NIO Inc. · Q2 2026
ReportedSep 1, 2026
Period endedJun 30, 2026
Consensus vs reported
EPS · NON-GAAP
BEAT +103%
$0.00
vs -$0.06 expected
QoQ-40.0%
YoY—
Revenue
MISS -1%
$4.74B
vs $4.80B expected
QoQ+28.0%
YoY+78.5%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $4.74B, up 78.5% year over year and 28.0% on the quarter. Non-GAAP EPS $0.00, down 40.0% on the quarter. GAAP EPS -$0.04. Non-GAAP EPS beat consensus by 103%.
Reported this quarter
Revenue
$4.74B
QoQ +28.0%
YoY +78.5%
EPS · NON-GAAP
$0.00
QoQ -40.0%
YoY —
EPS · GAAP
-$0.04
QoQ -33.3%
YoY +87.5%
Gross Margin
18.4%
QoQ -0.7 pp
YoY +8.4 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The quarter earned the rate the guide assumed, not the rate the Street did. Revenue per vehicle was RMB298,509 against the ~RMB298,000 NIO's own guide implied and the RMB307,552 the $4.80bn consensus needed — a 2.9% gap that is the entire revenue miss.
- Revenue missed the floor of NIO's own guide, and the shares fell 4.4%. RMB32,136.9m against RMB32,777–34,436m, on deliveries already public and already 2,342 short of the guided floor.
- The margin was held against RMB14,000 a car of cost inflation, with RMB2,000–3,000 more coming. Vehicle margin 18.5%, guided flat through Q3 and Q4 against a cumulative RMB16,000–17,000 increase since the December 2025 quarter.
- Adjusted operating profit tripled to RMB206.9m, and GAAP still lost RMB347.2m. The whole wedge is RMB554.1m of share-based compensation, up from RMB375.6m in March — so the gap widened as the operating result improved.
- The December-quarter target is a repeat, not a step up. "Over 40,000 units per month" is more than 120,000 against 124,807 delivered in December 2025, and it is what puts full-year revenue near RMB128bn rather than the RMB136bn the sell side carries.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | -$0.36 | — |
| 2024 Q4 | — | -$0.47 | — |
| 2025 Q1 | — | -$0.45 | — |
| 2025 Q2 | — | -$0.32 | — |
| 2025 Q3 | — | -$0.21 | — |
| 2025 Q4 | — | $0.01 | — |
| 2026 Q1 | — | -$0.03 | — |
| 2026 Q2 | -$0.06 | $0.00 | +103% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1736541.
JSON
Company facts (XBRL)
Every figure NIO has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings