NIO Inc. Reports Unaudited First Quarter 2026 Financial Results
Rhea-AI Summary
NIO (NYSE:NIO) reported unaudited Q1 2026 results with total revenues of RMB25,532.7 million, up 112.2% year over year and down 26.3% quarter over quarter. Vehicle deliveries were 83,465, up 98.3% year over year.
Vehicle margin reached 18.8% and gross margin 19.0%. Net loss narrowed to RMB332.1 million, while adjusted net profit (non-GAAP) was RMB43.5 million. Cash and equivalents plus investments totaled RMB48.2 billion at March 31, 2026. NIO guides Q2 2026 deliveries to 110,000–115,000 vehicles.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenues RMB25,532.7m, up 112.2% year over year
- Vehicle deliveries 83,465, increasing 98.3% versus Q1 2025
- Vehicle margin improved to 18.8% from 10.2% year over year
- Gross margin rose to 19.0% from 7.6% a year earlier
- Net loss narrowed to RMB332.1m from RMB6,750.0m year over year
- Cash, equivalents and investments totaled RMB48.2b at March 31, 2026
Negative
- Total revenues fell 26.3% quarter over quarter in Q1 2026
- Vehicle sales declined 27.9% quarter over quarter to RMB22,783.7m
- Deliveries decreased 33.1% versus Q4 2025 to 83,465 units
- Q1 2026 reported net loss of RMB332.1m despite non-GAAP profit
- Adjusted operating profit dropped to RMB66.8m from RMB1,251.3m in Q4 2025
- Research and development spending declined over 40% year over year
Market Reaction – NIO
Following this news, NIO has gained 2.68%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 10 alerts so far, indicating notable trading interest and price volatility. The stock is currently trading at $5.75. This price movement has added approximately $366M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
While NIO was down 2.61% pre-release, key EV/auto peers like RIVN (+5.05%), GM (+3.75%), LI (+2.08%), XPEV (+0.40%) and STLA (+1.76%) traded higher, pointing to stock-specific pressure rather than a sector-wide selloff.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 02 | Peer earnings update | Positive | +1.6% | Cheche Group reported revenue growth and higher gross margins with improved profitability. |
| Mar 10 | Q4 2025 earnings | Positive | +15.4% | Strong Q4 2025 revenues and deliveries with solid adjusted operating and net profits. |
| Nov 25 | Q3 2025 earnings | Positive | -4.3% | Q3 2025 showed higher revenues, deliveries and margins but shares fell on the report. |
| Sep 02 | Q2 2025 earnings | Positive | +3.1% | Q2 2025 results delivered double-digit delivery growth and higher total revenues. |
| Jul 01 | Q2 2025 deliveries | Positive | +2.3% | Update showed strong June and Q2 2025 delivery growth with quality accolades. |
Earnings and major results updates have more often led to positive share reactions, with only one notable selloff on a strong fundamental report.
Over recent quarters, NIO’s earnings and results updates have highlighted rapid growth in deliveries and improving profitability. Q2 and Q3 2025 reports showed rising revenues and expanding margins, while Q4 2025 delivered strong adjusted operating and net profits with RMB34,650.2M in revenue. Earlier 2025 updates also emphasized growing vehicle volumes and a strengthening cash position. Against this backdrop, the Q1 2026 release continues the theme of higher revenues, improved margins and a solid cash balance, but with a smaller adjusted profit base than Q4 2025.
Historical Comparison
In the past year, NIO-related earnings or results updates saw an average move of 3.62%, mostly positive. Today’s Q1 2026 report fits the pattern of strong growth and margin gains but comes after an already improved Q4 base.
Earnings releases from Q2 2025 through Q4 2025 showed rising deliveries, expanding margins and a shift to adjusted profitability, setting the stage for Q1 2026’s higher revenue base and continued, though smaller, non-GAAP profitability.
Market Pulse Summary
This announcement detailed robust Q1 2026 growth, with total revenues of RMB25,532.7M, vehicle margin of 18.8%, gross margin of 19.0% and a small adjusted net profit of RMB43.5M. It also highlighted a sizable cash balance of RMB48.2B and strong guidance for Q2 2026 revenues and deliveries. Compared with prior quarters, investors may focus on the QoQ revenue and delivery pullback from a strong Q4 base and ongoing execution on cost efficiencies.
Key Terms
non-GAAP financial
ADS financial
GAAP financial
AI-generated analysis. Not financial advice.
Quarterly Total Revenues Reached RMB25,532.7 Million (US
Quarterly Vehicle Deliveries Were 83,465 Units
SHANGHAI, China, May 21, 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 first quarter ended March 31, 2026.
Operating Highlights for the First Quarter of 2026
- Vehicle deliveries were 83,465 in the first quarter of 2026, representing an increase of
98.3% from the first quarter of 2025, and a decrease of33.1% from the fourth quarter of 2025. The deliveries consisted of 58,543 vehicles from NIO brand, 13,339 vehicles from ONVO brand, and 11,583 vehicles from FIREFLY brand.
| Key Operating Results | ||||
| 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 | |
| Deliveries | 83,465 | 124,807 | 87,071 | 72,056 |
| 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | |
| Deliveries | 42,094 | 72,689 | 61,855 | 57,373 |
Financial Highlights for the First Quarter of 2026
- Vehicle sales were RMB22,783.7 million (US
$3,302.9 million ) in the first quarter of 2026, representing an increase of129.2% from the first quarter of 2025 and a decrease of27.9% from the fourth quarter of 2025. - Vehicle marginii was
18.8% in the first quarter of 2026, compared with10.2% in the first quarter of 2025 and18.1% in the fourth quarter of 2025. - Total revenues were RMB25,532.7 million (US
$3,701.5 million ) in the first quarter of 2026, representing an increase of112.2% from the first quarter of 2025 and a decrease of26.3% from the fourth quarter of 2025. - Gross profit was RMB4,859.1 million (US
$704.4 million ) in the first quarter of 2026, representing an increase of428.4% from the first quarter of 2025 and a decrease of20.0% from the fourth quarter of 2025. - Gross margin was
19.0% in the first quarter of 2026, compared with7.6% in the first quarter of 2025 and17.5% in the fourth quarter of 2025. - Loss from operations was RMB308.8 million (US
$44.8 million ) in the first quarter of 2026, compared with loss from operations of RMB6,418.1 million in the first quarter of 2025 and profit from operations of RMB807.3 million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted profit from operations (non-GAAP) was RMB66.8 million (US$9.7 million ) in the first quarter of 2026, compared with adjusted loss from operations (non-GAAP) of RMB5,947.2 million in the first quarter of 2025 and adjusted profit from operations (non-GAAP) of RMB1,251.3 million in the fourth quarter of 2025. - Net loss was RMB332.1 million (US
$48.1 million ) in the first quarter of 2026, compared with net loss of RMB6,750.0 million in the first quarter of 2025 and net profit of RMB282.7 million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted net profit (non-GAAP) was RMB43.5 million (US$6.3million ) in the first quarter of 2026, compared with adjusted net loss (non-GAAP) of RMB6,279.1 million in the first quarter of 2025 and adjusted net profit (non-GAAP) of RMB726.8 million in the fourth quarter of 2025. - Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB48.2 billion (US
$7.0 billion ) as of March 31, 2026.
| Key Financial Results for the First Quarter of 2026 | ||||||||||||
| (in RMB million, except for percentage) | ||||||||||||
| 2026 Q1 | 2025 Q4 | 2025 Q1 | % Changeiii | |||||||||
| QoQ | YoY | |||||||||||
| Vehicle Sales | 22,783.7 | 31,606.2 | 9,939.3 | -27.9 | % | 129.2 | % | |||||
| Vehicle Margin | 70bp | 860bp | ||||||||||
| Total Revenues | 25,532.7 | 34,650.2 | 12,034.7 | -26.3 | % | 112.2 | % | |||||
| Gross Profit | 4,859.1 | 6,074.1 | 919.6 | -20.0 | % | 428.4 | % | |||||
| Gross Margin | 150bp | 1,140bp | ||||||||||
| (Loss)/Profit from Operations | (308.8 | ) | 807.3 | (6,418.1 | ) | N/A | -95.2 | % | ||||
| Adjusted Profit/(Loss) from Operations (non-GAAP) | 66.8 | 1,251.3 | (5,947.2 | ) | -94.7 | % | N/A | |||||
| Net (Loss)/Profit | (332.1 | ) | 282.7 | (6,750.0 | ) | N/A | -95.1 | % | ||||
| Adjusted Net Profit/(Loss) (non-GAAP) | 43.5 | 726.8 | (6,279.1 | ) | -94.0 | % | N/A | |||||
Recent Developments
Deliveries in April 2026
- The Company delivered 29,356 vehicles in April 2026. As of April 30, 2026, the Company had delivered 112,821 vehicles in 2026, with cumulative deliveries reaching 1,110,413.
Debut of NIO ES9
- On April 9, 2026, NIO’s flagship executive SUV, the ES9, officially commenced pre-sales, and will be officially launched and commence delivery on May 27, 2026. As the culmination of over a decade of technological innovation, the ES9 redefines the benchmark for flagship SUVs through its signature design, exceptional space, advanced intelligence, refined comfort, and comprehensive safety. The ES9, featuring over 40 industry-first technologies and nearly 40 class-leading configurations, is set to usher in the era of battery electric vehicles for executive flagship SUVs.
Commencement of ONVO L80 delivery
- On April 28, 2026, ONVO commenced the pre-sale of its flagship large five-seat SUV, the L80, with deliveries commencing shortly after its official launch on May 15, 2026. Fully equipped with ONVO’s latest flagship technologies in spatial engineering, vehicle safety, and lightweight design, the L80 sets a new benchmark as China’s five-seat SUV with the largest trunk space and outstanding versatility. Leveraging technological innovation to redefine user experience, the L80 will expand the addressable scenarios of large five-seat SUVs, accompanying families on every journey of joy.
CEO and CFO Comments
“In the first quarter of 2026, the Company delivered 83,465 smart electric vehicles, representing a year-over-year increase of
“After eleven years of sustained investment and dedication, the Company has built comprehensive systematic innovation capabilities, serving as the core foundation for us to continuously launch innovative products and strengthen our long-term competitiveness. The NIO All-New ES8 has ranked first in sales in both China’s large SUV segment and the segment priced above RMB 400,000 for five consecutive months. The NIO ES9, our flagship executive SUV, integrates multiple industry-first technologies and class-leading features, and is poised to lead the premium flagship executive SUV segment into the battery electric era. This year, powered by NIO’s in-house developed smart driving chip, NIO WorldModel and the full-domain vehicle operating system, ONVO’s new models will undergo comprehensive upgrades in smart technologies, continuously enhancing user experience. The recently launched ONVO L80, ONVO’s flagship large five-seat SUV, caters to broader user needs through innovative space and lifestyle design. FIREFLY will continue to launch special edition models to deepen emotional connections with users,” added William Bin Li.
"In the first quarter of 2026, our vehicle margin stood at
Financial Results for the First Quarter of 2026
Revenues
- Total revenues in the first quarter of 2026 were RMB25,532.7 million (US
$3,701.5 million ), representing an increase of112.2% from the first quarter of 2025 and a decrease of26.3% from the fourth quarter of 2025. - Vehicle sales in the first quarter of 2026 were RMB22,783.7 million (US
$3,302.9 million ), representing an increase of129.2% from the first quarter of 2025 and a decrease of27.9% from the fourth quarter of 2025. The increase in vehicle sales over the first quarter of 2025 was mainly due to an increase in delivery volume and a higher average selling price mainly driven by a favorable product mix. The decrease in vehicle sales over the fourth quarter of 2025 was mainly attributable to a decrease in delivery volume. - Other sales in the first quarter of 2026 were RMB2,748.9 million (US
$398.5 million ), representing an increase of31.2% from the first quarter of 2025 and a decrease of9.7% from the fourth quarter of 2025. The increase in other sales over the first quarter of 2025 was mainly due to (i) increase in sales of parts, accessories and after-sales vehicle services, and provision of power solutions, as a result of continued growth in the number of users, and (ii) increase in revenues from auto financing services. The decrease in other sales over the fourth quarter of 2025 was mainly due to decrease in revenues from technical research and development services and used car sales.
Cost of Sales and Gross Margin
- Cost of sales in the first quarter of 2026 was RMB20,673.5 million (US
$2,997.0 million ), representing an increase of86.0% from the first quarter of 2025 and a decrease of27.7% from the fourth quarter of 2025. The increase in cost of sales over the first quarter of 2025 was mainly attributable to an increase in delivery volume. The decrease in cost of sales over the fourth quarter of 2025 was mainly attributable to a decrease in delivery volume. - Gross profit in the first quarter of 2026 was RMB4,859.1 million (US
$704.4 million ), representing an increase of428.4% from the first quarter of 2025 and a decrease of20.0% from the fourth quarter of 2025. - Gross margin in the first quarter of 2026 was
19.0% , compared with7.6% in the first quarter of 2025 and17.5% in the fourth quarter of 2025. The increase in gross margin over the first quarter of 2025 was mainly attributable to the increased vehicle margin. The increase in gross margin over the fourth quarter of 2025 was mainly due to (i) an improvement in the gross loss rate from provision of power solutions, and (ii) increase in sales from parts, accessories and after-sales vehicle services with relatively higher margins. - Vehicle margin in the first quarter of 2026 was
18.8% , compared with10.2% in the first quarter of 2025 and18.1% in the fourth quarter of 2025. The increase in vehicle margin from the first quarter of 2025 and the fourth quarter of 2025 was mainly attributable to a more favorable product mix.
Operating Expenses
- Research and development expenses in the first quarter of 2026 were RMB1,885.0 million (US
$273.3 million ), representing a decrease of40.7% from the first quarter of 2025 and a decrease of7.0% from the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted research and development expenses (non-GAAP) were RMB1,708.2 million (US$247.6 million ) in the first quarter of 2026, representing a decrease of41.4% from the first quarter of 2025 and a decrease of2.1% from the fourth quarter of 2025.The decrease in research and development expenses over the first quarter of 2025 was mainly due to decreased personnel costs in research and development functions primarily as a result of organizational optimization, and decreased design and development costs mainly resulting from different stages of development and improved operational efficiency. The decrease in research and development expenses over the fourth quarter of 2025 was mainly due to decreased design and development costs, which resulted from different stages of development and improved operational efficiency. - Selling, general and administrative expenses in the first quarter of 2026 were RMB3,497.3 million (US
$507.0 million ), representing a decrease of20.5% from the first quarter of 2025 and a decrease of1.1% from the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted selling, general and administrative expenses (non-GAAP) were RMB3,308.7 million (US$479.7 million ) in the first quarter of 2026, representing a decrease of21.4% from the first quarter of 2025 and a decrease of2.4% from the fourth quarter of 2025. The decrease in selling, general and administrative expenses over the first quarter of 2025 was mainly attributable to a decrease in personnel and related costs in marketing and other supporting functions as a result of organizational optimization, as well as a decrease in sales and marketing activities. Selling, general and administrative expenses in the first quarter of 2026 remained relatively stable compared with the fourth quarter of 2025.
(Loss)/Profit from Operations
- Loss from operations in the first quarter of 2026 was RMB308.8 million (US
$44.8 million ), compared with loss from operations of RMB6,418.1 million in the first quarter of 2025 and profit from operations of RMB807.3 million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted profit from operations (non-GAAP) was RMB66.8 million (US$9.7 million ) in the first quarter of 2026, compared with adjusted loss from operations (non-GAAP) of RMB 5,947.2 million in the first quarter of 2025 and adjusted profit from operations (non-GAAP) of RMB1,251.3 million in the fourth quarter of 2025.
Net (Loss)/Profit and Earnings Per Share/ADS
- Net loss in the first quarter of 2026 was RMB332.1 million (US
$48.1 million ), compared with net loss of RMB6,750.0 million in the first quarter of 2025 and net profit of RMB282.7million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted net profit (non-GAAP) was RMB43.5 million (US$6.3 million ) in the first quarter of 2026, compared with adjusted net loss (non-GAAP) of RMB6,279.1 million in the first quarter of 2025 and adjusted net profit of RMB726.8 million in the fourth quarter of 2025. - Net loss attributable to NIO’s ordinary shareholders in the first quarter of 2026 was RMB496.0 million (US
$71.9 million ), compared with net loss attributable to NIO’s ordinary shareholders of RMB6,891.1 million in the first quarter of 2025 and net profit attributable to NIO’s ordinary shareholders of RMB122.4 million in the fourth quarter of 2025. 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 RMB44.5 million (US$6.5 million ) in the first quarter of 2026, compared with adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) of RMB6,275.6 million in the first quarter of 2025 and adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP) of RMB728.1 million in the fourth quarter of 2025. - Basic and diluted net loss per ordinary share/ADS in the first quarter of 2026 were both RMB0.20 (US
$0.03) , compared with basic and diluted net loss per ordinary share/ADS of RMB3.29 in the first quarter of 2025 and basic and diluted net profit per ordinary share/ADS of RMB0.05 in the fourth quarter of 2025. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net profit per share/ADS (non-GAAP) were both RMB0.02 (US$0.00) in the first quarter of 2026, compared with adjusted basic and diluted net loss per share/ADS (non-GAAP) of RMB3.01 in the first quarter of 2025 and adjusted basic and diluted net profit per ordinary share/ADS (non-GAAP) of RMB0.29 in the fourth quarter of 2025.
Balance Sheet
- Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB48.2 billion (US
$7.0 billion ) as of March 31, 2026. Our net current assets turned positive as of March 31, 2026 and we generated positive operating cash flows and adjusted net profit (non-GAAP) in the first 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 second quarter of 2026, the Company expects:
- Deliveries of vehicles to be between 110,000 and 115,000 vehicles, representing an increase of approximately
52.7% to59.6% from the same quarter of 2025. - Total revenues to be between RMB32,777 million (US
$4,752 million ) and RMB34,436 million (US$4,992 million ), representing an increase of approximately72.4% to81.2% 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 May 21, 2026 (8:00 PM Beijing/Hong Kong/Singapore Time on May 21, 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/10054768-rm1exy.html
A replay of the conference call will be accessible by phone at the following numbers, until May 29, 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: | 10054768 |
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 small smart high-end electric 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 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 share/ADS (non-GAAP) as profit/(loss) attributable to ordinary shareholders and basic and diluted profit/(loss) per 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 RMB6.8980 to US
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 | March 31, 2026 | March 31, 2026 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | 11,274,094 | 8,827,507 | 1,279,720 | ||
| Restricted cash | 14,745,975 | 16,304,820 | 2,363,703 | ||
| Short-term investments | 19,755,809 | 22,938,157 | 3,325,334 | ||
| Trade and notes receivables | 1,394,445 | 1,159,560 | 168,101 | ||
| Amounts due from related parties | 16,078,250 | 16,375,974 | 2,374,018 | ||
| Inventory | 8,530,854 | 8,579,710 | 1,243,797 | ||
| Prepayments and other current assets | 4,853,610 | 5,154,523 | 747,249 | ||
| Total current assets | 76,633,037 | 79,340,251 | 11,501,922 | ||
| Non-current assets: | |||||
| Long-term restricted cash | 88,325 | 86,036 | 12,473 | ||
| Property, plant and equipment, net. | 25,827,968 | 25,432,871 | 3,686,992 | ||
| Intangible assets, net | 29,648 | 29,648 | 4,298 | ||
| Land use rights, net | 196,691 | 195,365 | 28,322 | ||
| Long-term investments | 2,480,518 | 2,450,240 | 355,210 | ||
| Right-of-use assets - operating lease | 11,711,306 | 11,301,509 | 1,638,375 | ||
| Other non-current assets | 7,433,585 | 7,359,089 | 1,066,844 | ||
| Total non-current assets | 47,768,041 | 46,854,758 | 6,792,514 | ||
| Total assets | 124,401,078 | 126,195,009 | 18,294,436 | ||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Short-term borrowings | 4,691,910 | 5,549,008 | 804,437 | ||
| Trade and notes payable | 53,309,727 | 53,969,730 | 7,823,968 | ||
| Amounts due to related parties, current | 625,903 | 638,215 | 92,522 | ||
| Taxes payable | 439,240 | 306,346 | 44,411 | ||
| Current portion of operating lease liabilities | 2,163,768 | 2,179,413 | 315,949 | ||
| Current portion of long-term borrowings | 655,971 | 736,435 | 106,761 | ||
| Accruals and other liabilities | 16,696,044 | 15,224,724 | 2,207,121 | ||
| Total current liabilities | 78,582,563 | 78,603,871 | 11,395,169 | ||
| Non-current liabilities: | |||||
| Long-term borrowings | 8,626,272 | 8,389,485 | 1,216,220 | ||
| Non-current operating lease liabilities | 10,092,039 | 9,713,184 | 1,408,116 | ||
| Amounts due to related parties, non-current | 604,178 | 777,289 | 112,683 | ||
| Deferred tax liabilities | 112,691 | 118,487 | 17,177 | ||
| Other non-current liabilities | 13,690,778 | 14,098,969 | 2,043,923 | ||
| Total non-current liabilities | 33,125,958 | 33,097,414 | 4,798,119 | ||
| Total liabilities | 111,708,521 | 111,701,285 | 16,193,288 | ||
NIO INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
| As of | ||||||||
| December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | US$ | ||||||
| MEZZANINE EQUITY | ||||||||
| Redeemable non-controlling interests | 8,551,854 | 10,173,477 | 1,474,844 | |||||
| Total mezzanine equity | 8,551,854 | 10,173,477 | 1,474,844 | |||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Total NIO Inc. shareholders’ equity | 4,159,460 | 4,340,065 | 629,177 | |||||
| Non-controlling interests | (18,757 | ) | (19,818 | ) | (2,873 | ) | ||
| Total shareholders’ equity | 4,140,703 | 4,320,247 | 626,304 | |||||
| Total liabilities, mezzanine equity and shareholders’ equity | 124,401,078 | 126,195,009 | 18,294,436 | |||||
NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except for share and per share/ADS data)
| Three Months Ended | |||||||||
| March 31, 2025 | December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||||
| RMB | RMB | RMB | US$ | ||||||
| Revenues: | |||||||||
| Vehicle sales | 9,939,305 | 31,606,179 | 22,783,708 | 3,302,944 | |||||
| Other sales | 2,095,424 | 3,044,062 | 2,748,947 | 398,514 | |||||
| Total revenues | 12,034,729 | 34,650,241 | 25,532,655 | 3,701,458 | |||||
| Cost of sales: | |||||||||
| Vehicle sales | (8,925,641 | ) | (25,893,175 | ) | (18,491,467 | ) | (2,680,700 | ) | |
| Other sales | (2,189,534 | ) | (2,683,007 | ) | (2,182,051 | ) | (316,331 | ) | |
| Total cost of sales | (11,115,175 | ) | (28,576,182 | ) | (20,673,518 | ) | (2,997,031 | ) | |
| Gross profit | 919,554 | 6,074,059 | 4,859,137 | 704,427 | |||||
| Operating expenses: | |||||||||
| Research and development | (3,181,403 | ) | (2,025,954 | ) | (1,885,024 | ) | (273,271 | ) | |
| Selling, general and administrative | (4,400,763 | ) | (3,537,388 | ) | (3,497,306 | ) | (507,003 | ) | |
| Other operating income, net | 244,484 | 296,553 | 214,382 | 31,079 | |||||
| Total operating expenses | (7,337,682 | ) | (5,266,789 | ) | (5,167,948 | ) | (749,195 | ) | |
| (Loss)/profit from operations | (6,418,128 | ) | 807,270 | (308,811 | ) | (44,768 | ) | ||
| Interest and investment income | 173,216 | 126,517 | 115,894 | 16,801 | |||||
| Interest expenses | (244,862 | ) | (205,130 | ) | (214,405 | ) | (31,082 | ) | |
| Gain on extinguishment of debt | (14,660 | ) | — | — | — | ||||
| Share of losses of equity investees | (256,195 | ) | (529,242 | ) | (37,908 | ) | (5,496 | ) | |
| Other income, net | 15,227 | 100,586 | 125,266 | 18,160 | |||||
| (Loss)/profit before income tax expense | (6,745,402 | ) | 300,001 | (319,964 | ) | (46,385 | ) | ||
| Income tax expense | (4,631 | ) | (17,283 | ) | (12,118 | ) | (1,757 | ) | |
| Net (loss)/profit | (6,750,033 | ) | 282,718 | (332,082 | ) | (48,142 | ) | ||
| Accretion on redeemable non-controlling interests to redemption value | (144,490 | ) | (161,624 | ) | (164,987 | ) | (23,918 | ) | |
| Net loss attributable to non-controlling interests | 3,462 | 1,349 | 1,061 | 154 | |||||
| Net (loss)/profit attributable to ordinary shareholders of NIO Inc. | (6,891,061 | ) | 122,443 | (496,008 | ) | (71,906 | ) | ||
| Net (loss)/profit | (6,750,033 | ) | 282,718 | (332,082 | ) | (48,142 | ) | ||
| Other comprehensive income/(loss) | |||||||||
| Foreign currency translation adjustment, net of nil tax | 75,911 | (121,977 | ) | (148,948 | ) | (21,593 | ) | ||
| Total other comprehensive income/(loss) | 75,911 | (121,977 | ) | (148,948 | ) | (21,593 | ) | ||
| Total comprehensive (loss)/income | (6,674,122 | ) | 160,741 | (481,030 | ) | (69,735 | ) | ||
| Accretion on redeemable non-controlling interests to redemption value | (144,490 | ) | (161,624 | ) | (164,987 | ) | (23,918 | ) | |
| Net loss attributable to non-controlling interests | 3,462 | 1,349 | 1,061 | 154 | |||||
| Comprehensive (loss)/income attributable to ordinary shareholders of NIO Inc. | (6,815,150 | ) | 466 | (644,956 | ) | (93,499 | ) | ||
| Weighted average number of ordinary shares/ADSs used in computing net (loss)/profit per share/ADS | |||||||||
| Basic | 2,093,881,620 | 2,469,498,703 | 2,481,180,303 | 2,481,180,303 | |||||
| Diluted | 2,093,881,620 | 2,510,927,676 | 2,481,180,303 | 2,481,180,303 | |||||
| Net (loss)/profit per share/ADS attributable to ordinary shareholders | |||||||||
| Basic | (3.29 | ) | 0.05 | (0.20 | ) | (0.03 | ) | ||
| Diluted | (3.29 | ) | 0.05 | (0.20 | ) | (0.03 | ) | ||
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 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 | ||||
| Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD) | (0.03 | ) | 0.02 | 0.01 | 0.00 | ||||
| Three Months Ended December 31, 2025 | |||||||||
| 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 | (28,576,182 | ) | 14,098 | — | (28,562,084 | ) | |||
| Research and development expenses | (2,025,954 | ) | 281,102 | — | (1,744,852 | ) | |||
| Selling, general and administrative expenses | (3,537,388 | ) | 148,868 | — | (3,388,520 | ) | |||
| Total | (34,139,524 | ) | 444,068 | — | (33,695,456 | ) | |||
| Profit from operations | 807,270 | 444,068 | — | 1,251,338 | |||||
| Net profit | 282,718 | 444,068 | — | 726,786 | |||||
| Net profit attributable to ordinary shareholders of NIO Inc. | 122,443 | 444,068 | 161,624 | 728,135 | |||||
| Net profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | 0.05 | 0.18 | 0.06 | 0.29 | |||||
| Three Months Ended March 31, 2025 | |||||||||
| 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 | (11,115,175 | ) | 15,001 | — | (11,100,174 | ) | |||
| Research and development expenses | (3,181,403 | ) | 267,047 | — | (2,914,356 | ) | |||
| Selling, general and administrative expenses | (4,400,763 | ) | 188,891 | — | (4,211,872 | ) | |||
| Total | (18,697,341 | ) | 470,939 | — | (18,226,402 | ) | |||
| Loss from operations | (6,418,128 | ) | 470,939 | — | (5,947,189 | ) | |||
| Net loss | (6,750,033 | ) | 470,939 | — | (6,279,094 | ) | |||
| Net loss attributable to ordinary shareholders of NIO Inc. | (6,891,061 | ) | 470,939 | 144,490 | (6,275,632 | ) | |||
| Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) | (3.29 | ) | 0.21 | 0.07 | (3.01 | ) | |||
i All translations from RMB to USD for the first quarter of 2026 were made at the rate of RMB6.8980 to US
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.
