NIO Q2 2026 Earnings Call: Revenue Growth, 18.5% Vehicle Margin and Delivery Guidance
Source Tradingkey
Key Takeaways
- NIO delivered 107,658 vehicles in Q2 2026, up 49.4% year over year. Total revenue rose 69.1% to RMB 32.1 billion.
- Vehicle margin improved to 18.5% from 10.3% a year earlier, supported by a more favorable product mix. Overall gross margin reached 18.4%.
- Adjusted operating profit was RMB 0.2 billion, while adjusted net profit was RMB 26.1 million. NIO also generated positive operating cash flow and free cash flow.
- Cash, cash equivalents, restricted cash, short-term investments and long-term time deposits totaled RMB 56.7 billion at quarter-end.
- Management expects Q3 deliveries of 108,000 to 111,000 vehicles and targets average monthly deliveries above 40,000 in Q4.
- Rising costs remain a key pressure. Management said the per-vehicle cost impact reached about RMB 14,000 in Q2 versus late Q4 2025 and could increase by another RMB 2,000 to RMB 3,000 in the second half.
Core Financial Results
| Metric | Q2 2026 | Change | Key driver or context |
|---|---|---|---|
| Total revenue | RMB 32.1 billion | +69.1% YoY; +25.9% QoQ | Higher deliveries, average selling price and favorable product mix |
| Vehicle sales | RMB 29.1 billion | +80.1% YoY; +27.5% QoQ | Higher volume and average selling price |
| Other sales | RMB 3.1 billion | +7.2% YoY; +12.0% QoQ | Growth in parts, accessories and aftersales services |
| Vehicle margin | 18.5% | 10.3% a year ago; 18.8% in Q1 | Favorable product mix offset cost pressure |
| Gross margin | 18.4% | 10.0% a year ago; 19.0% in Q1 | Higher vehicle margin; modest sequential decline in other-sales margins |
| R&D expenses | RMB 2.1 billion | -28.7% YoY; +13.8% QoQ | Organizational optimization and improved efficiency; sequential increase from new projects |
| SG&A expenses | RMB 4.4 billion | +11.6% YoY; +22.5% QoQ | Product-launch marketing and higher personnel-related costs |
| Operating loss | RMB 0.3 billion | -92.9% YoY; +12.4% QoQ | — |
| Adjusted operating profit | RMB 0.2 billion | — | Excludes share-based compensation |
| Net loss | RMB 0.5 billion | -89.4% YoY; +59.0% QoQ | — |
| Adjusted net profit | RMB 26.1 million | — | Excludes share-based compensation |
| Total cash position | RMB 56.7 billion | — | Includes cash equivalents, restricted cash and investments |
Business and Operating Performance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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