XPENG Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

Rhea-AI Summary

XPENG (NYSE: XPEV) reported strong FY2025 results: total deliveries 429,445 (+125.9% YoY), full-year revenues RMB76.72 billion (+87.7% YoY), and FY gross margin 18.9% (+4.6 pts YoY). Q4 2025 net profit was RMB0.38 billion, with Q4 revenues RMB22.25 billion and cash position RMB47.66 billion as of Dec 31, 2025.

Q4 gross margin reached a record 21.3% and vehicle margin was 13.0%, driven by higher volumes, cost reductions and improved product mix.

Positive

• Deliveries +125.9% YoY to 429,445 vehicles
• Revenue +87.7% YoY to RMB76.72 billion in FY2025
• Q4 net profit RMB0.38bn, first positive single-quarter net profit
• Record Q4 gross margin 21.3%, up 6.9 pts YoY
• Cash position RMB47.66bn supports R&D and expansion

Negative

• R&D expenses +43.2% QoQ to RMB2.87bn in Q4, increasing cash burn pressure
• SG&A +22.7% YoY to RMB2.79bn in Q4, reflecting higher commissions and marketing
• Vehicle margin still modest at 13.0% in Q4 despite improvements

Key Figures

Q4 2025 net profit: RMB0.38 billion Q4 2025 total revenues: RMB22.25 billion Q4 2025 gross margin: 21.3% +5 more

8 metrics

Q4 2025 net profit RMB0.38 billion First-ever positive quarterly net profit; vs RMB1.33B loss in Q4 2024

Q4 2025 total revenues RMB22.25 billion Quarterly revenues, up 38.2% YoY and 9.2% QoQ

Q4 2025 gross margin 21.3% Up from 14.4% in Q4 2024 and 20.1% in Q3 2025

Q4 2025 vehicle margin 13.0% Up from 10.0% in Q4 2024; near flat vs 13.1% in Q3 2025

FY 2025 revenues RMB76.72 billion Full-year revenues, an 87.7% increase year-over-year

FY 2025 deliveries 429,445 vehicles Full-year deliveries, up 125.9% year-over-year

Cash position RMB47.66 billion Cash, equivalents, restricted cash, investments as of Dec 31, 2025

Non-GAAP Q4 net profit RMB0.51 billion Excludes share-based compensation and derivative liability effects

Market Reality Check

Price: $19.15 Vol: Volume 5,668,043 is below...

normal vol

$19.15 Last Close

Volume Volume 5,668,043 is below the 20-day average of 7,133,702, suggesting no pre-result rush. normal

Technical Price at 19.15 trades slightly below the 200-day MA at 20.13, despite strong earnings.

Peers on Argus

Sector peers show a mixed tape: LI +1.73%, NIO +2.97%, STLA +0.93%, while RIVN -...

2 Down

Sector peers show a mixed tape: LI +1.73%, NIO +2.97%, STLA +0.93%, while RIVN -2.66% and F -0.34%. A separate momentum scan flags 2 autos moving down (median about -0.4%), indicating broader volatility but no clear, unified direction relative to XPENG.

Previous Earnings Reports

5 past events · Latest: Nov 17 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 17	Q3 2025 earnings	Positive	-10.3%	Strong Q3 growth and margins with narrowed loss yet shares fell post-print.
Aug 19	Q2 2025 earnings	Positive	+4.2%	Record Q2 revenues and deliveries with margin expansion and smaller net loss.
May 21	Q1 2025 earnings	Positive	+13.0%	Triple-digit delivery and revenue growth with improved gross and vehicle margins.
Mar 31	Q1 2025 deliveries	Positive	+1.2%	March and Q1 delivery surge with five months above 30,000 units.
Mar 18	Q4 2024 earnings	Positive	-7.8%	Strong Q4 and full-year 2024 growth and solid cash yet stock sold off.

Pattern Detected

Earnings releases often show positive fundamentals, with mixed price reactions: three aligned moves and two selloffs on good news.

Recent Company History

Over the past year, XPENG’s earnings releases highlighted rapid growth and improving margins. Q1–Q3 2025 results showed rising revenues, stronger gross and vehicle margins, and narrowing net losses, supported by high delivery growth and a cash position above RMB45B. Q4 2024 results also emphasized double-digit delivery and revenue growth. Price reactions have been inconsistent, with some strong rallies and notable selloffs despite positive operational trends.

Historical Comparison

+0.1% avg move · In the last five earnings-linked releases, XPENG’s average move was about 5%, with both rallies and ...

earnings

+0.1%

Average Historical Move earnings

In the last five earnings-linked releases, XPENG’s average move was about 5%, with both rallies and post-earnings selloffs on strong fundamentals.

Earnings releases show a progression from high-growth, loss-making quarters toward improved margins, narrowing losses, and now a first quarterly net profit.

Market Pulse Summary

This announcement marks XPENG’s first profitable quarter, with Q4 2025 net profit of RMB0.38B, gross...

Analysis

This announcement marks XPENG’s first profitable quarter, with Q4 2025 net profit of RMB0.38B, gross margin at 21.3%, and full-year revenues of RMB76.72B on 429,445 deliveries. Historical earnings have shown robust growth but inconsistent share-price reactions. Investors may focus on whether margin gains and cash of RMB47.66B support ongoing R&D, network expansion, and AI initiatives, while monitoring delivery trends and cost discipline in upcoming quarters.

Key Terms

non-gaap, gross margin, american depositary share, share-based compensation, +2 more

6 terms

non-gaap financial

"Non-GAAP net profit was RMB0.51 billion (US$0.07 billion) for the fourth quarter"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

gross margin financial

"Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4%"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

american depositary share financial

"Basic and diluted net profit per American depositary share (ADS) were both RMB0.40"

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

share-based compensation financial

"Excluding share-based compensation expenses and fair value (gain) loss on derivative liability"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

derivative liability financial

"fair value (gain) loss on derivative liability relating to the contingent consideration"

A derivative liability is an obligation a company owes because of a derivatives contract—such as an option, future, swap, or forward—that has moved against it and now has negative value. Think of it like a settled bet that turned into a bill: if market moves go the other way, the company may have to pay cash or deliver assets. Investors care because these liabilities can create sudden losses, add leverage or counterparty risk, and change a company’s true financial exposure beyond its everyday operations.

contingent consideration financial

"contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

AI-generated analysis. Not financial advice.

• The Company achieved a positive net profit of RMB0.38 billion in the fourth quarter of 2025, recorded a positive net profit for a single quarter for the first time.
• Cash position^[i] was RMB47.66 billion (US$6.81 billion) as of December 31, 2025
• Quarterly total revenues were RMB22.25 billion, a 38.2% increase year-over-year
• Quarterly gross margin was 21.3%, an increase of 6.9 percentage points over the same period of 2024
• Quarterly vehicle margin was 13.0%, an increase of 3.0 percentage points over the same period of 2024
• Full year vehicle deliveries reached 429,445, a 125.9% increase year-over-year
• Full year revenues reached RMB76.72 billion, an 87.7% increase year-over-year
• Full year gross margin was 18.9%, an increase of 4.6 percentage points year-over-year

GUANGZHOU, China, March 20, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2025.

Operational and Financial Highlights for the Three Months Ended December 31, 2025

	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3
Total deliveries	116,249	116,007	103,181	94,008	91,507	46,533

• Total deliveries of vehicles were 116,249 for the fourth quarter of 2025, representing an increase of 27.0% from 91,507 in the corresponding period of 2024.
• XPENG's physical sales network had a total of 721 stores, covering 255 cities as of December 31, 2025.
• XPENG self-operated charging station network reached 3,159 stations, including 2,108 XPENG ultra-fast charging stations as of December 31, 2025.
• Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from the same period of 2024, and an increase of 9.2% from the third quarter of 2025.
• Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from the same period of 2024, and an increase of 5.6% from the third quarter of 2025.
• Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.
• Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025.
• Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared a loss of with RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net profit attributable to ordinary shareholders of XPENG was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.
• Basic and diluted net profit per American depositary share (ADS) were both RMB0.40 (US$0.06) and basic and diluted net profit per ordinary share were both RMB0.20 (US$0.03) for the fourth quarter of 2025. Each ADS represents two Class A ordinary shares.
• Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07), respectively, and non-GAAP basic and diluted net profit per ordinary share were both RMB0.26 (US$0.04) for the fourth quarter of 2025.
• Cash position was RMB47.66 billion (US$6.81 billion) as of December 31, 2025, compared with RMB41.96 billion as of December 31, 2024.

 

[i]   Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits. Time deposits include restricted      short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and non-current      portion of long-term deposits.

 

Key Financial Results
(in RMB billions, except for percentage)
	For the Three Months Ended			% Change[ii]
	December 31,	September 30,	December 31,
	2025	2025	2024	YoY	QoQ
Vehicle sales	19.07	18.05	14.67	30.0 %	5.6 %
Vehicle margin	13.0 %	13.1 %	10.0 %	3.0 pts	-0.1pts
Total revenues	22.25	20.38	16.11	38.2 %	9.2 %
Gross profit	4.74	4.10	2.32	104.0 %	15.5 %
Gross margin	21.3 %	20.1 %	14.4 %	6.9 pts	1.2 pts
Net profit (loss)	0.38	(0.38)	(1.33)	128.8 %	200.6 %
Non-GAAP net profit (loss)	0.51	(0.15)	(1.39)	136.3 %	432.6 %
Net profit (loss) attributable to       ordinary shareholders	0.38	(0.38)	(1.33)	128.8 %	200.6 %
Non-GAAP net profit (loss)       attributable to ordinary       shareholders	0.51	(0.15)	(1.39)	136.3 %	432.6 %
Comprehensive profit (loss)       attributable to ordinary       shareholders	0.22	(0.50)	(0.90)	124.2 %	143.1 %
[ii]     Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

"In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "I believe XPENG is at a historical inflection point for Physical AI applications. Our goal is not only to grow our global market share of AI-defined vehicles and bridge the gap from L2+ assisted driving to L4 autonomous driving, but also to bring our second-generation VLA model to international markets and achieve scale production of advanced humanoid robots."

"In the fourth quarter of 2025, XPENG's gross margin reached 21.3%, reaching a new record high, with net profit hitting RMB0.38 billion. By leveraging a business model driven by technological leadership, we have established a profitability path that sets us apart from traditional automakers," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "Our cash on hand of RMB47.66 billion at 2025 year-end provides a solid foundation for our unwavering investment in Physical AI R&D."

Recent Developments

Deliveries in January and February 2026

• Total deliveries were 20,011 vehicles in January 2026.
• Total deliveries were 15,256 vehicles in February 2026.
• As of February 28, 2026, year-to-date total deliveries were 35,267 vehicles.

Deployment Progress and Technological breakthroughs of VLA 2.0 Intelligent Driving System

During XPENG's "The Future" VLA Media Experience Day on March 2, 2026, the company unveiled the architecture and deployment plan for its VLA 2.0 intelligent driving system.

Unaudited Financial Results for the Three Months Ended December 31, 2025

Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from RMB16.11 billion for the same period of 2024 and an increase of 9.2% from RMB20.38 billion for the third quarter of 2025.

Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from RMB14.67 billion for the same period of 2024, and an increase of 5.6% from RMB18.05 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

Revenues from services and others were RMB3.18 billion (US$0.45 billion) for the fourth quarter of 2025, representing an increase of 121.9% from RMB1.43 billion for the same period of 2024 and an increase of 36.7% from RMB2.33 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current quarter, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB17.51 billion (US$2.50 billion) for the fourth quarter of 2025, representing an increase of 27.1% from RMB13.78 billion for the same period of 2024 and an increase of 7.6% from RMB16.28 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.

Vehicle margin was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 70.8% for the fourth quarter of 2025, compared with 59.6% for the same period of 2024 and 74.6% for the third quarter of 2025. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB2.87 billion (US$0.41 billion) for the fourth quarter of 2025, representing an increase of 43.2% from RMB2.01 billion for the same period of 2024 and an increase of 18.3% from RMB2.43 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.79 billion (US$0.40 billion) for the fourth quarter of 2025, representing an increase of 22.7% from RMB2.28 billion for the same period of 2024 and an increase of 12.0% from RMB2.49 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the higher commission to the franchised stores related to sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses.

Other income, net was RMB0.84 billion (US$0.12 billion) for the fourth quarter of 2025, representing an increase of 327.5% from RMB0.20 billion for the same period of 2024 and an increase of 498.6% from RMB0.14 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with gain of RMB0.20 billion for the same period of 2024 and loss of RMB0.07 billion for the third quarter of 2025. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with RMB1.56 billion for the same period of 2024 and RMB0.75 billion for the third quarter of 2025.

Non-GAAP profit from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.08 billion (US$0.01 billion) for the fourth quarter of 2025, compared with a loss of RMB1.62 billion for the same period of 2024 and a loss of RMB0.52 billion for the third quarter of 2025.

Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Basic and diluted net profit per ADS were both RMB0.40 (US$0.06) for the fourth quarter of 2025, compared with RMB1.40 basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.40 basic and diluted net loss per ADS for the third quarter of 2025.

Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07) for the fourth quarter of 2025, respectively, compared with RMB1.47 non-GAAP basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.16 non-GAAP basic and diluted net loss per ADS for the third quarter of 2025.

Balance Sheets

As of December 31, 2025, the Company had cash position of RMB47.66 billion (US$6.81 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB48.33 billion as of September 30, 2025.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2025

Total revenues were RMB76.72 billion (US$10.97 billion) for fiscal year of 2025, representing an increase of 87.7% from RMB40.87 billion for the prior year.

Revenues from vehicle sales were RMB68.38 billion (US$9.78 billion) for fiscal year of 2025, representing an increase of 90.8% from RMB35.83 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

Revenues from services and others were RMB8.34 billion (US$1.19 billion) for fiscal year of 2025, representing an increase of 65.6% from RMB5.04 billion for the prior year. The year-over-year increase was primarily attributable to the increased revenues from (i) technical R&D services rendered to the Manufacturer with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB62.25 billion (US$8.9 billion) for fiscal year of 2025, representing an increase of 77.7% from RMB35.02 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 18.9% for fiscal year of 2025, compared with 14.3% for the prior year.

Vehicle margin was 12.8% for fiscal year of 2025, compared with 8.3% for the prior year. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 68.2% for fiscal year of 2025, compared with 57.2% for the prior year. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB9.49 billion (US$1.36 billion) for fiscal year of 2025, representing an increase of 47.0% from RMB6.46 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB9.40 billion (US$1.34 billion) for fiscal year of 2025, representing an increase of 36.8% from RMB6.87 billion for the prior year. The year-over-year increase was primarily due to the higher commission to the franchised stores driven by higher sales volume, higher marketing and advertising expenses and higher employee compensation as a result of the growth in number of employees.

Other income, net was RMB1.76 billion (US$0.25 billion) for fiscal year of 2025, representing an increase of 198.9% from RMB0.59 billion for the prior year. The year-over-year increase was primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for fiscal year of 2025, compared with gain of RMB0.23 billion for the prior year. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB2.77 billion (US$0.40 billion) for fiscal year of 2025, compared with RMB6.66 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB2.09 billion (US$0.30 billion) for fiscal year of 2025, compared with RMB6.42 billion for the prior year.

Net loss was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Basic and diluted net loss per ADS were both RMB1.20 (US$0.17) for fiscal year of 2025, compared with RMB6.12 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB0.48 (US$0.07) for fiscal year of 2025, compared with RMB5.87 for the prior year.

Business Outlook

For the first quarter of 2026, the Company expects:

• Deliveries of vehicles to be between 61,000 and 66,000, representing a year-over-year decrease of approximately 29.79% to 35.11%.
• Total revenues to be between RMB12.20 billion and RMB13.28 billion, representing a year-over-year decrease of approximately 16.01% to 22.84%.

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 20, 2026 (8:00 PM Beijing/Hong Kong Time on March 20, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:               XPENG Fourth Quarter and Fiscal Year 2025 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10052981-bng765.html

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 27, 2026, by dialing the following telephone numbers:

United States:	+1-855-883-1031
International:	+61-7-3107-6325
Hong Kong, China:	800-930-639
Mainland China:	400-120-9216
Replay Access Code:	10052981

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per weighted average number of ordinary shares and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, 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 (loss) profit or other consolidated statements of comprehensive (loss) profit 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 Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs 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: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com

For Media Enquiries
PR Department
XPeng Inc.
E-mail: pr@xiaopeng.com

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	As of December 31
	2024 RMB		2025 RMB		2025 US$
ASSETS Current assets Cash and cash equivalents	18,586,274		17,329,612		2,478,102
Restricted cash	3,153,390		6,071,491		868,212
Short-term deposits	12,931,757		11,388,834		1,628,582
Restricted short-term deposits	110,699		296,277		42,367
Short-term investments	751,290		3,217,293		460,067
Long-term deposits, current portion	452,326		3,020,317		431,900
Restricted long-term deposits, current portion	—		600,472		85,866
Accounts and notes receivable, net	2,449,629		1,996,917		285,555
Installment payment receivables, net, current portion	2,558,756		3,553,054		508,080
Inventory	5,562,922		10,380,668		1,484,416
Amounts due from related parties	43,714		102,219		14,617
Prepayments and other current assets	3,135,312		5,296,673		757,415
Total current assets	49,736,069		63,253,827		9,045,179
Non-current assets Long-term deposits	4,489,036		4,263,542		609,678
Restricted long-term deposits	1,487,688		1,468,708		210,022
Property, plant and equipment, net	11,521,863		13,527,237		1,934,369
Right-of-use assets, net	1,261,663		3,730,921		533,515
Intangible assets, net	4,610,469		4,253,168		608,195
Land use rights, net	2,744,424		3,216,526		459,957
Installment payment receivables, net	4,448,416		6,496,020		928,919
Long-term investments	1,963,194		2,523,037		360,789
Other non-current assets	443,283		429,644		61,438
Total non-current assets	32,970,036		39,908,803		5,706,882
Total assets	82,706,105		103,162,630		14,752,061

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
		As of December 31
		2024		2025		2025
		RMB		RMB		US$
LIABILITIES
Current liabilities
Short-term borrowings		4,609,123		4,282,000		612,318
Accounts payable		15,181,585		18,001,675		2,574,205
Notes payable		7,898,896		19,161,724		2,740,090
Amounts due to related parties		9,364		1,064		152
Income taxes payable		14,514		44,682		6,389
Derivative liability		—		281,009		40,184
Operating lease liabilities, current portion		324,496		445,901		63,763
Finance lease liabilities, current portion		41,940		55,581		7,948
Deferred revenue, current portion		1,275,716		1,463,065		209,216
Long-term borrowings, current portion		1,858,613		1,837,950		262,823
Accruals and other liabilities		8,650,636		12,538,698		1,793,010
Total current liabilities		39,864,883		58,113,349		8,310,098
Non-current liabilities
Long-term borrowings		5,664,518		6,588,865		942,195
Operating lease liabilities		1,345,852		4,246,599		607,256
Finance lease liabilities		777,697		740,576		105,901
Deferred revenue		822,719		1,206,014		172,458
Derivative liability		167,940		—		—
Deferred tax liabilities		341,932		330,353		47,240
Other non-current liabilities		2,445,776		1,568,284		224,262
Total non-current liabilities		11,566,434		14,680,691		2,099,312
Total liabilities		51,431,317		72,794,040		10,409,410
SHAREHOLDERS' EQUITY
Class A Ordinary shares		104		105		15
Class B Ordinary shares		21		21		3
Additional paid-in capital		70,671,685		71,236,011		10,186,614
Statutory and other reserves		95,019		137,720		19,694
Accumulated deficit		(41,585,549)		(42,767,710)		(6,115,701)
Accumulated other comprehensive income		2,093,508		1,762,443		252,026
Total shareholders' equity		31,274,788		30,368,590		4,342,651
Total liabilities and shareholders' equity		82,706,105		103,162,630		14,752,061

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT/(LOSS)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	December 31,		September 30,		December 31,		December 31,
	2024		2025		2025		2025
	RMB		RMB		RMB		US$
Revenues
Vehicle sales	14,671,128		18,053,752		19,072,174		2,727,285
Services and others	1,433,968		2,327,198		3,181,585		454,961
Total revenues	16,105,096		20,380,950		22,253,759		3,182,246
Cost of sales
Vehicle sales	(13,200,594)		(15,686,646)		(16,583,754)		(2,371,445)
Services and others	(579,725)		(590,051)		(928,199)		(132,731)
Total cost of sales	(13,780,319)		(16,276,697)		(17,511,953)		(2,504,176)
Gross profit	2,324,777		4,104,253		4,741,806		678,070
Operating expenses
Research and development expenses	(2,006,463)		(2,428,863)		(2,874,248)		(411,012)
Selling, general and administrative      expenses	(2,275,400)		(2,492,897)		(2,792,254)		(399,287)
Other income, net	196,436		140,283		839,694		120,075
Fair value gain (loss) on derivative      liability relating to the contingent      consideration	204,637		(73,824)		40,744		5,826
Total operating expenses, net	(3,880,790)		(4,855,301)		(4,786,064)		(684,398)
Loss from operations	(1,556,013)		(751,048)		(44,258)		(6,328)
Interest income	301,177		300,840		262,919		37,597
Interest expense	(94,001)		(99,350)		(76,485)		(10,937)
Investment gain on long-term investments	10,069		131,115		265,364		37,947
Exchange (loss) gain from foreign      currency transactions	(104,994)		25,860		(12,994)		(1,858)
Other non-operating income (expenses),      net	94,093		(1,113)		22,173		3,171
(Loss) profit before income tax benefit      (expenses) and share of results of      equity method investees	(1,349,669)		(393,696)		416,719		59,592
Income tax benefit (expenses)	44,092		7,113		(22,128)		(3,164)
Share of results of equity method      investees	(24,396)		5,715		(11,383)		(1,628)
Net (loss) profit	(1,329,973)		(380,868)		383,208		54,800
Net (loss) profit attributable to      ordinary shareholders of XPeng Inc.	(1,329,973)		(380,868)		383,208		54,800

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT/(LOSS) (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	December 31,		September 30,		December 31,		December 31,
	2024		2025		2025		2025
	RMB		RMB		RMB		US$
Net (loss) profit	(1,329,973)		(380,868)		383,208		54,800
Other comprehensive profit (loss)
Foreign currency translation adjustment,      net of tax	433,820		(122,747)		(166,194)		(23,765)
Total comprehensive (loss) profit      attributable to XPeng Inc.	(896,153)		(503,615)		217,014		31,035
Comprehensive (loss) profit      attributable to ordinary      shareholders of XPeng Inc.	(896,153)		(503,615)		217,014		31,035
Weighted average number of      ordinary shares used in computing      net (loss) profit per ordinary share
Basic	1,898,086,802		1,905,381,418		1,908,651,262		1,908,651,262
Diluted	1,898,086,802		1,905,381,418		1,934,719,272		1,934,719,272
Net (loss) profit per ordinary share      attributable to ordinary      shareholders
Basic	(0.70)		(0.20)		0.20		0.03
Diluted	(0.70)		(0.20)		0.20		0.03
Weighted average number of ADS      used in computing net (loss) profit      per share
Basic	949,043,401		952,690,709		954,325,631		954,325,631
Diluted	949,043,401		952,690,709		967,359,636		967,359,636
Net (loss) profit per ADS attributable      to ordinary shareholders
Basic	(1.40)		(0.40)		0.40		0.06
Diluted	(1.40)		(0.40)		0.40		0.06

 

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	December 31,		September 30,		December 31,		December 31,
	2024		2025		2025		2025
	RMB		RMB		RMB		US$
Loss from operations	(1,556,013)		(751,048)		(44,258)		(6,328)
Fair value (gain) loss on derivative      liability relating to the contingent      consideration	(204,637)		73,824		(40,744)		(5,826)
Share-based compensation expenses	143,675		155,195		162,629		23,256
Non-GAAP (loss) profit from      operations	(1,616,975)		(522,029)		77,627		11,102
Net (loss) profit	(1,329,973)		(380,868)		383,208		54,800
Fair value (gain) loss on derivative      liability relating to the contingent      consideration	(204,637)		73,824		(40,744)		(5,826)
Share-based compensation expenses	143,675		155,195		162,629		23,256
Non-GAAP net (loss) profit	(1,390,935)		(151,849)		505,093		72,230
Net (loss) profit attributable to      ordinary shareholders	(1,329,973)		(380,868)		383,208		54,800
Fair value (gain) loss on derivative      liability relating to the contingent      consideration	(204,637)		73,824		(40,744)		(5,826)
Share-based compensation expenses	143,675		155,195		162,629		23,256
Non-GAAP net (loss) profit      attributable to ordinary      shareholders of XPeng Inc.	(1,390,935)		(151,849)		505,093		72,230

 

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
	Three Months Ended
	December 31,		September 30,		December 31,		December 31,
	2024		2025		2025		2025
	RMB		RMB		RMB		US$
Weighted average number of      ordinary shares used in      calculating Non-GAAP net (loss)      profit per share
Basic	1,898,086,802		1,905,381,418		1,908,651,262		1,908,651,262
Diluted	1,898,086,802		1,905,381,418		1,934,719,272		1,934,719,272
Non-GAAP net (loss) profit per      ordinary share
Basic	(0.73)		(0.08)		0.26		0.04
Diluted	(0.73)		(0.08)		0.26		0.04
Weighted average number of ADS      used in calculating Non-GAAP      net (loss) profit per share
Basic	949,043,401		952,690,709		954,325,631		954,325,631
Diluted	949,043,401		952,690,709		967,359,636		967,359,636
Non-GAAP net (loss) profit per ADS
Basic	(1.47)		(0.16)		0.53		0.08
Diluted	(1.47)		(0.16)		0.52		0.07

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
			For the Year Ended December 31
			2024		2025		2025
			RMB		RMB		US$
Revenues
Vehicle sales			35,829,402		68,378,920		9,778,056
Services and others			5,036,907		8,340,822		1,192,722
Total revenues			40,866,309		76,719,742		10,970,778
Cost of sales
Vehicle sales			(32,866,163)		(59,598,391)		(8,522,457)
Services and others			(2,154,378)		(2,648,432)		(378,721)
Total cost of sales			(35,020,541)		(62,246,823)		(8,901,178)
Gross profit			5,845,768		14,472,919		2,069,600
Operating expenses
Research and development expenses			(6,456,734)		(9,489,979)		(1,357,049)
Selling, general and administrative expenses			(6,870,644)		(9,398,456)		(1,343,961)
Other income, net			589,227		1,761,419		251,880
Fair value gain (loss) on derivative liability      relating to the contingent consideration			234,245		(117,305)		(16,774)
Total operating expenses, net			(12,503,906)		(17,244,321)		(2,465,904)
Loss from operations			(6,658,138)		(2,771,402)		(396,304)
Interest income			1,374,525		1,163,210		166,337
Interest expense			(343,982)		(379,931)		(54,329)
Investment (loss) gain on long-term investments			(261,991)		500,533		71,575
Exchange (loss) gain from foreign currency      transactions			(49,543)		285,998		40,897
Other non-operating income, net			108,154		44,789		6,405
Loss before income tax benefit (expenses) and       share of results of equity method investees			(5,830,975)		(1,156,803)		(165,419)
Income tax benefit (expenses)			69,780		(13,585)		(1,943)
Share of results of equity method investees			(29,069)		30,928		4,423
Net loss			(5,790,264)		(1,139,460)		(162,939)
Net loss attributable to ordinary shareholders       of XPeng Inc.			(5,790,264)		(1,139,460)		(162,939)

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
			For the Year Ended December 31
			2024		2025		2025
			RMB		RMB		US$
Net loss			(5,790,264)		(1,139,460)		(162,939)
Other comprehensive income
Foreign currency translation adjustment,      net of tax			262,870		(331,065)		(47,342)
Total comprehensive loss attributable      to XPeng Inc.			(5,527,394)		(1,470,525)		(210,281)
Comprehensive loss attributable to      ordinary shareholders of XPeng Inc.			(5,527,394)		(1,470,525)		(210,281)
Weighted average number of ordinary      shares used in computing net loss per      ordinary share
Basic and diluted			1,891,357,212		1,903,989,310		1,903,989,310
Net loss per ordinary share      attributable to ordinary shareholders
Basic and diluted			(3.06)		(0.60)		(0.09)
Weighted average number of ADS used      in computing net loss per share
Basic and diluted			945,678,606		951,994,655		951,994,655
Net loss per ADS attributable to      ordinary shareholders
Basic and diluted			(6.12)		(1.20)		(0.17)

 

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
			For the Year Ended December 31
			2024		2025		2025
			RMB		RMB		US$
Loss from operations			(6,658,138)		(2,771,402)		(396,304)
Fair value (gain) loss on derivative liability      relating to the contingent consideration			(234,245)		117,305		16,774
Share-based compensation expenses			473,655		564,327		80,698
Non-GAAP loss from operations			(6,418,728)		(2,089,770)		(298,832)
Net loss			(5,790,264)		(1,139,460)		(162,939)
Fair value (gain) loss on derivative liability      relating to the contingent consideration			(234,245)		117,305		16,774
Share-based compensation expenses			473,655		564,327		80,698
Non-GAAP net loss			(5,550,854)		(457,828)		(65,467)
Net loss attributable to ordinary shareholders			(5,790,264)		(1,139,460)		(162,939)
Fair value (gain) loss on derivative liability      relating to the contingent consideration			(234,245)		117,305		16,774
Share-based compensation expenses			473,655		564,327		80,698
Non-GAAP net loss attributable to      ordinary shareholders of XPeng Inc.			(5,550,854)		(457,828)		(65,467)
Weighted average number of ordinary      shares used in calculating Non-GAAP      net loss per share
Basic and diluted			1,891,357,212		1,903,989,310		1,903,989,310
Non-GAAP net loss per ordinary share
Basic and diluted			(2.93)		(0.24)		(0.03)
Weighted average number of ADS used      in calculating Non-GAAP net loss per      share
Basic and diluted			945,678,606		951,994,655		951,994,655
Non-GAAP net loss per ADS
Basic and diluted			(5.87)		(0.48)		(0.07)

 

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SOURCE XPeng Inc.

FAQ

What were XPENG (XPEV) Q4 2025 revenues and net profit?

Q4 2025 revenue was RMB22.25 billion and net profit was RMB0.38 billion. According to the company, Q4 revenue rose 38.2% year-over-year and net profit marked XPENG's first positive quarterly net profit.

How many vehicles did XPENG (XPEV) deliver in FY2025 and Q4 2025?

XPENG delivered 429,445 vehicles in FY2025 and 116,249 in Q4 2025. According to the company, FY deliveries rose 125.9% year-over-year due to expanded production and sales coverage.

What is XPENG's (XPEV) cash position and how does it support growth?

XPENG held RMB47.66 billion cash position as of Dec 31, 2025. According to the company, this liquidity underpins continued investment in Physical AI R&D and international expansion plans.

What margins did XPENG (XPEV) report for Q4 and FY2025 and what drove them?

Q4 gross margin was 21.3% and FY gross margin was 18.9%. According to the company, margin gains were driven by cost reductions, improved product mix and higher service revenues.

How did XPENG (XPEV) perform on non-GAAP profit metrics in Q4 2025?

Non-GAAP net profit for Q4 2025 was RMB0.51 billion, excluding share-based compensation and contingent consideration impacts. According to the company, adjustments reflect stronger underlying operations.

What were XPENG's (XPEV) Q4 2025 deliveries in early 2026 and YTD through Feb 28, 2026?

XPENG reported 20,011 deliveries in Jan 2026 and 15,256 in Feb 2026, totaling 35,267 year-to-date through Feb 28, 2026. According to the company, early 2026 deliveries continue momentum from 2025.