NIO Inc. cash flow statement

In fiscal 2025, NIO Inc.'s operations generated $416m of cash; it spent $844m on capital projects, leaving free cash flow of −$428m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

NIO Inc.: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−332	−677	−1,199	−1,263	283	305	−576	−195	−1,091	416
Depreciation and amortisation	7	25	72	145	152	265	425	477	817	994
Stock-based pay	12	13	103	48	27	157	342	335	268	249
Capital spending	—	165	401	247	163	632	1,038	2,027	1,271	844
Free cash flow	—	−842	−1,600	−1,510	119	−327	−1,614	−2,222	−2,362	−428
Free cash flow after stock pay	—	−856	−1,703	−1,559	92	−484	−1,956	−2,557	−2,630	−677
Share buybacks	—	—	1	—	—	—	—	—	—	—
Shares issued	—	—	1,141	—	5,016	1,965	—	2,962	—	1,650

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from NIO Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to NIO Inc.