remains Theoretical
The strongest bear case focuses on the company's persistent negative operating margins of -16.9% and -17.1% net margins, which demonstrate that even with 69% revenue growth, the business model has not yet achieved sustainable unit economics.
Despite sequential improvement, NIO's losses per vehicle sold remain substantial, and the required scale to cover its massive fixed costs appears distant. The historical volatility in revenue growth and margins, combined with heavy leverage, suggests that any slowdown in the Chinese EV market or increase in subsidy phase-outs could reignite severe cash burn and necessitate further dilutive financing.