Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $720M | $1.12B | $2.49B | $5.67B | $7.14B | $7.83B | $9.01B | $12.5B |
| Revenue growth | — | 56.1% | 121.7% | 127.6% | 26.0% | 9.7% | 15.0% | 38.9% |
| Gross profit | -$37.2M | -$172M | $287M | $1.07B | $746M | $430M | $890M | $1.70B |
| Gross margin | -5.2% | -15.3% | 11.5% | 18.9% | 10.4% | 5.5% | 9.9% | 13.6% |
| Operating income | -$1.40B | -$1.59B | -$706M | -$706M | -$2.27B | -$3.19B | -$3.00B | -$2.01B |
| Operating margin | -193.8% | -141.6% | -28.3% | -12.4% | -31.7% | -40.7% | -33.3% | -16.0% |
| Net income | -$1.40B | -$1.62B | -$813M | -$630M | -$2.09B | -$2.92B | -$3.07B | -$2.14B |
| Net margin | -194.7% | -144.4% | -32.6% | -11.1% | -29.3% | -37.3% | -34.1% | -17.1% |
| EPS (diluted) | -$10.21 | -$1.59 | -$0.73 | -$1.05 | -$1.29 | -$1.75 | -$1.51 | -$0.98 |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.15B | -$1.25B | $299M | $309M | -$561M | -$195M | -$1.08B | $428M |
| Capital expenditures | — | $245M | $173M | $640M | $1.01B | $2.02B | $1.25B | $867M |
| Free cash flow | — | -$1.50B | $126M | -$331M | -$1.57B | -$2.21B | -$2.33B | -$439M |
| Share buybacks | $1.09M | — | — | — | — | — | — | — |
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $456M | $124M | $5.89B | $2.41B | $2.88B | $4.64B | $2.65B | $1.61B |
| Total assets | $2.74B | $2.09B | $8.37B | $13.0B | $14.0B | $16.5B | $14.7B | $17.8B |
| Total liabilities | $1.56B | $2.79B | $3.49B | $7.03B | $9.95B | $12.4B | $12.9B | $16.0B |
| Long-term debt | $170M | $1.03B | $910M | $1.53B | $1.58B | $1.84B | $1.57B | $1.23B |
| Shareholders' equity | $994M | -$905M | $4.16B | $5.45B | $3.46B | $3.60B | $817M | $595M |
| Retained earnings | -$5.10B | -$6.65B | -$7.92B | -$8.73B | -$10.1B | -$12.8B | -$15.5B | -$18.3B |
| Shares (wtd avg diluted) | 1.05B | 1.03B | 1.18B | 1.57B | 1.64B | 1.70B | 2.05B | 2.27B |
Every figure is extracted from NIO Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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