What is Nio Inc.'s earnings per share (EPS)?

Nio Inc. (NIO) reported diluted earnings per share of $-0.98 for fiscal year 2025. This represents a 35.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nio Inc. Financials

NIO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Nio Inc. (NIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NIO FY2025 2026-04-22

Margin recovery is pulling NIO toward cash breakeven, but reinvestment needs and a thin equity cushion still shape the model.

Cash conversion improved faster than earnings: FY2025 produced $427.9M of operating cash flow despite a -$2.1B net loss, so reported losses now overstate the near-term cash drain. That puts NIO closer to cash breakeven than accounting breakeven, but $867.3M of capex still turned the year into -$439.4M of free cash flow.

The most important operating change is gross-margin repair: margin rose to 13.6% from 9.9%, reversing the prior two years' compression. Because operating margin also improved to -16.1% from -33.3%, the revenue rebound is finally creating fixed-cost absorption instead of letting overhead consume each incremental sale.

Equity has become a very thin buffer: FY2025 ended with just $595M of book equity against $16.0B of liabilities, so losses have eaten through much of the accounting cushion. With cash down to $1.6B and the current ratio at 1.0x, liquidity looks serviceable but materially tighter than it was when the balance sheet carried more slack.

Financial Health Signals

Financial Profile 25/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nio Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Nio Inc. has an operating margin of -16.1%, meaning the company retains $-16 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -33.3% the prior year.

Growth

Nio Inc.'s revenue surged 38.9% year-over-year to $12.5B, reflecting rapid business expansion. This strong growth earns a score of 77/100.

Leverage

Nio Inc. has a moderate D/E ratio of 2.07. This balance of debt and equity financing earns a leverage score of 60/100.

Liquidity

Nio Inc.'s current ratio of 0.98 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Nio Inc. generated $427.9M in operating cash flow, capex of $867.3M consumed most of it, leaving -$439.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Nio Inc. generates a -359.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -375.4% the prior year.

Piotroski F-Score Neutral

6/9

Nio Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.20x

For every $1 of reported earnings, Nio Inc. generates $-0.20 in operating cash flow ($427.9M OCF vs -$2.1B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-15.9x

Nio Inc. earns $-15.9 in operating income for every $1 of interest expense (-$2.0B vs $126.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$12.5B

YoY+38.9%

5Y CAGR+38.1%

Nio Inc. generated $12.5B in revenue in fiscal year 2025. This represents an increase of 38.9% from the prior year.

EBITDA

-$985.9M

YoY+55.0%

Nio Inc.'s EBITDA was -$985.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.0% from the prior year.

Net Income

-$2.1B

YoY+30.4%

Nio Inc. reported -$2.1B in net income in fiscal year 2025. This represents an increase of 30.4% from the prior year.

EPS (Diluted)

$-0.98

YoY+35.1%

Nio Inc. earned $-0.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 35.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$439.4M

YoY+81.1%

Nio Inc. generated -$439.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 81.1% from the prior year.

Cash & Debt

$1.6B

YoY-39.1%

5Y CAGR-22.8%

Nio Inc. held $1.6B in cash against $1.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

2.47B

YoY+18.3%

5Y CAGR+10.1%

Nio Inc. had 2.47B shares outstanding in fiscal year 2025. This represents an increase of 18.3% from the prior year.

Margins & Returns

Gross Margin

13.6%

YoY+3.7pp

5Y CAGR+2.1pp

Nio Inc.'s gross margin was 13.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.7 percentage points from the prior year.

Operating Margin

-16.1%

YoY+17.2pp

5Y CAGR+12.3pp

Nio Inc.'s operating margin was -16.1% in fiscal year 2025, reflecting core business profitability. This is up 17.2 percentage points from the prior year.

Net Margin

-17.1%

YoY+17.0pp

5Y CAGR+15.5pp

Nio Inc.'s net profit margin was -17.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17.0 percentage points from the prior year.

Return on Equity

-359.2%

YoY+16.2pp

5Y CAGR-339.7pp

Nio Inc.'s ROE was -359.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.2 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.5B

YoY-15.1%

5Y CAGR+31.8%

Nio Inc. invested $1.5B in research and development in fiscal year 2025. This represents a decrease of 15.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$867.3M

YoY-30.8%

5Y CAGR+38.1%

Nio Inc. invested $867.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 30.8% from the prior year.

NIO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$12.5B+38.9%	$9.0B+15.0%	$7.8B+9.7%	$7.1B+26.0%	$5.7B+127.6%	$2.5B
Cost of Revenue	$10.8B+33.2%	$8.1B+9.6%	$7.4B+15.7%	$6.4B+39.1%	$4.6B+108.7%	$2.2B
Gross Profit	$1.7B+91.6%	$889.5M+106.9%	$429.8M-42.4%	$745.8M-30.3%	$1.1B+272.8%	$287.1M
R&D Expenses	$1.5B-15.1%	$1.8B-5.6%	$1.9B+20.4%	$1.6B+118.0%	$720.6M+89.0%	$381.3M
SG&A Expenses	$2.3B+6.7%	$2.2B+18.8%	$1.8B+18.8%	$1.5B+41.5%	$1.1B+79.1%	$602.6M
Operating Income	-$2.0B+33.0%	-$3.0B+6.1%	-$3.2B-40.7%	-$2.3B-221.4%	-$705.6M+0.1%	-$706.2M
Interest Expense	$126.6M+15.7%	$109.4M+92.4%	$56.8M+17.6%	$48.3M-51.7%	$100.0M+53.2%	$65.3M
Income Tax	$17.4M+657.5%	-$3.1M-108.5%	$36.7M+359.9%	$8.0M+20.5%	$6.6M+579.5%	$976K
Net Income	-$2.1B+30.4%	-$3.1B-5.2%	-$2.9B-39.4%	-$2.1B-232.1%	-$630.3M+22.5%	-$812.9M
EPS (Diluted)	$-0.98+35.1%	$-1.51+13.7%	$-1.75-35.7%	$-1.29-22.9%	$-1.05	N/A

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q3'21	Q4'20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NIO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$17.8B+20.7%	$14.7B-10.8%	$16.5B+18.5%	$14.0B+7.3%	$13.0B+55.3%	$8.4B
Current Assets	$11.0B+29.3%	$8.5B-14.5%	$9.9B+15.6%	$8.6B-14.1%	$10.0B+41.0%	$7.1B
Cash & Equivalents	$1.6B-39.1%	$2.6B-42.9%	$4.6B+60.9%	$2.9B+19.8%	$2.4B-59.1%	$5.9B
Inventory	$1.2B+25.6%	$970.9M+30.6%	$743.4M-37.4%	$1.2B+268.0%	$322.7M+94.7%	$165.8M
Accounts Receivable	$199.4M-13.2%	$229.6M-65.0%	$656.0M-11.6%	$742.1M+67.5%	$443.0M+157.2%	$172.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$16.0B+23.9%	$12.9B+4.3%	$12.4B+24.3%	$9.9B+41.5%	$7.0B+101.5%	$3.5B
Current Liabilities	$11.2B+31.6%	$8.5B+4.9%	$8.1B+22.5%	$6.6B+45.1%	$4.6B+113.9%	$2.1B
Long-Term Debt	$1.2B-21.3%	$1.6B-14.7%	$1.8B+16.4%	$1.6B+3.3%	$1.5B+67.9%	$910.1M
Total Equity	$594.8M-27.2%	$817.5M-77.3%	$3.6B+4.0%	$3.5B-36.5%	$5.4B+30.8%	$4.2B
Retained Earnings	-$18.3B-18.2%	-$15.5B-21.2%	-$12.8B-26.1%	-$10.1B-16.1%	-$8.7B-10.3%	-$7.9B

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q3'21	Q4'20
Total Assets	$17.8B+27.4%	$14.0B-5.3%	$14.7B-10.8%	$16.5B+18.5%	$14.0B+7.3%	$13.0B+21.4%	$10.7B+27.9%	$8.4B
Current Assets	$11.0B+49.5%	$7.3B-13.5%	$8.5B-14.5%	$9.9B+15.6%	$8.6B-14.1%	$10.0B+18.5%	$8.4B+19.0%	$7.1B
Cash & Equivalents	$1.6B+62.4%	$992.7M-62.5%	$2.6B-42.9%	$4.6B+60.9%	$2.9B+19.8%	$2.4B-28.2%	$3.4B-43.1%	$5.9B
Inventory	$1.2B+6.0%	$1.2B+18.5%	$970.9M+30.6%	$743.4M-37.4%	$1.2B+268.0%	$322.7M+22.1%	$264.3M+59.5%	$165.8M
Accounts Receivable	$199.4M+6.3%	$187.6M-18.3%	$229.6M-65.0%	$656.0M-11.6%	$742.1M+67.5%	$443.0M-14.1%	$515.6M+199.3%	$172.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$16.0B+22.5%	$13.0B+1.2%	$12.9B+4.3%	$12.4B+24.3%	$9.9B+41.5%	$7.0B+9.8%	$6.4B+83.5%	$3.5B
Current Liabilities	$11.2B+29.2%	$8.7B+1.8%	$8.5B+4.9%	$8.1B+22.5%	$6.6B+45.1%	$4.6B+11.0%	$4.1B+92.8%	$2.1B
Long-Term Debt	$1.2B-3.0%	$1.3B-18.8%	$1.6B-14.7%	$1.8B+16.4%	$1.6B+3.3%	$1.5B+0.2%	$1.5B+67.6%	$910.1M
Total Equity	$594.8M+453.4%	-$168.3M-120.6%	$817.5M-77.3%	$3.6B+4.0%	$3.5B-36.5%	$5.4B+43.7%	$3.8B-9.0%	$4.2B
Retained Earnings	-$18.3B-5.1%	-$17.4B-12.5%	-$15.5B-21.2%	-$12.8B-26.1%	-$10.1B-16.1%	-$8.7B-5.1%	-$8.3B-4.9%	-$7.9B

NIO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$427.9M+139.8%	-$1.1B-452.6%	-$194.6M+65.3%	-$560.5M-281.7%	$308.6M+3.2%	$299.0M
Capital Expenditures	$867.3M-30.8%	$1.3B-38.0%	$2.0B+99.8%	$1.0B+58.0%	$640.0M+270.3%	$172.8M
Free Cash Flow	-$439.4M+81.1%	-$2.3B-5.1%	-$2.2B-40.9%	-$1.6B-374.1%	-$331.5M-362.7%	$126.2M
Investing Cash Flow	-$1.6B-141.2%	-$679.3M+55.7%	-$1.5B-201.8%	$1.5B+124.1%	-$6.2B-702.9%	-$777.2M
Financing Cash Flow	$978.7M+303.1%	$242.8M-93.8%	$3.9B+1762.5%	-$234.4M-108.2%	$2.8B-55.1%	$6.3B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q3'21	Q4'20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$256.4M	N/A	$328.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$268.4M	N/A	$32.6M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$11.9M	N/A	$295.4M
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$3.0B	N/A	-$237.9M
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.7B	N/A	$3.0B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NIO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	13.6%+3.7pp	9.9%+4.4pp	5.5%-5.0pp	10.4%-8.4pp	18.9%+7.4pp	11.5%
Operating Margin	-16.1%+17.2pp	-33.3%+7.5pp	-40.7%-9.0pp	-31.8%-19.3pp	-12.4%+15.9pp	-28.3%
Net Margin	-17.1%+17.0pp	-34.1%+3.2pp	-37.3%-8.0pp	-29.3%-18.2pp	-11.1%+21.5pp	-32.6%
Return on Equity	-359.2%+16.2pp	-375.4%-294.3pp	-81.1%-20.6pp	-60.5%-48.9pp	-11.6%+8.0pp	-19.5%
Return on Assets	-12.0%+8.8pp	-20.8%-3.2pp	-17.6%-2.6pp	-15.0%-10.1pp	-4.9%+4.9pp	-9.7%
Current Ratio	0.98-0.0	0.99-0.2	1.22-0.1	1.29-0.9	2.18-1.1	3.31
Debt-to-Equity	2.07+0.2	1.92+1.4	0.51+0.1	0.46+0.2	0.28+0.1	0.22
FCF Margin	-3.5%+22.3pp	-25.9%+2.4pp	-28.3%-6.3pp	-22.0%-16.2pp	-5.9%-10.9pp	5.1%

Metric	Q4'25	Q2'25	Q4'24	Q4'23	Q4'22	Q4'21	Q3'21	Q4'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.98+0.1	0.84-0.2	0.99-0.2	1.22-0.1	1.29-0.9	2.18+0.1	2.04-1.3	3.31
Debt-to-Equity	2.07+9.6	-7.56-9.5	1.92+1.4	0.51+0.1	0.46+0.2	0.28-0.1	0.40+0.2	0.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Nio Inc.'s annual revenue?

Nio Inc. (NIO) reported $12.5B in total revenue for fiscal year 2025. This represents a 38.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nio Inc.'s revenue growing?

Nio Inc. (NIO) revenue grew by 38.9% year-over-year, from $9.0B to $12.5B in fiscal year 2025.

Is Nio Inc. profitable?

No, Nio Inc. (NIO) reported a net income of -$2.1B in fiscal year 2025, with a net profit margin of -17.1%.

What is Nio Inc.'s EBITDA?

Nio Inc. (NIO) had EBITDA of -$985.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nio Inc. have?

As of fiscal year 2025, Nio Inc. (NIO) had $1.6B in cash and equivalents against $1.2B in long-term debt.

What is Nio Inc.'s gross margin?

Nio Inc. (NIO) had a gross margin of 13.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nio Inc.'s operating margin?

Nio Inc. (NIO) had an operating margin of -16.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nio Inc.'s net profit margin?

Nio Inc. (NIO) had a net profit margin of -17.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nio Inc.'s return on equity (ROE)?

Nio Inc. (NIO) has a return on equity of -359.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nio Inc.'s free cash flow?

Nio Inc. (NIO) generated -$439.4M in free cash flow during fiscal year 2025. This represents a 81.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nio Inc.'s operating cash flow?

Nio Inc. (NIO) generated $427.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nio Inc.'s total assets?

Nio Inc. (NIO) had $17.8B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nio Inc.'s capital expenditures?

Nio Inc. (NIO) invested $867.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nio Inc. spend on research and development?

Nio Inc. (NIO) invested $1.5B in research and development during fiscal year 2025.

How many shares does Nio Inc. have outstanding?

Nio Inc. (NIO) had 2.47B shares outstanding as of fiscal year 2025.

What is Nio Inc.'s current ratio?

Nio Inc. (NIO) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Nio Inc.'s debt-to-equity ratio?

Nio Inc. (NIO) had a debt-to-equity ratio of 2.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nio Inc.'s return on assets (ROA)?

Nio Inc. (NIO) had a return on assets of -12.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nio Inc.'s Piotroski F-Score?

Nio Inc. (NIO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nio Inc.'s earnings high quality?

Nio Inc. (NIO) has an earnings quality ratio of -0.20x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nio Inc. cover its interest payments?

Nio Inc. (NIO) has an interest coverage ratio of -15.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Nio Inc.?

Nio Inc. (NIO) scores 25 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.