NIO

MKT CAP:$15B

NIO Inc.

Market Cap

$15B

Consumer Cyclical·Auto - Manufacturers·🇨🇳 China·NYSE

Consumer Cyc.·Auto·🇨🇳·NYSE

Stock Price

$6.89+$1.75 (+34.14%)

Apr 17, 2026

Company Details

NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five and six-seater electric SUVs, as well as smart electric sedans. The company also offers power solutions, including Power Home, a home charg...

CEO

Bin Li

IPO Date

Sep 12, 2018

Website

www.nio.com

Key Metrics TTM

Revenue

$12.7B

+64.6% YoY

Net Income

-$2.3B

EPS (Diluted)

-$1.06

Free Cash Flow

$288M

Revenue / Share

$5.04

Gross Margin

13.8%

Operating Margin

-16.9%

Net Margin

-17.8%

FCF Margin

2.3%

P/S

1.2x

P/E

—

Earnings Reports

Q4 2025

Apr 10, 2026

$5.0BEPS $0.01

Q3 2025

Nov 25, 2025

$3.2B+16.7%EPS -$0.22

Q1 2025

Jun 3, 2025

$1.8B+21.5%EPS -$0.48

FY 2024

Apr 8, 2025

$9.6B+18.2%EPS -$1.61

Q3 2024

Sep 30, 2024

$2.7B-2.1%EPS -$0.37

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$220M	-$74M	-$471M
Q3 19	$268M	-$32M	-$352M
Q2 20	$543M	$46M	-$169M
Q3 20	$661M	$86M	-$138M
Q4 20	$970M	$167M	-$136M
Q1 21	$1.2B	$227M	-$43M
Q3 21	$1.4B	$291M	-$145M
Q1 22	$1.4B	$211M	-$320M
Q3 22	$1.9B	$254M	-$566M
Q1 23	$1.6B	$24M	-$747M
Q3 23	$2.8B	$223M	-$708M
Q1 24	$1.4B	$71M	-$788M
Q3 24	$2.7B	$293M	-$765M
Q1 25	$1.8B	$134M	-$938M
Q3 25	$3.2B	$442M	-$515M
Q4 25	$5.0B	$875M	$74M

Valuation

Quarter	P/S	P/E
Q2 19	2.3x	—
Q3 19	1.3x	—
Q2 20	6.0x	—
Q3 20	13.4x	—
Q4 20	25.6x	—
Q1 21	16.5x	—
Q3 21	13.6x	—
Q1 22	6.9x	—
Q3 22	4.3x	—
Q1 23	2.6x	—
Q3 23	2.0x	—
Q1 24	1.2x	—
Q3 24	1.6x	—
Q1 25	0.9x	—
Q3 25	1.9x	—
Q4 25	1.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	-$153M	-$194M
Q2 17	-$158M	-$186M
Q3 17	-$182M	-$209M
Q4 17	-$175M	-$242M
Q3 18	-$248M	-$359M
Q4 18	-$377M	-$495M
Q1 19	-$587M	-$704M
Q2 19	-$383M	-$444M
Q3 19	-$236M	-$275M
Q2 20	$124M	$93M
Q3 20	$48M	-$8M
Q4 20	$314M	$288M
Q1 24	$0	$0
Q3 24	$0	$0
Q1 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 17	$41M
Q2 17	$28M
Q3 17	$27M
Q4 17	$67M
Q3 18	$111M
Q4 18	$118M
Q1 19	$117M
Q2 19	$61M
Q3 19	$39M
Q2 20	$32M
Q3 20	$55M
Q4 20	$26M
Q1 24	$0
Q3 24	$0
Q1 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	—	+183.5%
Q3 19	+25.0%	-0.8%
Q2 20	+8.2%	-29.1%
Q3 20	+177.5%	+28.8%
Q4 20	+340.2%	+59.9%
Q1 21	+334.6%	+95.0%
Q3 21	+163.7%	+121.3%
Q1 22	+119.0%	+121.1%
Q3 22	+95.8%	+122.8%
Q1 23	+33.8%	+90.7%
Q3 23	+94.5%	+121.5%
Q1 24	-0.0%	+26.5%
Q3 24	+43.6%	+41.7%
Q1 25	+12.7%	+16.9%
Q3 25	+14.3%	+5.9%
Q4 25	+244.9%	+120.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$3M	—
Q2 17	$2M	—
Q3 17	$3M	—
Q4 17	$5M	—
Q3 18	$63M	29.4%
Q4 18	$21M	4.1%
Q1 19	$17M	7.3%
Q2 19	$13M	6.1%
Q3 19	$10M	3.8%
Q2 20	$7M	1.2%
Q3 20	$7M	1.1%
Q4 20	$9M	0.9%
Q1 24	$41M	2.8%
Q3 24	$95M	3.5%
Q1 25	$71M	4.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 19	$190M	$208M
Q3 19	$150M	$170M
Q2 20	$80M	$137M
Q3 20	$86M	$137M
Q4 20	$121M	$176M
Q1 21	$100M	$175M
Q3 21	$174M	$267M
Q1 22	$257M	$294M
Q3 22	$430M	$396M
Q1 23	$449M	$357M
Q3 23	$444M	$527M
Q1 24	$419M	$438M
Q3 24	$485M	$600M
Q1 25	$465M	$643M
Q3 25	$349M	$611M
Q4 25	$292M	$510M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.3B	$4.9B	$7.2B
Q2 22	$3.6B	$3.8B	$7.4B
Q3 22	$2.6B	$3.9B	$6.5B
Q4 22	$2.9B	$2.8B	$5.7B
Q1 23	$2.2B	$2.6B	$4.8B
Q2 23	$2.0B	$2.1B	$4.1B
Q3 23	$3.5B	$2.2B	$5.7B
Q4 23	$4.8B	$2.5B	$7.3B
Q1 24	$3.5B	$2.1B	$5.6B
Q2 24	$3.6B	$1.7B	$5.3B
Q3 24	$3.5B	$2.0B	$5.4B
Q4 24	$2.8B	$404M	$3.2B
Q1 25	$1.2B	$1.7B	$2.9B
Q2 25	$1.0B	$1.6B	$2.6B
Q3 25	$1.4B	$2.2B	$3.5B
Q4 25	$3.8B	$2.9B	$6.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	1.03B	-0.8%	-2.2%
Q3 19	1.03B	+0.2%	-2.0%
Q2 20	1.05B	+2.5%	+0.9%
Q3 20	1.21B	+14.8%	+17.0%
Q4 20	1.42B	+17.4%	+38.5%
Q1 21	1.55B	+9.2%	+50.9%
Q3 21	1.57B	+1.0%	+48.7%
Q1 22	1.62B	+3.6%	+34.2%
Q3 22	1.64B	+0.9%	+15.4%
Q1 23	1.65B	+0.6%	+6.3%
Q3 23	1.74B	+5.2%	+10.7%
Q1 24	2.04B	+17.8%	+25.8%
Q3 24	2.06B	+0.5%	+25.3%
Q1 25	2.09B	+1.9%	+27.0%
Q3 25	2.43B	+16.0%	+39.9%
Q4 25	2.51B	+3.4%	+22.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$22.4K	10K
Q3 19	$27.3K	10K
Q2 20	$73.0K	7K
Q3 20	$88.9K	7K
Q4 20	$125.0K	8K
Q1 21	$150.2K	8K
Q3 21	$184.6K	8K
Q1 22	$95.2K	15K
Q3 22	$125.0K	15K
Q1 23	$58.3K	27K
Q3 23	$104.1K	27K
Q1 24	$44.1K	33K
Q3 24	$83.1K	33K
Q1 25	$38.5K	46K
Q3 25	$69.8K	46K
Q4 25	$109.4K	46K

Revenue / Employee