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Financial Statements — NIO
Balance Sheet
(in billions CNY)| Metric | Q4 2025 | Q2 2025 | Q4 2024 | Q4 2023 | Q4 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.61 | 0.99 | 19.33 | 4.64 | 19.89 | 15.33 | 21.59 |
| Short-term Investments | 0.36 | 0.50 | 0.50 | 0.39 | 0.10 | 0.24 | 21.71 |
| Accounts Receivable | 1.39 | 1.34 | 0.23 | 4.66 | 5.12 | 0.44 | 0.52 |
| Inventory | 1.22 | 1.15 | 7.09 | 0.74 | 8.19 | 2.06 | 1.70 |
| Total Current Assets | 10.96 | 52.51 | 61.89 | 70.38 | 8.58 | 9.99 | 54.32 |
| Property, Plant & Equipment | 3.69 | 3.74 | 3.55 | 24.85 | 15.66 | 1.16 | 0.94 |
| Intangible Assets | 0.00 | 0.00 | 0.00 | 0.03 | -- | -- | -- |
| Total Non-current Assets | 6.83 | 47.54 | 6.26 | 6.62 | 37.11 | 3.02 | 14.70 |
| Total Assets | 17.79 | 13.97 | 14.74 | 117.38 | 13.96 | 82.88 | 10.71 |
| Short-term Debt | 0.67 | 5.44 | 5.73 | 5.09 | 4.04 | 0.82 | 5.31 |
| Total Current Liabilities | 78.58 | 8.69 | 8.54 | 57.80 | 6.65 | 4.58 | 4.13 |
| Long-term Debt | 1.23 | 9.11 | 11.44 | 1.84 | 10.89 | 9.74 | 9.83 |
| Total Non-current Liabilities | 33.13 | 4.35 | 31.79 | 4.22 | 3.30 | 15.62 | 2.28 |
| Total Liabilities | 15.97 | 93.43 | 94.10 | 87.79 | 68.62 | 7.03 | 6.41 |
| Retained Earnings | (128.03) | (17.42) | (113.07) | (12.78) | (10.14) | (8.73) | (53.52) |
| Total Stockholder Equity | 0.59 | (0.17) | 5.97 | 25.55 | 3.46 | 5.45 | 3.79 |
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Income Statement
(in billions USD) (except per-share rows)| Metric | Q2 2025 | Q3 2021 |
|---|---|---|
| Total Revenue | 31.04 | 26.24 |
| Cost of Revenue | 3.94 | 21.11 |
| Gross Profit | 0.39 | 5.12 |
| Research & Development | 0.86 | 0.43 |
| Selling, General & Admin | 8.37 | 0.70 |
| Total Operating Expenses | 1.97 | 1.11 |
| Operating Income | (1.58) | (0.32) |
| Interest Expense | 0.06 | 0.09 |
| Pretax Income | (11.70) | (1.86) |
| Tax Provision | 0.05 | 0.01 |
| Net Income | (1.64) | (0.29) |
| Basic EPS | (5.56) | -- |
| Diluted EPS | (5.56) | -- |
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Cash Flow Statement
(in billions CNY)| Metric | Q2 2025 | Q3 2021 |
|---|---|---|
| Operating Cash Flow | (10.93) | 0.05 |
| Capital Expenditures | 0.41 | 2.39 |
| Free Cash Flow* | (11.34) | (2.34) |
| Investing Cash Flow | 0.52 | (21.14) |
| Financing Cash Flow | (0.92) | 7.53 |
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* Derived from reported values