NIO Inc. · 2026 Q2
ReportsSep 1, 2026
SlotBefore Market Open
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
-$0.06
Range -$0.05 to -$0.07 per ADS
QoQ—
YoY—
Revenue
$4.80B
Guided $4,752M-$4,992M
QoQ+29.7%
YoY+80.9%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Consensus
About $4.80B revenue, -$0.05 to -$0.07 per ADS
Company guidance
RMB32.78-34.44bn, or US$4,752-$4,992M
Deliveries
107,658 disclosed, 2,342 below the guided floor
Guide implied
About RMB298,000 of revenue per vehicle
March quarter
RMB305,909 of revenue per vehicle
Consensus needs
RMB307,552 of revenue per vehicle
Q3 so far
July 35,934 and August 35,836; 71,770 of 107,658
Vehicle margin
18.8% in March; full-year aim about 17-18%
Quarter ended
June 30, 2026
What to watch
- Total revenue against the guided RMB32.78–34.44 billion and the ~$4.80 billion consensus. The delivered volume brackets the outcome at RMB32.08–32.94 billion unless revenue per vehicle rose above March's level; consensus requires that it did.
- Vehicle margin against 18.8%, and the full-year 17–18% aim. The aim sits below the last print, so the question is how much of the March gain the company expects to keep — and the ES9 mix is the reason it might keep more.
- Non-GAAP operating result against RMB66.8 million, and the full-year non-GAAP operating profit target. A third consecutive positive quarter on 29% more volume is the operating claim the equity story rests on; the full-year target then puts the same test on the two quarters after it.
- The third-quarter delivery and revenue guide against 71,770 already delivered. Anything materially above 108,000 assumes a September step-up that July and August have not shown.
- Whether the June-quarter miss gets an explanation. The guide was six weeks old when the quarter closed. Supply, a launch ramp and demand are three very different reasons to be 2,342 cars short.
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.
Every quarter
Read the full preview → 2026 Q2 release page View NIO stock page