EarningsQ2 2026 Earnings Report
MX:NION Q2 2026 EPS Results
Actual EPS-$0.79
Consensus EPS-$1.00
Beat/MissBeat by +$0.22
One Year Ago EPS-$5.02
MX:NION Q2 2026 Revenue Results
Actual Revenue$85.82B
Expected Revenue$88.33B
Beat/MissMissed by -$2.50B
YoY Revenue Growth+79.65%
Earnings Announcement Details
QuarterQ2 2026
Date09/01/2026
TimeBefore Open
Conference CallTuesday, September 1, 2026
MX:NION Upcoming Earnings
Nio's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NION Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. NIO reported substantial delivery and revenue growth, sharply improved year-over-year margins and losses, positive operating and free cash flow, and a stronger cash position. Product momentum, smart-driving adoption, brand recognition, infrastructure expansion and the product pipeline were also highlighted positively. The main challenges were rising material and chip costs, a sequential decline in gross margin, ongoing net losses, higher operating expenses, and moderate ONVO order momentum and brand awareness.Company Guidance
Strong Q2 Vehicle Deliveries
NIO delivered 107,658 smart EVs in Q2, representing year-over-year growth of 49.4%. The NIO, ONVO and FIREFLY brands each achieved year-over-year and quarter-over-quarter growth in both sales volume and average transaction price.
Brand-Level Delivery Performance
The NIO brand delivered 60,945 vehicles, ONVO delivered 29,124 vehicles, and FIREFLY delivered 17,589 vehicles. NIO led China's passenger vehicle market with transaction prices above RMB 350,000 across all powertrain types, while FIREFLY maintained leadership in the high-end compact car market.
Positive Near-Term Volume Outlook
NIO delivered 35,934 vehicles in July and 35,836 vehicles in August. Q3 deliveries are expected to range between 108,000 and 111,000 units, and the company targets an average volume of over 40,000 units per month in Q4.
Significant Revenue Growth
Q2 total revenue reached RMB 32.1 billion, up 69.1% year-over-year and 25.9% quarter-over-quarter. Vehicle sales revenue was RMB 29.1 billion, up 80.1% year-over-year and 27.5% quarter-over-quarter, driven year-over-year by increased deliveries and a higher average selling price from a more favorable product mix.
Improved Gross Margin
Overall gross margin was 18.4%, compared with 10% in Q2 last year and 19% in the previous quarter. Vehicle gross margin was 18.5%, compared with 10.3% in Q2 last year and 18.8% last quarter. The year-over-year vehicle margin improvement was driven by a more favorable product mix.
Positive Cash Flow and Stronger Cash Position
The company generated positive operating cash flow and positive free cash flow in Q2, while continuing to generate non-GAAP operating profit. Total cash and cash equivalents, restricted cash, short-term investments and long-term time deposits increased to RMB 56.7 billion.
Substantial Profitability Improvement
Loss from operations was RMB 0.3 billion, down 92.9% year-over-year. Excluding share-based compensation, adjusted operating profit was RMB 0.2 billion. Net loss was RMB 0.5 billion, down 89.4% year-over-year, while adjusted net profit was RMB 26.1 million.
Strong First-Half Growth
For the first half of the year, sales volume increased 67% year-over-year, total revenue increased 86% year-over-year, and gross profit increased 282% year-over-year.
Flagship NIO Models Gaining Traction
The ES8 reached 140,000 deliveries in 335 days and led China's passenger vehicle segment in the RMB 400,000 price range and the large SUV segment. The ES8 achieved the highest NPS among BEVs in a Land Roads survey. The ES9 led sales volume among passenger vehicles with transaction prices above RMB 500,000 in June and July, and approximately three-fourths of ES9 users came from outside the existing NIO user community.
High NIO Brand Average Selling Price
The NIO brand's average selling price was RMB 406,000 in Q2 and over RMB 430,000 in July, ranking first among mainstream premium brands according to the insurance associations cited on the call.
ONVO Product and Segment Leadership
The ONVO L90 surpassed 60,000 deliveries within its first year and ranked first among large battery-electric SUVs priced around RMB 300,000. In Q2, ONVO became the sales leader among large SUVs priced below RMB 300,000. ONVO achieved an average selling price of RMB 240,000 in the first half of the year and was one of eight brands in China that increased both sales volume and average selling price.
FIREFLY Maintains Segment Leadership
FIREFLY held the number-one market share among high-end compact cars for 15 consecutive months.
Smart Driving Adoption Increased
The latest NIO WorldModel version was rolled out to more than 700,000 NIO and ONVO users. Following the upgrade, NIO users' mileage with urban NOP increased 92.8%, while ONVO users' mileage with urban NOA increased 127.8%. Among Cedar-platform users, approximately 58% engaged smart-driving functions for more than half of their trips.
Smart Driving Monetization Already Underway
New NIO and ONVO users receive a five-year complimentary subscription to smart-driving capabilities. Used-car users pay RMB 380 per month, with a penetration rate of around 20% among those users. The company stated that annual revenue from this business is currently around several thousands of millions of RMB.
Expanded Sales, Service and Power Infrastructure
NIO has 165 NIO Houses, 376 NIO Spaces, 441 ONVO stores, 420 service centers and 93 delivery centers. Its global power network includes 4,123 power swap stations and 30,294 power and destination chargers.
Fifth-Generation Swap Station Launch
NIO's 4,000th power swap station went live on August 7, marking the launch of its first fifth-generation station. The new station supports all NIO, ONVO and FIREFLY models, costs around RMB 1.4 million excluding batteries, high-voltage power supply and energy preparation, and is around RMB 100,000 cheaper than the fourth generation. First-time swap performance improved by 50% compared with earlier last year.
Power Network Expansion Supported by Partners
NIO plans to build 1,000 new power swap stations this year. It has partnered with more than 40 state-owned enterprises, platforms and financial institutions across 25 provinces and cities in China, with newly built infrastructure expected to be sponsored or funded by Power Up partners.
Service and Sustainability Recognition
NIO ranked number one among both premium brands and Chinese brands in J.D. Power's 2026 Customer Service Index study for NEVs. TIME Magazine named NIO one of the world's most sustainable companies of 2026, making it the only Chinese automaker on the list.
Planned Product Pipeline
Next year, the NIO brand plans to introduce products from the 5 and 6 series product lines. ONVO plans to introduce a major strategic new product, while FIREFLY will maintain its single-model strategy with special editions and technology upgrades.
Continued R&D and Infrastructure Investment
Full-year CapEx is expected to be roughly RMB 6 billion to RMB 7 billion, relatively flat from last year, mainly for product research and development and the sales and service network rather than capacity and factory investment. Non-GAAP R&D expenses are expected to be roughly RMB 2.5 billion per quarter this year.
Battery Asset Management Progress
The Battery-as-a-Service model is receiving increased recognition from users, financial institutions and partners. Amounts due from the battery asset management company declined from over RMB 16 billion earlier this year to less than RMB 15 billion at the end of Q2.
Strategic Physical AI Initiative
NIO made a strategic investment in a physical AI and embodied intelligence startup founded by its Head of Smart Driving. The executive will continue leading NIO's Smart Driving department, while the startup is intended to support talent acquisition and future strategic collaborations and projects.
Long-Term Growth Target
Management expects annual volume growth of around 40% to 50% over the mid and long term.
MX:NION Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed