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NIO Inc. Reports Unaudited Second Quarter 2026 Financial Results

September 1, 2026 6:00 AM

Quarterly Total Revenues Reached RMB32,136.9 Million (US$4,736.4 Million)i
Quarterly Vehicle Deliveries Were 107,658 Units

SHANGHAI, Sept. 01, 2026 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Operating Highlights for the Second Quarter of 2026

Key Operating Results
2026 Q22026 Q12025 Q42025 Q3
Deliveries107,65883,465124,80787,071
2025 Q22025 Q12024 Q42024 Q3
Deliveries72,05642,09472,68961,855

Financial Highlights for the Second Quarter of 2026

Key Financial Results for the Second Quarter of 2026

(in RMB million, except for percentage)

2026Q22026 Q1 2025 Q2 % Changeiii
QoQYoY
Vehicle Sales 29,058.2 22,783.7 16,136.1 27.5% 80.1%
Vehicle Margin 18.5% 18.8% 10.3% -30bp 820bp
Total Revenues 32,136.9 25,532.7 19,008.7 25.9% 69.1%
Gross Profit 5,906.5 4,859.1 1,897.5 21.6% 211.3%
Gross Margin 18.4% 19.0% 10.0% -60bp 840bp
Loss from Operations (347.2) (308.8) (4,908.9) 12.4% -92.9%
Adjusted Profit/(Loss) from Operations (non-GAAP)206.9 66.8 (4,040.8) 209.7% N/A
Net Loss (528.0) (332.1) (4,994.8) 59.0% -89.4%
Adjusted Net Profit/(Loss) (non-GAAP)26.1 43.5 (4,126.7) -40.0% N/A

Recent Developments

Deliveries in July and August 2026

Debut of NIO All-New ES8 Five-Seat Version

Financing of Shenji

CEO and CFO Comments

“In the second quarter of 2026, the Company delivered 107,658 smart electric vehicles, representing a 49.4% year-over-year increase. All three brands, NIO, ONVO, and FIREFLY, achieved growth in both sales volume and average transaction price. For the third quarter, we expect total deliveries to range between 108,000 and 111,000 vehicles, with a year-over-year growth of 24.0% to 27.5%,” said William Bin Li, founder, chairman, and chief executive officer of NIO.

“In the second quarter, the NIO brand ranked first in China’s passenger vehicle market priced above RMB 350,000. The ES8 has sustained strong market momentum since its launch and reached its 140,000th delivery within 335 days, leading China’s RMB 400,000-level passenger vehicle segment and the large SUV segment. The ES9, our executive flagship SUV, continues to win over users from traditional fuel-powered luxury SUVs, ranking first in sales among passenger vehicles priced above RMB 500,000 in China in both June and July. With the compelling product advantages of the ONVO L90 and L80, the ONVO brand has become the sales leader in China’s RMB 200,000 to RMB 300,000 large SUV segment. Meanwhile, the firefly has ranked first in market share in China’s high-end small-car market for 15 consecutive months, further strengthening its leadership in the segment,” added William Bin Li.

“In the second quarter of 2026, the Company continued to improve its overall operating quality. Supported by strong sales of higher-margin models and ongoing optimization of our cost structure, we maintained healthy gross and vehicle margins despite rising cost pressures. Services and community-related businesses continued to contribute to profitability. The Company maintained positive non-GAAP operating profit during the quarter, further increasing our cash reserves and strengthening our financial position to support long-term, sustainable development,” said Stanley Yu Qu, NIO’s chief financial officer. “With our solid, comprehensive systematic capabilities and clear business strategies, we are confident in achieving our full-year operating objectives and delivering high-quality growth.”

Financial Results for the Second Quarter of 2026

Revenues

Cost of Sales and Gross Margin

Operating Expenses

Loss from Operations

Net Loss and Earnings Per Ordinary Share/ADS

Balance Sheet

Business Outlook

For the third quarter of 2026, the Company expects:

This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on September 1, 2026 (8:00 PM Beijing/Hong Kong/Singapore Time on September 1, 2026).

A live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.nio.com/news-events/events.

For participants who wish to join the conference using dial-in numbers, please register in advance using the link provided below and dial in 10 minutes prior to the call. Dial-in numbers, passcode and unique access PIN would be provided upon registering.

https://s1.c-conf.com/diamondpass/10056744-ju876y.html

A replay of the conference call will be accessible by phone at the following numbers, until September 8, 2026:

United States:+1-855-883-1031
Hong Kong, China:+852-800-930-639
Mainland, China:+86-400-1209-216
Singapore:+65-800-1013-223
International:+61-7-3107-6325
Replay PIN:10056744

About NIO Inc.

NIO Inc. is a pioneer and a leading company in the global smart electric vehicle market. Founded in November 2014, NIO aspires to shape a sustainable and brighter future with the mission of “Blue Sky Coming”. NIO envisions itself as a user enterprise where innovative technology meets experience excellence. NIO designs, develops, manufactures and sells smart electric vehicles, driving innovations in next-generation core technologies. NIO distinguishes itself through continuous technological breakthroughs and innovations, exceptional products and services, and a community for shared growth. NIO provides premium smart electric vehicles under the NIO brand, premium smart electric vehicles for families through the ONVO brand, and high-end smart electric compact cars with the FIREFLY brand.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. NIO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the websites of each of The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIO’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIO’s strategies; NIO’s future business development, financial condition and results of operations; NIO’s ability to develop and manufacture vehicles of sufficient quality and appeal to customers on schedule and on a large scale; its ability to ensure and expand manufacturing capacities including establishing and maintaining partnerships with third parties; its ability to provide convenient and comprehensive power solutions to its customers; the viability, growth potential and prospects of the battery swapping, BaaS, and NIO Assisted and Intelligent Driving and its subscription services; its ability to improve the technologies or develop alternative technologies in meeting evolving market demand and industry development; NIO’s ability to satisfy the mandated safety standards relating to motor vehicles; its ability to secure supply of raw materials or other components used in its vehicles; its ability to secure sufficient reservations and sales of its vehicles; its ability to control costs associated with its operations; its ability to build its current and future brands; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIO’s filings with the SEC and the announcements and filings on the websites of each of the SEHK and SGX-ST. All information provided in this press release is as of the date of this press release, and NIO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Non-GAAP Disclosure

The Company uses non-GAAP measures, such as adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP), adjusted profit/(loss) from operations (non-GAAP), adjusted net profit/(loss) (non-GAAP), adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted net profit/(loss) per ordinary share/ADS (non-GAAP), in evaluating its operating results and for financial and operational decision-making purposes. The Company defines adjusted cost of sales (non-GAAP), adjusted research and development expenses (non-GAAP), adjusted selling, general and administrative expenses (non-GAAP) and adjusted profit/(loss) from operations (non-GAAP) and adjusted net profit/(loss) (non-GAAP) as cost of sales, research and development expenses, selling, general and administrative expenses, profit/(loss) from operations and net profit/(loss) excluding share-based compensation expenses and organizational optimization charges. The Company defines adjusted net profit/(loss) attributable to ordinary shareholders (non-GAAP) and adjusted basic and diluted profit/(loss) per ordinary share/ADS (non-GAAP) as profit/(loss) attributable to ordinary shareholders and basic and diluted profit/(loss) per ordinary share/ADS excluding share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value. By excluding the impact of share-based compensation expenses, organizational optimization charges and accretion on redeemable non-controlling interests to redemption value, which are either non-cash or not indicative of the Company’s ordinary or ongoing operations due to their size or nature, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net profit/(loss) or other consolidated statements of comprehensive profit/(loss) data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate

This announcement contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

For more information, please visit: http://ir.nio.com.

Investor Relations
[email protected]
Media Relations
[email protected]

Source: NIO

NIO INC.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)
As of
December 31, 2025 June 30, 2026 June 30, 2026
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 11,274,094 17,453,564 2,572,337
Restricted cash 14,745,975 13,510,507 1,991,202
Short-term investments 19,755,809 25,634,741 3,778,093
Trade and notes receivables 1,394,445 1,196,734 176,377
Amounts due from related parties 16,078,250 14,986,044 2,208,670
Inventory 8,530,854 11,089,742 1,634,426
Prepayments and other current assets 4,853,610 5,378,445 792,685
Total current assets 76,633,037 89,249,777 13,153,790
Non-current assets:
Long-term restricted cash 88,325 68,625 10,114
Property, plant and equipment, net 25,827,968 25,251,240 3,721,572
Intangible assets, net29,648 173,212 25,528
Land use rights, net 196,691 194,039 28,598
Long-term investments 2,480,518 2,340,908 345,007
Right-of-use assets - operating lease 11,711,306 10,957,091 1,614,875
Other non-current assets 7,433,585 7,976,448 1,175,584
Total non-current assets 47,768,041 46,961,563 6,921,278
Total assets 124,401,078 136,211,340 20,075,068
LIABILITIES
Current liabilities:
Short-term borrowings 4,691,910 8,164,766 1,203,338
Trade and notes payable 53,309,727 60,385,478 8,899,718
Amounts due to related parties, current 625,903 502,353 74,038
Taxes payable 439,240 334,595 49,313
Current portion of operating lease liabilities 2,163,768 1,961,855 289,142
Current portion of long-term borrowings 655,971 897,712 132,306
Accruals and other liabilities 16,696,044 15,371,799 2,265,523
Total current liabilities 78,582,563 87,618,558 12,913,378
Non-current liabilities:
Long-term borrowings 8,626,272 8,550,926 1,260,251
Non-current operating lease liabilities 10,092,039 9,420,681 1,388,437
Amounts due to related parties, non-current 604,178 1,190,070 175,395
Deferred tax liabilities 112,691 133,011 19,603
Other non-current liabilities 13,690,778 15,029,869 2,215,128
Total non-current liabilities 33,125,958 34,324,557 5,058,814
Total liabilities 111,708,521 121,943,115 17,972,192


NIO INC.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)
As of
December 31, 2025 June 30, 2026 June 30, 2026
RMB RMB US$
MEZZANINE EQUITY
Redeemable non-controlling interests 8,551,854 10,222,746 1,506,646
Total mezzanine equity 8,551,854 10,222,746 1,506,646
SHAREHOLDERS’ EQUITY
Total NIO Inc. shareholders’ equity 4,159,460 4,064,040 598,966
Non-controlling interests (18,757) (18,561) (2,736)
Total shareholders’ equity 4,140,703 4,045,479 596,230
Total liabilities, mezzanine equity and shareholders’ equity 124,401,078 136,211,340 20,075,068


NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended
June 30, 2025 Mar 31, 2026 June 30, 2026 June 30, 2026
RMB RMB RMB US$
Revenues:
Vehicle sales 16,136,114 22,783,708 29,058,229 4,282,653
Other sales 2,872,551 2,748,947 3,078,632 453,734
Total revenues 19,008,665 25,532,655 32,136,861 4,736,387
Cost of sales:
Vehicle sales (14,473,222) (18,491,467) (23,673,959) (3,489,110)
Other sales (2,637,920) (2,182,051) (2,556,412) (376,769)
Total cost of sales (17,111,142) (20,673,518) (26,230,371) (3,865,879)
Gross profit 1,897,523 4,859,137 5,906,490 870,508
Operating expenses:
Research and development (3,007,032) (1,885,024) (2,144,918) (316,122)
Selling, general and administrative (3,964,921) (3,497,306) (4,424,516) (652,093)
Other operating income, net 165,572 214,382 315,725 46,532
Total operating expenses (6,806,381) (5,167,948) (6,253,709) (921,683)
Loss from operations (4,908,858) (308,811) (347,219) (51,175)
Interest and investment income /(loss) 107,529 115,894 (18,959) (2,794)
Interest expenses (212,748) (214,405) (242,389) (35,724)
Share of losses of equity investees (124,664) (37,908) (149,383) (22,016)
Other income, net 186,879 125,266 262,774 38,728
Loss before income tax expense (4,951,862) (319,964) (495,176) (72,981)
Income tax expense (42,939) (12,118) (32,833) (4,839)
Net loss (4,994,801) (332,082) (528,009) (77,820)
Accretion on redeemable non-controlling interests to redemption value (148,374) (164,987) (192,325) (28,345)
Net loss/(profit) attributable to non-controlling interests 1,868 1,061 (1,257) (185)
Net loss attributable to ordinary shareholders of NIO Inc. (5,141,307) (496,008) (721,591) (106,350)
Net loss (4,994,801) (332,082) (528,009) (77,820)
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax 184,568 (148,948) (120,909) (17,820)
Total other comprehensive income/(loss) 184,568 (148,948) (120,909) (17,820)
Total comprehensive loss (4,810,233) (481,030) (648,918) (95,640)
Accretion on redeemable non-controlling interests to redemption value (148,374) (164,987) (192,325) (28,345)
Net loss/(profit) attributable to non-controlling interests 1,868 1,061 (1,257) (185)
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (4,956,739) (644,956) (842,500) (124,170)
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS
Basic and diluted 2,230,044,617 2,481,180,303 2,496,741,061 2,496,741,061
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted (2.31) (0.20) (0.29) (0.04)


NIO INC.
Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except for share and per share/ADS data)
Six Months Ended
June 30, 2025 June 30, 2026 June 30, 2026
RMB RMB US$
Revenues:
Vehicle sales 26,075,419 51,841,937 7,640,556
Other sales 4,967,975 5,827,579 858,879
Total revenues 31,043,394 57,669,516 8,499,435
Cost of sales:
Vehicle sales (23,398,863) (42,165,426) (6,214,415)
Other sales (4,827,454) (4,738,463) (698,363)
Total cost of sales (28,226,317) (46,903,889) (6,912,778)
Gross profit 2,817,077 10,765,627 1,586,657
Operating expenses:
Research and development (6,188,435) (4,029,942) (593,940)
Selling, general and administrative (8,365,684) (7,921,822) (1,167,532)
Other operating income, net 410,056 530,107 78,128
Total operating expenses (14,144,063) (11,421,657) (1,683,344)
Loss from operations (11,326,986) (656,030) (96,687)
Interest and investment income 280,745 96,935 14,286
Interest expenses (457,610) (456,794) (67,323)
Loss on extinguishment of debt (14,660) - -
Share of losses of equity investees (380,859) (187,291) (27,603)
Other income, net 202,106 388,040 57,190
Loss before income tax expense (11,697,264) (815,140) (120,137)
Income tax expense (47,570) (44,951) (6,625)
Net loss (11,744,834) (860,091) (126,762)
Accretion on redeemable non-controlling interests to redemption value (292,864) (357,312) (52,661)
Net loss/(profit) attributable to non-controlling interests 5,330 (196) (29)
Net loss attributable to ordinary shareholders of NIO Inc. (12,032,368) (1,217,599) (179,452)
Net loss (11,744,834) (860,091) (126,762)
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax 260,479 (269,857) (39,772)
Total other comprehensive income/(loss) 260,479 (269,857) (39,772)
Total comprehensive loss (11,484,355) (1,129,948) (166,534)
Accretion on redeemable non-controlling interests to redemption value (292,864) (357,312) (52,661)
Net loss/(profit) attributable to non-controlling interests 5,330 (196) (29)
Comprehensive loss attributable to ordinary shareholders of NIO Inc. (11,771,889) (1,487,456) (219,224)
Weighted average number of ordinary shares/ADSs used in computing net loss per share/ADS
Basic and diluted 2,162,319,854 2,489,003,668 2,489,003,668
Net loss per share/ADS attributable to ordinary shareholders
Basic and diluted (5.56) (0.49) (0.07)


NIO INC.
Unaudited Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for share and per share/ADS data)
Three Months Ended June 30, 2026
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (26,230,371) 7,487 — (26,222,884)
Research and development expenses (2,144,918) 161,705 — (1,983,213)
Selling, general and administrative expenses (4,424,516) 384,881 — (4,039,635)
Total (32,799,805) 554,073 — (32,245,732)
(Loss)/profit from operations (347,219) 554,073 — 206,854
Net (loss)/profit (528,009) 554,073 — 26,064
Net (loss)/profit attributable to ordinary shareholders of NIO Inc. (721,591) 554,073 192,325 24,807
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (0.29) 0.22 0.08 0.01
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD) (0.04) 0.03 0.01 0.00


Three Months Ended March 31, 2026
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (20,673,518) 10,097 — (20,663,421)
Research and development expenses (1,885,024) 176,844 — (1,708,180)
Selling, general and administrative expenses (3,497,306) 188,629 — (3,308,677)
Total (26,055,848) 375,570 — (25,680,278)
(Loss)/profit from operations (308,811) 375,570 — 66,759
Net (loss)/profit (332,082) 375,570 — 43,488
Net (loss)/profit attributable to ordinary shareholders of NIO Inc. (496,008) 375,570 164,987 44,549
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (0.20) 0.15 0.07 0.02


Three Months Ended June 30, 2025
GAAP
Result		 Share-based compensation Organizational optimization charges Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB RMB
Cost of sales (17,111,142) 12,867 54,282 — (17,043,993)
Research and development expenses (3,007,032) 302,620 215,532 — (2,488,880)
Selling, general and administrative expenses (3,964,921) 110,688 172,074 — (3,682,159)
Total (24,083,095) 426,175 441,888 — (23,215,032)
Loss from operations (4,908,858) 426,175 441,888 — (4,040,795)
Net loss (4,994,801) 426,175 441,888 — (4,126,738)
Net loss attributable to ordinary shareholders of NIO Inc. (5,141,307) 426,175 441,888 148,374 (4,124,870)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (2.31) 0.19 0.20 0.07 (1.85)


Six Months Ended June 30, 2026
GAAP
Result		 Share-based compensation Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB
Cost of sales (46,903,889) 17,584 — (46,886,305)
Research and development expenses (4,029,942) 338,549 — (3,691,393)
Selling, general and administrative expenses (7,921,822) 573,510 — (7,348,312)
Total (58,855,653) 929,643 — (57,926,010)
(Loss)/profit from operations (656,030) 929,643 — 273,613
Net (loss)/profit (860,091) 929,643 — 69,552
Net (loss)/profit attributable to ordinary shareholders of NIO Inc. (1,217,599) 929,643 357,312 69,356
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (0.49) 0.37 0.14 0.02
Net (loss)/profit per share/ADS attributable to ordinary shareholders, basic and diluted (USD) (0.07) 0.05 0.02 0.00


Six Months Ended June 30, 2025
GAAP
Result		 Share-based compensation Organizational optimization charges Accretion on redeemable non-controlling interests to redemption value Adjusted
Result
(Non-GAAP)
RMB RMB RMB RMB RMB
Cost of sales (28,226,317) 27,868 54,282 — (28,144,167)
Research and development expenses (6,188,435) 569,667 215,532 — (5,403,236)
Selling, general and administrative expenses (8,365,684) 299,579 172,074 — (7,894,031)
Total (42,780,436) 897,114 441,888 — (41,441,434)
Loss from operations (11,326,986) 897,114 441,888 — (9,987,984)
Net loss (11,744,834) 897,114 441,888 — (10,405,832)
Net loss attributable to ordinary shareholders of NIO Inc. (12,032,368) 897,114 441,888 292,864 (10,400,502)
Net loss per share/ADS attributable to ordinary shareholders, basic and diluted (RMB) (5.56) 0.41 0.20 0.14 (4.81)


i All translations from RMB to USD for the second quarter of 2026 were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board.
ii Vehicle margin is the margin of new vehicle sales, which is calculated based on revenues and cost of sales derived from new vehicle sales only.
iii Except for gross margin and vehicle margin, where absolute changes instead of percentage changes are calculated.


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