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XPENG Reports First Quarter 2026 Unaudited Financial ResultsMay 28, 2026 5:00 AM
PR Newswire (US) Cash position was RMB42.09 billion (US$6.10 billion) as of March 31, 2026Quarterly total revenues were RMB13.03 billion, a 17.6% decrease year-over-yearQuarterly gross margin was 20.6%, an increase of 5.0 percentage points over the same period of 2025Quarterly vehicle margin was 12.1%, an increase of 1.6 percentage points over the same period of 2025GUANGZHOU, China, May 28, 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 ended March 31, 2026.Operational and Financial Highlights for the Three Months Ended March 31, 2026
2026Q12025Q42025Q32025Q22025Q12024Q4
Total deliveries62,682116,249116,007103,18194,00891,507Total deliveries of vehicles were 62,682 for the first quarter of 2026, representing a decrease of 33.3% from 94,008 in the corresponding period of 2025.XPENG's physical sales network had a total of 733 stores, covering 256 cities as of March 31, 2026.XPENG self-operated charging station network reached 3,455 stations, including 2,398 XPENG ultra-fast charging stations as of March 31, 2026.Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from the same period of 2025, and a decrease of 41.4% from the fourth quarter of 2025.Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from the same period of 2025, and a decrease of 42.3% from the fourth quarter of 2025.Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025.Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025.Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.Basic and diluted net loss per American depositary share (ADS) were both RMB1.87 (US$0.27) and basic and diluted net loss per ordinary share were both RMB0.93 (US$0.14) for the first quarter of 2026. Each ADS represents two Class A ordinary shares.Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26), and non-GAAP basic and diluted net loss per ordinary share were both RMB0.88 (US$0.13) for the first quarter of 2026.Cash position was RMB42.09 billion (US$6.10 billion) as of March 31, 2026, compared with RMB47.66 billion as of December 31, 2025. 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 percentages)
For the Three Months Ended% Change[ii]
March 31,December 31, March 31,
202620252025YoYQoQ
Vehicle sales11.0019.0714.37-23.5 %-42.3 %Vehicle margin12.1 %13.0 %10.5 %1.6pts-0.9ptsTotal revenues13.0322.2515.81-17.6 %-41.4 %Gross profit2.684.742.469.1 %-43.4 %Gross margin20.6 %21.3 %15.6 %5.0pts-0.7ptsNet (loss) profit(1.78)0.38(0.66)168.7 %N/ANon-GAAP net (loss)
profit(1.69)0.51(0.43)295.9 %N/ANet (loss) profit
attributable to
ordinary shareholders(1.78)0.38(0.66)168.7 %N/ANon-GAAP net (loss)
profit attributable to
ordinary shareholders(1.69)0.51(0.43)295.9 %N/AComprehensive (loss)
profit attributable to
ordinary shareholders(2.06)0.22(0.69)198.4 %N/A
[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented Management Commentary"Kickstarted by the successful launch of the GX, XPENG will deliver four new models this year, positioning us for a robust sales growth trajectory," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "This year, I am dedicated to leading our team to achieve the mass production of Robotaxis and humanoid robots. We are nurturing a global business ecosystem to transform physical AI technologies into new growth drivers for revenue and profit.""For the first quarter of 2026, our gross margin surpassed 20%. Our in-house technological innovation and surging international revenue enabled us to remain resilient through the industry's seasonal slowdown," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "We will accelerate the mass adoption and commercialization of physical AI applications as a corporate strategic priority."Recent DevelopmentsDeliveries in April 2026Total deliveries were 31,011 vehicles in April 2026.As of April 30, 2026, year-to-date total deliveries were 93,693 vehicles.Launch of XPENG GXOn May 20, 2026, XPENG launched the XPENG GX, its tech flagship SUV.Unaudited Financial Results for the Three Months Ended March 31, 2026Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from RMB15.81 billion for the same period of 2025 and a decrease of 41.4% from RMB22.25 billion for the fourth quarter of 2025.Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from RMB14.37 billion for the same period of 2025, and a decrease of 42.3% from RMB19.07 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries.Revenues from services and others were RMB2.03 billion (US$0.29 billion) for the first quarter of 2026, representing an increase of 41.2% from RMB1.44 billion for the same period of 2025 and a decrease of 36.1% from RMB3.18 billion for the fourth quarter of 2025. The year-over-year increase was primarily attributable to increased revenues from technical research and development services ("technical R&D services") and parts and accessories sales. The quarter-over-quarter decrease was primarily due to the reduction in technical R&D services revenues following a significant milestone catch-up in the prior quarter, as well as no revenue contribution from carbon credit trading in the current quarter.Cost of sales was RMB10.35 billion (US$1.50 billion) for the first quarter of 2026, representing a decrease of 22.5% from RMB13.35 billion for the same period of 2025 and a decrease of 40.9% from RMB17.51 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025.Vehicle margin was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025. The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of models. The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery related costs.Services and others margin was 66.5% for the first quarter of 2026, compared with 66.4% for the same period of 2025 and 70.8% for the fourth quarter of 2025. The quarter-over-quarter decrease was due to a decreased share of the revenue from technical R&D services and parts and accessories sales within total services and other revenue.Research and development expenses were RMB2.91 billion (US$0.42 billion) for the first quarter of 2026, representing an increase of 46.8% from RMB1.98 billion for the same period of 2025 and an increase of 1.1% from RMB2.87 billion for the fourth quarter of 2025. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the Company expanded its product portfolio to support future growth.Selling, general and administrative expenses were RMB1.88 billion (US$0.27 billion) for the first quarter of 2026, representing a decrease of 3.2% from RMB1.95 billion for the same period of 2025 and a decrease of 32.5% from RMB2.79 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the lower commission to the franchised stores.Other income, net was RMB0.18 billion (US$0.03 billion) for the first quarter of 2026, representing a decrease of 66.5% from RMB0.54 billion for the same period of 2025 and a decrease of 78.3% from RMB0.84 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in receipt of government subsidies.Fair value (loss) gain on derivative liability relating to the contingent consideration was a gain of RMB0.05 billion (US$0.01 billion) for the first quarter of 2026, compared with a loss of RMB0.12 billion for the same period of 2025 and a gain of RMB0.04 billion for the fourth quarter of 2025. This non-cash (loss) gain 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 RMB1.87 billion (US$0.27 billion) for the first quarter of 2026, compared with RMB1.04 billion for the same period of 2025 and RMB0.04 billion for the fourth quarter of 2025.Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.80 billion for the same period of 2025 and a profit of RMB0.08 billion for the fourth quarter of 2025.Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.Non-GAAP net loss, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.Basic and diluted net loss per ADS were both RMB1.87 (US$0.27) for the first quarter of 2026, compared with RMB0.70 basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.40 basic and diluted net profit per ADS for the fourth quarter of 2025.Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26) for the first quarter of 2026, compared with RMB0.45 non-GAAP basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.53 and RMB0.52 non-GAAP basic and diluted net profit per ADS for the fourth quarter of 2025, respectively.Balance SheetsAs of March 31, 2026, the Company had a cash position of RMB42.09 billion (US$6.10 billion), compared with RMB45.28 billion as of March 31, 2025 and RMB47.66 billion as of December 31, 2025.Business OutlookFor the second quarter of 2026, the Company expects:Deliveries of vehicles to be between 100,000 and 106,000, representing a year-over-year change of approximately -3.08% to +2.73%, and a quarter-over-quarter increase of approximately 59.54% to 69.11%.Total revenues to be between RMB19.60 billion and RMB20.80 billion, representing a year-over-year increase of approximately 7.25% to 13.82%, and a quarter-over-quarter increase of approximately 50.38% to 59.59%.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 CallThe Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on May 28, 2026 (7:00 PM Beijing/Hong Kong Time on May 28, 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 First Quarter 2026 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10054534-c1s7jl.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 June 4, 2026, by dialing the following telephone numbers:United States:+1-855-883-1031International:+61-7-3107-6325Hong Kong, China:800-930-639Chinese Mainland:400-120-9216Replay Access Code:10054534About XPENGXPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs 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 and NEVs 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 MeasuresThe 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 ordinary share 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 loss (gain) 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 InformationThis 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 RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.Safe Harbor StatementThis 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.comJenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.comFor 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)
December 31,
March 31,
March 31,
2025RMB
2026RMB
2026US$ASSETS
Current assetsCash and cash equivalents17,329,612
14,460,430
2,096,322Restricted cash6,071,491
5,436,604
788,142Short-term deposits11,388,834
9,568,321
1,387,115Restricted short-term deposits296,277
1,223,833
177,419Short-term investments3,217,293
3,112,654
451,240Long-term deposits, current portion3,020,317
3,453,198
500,609Restricted long-term deposits, current portion600,472
—
—Derivative assets—
2,203
319Accounts and notes receivable, net1,996,917
1,078,429
156,339Installment payment receivables, net,current portion3,553,054
3,213,713
465,891Inventory10,380,668
13,291,855
1,926,914Amounts due from related parties102,219
119,406
17,310Prepayments and other current assets, net5,296,673
5,707,084
827,353
Total current assets63,253,827
60,667,730
8,794,973
Non-current assetsLong-term deposits4,263,542
3,354,922
486,362Restricted long-term deposits1,468,708
1,476,815
214,093Property, plant and equipment, net13,527,237
17,421,250
2,525,551Right-of-use assets, net3,730,921
1,187,653
172,174Intangible assets, net4,253,168
4,120,041
597,281Land use rights, net3,216,526
3,491,040
506,095Installment payment receivables, net6,496,020
5,866,931
850,526Long-term investments2,523,037
2,817,726
408,484Other non-current assets429,644
408,481
59,217
Total non-current assets39,908,803
40,144,859
5,819,783
Total assets103,162,630
100,812,589
14,614,756
XPENG INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
December 31,
March 31,
March 31,
2025
RMB
2026
RMB
2026
US$
LIABILITIES
Current liabilities
Short-term borrowings
4,282,000
6,764,000
980,574Accounts payable
18,001,675
13,077,399
1,895,825Notes payable
19,161,724
17,817,244
2,582,958Amounts due to related parties
1,064
2,532
367Income taxes payable
44,682
25,921
3,758Derivative liabilities
281,009
227,709
33,011Operating lease liabilities, current portion
445,901
327,703
47,507Finance lease liabilities, current portion
55,581
84,002
12,178Deferred revenue, current portion
1,463,065
1,753,105
254,147Long-term borrowings, current portion
1,837,950
790,251
114,562Accruals and other liabilities
12,538,698
12,463,653
1,806,850
Total current liabilities
58,113,349
53,333,519
7,731,737
Non-current liabilities
Long-term borrowings
6,588,865
9,004,823
1,305,425Operating lease liabilities
4,246,599
2,066,919
299,640Finance lease liabilities
740,576
4,644,769
673,350Deferred revenue
1,206,014
1,275,748
184,945Deferred tax liabilities
330,353
330,353
47,891Other non-current liabilities
1,568,284
1,696,838
245,990Total non-current liabilities
14,680,691
19,019,450
2,757,241Total liabilities
72,794,040
72,352,969
10,488,978
SHAREHOLDERS' EQUITY
Class A Ordinary shares
105
105
15Class B Ordinary shares
21
21
3Additional paid-in capital
71,236,011
71,385,560
10,348,733Statutory and other reserves
137,720
151,302
21,934Accumulated deficit
(42,767,710)
(44,565,392)
(6,460,625)Accumulated other comprehensive income
1,762,443
1,488,024
215,718Total shareholders' equity
30,368,590
28,459,620
4,125,778Total liabilities and shareholders' equity
103,162,630
100,812,589
14,614,756 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
March 31,
December 31,
March 31,
March 31,
2025
RMB
2025
RMB
2026
RMB
2026
US$
Revenues
Vehicle sales14,369,298
19,072,174
10,999,321
1,594,567Services and others1,441,330
3,181,585
2,034,460
294,935Total revenues15,810,628
22,253,759
13,033,781
1,889,502Cost of sales
Vehicle sales(12,866,303)
(16,583,754)
(9,669,451)
(1,401,776)Services and others(484,795)
(928,199)
(681,737)
(98,831)Total cost of sales(13,351,098)
(17,511,953)
(10,351,188)
(1,500,607)Gross profit2,459,530
4,741,806
2,682,593
388,895Operating expenses
Research and development expenses(1,980,724)
(2,874,248)
(2,906,991)
(421,425)Selling, general and administrative
expenses(1,946,064)
(2,792,254)
(1,883,438)
(273,041)Other income, net544,040
839,694
182,249
26,421Fair value (loss) gain on derivative
liability relating to the contingent
consideration(118,229)
40,744
51,113
7,410Total operating expenses, net(3,500,977)
(4,786,064)
(4,557,067)
(660,635)Loss from operations(1,041,447)
(44,258)
(1,874,474)
(271,740)Interest income291,227
262,919
257,166
37,281Interest expense(128,935)
(76,485)
(164,994)
(23,919)Fair value loss on derivative assets or
derivative liabilities—
—
(101)
(15)Investment gain on long-term
investments79,653
265,364
169,117
24,517Exchange gain (loss) from foreign
currency transactions130,448
(12,994)
(148,728)
(21,561)Other non-operating income (expenses),
net20,275
22,173
(959)
(139)(Loss) profit before income tax
expenses and share of results of
equity method investees(648,779)
416,719
(1,762,973)
(255,576)Income tax expenses(7,991)
(22,128)
(9,251)
(1,341)Share of results of equity method
investees(7,276)
(11,383)
(11,876)
(1,722)Net (loss) profit(664,046)
383,208
(1,784,100)
(258,639)Net (loss) profit attributable to
ordinary shareholders of XPeng Inc.(664,046)
383,208
(1,784,100)
(258,639) 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
March 31,
December 31,
March 31,
March 31,
2025
RMB
2025
RMB
2026
RMB
2026
US$
Net (loss) profit(664,046)
383,208
(1,784,100)
(258,639)Other comprehensive loss
Foreign currency translation
adjustment, net of tax(25,710)
(166,194)
(274,419)
(39,782)Total comprehensive (loss) profit
attributable to XPeng Inc.(689,756)
217,014
(2,058,519)
(298,421)Comprehensive (loss) profit
attributable to ordinary
shareholders of XPeng Inc.(689,756)
217,014
(2,058,519)
(298,421)
Weighted average number of
ordinary shares used in
computing net (loss) profit per
ordinary share
Basic1,899,365,591
1,908,651,262
1,910,568,643
1,910,568,643Diluted1,899,365,591
1,934,719,272
1,910,568,643
1,910,568,643
Net (loss) profit per ordinary share
attributable to ordinary
shareholders
Basic (0.35)
0.20
(0.93)
(0.14)Diluted(0.35)
0.20
(0.93)
(0.14)
Weighted average number of ADS
used in computing net (loss)
profit per share
Basic 949,682,796
954,325,631
955,284,322
955,284,322Diluted949,682,796
967,359,636
955,284,322
955,284,322
Net (loss) profit per ADS
attributable to ordinary
shareholders
Basic (0.70)
0.40
(1.87)
(0.27)Diluted(0.70)
0.40
(1.87)
(0.27) 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
March 31,
December 31,
March 31,
March 31,
2025
RMB
2025
RMB
2026
RMB
2026
US$
Loss from operations(1,041,447)
(44,258)
(1,874,474)
(271,740)Fair value loss (gain) on derivative liability
relating to the contingent consideration118,229
(40,744)
(51,113)
(7,410)Share-based compensation expenses120,028
162,629
149,549
21,680Non-GAAP (loss) profit from operations(803,190)
77,627
(1,776,038)
(257,470)Net (loss) profit(664,046)
383,208
(1,784,100)
(258,639)Fair value loss (gain) on derivative liability
relating to the contingent consideration118,229
(40,744)
(51,113)
(7,410)Share-based compensation expenses120,028
162,629
149,549
21,680Non-GAAP net (loss) profit(425,789)
505,093
(1,685,664)
(244,369)
Net (loss) profit attributable to ordinary
shareholders(664,046)
383,208
(1,784,100)
(258,639)Fair value loss (gain) on derivative liability
relating to the contingent consideration118,229
(40,744)
(51,113)
(7,410)Share-based compensation expenses 120,028
162,629
149,549
21,680
Non-GAAP net (loss) profit attributable
to ordinary shareholders of XPeng Inc.(425,789)
505,093
(1,685,664)
(244,369)
Weighted average number of ordinary
shares used in calculating Non-GAAP
net (loss) profit per share
Basic1,899,365,591
1,908,651,262
1,910,568,643
1,910,568,643Diluted1,899,365,591
1,934,719,272
1,910,568,643
1,910,568,643
Non-GAAP net (loss) profit per ordinary
share
Basic(0.22)
0.26
(0.88)
(0.13)Diluted(0.22)
0.26
(0.88)
(0.13)
Weighted average number of ADS used
in calculating Non-GAAP net (loss)
profit per share
Basic 949,682,796
954,325,631
955,284,322
955,284,322Diluted949,682,796
967,359,636
955,284,322
955,284,322Non-GAAP net (loss) profit per ADS
Basic (0.45)
0.53
(1.76)
(0.26)Diluted(0.45)
0.52
(1.76)
(0.26) View original content:https://www.prnewswire.com/news-releases/xpeng-reports-first-quarter-2026-unaudited-financial-results-302784231.htmlSOURCE XPeng Inc. Original: XPENG Reports First Quarter 2026 Unaudited Financial Results
US Market News
3月前
XPENG Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial ResultsMarch 20, 2026 5:00 AM
PR Newswire (US)
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 was RMB47.66 billion (US$6.81 billion) as of December 31, 2025Quarterly total revenues were RMB22.25 billion, a 38.2% increase year-over-yearQuarterly gross margin was 21.3%, an increase of 6.9 percentage points over the same period of 2024Quarterly vehicle margin was 13.0%, an increase of 3.0 percentage points over the same period of 2024Full year vehicle deliveries reached 429,445, a 125.9% increase year-over-yearFull year revenues reached RMB76.72 billion, an 87.7% increase year-over-yearFull year gross margin was 18.9%, an increase of 4.6 percentage points year-over-yearGUANGZHOU, 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
2025Q42025Q32025Q22025Q12024Q42024Q3
Total deliveries116,249116,007103,18194,00891,50746,533Total 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. 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,
202520252024YoYQoQ
Vehicle sales19.0718.0514.6730.0 %5.6 %Vehicle margin13.0 %13.1 %10.0 %3.0 pts-0.1ptsTotal revenues22.2520.3816.1138.2 %9.2 %Gross profit4.744.102.32104.0 %15.5 %Gross margin21.3 %20.1 %14.4 %6.9 pts1.2 ptsNet 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 shareholders0.38(0.38)(1.33)128.8 %200.6 %Non-GAAP net profit (loss)
attributable to ordinary
shareholders0.51(0.15)(1.39)136.3 %432.6 %Comprehensive profit (loss)
attributable to ordinary
shareholders0.22(0.50)(0.90)124.2 %143.1 %
[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presentedManagement 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 DevelopmentsDeliveries in January and February 2026Total 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 SystemDuring 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, 2025Total 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 SheetsAs 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, 2025Total 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 OutlookFor 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 CallThe 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.htmlAdditionally, 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:+1-855-883-1031International:+61-7-3107-6325Hong Kong, China:800-930-639Mainland China:400-120-9216Replay Access Code:10052981About XPENGXPENG 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 MeasuresThe 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 InformationThis 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 StatementThis 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.comJenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.comFor 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
2024RMB
2025RMB
2025US$ASSETSCurrent assetsCash and cash equivalents18,586,274
17,329,612
2,478,102Restricted cash3,153,390
6,071,491
868,212Short-term deposits12,931,757
11,388,834
1,628,582Restricted short-term deposits110,699
296,277
42,367Short-term investments751,290
3,217,293
460,067Long-term deposits, current portion452,326
3,020,317
431,900Restricted long-term deposits, current portion—
600,472
85,866Accounts and notes receivable, net2,449,629
1,996,917
285,555Installment payment receivables, net,current portion2,558,756
3,553,054
508,080Inventory5,562,922
10,380,668
1,484,416Amounts due from related parties43,714
102,219
14,617Prepayments and other current assets3,135,312
5,296,673
757,415Total current assets49,736,069
63,253,827
9,045,179
Non-current assetsLong-term deposits4,489,036
4,263,542
609,678Restricted long-term deposits1,487,688
1,468,708
210,022Property, plant and equipment, net11,521,863
13,527,237
1,934,369Right-of-use assets, net1,261,663
3,730,921
533,515Intangible assets, net4,610,469
4,253,168
608,195Land use rights, net2,744,424
3,216,526
459,957Installment payment receivables, net4,448,416
6,496,020
928,919Long-term investments1,963,194
2,523,037
360,789Other non-current assets443,283
429,644
61,438
Total non-current assets32,970,036
39,908,803
5,706,882
Total assets82,706,105
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
612,318Accounts payable
15,181,585
18,001,675
2,574,205Notes payable
7,898,896
19,161,724
2,740,090Amounts due to related parties
9,364
1,064
152Income taxes payable
14,514
44,682
6,389Derivative liability
—
281,009
40,184Operating lease liabilities, current portion
324,496
445,901
63,763Finance lease liabilities, current portion
41,940
55,581
7,948Deferred revenue, current portion
1,275,716
1,463,065
209,216Long-term borrowings, current portion
1,858,613
1,837,950
262,823Accruals and other liabilities
8,650,636
12,538,698
1,793,010Total current liabilities
39,864,883
58,113,349
8,310,098Non-current liabilities
Long-term borrowings
5,664,518
6,588,865
942,195Operating lease liabilities
1,345,852
4,246,599
607,256Finance lease liabilities
777,697
740,576
105,901Deferred revenue
822,719
1,206,014
172,458Derivative liability
167,940
—
—Deferred tax liabilities
341,932
330,353
47,240Other non-current liabilities
2,445,776
1,568,284
224,262Total non-current liabilities
11,566,434
14,680,691
2,099,312Total liabilities
51,431,317
72,794,040
10,409,410
SHAREHOLDERS' EQUITY
Class A Ordinary shares
104
105
15Class B Ordinary shares
21
21
3Additional paid-in capital
70,671,685
71,236,011
10,186,614Statutory and other reserves
95,019
137,720
19,694Accumulated deficit
(41,585,549)
(42,767,710)
(6,115,701)Accumulated other comprehensive income
2,093,508
1,762,443
252,026Total shareholders' equity
31,274,788
30,368,590
4,342,651Total 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 sales14,671,128
18,053,752
19,072,174
2,727,285Services and others1,433,968
2,327,198
3,181,585
454,961Total revenues16,105,096
20,380,950
22,253,759
3,182,246Cost 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 profit2,324,777
4,104,253
4,741,806
678,070Operating 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, net196,436
140,283
839,694
120,075Fair value gain (loss) on derivative
liability relating to the contingent
consideration204,637
(73,824)
40,744
5,826Total 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 income301,177
300,840
262,919
37,597Interest expense(94,001)
(99,350)
(76,485)
(10,937)Investment gain on long-term investments10,069
131,115
265,364
37,947Exchange (loss) gain from foreign
currency transactions(104,994)
25,860
(12,994)
(1,858)Other non-operating income (expenses),
net94,093
(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
59,592Income 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
54,800Net (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
54,800Other comprehensive profit (loss)
Foreign currency translation adjustment,
net of tax433,820
(122,747)
(166,194)
(23,765)Total comprehensive (loss) profit
attributable to XPeng Inc.(896,153)
(503,615)
217,014
31,035Comprehensive (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
Basic1,898,086,802
1,905,381,418
1,908,651,262
1,908,651,262Diluted1,898,086,802
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
0.03Diluted(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
954,325,631Diluted949,043,401
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
0.06Diluted(1.40)
(0.40)
0.40
0.06 XPENG INC.UNAUDITED RECONCILIATIONS OF GAAP ANDNON-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 expenses143,675
155,195
162,629
23,256
Non-GAAP (loss) profit from
operations(1,616,975)
(522,029)
77,627
11,102Net (loss) profit(1,329,973)
(380,868)
383,208
54,800Fair value (gain) loss on derivative
liability relating to the contingent
consideration(204,637)
73,824
(40,744)
(5,826)Share-based compensation expenses143,675
155,195
162,629
23,256Non-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
54,800Fair 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 ANDNON-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
Basic1,898,086,802
1,905,381,418
1,908,651,262
1,908,651,262Diluted1,898,086,802
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
0.04Diluted(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
954,325,631Diluted949,043,401
952,690,709
967,359,636
967,359,636Non-GAAP net (loss) profit per ADS
Basic (1.47)
(0.16)
0.53
0.08Diluted(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
9,778,056Services and others
5,036,907
8,340,822
1,192,722Total revenues
40,866,309
76,719,742
10,970,778Cost 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
2,069,600Operating 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
251,880Fair 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
166,337Interest expense
(343,982)
(379,931)
(54,329)Investment (loss) gain on long-term investments
(261,991)
500,533
71,575Exchange (loss) gain from foreign currency
transactions
(49,543)
285,998
40,897Other non-operating income, net
108,154
44,789
6,405Loss 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
4,423Net 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 ANDNON-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
16,774Share-based compensation expenses
473,655
564,327
80,698Non-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
16,774Share-based compensation expenses
473,655
564,327
80,698Non-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
16,774Share-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)
View original content:https://www.prnewswire.com/news-releases/xpeng-reports-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-302719660.htmlSOURCE XPeng Inc.
Original: XPENG Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
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