Financials

Financial trajectory

Latest earnings · Q2 2026

Revenue · RMB bn · quarterly

VehiclesServices & otherGuidance

What the abbreviations mean

R&D: research and development.
SG&A: selling, general and administrative expenses — sales, marketing, stores and overheads.
Gross profit: revenue less the cost of what was sold; the gross margin is that as a share of revenue.
Operating result: gross profit less R&D, SG&A and other operating items.
Net result: the operating result after interest, investments, exchange and tax.
Other operating items: what XPeng reports between SG&A and the operating result — other income and fair-value items.
Non-operating items: interest, investment and exchange results, and tax — what sits between the operating and the net result.
Operating margin: the operating result as a share of revenue — XPulse arithmetic; nought is break-even before interest and tax.
Cash position: cash and cash equivalents, restricted cash, time deposits of every maturity and short-term investments, as XPeng defines it.
Borrowings · net cash: short-term and long-term loans as the balance sheet lists them, not leases; net cash is the cash position less borrowings — XPulse arithmetic.
Cash flow: cash from operations, capex (purchases of property and equipment) and free cash flow, the first less the second — by year and first half, under Financial history.
Per ADS: the net result divided by the average number of ADSs in the period, as XPeng reports it.
YoY · QoQ: against the same period a year earlier, and against the quarter before.
pp: percentage points — the difference between two percentages.
ADS: American depositary share, the unit XPEV trades in New York; each is two Class A shares.

Where the money comes from

Revenue

86%vehicles14%services & otherQ2 2026

Gross profit

50%vehicles50%services & otherQ2 2026

In Q2 2026 services carried a 75% margin against 12% on vehicles — that is why 14% of the revenue was 50% of the gross profit.

Cash and borrowings

RMB bn

Cash and borrowings · RMB bn · quarterly

19.8bnborrowings20.7bnnet cashQ2 2026

Cash & equivalentsTime depositsShort-term investmentsRestricted cashBorrowings

From gross profit to net result

Q2 2026 · from gross profit to net result

Financial history

RMB bn

		Revenue			Margins				Costs		Result
Period	Deliveries	Total	Vehicle	Services	Vehicle	Services	Gross	Operating	R&D	SG&A	Gross	Operating	Net	Per ADS
Q2 2026	103,295	19.74	17.05	2.70	12.1%	75.1%	20.7%	−5.8%	2.91	2.50	4.08	−1.14	−1.34	−RMB1.40
Q1 2026	62,682	13.03	11.00	2.03	12.1%	66.5%	20.6%	−14.4%	2.91	1.88	2.68	−1.87	−1.78	−RMB1.87
Q4 2025	116,249	22.25	19.07	3.18	13.0%	70.8%	21.3%	−0.2%	2.87	2.79	4.74	−0.04	+0.38	+RMB0.40
Q3 2025	116,007	20.38	18.05	2.33	13.1%	74.6%	20.1%	−3.7%	2.43	2.49	4.10	−0.75	−0.38	−RMB0.40
Q2 2025	103,181	18.27	16.88	1.39	14.3%	53.6%	17.3%	−5.1%	2.21	2.17	3.17	−0.93	−0.48	−RMB0.50
Q1 2025	94,008	15.81	14.37	1.44	10.5%	66.4%	15.6%	−6.6%	1.98	1.95	2.46	−1.04	−0.66	−RMB0.70
Q4 2024	91,507	16.11	14.67	1.43	10.0%	59.6%	14.4%	−9.7%	2.01	2.28	2.32	−1.56	−1.33	−RMB1.40
Q3 2024	46,533	10.10	8.80	1.31	8.6%	60.1%	15.3%	−18.3%	1.63	1.63	1.54	−1.85	−1.81	−RMB1.91
Q2 2024	30,207	8.11	6.82	1.29	6.4%	54.3%	14.0%	−19.8%	1.47	1.57	1.14	−1.61	−1.28	−RMB1.36
Q1 2024	21,821	6.55	5.54	1.00	5.5%	53.9%	12.9%	−25.1%	1.35	1.39	0.84	−1.65	−1.37	−RMB1.45

		Revenue			Margins				Costs		Result
Period	Deliveries	Total	Vehicle	Services	Vehicle	Services	Gross	Operating	R&D	SG&A	Gross	Operating	Net	Per ADS
H1 2026	165,977	32.78	28.05	4.73	12.1%	71.4%	20.6%	−9.2%	5.82	4.38	6.77	−3.02	−3.12	—
2025	429,445	76.72	68.38	8.34	12.8%	68.2%	18.9%	−3.6%	9.49	9.40	14.47	−2.77	−1.14	−RMB1.20
2024	190,068	40.87	35.83	5.04	8.3%	57.2%	14.3%	−16.3%	6.46	6.87	5.85	−6.66	−5.79	−RMB6.12
2023	141,601	30.68	28.01	2.67	-1.6%	—	1.5%	−35.5%	5.28	6.56	0.45	−10.89	−10.38	−RMB11.92
2022	120,757	26.86	24.84	2.02	9.4%	—	11.5%	−32.4%	5.21	6.69	3.09	−8.71	−9.14	−RMB10.67
2021	98,155	20.99	20.04	0.95	11.5%	—	12.5%	−31.3%	4.11	5.31	2.62	−6.58	−4.86	−RMB5.92

	Cash and borrowings			Suppliers and stock
Period end	Cash	Borrowings	Net cash	Owed to suppliers	Inventory	Equity
Q2 2026	40.48	19.76	20.72	29.71	13.73	27.01
Q1 2026	42.09	16.56	25.53	30.89	13.29	28.46
Q4 2025	47.66	12.71	34.95	37.16	10.38	30.37
Q3 2025	48.33	11.82	36.51	35.11	9.24	29.99
Q2 2025	47.57	11.26	36.31	30.69	6.60	30.34
Q1 2025	45.28	11.97	33.31	26.98	5.97	30.71
Q4 2024	41.96	12.13	29.83	23.08	5.56	31.27
Q3 2024	35.75	12.98	22.77	16.86	6.14	32.03
Q2 2024	37.33	11.49	25.83	16.39	5.57	34.01
Q1 2024	41.40	11.62	29.79	20.02	6.14	35.12

	Cash and borrowings			Suppliers and stock
Period end	Cash	Borrowings	Net cash	Owed to suppliers	Inventory	Equity
Jun 2026	40.48	19.76	20.72	29.71	13.73	27.01
2025	47.66	12.71	34.95	37.16	10.38	30.37
2024	41.96	12.13	29.83	23.08	5.56	31.27
2023	45.70	10.90	34.79	22.21	5.53	36.33
2022	38.25	7.79	30.46	14.22	4.52	36.91
2021	43.54	1.68	41.87	12.36	2.66	42.15

	Result	Cash flow
Period	Net	Operations	Capex	Free
H1 2026	−3.12	−11.72	1.56	−13.29
2025	−1.14	+8.26	3.16	+5.10
H1 2025	−1.14	+7.64	1.38	+6.25
2024	−5.79	−2.01	2.23	−4.24
H1 2024	−2.65	−7.39	1.02	−8.42
2023	−10.38	+0.96	2.10	−1.14
2022	−9.14	−8.23	4.28	−12.51
2021	−4.86	−1.09	2.30	−3.39