Nio quarterly revenue reaches 32.14 billion yuan in Q2 2026

Nio quarterly revenue reached 32.14 billion yuan in the second quarter of 2026, up 69.1% from a year earlier and 25.9% from the first quarter, according to the company’s earnings report released Tuesday, September 1. The result was supported by stronger deliveries and a more favorable product mix, particularly higher-priced models. Revenue nevertheless came in about 2% below the lower end of Nio’s earlier guidance of 32.78 billion yuan. The quarter also extended a notable improvement in operating performance, with adjusted operating profit remaining positive for a third consecutive quarter as the company continued working to strengthen its financial position.

Quarterly Revenue by Period, Q1 2020–Q2 2026

The revenue series shows a substantial increase in Nio’s quarterly scale over the period covered. Revenue moved from 1.37 billion yuan in the first quarter of 2020 to 32.14 billion yuan in the second quarter of 2026, with several periods of significant expansion and contraction along the way. The highest quarterly figure in the supplied data before the latest quarter was 34.65 billion yuan in Q4 2025. The 2026 results remained materially above most earlier periods, reflecting the company’s stronger delivery base and changes in product mix.

Nio Inc recorded adjusted operating profit of 206.9 million yuan during the second quarter, compared with 66.8 million yuan in the first quarter and an adjusted operating loss of 4.04 billion yuan in the same period of 2025. The latest result represents roughly 3.1 times the prior-quarter operating profit and marks another step in the company’s recovery in operating profitability. Excluding share-based compensation, adjusted net profit was 26.1 million yuan, down from 43.5 million yuan in the first quarter. The figures show that improved operating performance has not translated into a steadily rising adjusted bottom line, despite substantially stronger revenue and margins.

Quarterly Adjusted Net Income Through Q2 2026

The adjusted net income history highlights the scale of Nio’s profitability improvement during 2026. Adjusted losses were particularly deep through 2022 and 2023, reaching 5.066 billion yuan in Q4 2022 and 5.446 billion yuan in Q2 2023. The company remained loss-making on this measure throughout 2025 before recording adjusted net income of 44 million yuan in Q1 2026 and 26 million yuan in Q2 2026. The latest result was lower than the first quarter, but it continued the shift from large adjusted losses toward positive quarterly results.

The company’s GAAP results remained in the red, although the second-quarter net loss narrowed substantially compared with a year earlier. Nio reported a GAAP net loss of 528 million yuan for the quarter, versus a 4.9948 billion yuan loss in the second quarter of 2025. The latest loss was nevertheless 59% wider than the 332.1 million yuan loss recorded in the first quarter of 2026. This contrast between improving adjusted operating results and continuing GAAP losses highlights the effect of expenses and other accounting items that remain relevant to the company’s overall earnings performance.

Quarterly GAAP Net Income Through Q2 2026

The GAAP net income series shows that the company has yet to establish sustained GAAP profitability. The quarterly loss widened considerably during 2022 and remained substantial through 2024 and the first three quarters of 2025. A GAAP profit of 283 million yuan was recorded in Q4 2025, followed by losses of 332 million yuan in Q1 2026 and 528 million yuan in Q2 2026. The latest loss therefore differs from the adjusted results, emphasizing the importance of distinguishing adjusted operating and net income measures from GAAP earnings when evaluating the company’s financial progress.

Vehicle sales revenue increased 80.1% year-over-year and 27.5% sequentially to 29.0582 billion yuan in the second quarter. Nio attributed the increase to higher delivery volume and a higher average selling price created by changes in its product mix. The company delivered 107,658 vehicles during the period, representing 49.4% year-over-year growth, although deliveries were below the earlier guidance range of 110,000 to 115,000 units. The combination of stronger volume and pricing demonstrates why product mix has become an important contributor to Nio’s financial performance as the company expands sales of higher-margin models.

Nio Inc’s overall gross margin reached 18.4% in the second quarter, compared with 10.0% a year earlier and 19.0% in the first quarter. The sequential decline was modest, leaving the company close to its recent four-year high. Vehicle margin also strengthened considerably on a year-over-year basis, rising to 18.5% from 10.3%, while remaining broadly stable against 18.8% in the first quarter. Nio said higher sales of high-margin models and continued optimization of its cost structure supported profitability. The margin trend therefore provides an important measure of the progress made alongside the company’s improving revenue and operating results.

Quarterly Gross and Vehicle Margins Through Q2 2026

The margin history illustrates the volatility of Nio’s profitability over the six-year period. Gross margin was negative at 12.2% in Q1 2020 before improving to 19.5% in Q1 2021, while vehicle margin reached 21.2% in that quarter. Margins subsequently weakened sharply during 2022 and early 2023 before recovering during 2024 and 2025. By Q1 2026, gross margin had reached 19.0% and vehicle margin stood at 18.8%. The second-quarter figures remained strong at 18.4% and 18.5%, respectively, supported by higher-margin models and cost-structure optimization.

Research and development spending was 2.14 billion yuan in the second quarter, down 28.7% from a year earlier but up 13.8% from the first quarter. Nio said the sequential increase was mainly associated with greater investment in developing new products and technologies. Selling and general administrative expenses moved in the opposite direction from R&D on a year-over-year basis, rising 11.6% to 4.42 billion yuan and increasing 26.5% sequentially. The company linked the higher SG&A expense primarily to increased sales and marketing activity connected with new product launches, showing the continued cost of supporting its product expansion.

Quarterly R&D and SG&A Expenses Through Q2 2026

The expense history shows how Nio’s investment profile has changed as the company has expanded its products and operations. R&D spending rose from 522 million yuan in Q1 2020 to a peak of 3.981 billion yuan in Q4 2022 before declining during subsequent periods. SG&A expenses also increased substantially from 848 million yuan in Q1 2020 to 4.878 billion yuan in Q4 2024. In Q2 2026, R&D stood at 2.145 billion yuan while SG&A reached 4.425 billion yuan, reflecting continued spending on technologies, products, launches, sales and marketing.

As of June 30, Nio Inc held 56.7 billion yuan in cash and cash equivalents, restricted cash, short-term investments and long-term time deposits. That combined liquidity position was higher than the 48.2 billion yuan reported at the end of March. The increase gives the company a larger financial resource base as it continues investing in products, technologies, sales activity and market development. Nio’s balance of liquidity, research spending, selling expenses and improving margins remains important because the company is simultaneously pursuing growth and working toward more durable profitability. The second-quarter figures indicate progress, while also showing that substantial investment continues.

For the third quarter, Nio expects to deliver between 108,000 and 111,000 vehicles, which would represent approximately 24.0% to 27.5% year-over-year growth. The company forecasts third-quarter revenue between 33.285 billion yuan and 34.051 billion yuan, equivalent to approximately 52.7% to 56.2% year-over-year growth. Nio delivered 35,934 vehicles in July and another 35,836 in August. Based on those reported monthly deliveries, the company needs between 36,230 and 39,230 vehicles in September to reach its stated third-quarter delivery guidance. The monthly requirement makes September a key determinant of whether the quarterly target is achieved.

Nio Inc founder, chairman and CEO William Li said all three brands, Nio, Onvo and Firefly, increased both sales volume and average transaction price in the second quarter. Chief Financial Officer Stanley Qu said strong sales of higher-margin models and continued cost-structure optimization helped the company maintain healthy margins despite rising cost pressures. Taken together, the second-quarter results point to a business with substantially higher revenue, stronger vehicle margins and a third consecutive quarter of adjusted operating profit. At the same time, GAAP net losses and continued investment in products, technology, sales and marketing show that Nio’s profitability improvement remains a work in progress rather than a completed transition.

Frequently Asked Questions

What was Nio’s revenue in the second quarter of 2026?
Nio reported revenue of 32.14 billion yuan in the second quarter of 2026, representing a 69.1% increase from the same quarter a year earlier and a 25.9% increase from the first quarter. The company said higher deliveries and a more favorable product mix supported the increase, while revenue remained about 2% below the lower end of its previous guidance of 32.78 billion yuan. Vehicle sales revenue reached 29.0582 billion yuan, while total vehicle deliveries increased 49.4% year-over-year to 107,658 units during the quarter.