蔚来发布2026年Q2财报：收入321亿元同比增69%，Non-GAAP净利润2610万元但环比下降40%，Q3指引增速放缓

Quarterly Total Revenues Reached RMB32,136.9 Million (US$4,736.4 Million)
i
Quarterly Vehicle Deliveries Were 107,658 Units
SHANGHAI, Sept. 01, 2026 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Operating Highlights for the Second Quarter of 2026
Vehicle deliveries
were 107,658 in the second quarter of 2026, representing an increase of 49.4% from the second quarter of 2025, and an increase of 29.0% from the first quarter of 2026. The deliveries consisted of 60,945 vehicles from NIO brand, 29,124 vehicles from ONVO brand, and 17,589 vehicles from FIREFLY brand.
Key Operating Results
2026 Q2
2026 Q1
2025 Q4
2025 Q3
Deliveries
107,658
83,465
124,807
87,071
2025 Q2
2025 Q1
2024 Q4
2024 Q3
Deliveries
72,056
42,094
72,689
61,855
Financial Highlights for the Second Quarter of 2026
Vehicle sales
were RMB29,058.2 million (US$4,282.7 million) in the second quarter of 2026, representing an increase of 80.1% from the second quarter of 2025 and an increase of 27.5% from the first quarter of 2026.
Vehicle margin
ii
was 18.5% in the second quarter of 2026, compared with 10.3% in the second quarter of 2025 and 18.8% in the first quarter of 2026.
Total revenues
were RMB32,136.9 million (US$4,736.4 million) in the second quarter of 2026, representing an increase of 69.1% from the second quarter of 2025 and an increase of 25.9% from the first quarter of 2026.
Gross profit
was RMB5,906.5 million (US$870.5 million) in the second quarter of 2026, representing an increase of 211.3% from the second quarter of 2025 and an increase of 21.6% from the first quarter of 2026.
Gross margin
was 18.4% in the second quarter of 2026, compared with 10.0% in the second quarter of 2025 and 19.0% in the first quarter of 2026.
Loss from operations
was RMB347.2 million (US$51.2 million) in the second quarter of 2026, compared with loss from operations of RMB4,908.9 million in the second quarter of 2025 and loss from operations of RMB308.8 million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted profit from operations (non-GAAP) was RMB206.9 million (US$30.5 million) in the second quarter of 2026, compared with adjusted loss from operations (non-GAAP) of RMB4,040.8 million in the second quarter of 2025 and adjusted profit from operations (non-GAAP) of RMB66.8 million in the first quarter of 2026.
Net loss
was RMB528.0 million (US$77.8 million) in the second quarter of 2026, compared with net loss of RMB4,994.8 million in the second quarter of 2025 and net loss of RMB332.1 million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted net profit (non-GAAP) was RMB26.1 million (US$3.8 million) in the second quarter of 2026, compared with adjusted net loss (non-GAAP) of RMB4,126.7 million in the second quarter of 2025 and adjusted net profit (non-GAAP) of RMB43.5 million in the first quarter of 2026.
Cash and cash equivalents, restricted cash, short-term investment
and long-term time deposits
were RMB56.7 billion (US$8.4 billion) as of June 30, 2026.
Key Financial Results
for the Second Quarter of 2026
(in RMB million, except for percentage)
2026Q2
2026 Q1
2025 Q2
% Change
iii
QoQ
YoY
Vehicle Sales
29,058.2
22,783.7
16,136.1
27.5%
80.1%
Vehicle Margin
18.5%
18.8%
10.3%
-30bp
820bp
Total Revenues
32,136.9
25,532.7
19,008.7
25.9%
69.1%
Gross Profit
5,906.5
4,859.1
1,897.5
21.6%
211.3%
Gross Margin
18.4%
19.0%
10.0%
-60bp
840bp
Loss from Operations
(347.2)
(308.8)
(4,908.9)
12.4%
-92.9%
Adjusted Profit/(Loss) from Operations (non-GAAP)
206.9
66.8
(4,040.8)
209.7%
N/A
Net Loss
(528.0)
(332.1)
(4,994.8)
59.0%
-89.4%
Adjusted Net Profit/(Loss) (non-GAAP)
26.1
43.5
(4,126.7)
-40.0%
N/A
Recent Developments
Deliveries in July and August 2026
The Company delivered 35,934 vehicles and 35,836 vehicles in July and August 2026, respectively. As of August 31, 2026, the Company had delivered 262,893 vehicles in 2026, with cumulative deliveries reaching 1,260,485.
Debut of NIO All-New ES8 Five-Seat Version
On July 9, 2026, the Company officially launched the NIO All-New ES8 Five-Seat Version, with deliveries commencing the following day. Featuring exceptional spaciousness, elevated comfort, and advanced intelligent technologies, the ES8 Five-Seat Version sets a new benchmark for the premium battery electric SUV segment. The enhanced lineup strengthens NIO's presence across the premium large five-seat and premium three-row SUV segments, further reinforcing its leadership in the premium SUV market.
Financing of Shenji
In June and August 2026, GeniTech Co., Ltd. (“Shenji”), a subsidiary of the Company, entered into definitive agreements across two funding rounds with certain investors in China. Pursuant to these agreements, the investors agreed to subscribe for newly issued shares of Shenji for an aggregate cash consideration of RMB493 million, implying a post-money valuation of RMB12.25 billion. Upon completion of the financing transactions, a subsidiary of NIO will hold a controlling equity interest of 59.95% in Shenji.
CEO and CFO Comments
“In the second quarter of 2026, the Company delivered 107,658 smart electric vehicles, representing a 49.4% year-over-year increase. All three brands, NIO, ONVO, and FIREFLY, achieved growth in both sales volume and average transaction price. For the third quarter, we expect total deliveries to range between 108,000 and 111,000 vehicles, with a year-over-year growth of 24.0% to 27.5%,” said William Bin Li, founder, chairman, and chief executive officer of NIO.
“In the second quarter, the NIO brand ranked first in China’s passenger vehicle market priced above RMB 350,000. The ES8 has sustained strong market momentum since its launch and reached its 140,000th delivery within 335 days, leading China’s RMB 400,000-level passenger vehicle segment and the large SUV segment. The ES9, our executive flagship SUV, continues to win over users from traditional fuel-powered luxury SUVs, ranking first in sales among passenger vehicles priced above RMB 500,000 in China in both June and July. With the compelling product advantages of the ONVO L90 and L80, the ONVO brand has become the sales leader in China’s RMB 200,000 to RMB 300,000 large SUV segment. Meanwhile, the firefly has ranked first in market share in China’s high-end small-car market for 15 consecutive months, further strengthening its leadership in the segment,” added William Bin Li.
“In the second quarter of 2026, the Company continued to improve its overall operating quality. Supported by strong sales of higher-margin models and ongoing optimization of our cost structure, we maintained healthy gross and vehicle margins despite rising cost pressures. Services and community-related businesses continued to contribute to profitability. The Company maintained positive non-GAAP operating profit during the quarter, further increasing our cash reserves and strengthening our financial position to support long-term, sustainable development,” said Stanley Yu Qu, NIO’s chief financial officer. “With our solid, comprehensive systematic capabilities and clear business strategies, we are confident in achieving our full-year operating objectives and delivering high-quality growth.”
Financial Results for the Second Quarter of 2026
Revenues
Total revenues
in the second quarter of 2026 were RMB32,136.9 million (US$4,736.4 million), representing an increase of 69.1% from the second quarter of 2025 and an increase of 25.9% from the first quarter of 2026.
Vehicle sales
in the second quarter of 2026 were RMB29,058.2 million (US$4,282.7 million), representing an increase of 80.1% from the second quarter of 2025 and an increase of 27.5% from the first quarter of 2026. The increase in vehicle sales over the second quarter of 2025 was mainly due to an increase in delivery volume and a higher average selling price as a result of changes in product mix. The increase in vehicle sales over the first quarter of 2026 was mainly attributable to an increase in delivery volume.
Other sales
in the second quarter of 2026 were RMB3,078.6 million (US$453.7 million), representing an increase of 7.2% from the second quarter of 2025 and an increase of 12.0% from the first quarter of 2026. The increase in other sales over the second quarter of 2025 was mainly due to an increase in sales of parts, accessories and after-sales vehicle services as a result of the continued growth in the number of users, and partially offset by a decrease in revenues from sales of used cars and technical research and development services. The increase in other sales over the first quarter of 2026 was mainly due to (i) an increase in revenues from sales of used cars and (ii) an increase in sales of parts, accessories and after-sales vehicle services, partially offset by a decrease in revenues from provision of auto financing services.
Cost of Sales and Gross Margin
Cost of sales
in the second quarter of 2026 was RMB26,230.4 million (US$3,865.9 million), representing an increase of 53.3% from the second quarter of 2025 and an increase of 26.9% from the first quarter of 2026. The increase in cost of sales over the second quarter of 2025 and the first quarter of 2026 was mainly attributable to an increase in delivery volume.
Gross profit
in the second quarter of 2026 was RMB5,906.5 million (US$870.5 million), representing an increase of 211.3% from the second quarter of 2025 and an increase of 21.6% from the first quarter of 2026.
Gross margin
in the second quarter of 2026 was 18.4%, compared with 10.0% in the second quarter of 2025 and 19.0% in the first quarter of 2026. The increase in gross margin over the second quarter of 2025 was mainly attributable to the increased vehicle margin. The slight decrease in gross margin over the first quarter of 2026 was mainly attributable to gross margin from vehicle sales, provision of power solutions, and sales of parts, accessories and after-sales vehicle services.
Vehicle margin
in the second quarter of 2026 was 18.5%, compared with 10.3% in the second quarter of 2025 and 18.8% in the first quarter of 2026. The increase in vehicle margin from the second quarter of 2025 was mainly attributable to a more favorable product mix. The vehicle margin remained relatively stable from the first quarter of 2026.
Operating Expenses
Research and development expenses
in the second quarter of 2026 were RMB2,144.9 million (US$316.1 million), representing a decrease of 28.7% from the second quarter of 2025 and an increase of 13.8% from the first quarter of 2026. Excluding share-based compensation expenses, adjusted research and development expenses (non-GAAP) were RMB1,983.2 million (US$292.3 million) in the second quarter of 2026, representing a decrease of 20.3% from the second quarter of 2025 and an increase of 16.1% from the first quarter of 2026. The decrease in research and development expenses over the second quarter of 2025 was mainly due to (i) decreased personnel costs in research and development functions primarily as a result of organizational optimization, and (ii) decreased design and development costs mainly resulting from different stages of development and improved operational efficiency. The increase in research and development expenses over the first quarter of 2026 was mainly due to the incremental design and development costs for new products and technologies as well as the increased personnel costs in research and development functions.
Selling, general and administrative expenses
in the second quarter of 2026 were RMB4,424.5 million (US$652.1 million), representing an increase of 11.6% from the second quarter of 2025 and an increase of 26.5% from the first quarter of 2026. Excluding share-based compensation expenses, adjusted selling, general and administrative expenses (non-GAAP) were RMB4,039.6 million (US$595.4 million) in the second quarter of 2026, representing an increase of 9.7% from the second quarter of 2025 and an increase of 22.1% from the first quarter of 2026. The increase in selling, general and administrative expenses over the second quarter of 2025 was mainly attributable to an increase in sales and marketing activities associated with new product launches. The increase in selling, general and administrative expenses over the first quarter of 2026 was mainly attributable to (i) an increase in sales and marketing activities associated with new product launches, as well as an increase in personnel and related costs for marketing functions, and (ii) an increase in share-based compensation for general corporate functions.
Loss from Operations
Loss from operations
in the second quarter of 2026 was RMB347.2 million (US$51.2 million), compared with loss from operations of RMB4,908.9 million in the second quarter of 2025 and loss from operations of RMB308.8 million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted profit from operations (non-GAAP) was RMB206.9 million (US$30.5 million) in the second quarter of 2026, compared with adjusted loss from operations (non-GAAP) of RMB4,040.8 million in the second quarter of 2025 and adjusted profit from operations (non-GAAP) of RMB66.8 million in the first quarter of 2026.
Net Loss and Earnings Per Ordinary Share/ADS
Net loss
in the second quarter of 2026 was RMB528.0 million (US$77.8 million), compared with net loss of RMB4,994.8 million in the second quarter of 2025 and net loss of RMB332.1 million in the first quarter of 2026. Excluding share-based compensation expenses, adjusted net profit (non-GAAP) was RMB26.1 million (US$3.8 million) in the second quarter of 2026, compared with adjusted net loss (non-GAAP) of RMB4,126.7 million in the second quarter of 2025 and adjusted net profit (non-GAAP) of RMB43.5 million in the first quarter of 2026.
Net loss attributable to NIO’s ordinary shareholders
in the second quarter of 2026 was RMB721.6 million (US$106.4 million), compared with net loss attributable to NIO’s ordinary shareholders of RMB5,141.3 million in the second quarter of 2025 and net loss attributable to NIO’s ordinary shareholders of RMB496.0 million in the first quarter of 2026. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP) was RMB24.8 million (US$3.7 million) in the second quarter of 2026, compared with adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) of RMB4,124.9 million in the second quarter of 2025 and adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP) of RMB44.5 million in the first quarter of 2026.
Basic and diluted net loss per ordinary share/ADS
in the second quarter of 2026 were both RMB0.29 (US$0.04), compared with basic and diluted net loss per ordinary share/ADS of RMB2.31 in the second quarter of 2025 and basic and diluted net loss per ordinary share/ADS of RMB0.20 in the first quarter of 2026. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net profit per ordinary share/ADS (non-GAAP) were both RMB0.01(US$0.00) in the second quarter of 2026, compared with adjusted basic and diluted net loss per ordinary share/ADS (non-GAAP) of RMB1.85 in the second quarter of 2025 and adjusted basic and diluted net profit per ordinary share/ADS (non-GAAP) of RMB0.02 in the first quarter of 2026.
Balance Sheet
Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits
was RMB56.7 billion (US$8.4 billion) as of June 30, 2026. We recorded net current assets as of June 30, 2026 and generated positive operating cash flows and adjusted net profit (non-GAAP) in the second quarter of 2026, despite recording a net loss under GAAP in this quarter. Based on our going concern and liquidity assessment, which considers our business plan including revenue growth from the sales of existing and new vehicle models, continuous optimization of operation efficiency to improve operating cash flows, working capital management, the ability to raise funds from banks under available credit quotas and other sources when needed, and evaluates uncertainties as to the successful execution of our business plan, we believe that our financial resources, including our available cash and cash equivalents, restricted cash and short-term investments, cash generated from operating activities and funds from available credit quotas and other sources will be sufficient to support our continuous operations in the ordinary course of business for the next twelve months.
Business Outlook
For the third quarter of 2026, the Company expects:
Deliveries of vehicles
to be between 108,000 and 111,000 vehicles, representing an increase of approximately 24.0% to 27.5% from the same quarter of 2025.
Total revenues
to be between RMB33,285 million (US$4,906 million) and RMB34,051 million (US$5,019 million), representing an increase of approximately 52.7% to 56.2% from the same quarter of 2025.
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.
Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on September 1, 2026 (8:00 PM Beijing/Hong Kong/Singapore Time on September 1, 2026).
A live and archived webcast of the conference call will be available on the Company’s investor relations website at
https://ir.nio.com/news-events/events
.
For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.
https://s1.c-conf.com/diamondpass/10056744-ju876y.html
A replay of the conference call will be accessible by phone at the following numbers, until September 8, 2026:
United States:
+1-855-883-1031
Hong Kong, China:
+852-800-930-639
Mainland, China:
+86-400-1209-216
Singapore:
+65-800-1013-223
International:
+61-7-3107-6325
Replay PIN:
10056744
About NIO Inc.
NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of “Blue Sky Coming”. NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, premium smart electric vehicles for families through the ONVO brand, and high-end smart electric compact cars with the FIREFLY brand.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Non-GAAP Disclosure
The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted profit/(loss) from operations (non-GAAP), adjusted net profit/(loss) (non-GAAP), adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net profit/(loss) per ordinary share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted profit/(loss) from operations (non-GAAP) and adjusted net profit/(loss) (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, profit/(loss) from operations and net profit/(loss) excluding share-based compensation expenses and organizational optimization charges. The Company defines adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted profit/(loss) per ordinary share/ADS (non-GAAP) as profit/(loss) attributable to ordinary shareholders and basic and diluted profit/(loss) per ordinary share/ADS excluding share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value, which are either non-cash or not indicative of the Company’s ordinary or ongoing operations due to their size or nature, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net profit/(loss) or other consolidated statements of comprehensive profit/(loss) data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
Exchange Rate
This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
For more information, please visit: http://ir.nio.com.
Investor Relations
ir@nio.com
Media Relations
global.press@nio.com
Source: NIO
NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
December 31, 2025
June 30, 2026
June 30, 2026
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
11,274,094
17,453,564
2,572,337
Restricted cash
14,745,975
13,510,507
1,991,202
Short-term investments
19,755,809
25,634,741
3,778,093
Trade and notes receivables
1,394,445
1,196,734
176,377
Amounts due from related parties
16,078,250
14,986,044
2,208,670
Inventory
8,530,854
11,089,742
1,634,426
Prepayments and other current assets
4,853,610
5,378,445
792,685
Total current assets
76,633,037
89,249,777
13,153,790
Non-current assets:
Long-term restricted cash
88,325
68,625
10,114
Property, plant and equipment, net
25,827,968
25,251,240
3,721,572
Intangible assets, net
29,648
173,212
25,528
Land use rights, net
196,691
194,039
28,598
Long-term investments
2,480,518
2,340,908
345,007
Right-of-use assets - operating lease
11,711,306
10,957,091
1,614,875
Other non-current assets
7,433,585
7,976,448
1,175,584
Total non-current assets
47,768,041
46,961,563
6,921,278
Total assets
124,401,078
136,211,340
20,075,068
LIABILITIES
Current liabilities:
Short-term borrowings
4,691,910
8,164,766
1,203,338
Trade and notes payable
53,309,727
60,385,478
8,899,718
Amounts due to related parties, current
625,903
502,353
74,038
Taxes payable
439,240
334,595
49,313
Current portion of operating lease liabilities
2,163,768
1,961,855
289,142
Current portion of long-term borrowings
655,971
897,712
132,306
Accruals and other liabilities
16,696,044
15,371,799
2,265,523
Total current liabilities
78,582,563
87,618,558
12,913,378
Non-current liabilities:
Long-term borrowings
8,626,272
8,550,926
1,260,251
Non-current operating lease liabilities
10,092,039
9,420,681
1,388,437
Amounts due to related parties, non-current
604,178
1,190,070
175,395
Deferred tax liabilities
112,691
133,011
19,603
Other non-current liabilities
13,690,778
15,029,869
2,215,128
Total non-current liabilities
33,125,958
34,324,557
5,058,814
Total liabilities
111,708,521
121,943,115
17,972,192
NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
December 31, 2025
June 30, 2026
June 30, 2026
RMB
RMB
US$
MEZZANINE EQUITY
Redeemable non-controlling interests
8,551,854
10,222,746
1,506,646
Total mezzanine equity
8,551,854
10,222,746
1,506,646
SHAREHOLDERS’ EQUITY
Total NIO Inc. shareholders’ equity
4,159,460
4,064,040
598,966
Non-controlling interests
(18,757
)
(18,561
)
(2,736
)
Total shareholders’ equity
4,140,703
4,045,479
596,230
Total liabilities, mezzanine equity and shareholders’ equity
124,401,078
136,211,340
20,075,068
NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended
June 30, 2025
Mar 31, 2026
June 30, 2026
June 30, 2026
RMB
RMB
RMB
US$
Revenues:
Vehicle sales
16,136,114
22,783,708
29,058,229
4,282,653
Other sales
2,872,551
2,748,947
3,078,632
453,734
Total revenues
19,008,665
25,532,655
32,136,861
4,736,387
Cost of sales:
Vehicle sales
(14,473,222
)
(18,491,467
)
(23,673,959
)
(3,489,110
)
Other sales
(2,637,920
)
(2,182,051
)
(2,556,412
)
(376,769
)
Total cost of sales
(17,111,142
)
(20,673,518
)
(26,230,371
)
(3,865,879
)
Gross profit
1,897,523
4,859,137
5,906,490
870,508
Operating expenses:
Research and development
(3,007,032
)
(1,885,024
)
(2,144,918
)
(316,122
)
Selling, general and administrative
(3,964,921
)
(3,497,306
)
(4,424,516
)
(652,093
)
Other operating income, net
165,572
214,382
315,725
46,532
Total operating expenses
(6,806,381
)
(5,167,948
)
(6,253,709
)
(921,683
)
Loss from operations
(4,908,858
)
(308,811
)
(347,219
)
(51,175
)
Interest and investment income /(loss)
107,529
115,894
(18,959
)
(2,794
)
Interest expenses
(212,748
)
(214,405
)
(242,389
)
(35,724
)
Share of losses of equity investees
(124,664
)
(37,908
)
(149,383
)
(22,016
)
Other income, net
186,879
125,266
262,774
38,728
Loss before income tax expense
(4,951,862
)
(319,964
)
(495,176
)
(72,981
)
Income tax expense
(42,939
)
(12,118
)
(32,833
)
(4,839
)
Net loss
(4,994,801
)
(332,082
)
(528,009
)
(77,820
)
Accretion on redeemable non-controlling interests to redemption value
(148,374
)
(164,987
)
(192,325
)
(28,345
)
Net loss/(profit) attributable to non-controlling interests
1,868
1,061
(1,257
)
(185
)
Net loss attributable to ordinary shareholders of NIO Inc.
(5,141,307
)
(496,008
)
(721,591
)
(106,350
)
Net loss
(4,994,801
)
(332,082
)
(528,009
)
(77,820
)
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax
184,568
(148,948
)
(120,909
)
(17,820
)
Total other comprehensive income/(loss)
184,568
(148,948
)
(120,909
)
(17,820
)
Total comprehensive loss
(4,810,233
)
(481,030
)
(648,918
)
(95,640
)
Accretion on redeemable non-controlling interests to redemption value
(148,374
)
(164,987
)
(192,325
)
(28,345
)
Net loss/(profit) attributable to non-controlling interests
1,868
1,061
(1,257
)
(185
)
Comprehensive loss attributable to ordinary shareholders of NIO Inc.
(4,956,739
)
(644,956
)
(842,500
)
(124,170
)
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS
Basic and diluted
2,230,044,617
2,481,180,303
2,496,741,061
2,496,741,061
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted
(2.31
)
(0.20
)
(0.29
)
(0.04
)
NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)
Six Months Ended
June 30, 2025
June 30, 2026
June 30, 2026
RMB
RMB
US$
Revenues:
Vehicle sales
26,075,419
51,841,937
7,640,556
Other sales
4,967,975
5,827,579
858,879
Total revenues
31,043,394
57,669,516
8,499,435
Cost of sales:
Vehicle sales
(23,398,863
)
(42,165,426
)
(6,214,415
)
Other sales
(4,827,454
)
(4,738,463
)
(698,363
)
Total cost of sales
(28,226,317
)
(46,903,889
)
(6,912,778
)
Gross profit
2,817,077
10,765,627
1,586,657
Operating expenses:
Research and development
(6,188,435
)
(4,029,942
)
(593,940
)
Selling, general and administrative
(8,365,684
)
(7,921,822
)
(1,167,532
)
Other operating income, net
410,056
530,107
78,128
Total operating expenses
(14,144,063
)
(11,421,657
)
(1,683,344
)
Loss from operations
(11,326,986
)
(656,030
)
(96,687
)
Interest and investment income
280,745
96,935
14,286
Interest expenses
(457,610
)
(456,794
)
(67,323
)
Loss on extinguishment of debt
(14,660
)
-
-
Share of losses of equity investees
(380,859
)
(187,291
)
(27,603
)
Other income, net
202,106
388,040
57,190
Loss before income tax expense
(11,697,264
)
(815,140
)
(120,137
)
Income tax expense
(47,570
)
(44,951
)
(6,625
)
Net loss
(11,744,834
)
(860,091
)
(126,762
)
Accretion on redeemable non-controlling interests to redemption value
(292,864
)
(357,312
)
(52,661
)
Net loss/(profit) attributable to non-controlling interests
5,330
(196
)
(29
)
Net loss attributable to ordinary shareholders of NIO Inc.
(12,032,368
)
(1,217,599
)
(179,452
)
Net loss
(11,744,834
)
(860,091
)
(126,762
)
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax
260,479
(269,857
)
(39,772
)
Total other comprehensive income/(loss)
260,479
(269,857
)
(39,772
)
Total comprehensive loss
(11,484,355
)
(1,129,948
)
(166,534
)
Accretion on redeemable non-controlling interests to redemption value
(292,864
)
(357,312
)
(52,661
)
Net loss/(profit) attributable to non-controlling interests
5,330
(196
)
(29
)
Comprehensive loss attributable to ordinary shareholders of NIO Inc.
(11,771,889
)
(1,487,456
)
(219,224
)
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS
Basic and diluted
2,162,319,854
2,489,003,668
2,489,003,668
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted
(5.56
)
(0.49
)
(0.07
)
NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended June 30, 2026
GAAP
Result
Share-based compensation
Accretion on redeemable non-controlling interests to redemption value
Adjusted
Result
(Non-GAAP)
RMB
RMB
RMB
RMB
Cost of sales
(26,230,371
)
7,487
—
(26,222,884
)
Research and development expenses
(2,144,918
)
161,705
—
(1,983,213
)
Selling, general and administrative expenses
(4,424,516
)
384,881
—
(4,039,635
)
Total
(32,799,805
)
554,073
—
(32,245,732
)
(Loss)/profit from operations
(347,219
)
554,073
—
206,854
Net (loss)/profit
(528,009
)
554,073
—
26,064
Net (loss)/profit attributable to ordinary shareholders of NIO Inc.
(721,591
)
554,073
192,325
24,807
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)
(0.29
)
0.22
0.08
0.01
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD)
(0.04
)
0.03
0.01
0.00
Three Months Ended March 31, 2026
GAAP
Result
Share-based compensation
Accretion on redeemable non-controlling interests to redemption value
Adjusted
Result
(Non-GAAP)
RMB
RMB
RMB
RMB
Cost of sales
(20,673,518
)
10,097
—
(20,663,421
)
Research and development expenses
(1,885,024
)
176,844
—
(1,708,180
)
Selling, general and administrative expenses
(3,497,306
)
188,629
—
(3,308,677
)
Total
(26,055,848
)
375,570
—
(25,680,278
)
(Loss)/profit from operations
(308,811
)
375,570
—
66,759
Net (loss)/profit
(332,082
)
375,570
—
43,488
Net (loss)/profit attributable to ordinary shareholders of NIO Inc.
(496,008
)
375,570
164,987
44,549
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)
(0.20
)
0.15
0.07
0.02
Three Months Ended June 30, 2025
GAAP
Result
Share-based compensation
Organizational optimization charges
Accretion on redeemable non-controlling interests to redemption value
Adjusted
Result
(Non-GAAP)
RMB
RMB
RMB
RMB
RMB
Cost of sales
(17,111,142
)
12,867
54,282
—
(17,043,993
)
Research and development expenses
(3,007,032
)
302,620
215,532
—
(2,488,880
)
Selling, general and administrative expenses
(3,964,921
)
110,688
172,074
—
(3,682,159
)
Total
(24,083,095
)
426,175
441,888
—
(23,215,032
)
Loss from operations
(4,908,858
)
426,175
441,888
—
(4,040,795
)
Net loss
(4,994,801
)
426,175
441,888
—
(4,126,738
)
Net loss attributable to ordinary shareholders of NIO Inc.
(5,141,307
)
426,175
441,888
148,374
(4,124,870
)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)
(2.31
)
0.19
0.20
0.07
(1.85
)
Six Months Ended June 30, 2026
GAAP
Result
Share-based compensation
Accretion on redeemable non-controlling interests to redemption value
Adjusted
Result
(Non-GAAP)
RMB
RMB
RMB
RMB
Cost of sales
(46,903,889
)
17,584
—
(46,886,305
)
Research and development expenses
(4,029,942
)
338,549
—
(3,691,393
)
Selling, general and administrative expenses
(7,921,822
)
573,510
—
(7,348,312
)
Total
(58,855,653
)
929,643
—
(57,926,010
)
(Loss)/profit from operations
(656,030
)
929,643
—
273,613
Net (loss)/profit
(860,091
)
929,643
—
69,552
Net (loss)/profit attributable to ordinary shareholders of NIO Inc.
(1,217,599
)
929,643
357,312
69,356
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)
(0.49
)
0.37
0.14
0.02
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD)
(0.07
)
0.05
0.02
0.00
Six Months Ended June 30, 2025
GAAP
Result
Share-based compensation
Organizational optimization charges
Accretion on redeemable non-controlling interests to redemption value
Adjusted
Result
(Non-GAAP)
RMB
RMB
RMB
RMB
RMB
Cost of sales
(28,226,317
)
27,868
54,282
—
(28,144,167
)
Research and development expenses
(6,188,435
)
569,667
215,532
—
(5,403,236
)
Selling, general and administrative expenses
(8,365,684
)
299,579
172,074
—
(7,894,031
)
Total
(42,780,436
)
897,114
441,888
—
(41,441,434
)
Loss from operations
(11,326,986
)
897,114
441,888
—
(9,987,984
)
Net loss
(11,744,834
)
897,114
441,888
—
(10,405,832
)
Net loss attributable to ordinary shareholders of NIO Inc.
(12,032,368
)
897,114
441,888
292,864
(10,400,502
)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB)
(5.56
)
0.41
0.20
0.14
(4.81
)
i
All translations from RMB to USD for the second quarter of 2026 were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board.
ii
Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.
iii
Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.