Detailed financial statements for XPeng Inc. (XPEV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating within the People's Republic of China, XPeng Inc. is an innovator in the electric vehicle (EV) sector, focusing on the creation and sale of intelligent, connected automobiles. It handles the entire process from conceptualization to market distribution. Its diverse lineup caters to various consumer needs, featuring SUV models like the G3 and G3i, the P7 performance-oriented sports sedan, and the P5, designed as a family-friendly sedan.
Analysis Summary
XPeng Inc. reported revenue of 76.72B CNY in the most recent fiscal year, growing at a 5-year CAGR of 67.4%.
Trailing-twelve-month margins: gross margin 20.7%, operating margin -6.8%, net margin -4.1%.
At the current price of $9.40, XPEV has negative trailing earnings (P/E not meaningful) and an ROE of -10.72%. Market capitalisation stands at $8.9B.
Balance sheet quality for XPEV: current ratio of 1.1, net cash position of 15.40B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 9.7M CNY | 2.32B CNY | 5.84B CNY | 20.99B CNY | 26.86B CNY | 30.68B CNY | 40.87B CNY | 76.72B CNY |
| Cost of Revenue | 12.1M CNY | 2.88B CNY | 5.58B CNY | 18.37B CNY | 23.77B CNY | 30.22B CNY | 35.02B CNY | 62.25B CNY |
| Gross Profit | -2.4M CNY | -558.1M CNY | 266.0M CNY | 2.62B CNY | 3.09B CNY | 451.2M CNY | 5.85B CNY | 14.47B CNY |
| Research & Development | 1.05B CNY | 2.07B CNY | 1.73B CNY | 4.11B CNY | 5.21B CNY | 5.28B CNY | 6.46B CNY | 9.49B CNY |
| Selling, General & Admin | 642.5M CNY | 1.16B CNY | 2.92B CNY | 5.31B CNY | 6.69B CNY | 6.56B CNY | 6.87B CNY | 9.40B CNY |
| Operating Expenses | 1.69B CNY | 3.22B CNY | 4.56B CNY | 9.20B CNY | 11.79B CNY | 11.34B CNY | 12.50B CNY | 17.13B CNY |
| Operating Income | -1.69B CNY | -3.78B CNY | -4.29B CNY | -6.58B CNY | -8.71B CNY | -10.89B CNY | -6.66B CNY | -2.65B CNY |
| EBITDA | -1.30B CNY | -3.43B CNY | -2.27B CNY | -3.94B CNY | -7.58B CNY | -8.02B CNY | -2.91B CNY | 2.21B CNY |
| Interest Expense | 5.8M CNY | 32.0M CNY | 22.5M CNY | 55.3M CNY | 132.2M CNY | 268.7M CNY | 344.0M CNY | 379.9M CNY |
| Pre-tax Income | -1.40B CNY | -3.69B CNY | -2.73B CNY | -4.84B CNY | -9.11B CNY | -10.34B CNY | -5.86B CNY | -1.13B CNY |
| Income Tax | 0 | 1,000 CNY | 1.2M CNY | 26.0M CNY | 24.7M CNY | 36.8M CNY | -69.8M CNY | 13.6M CNY |
| Net Income | -1.40B CNY | -3.69B CNY | -2.73B CNY | -4.86B CNY | -9.14B CNY | -10.38B CNY | -5.79B CNY | -1.14B CNY |
| EPS | $-3.12 | $-6.16 | $-6.42 | $-5.92 | $-10.68 | $-11.92 | $-6.12 | $-2.40 |
| EPS (Diluted) | $-3.12 | $-6.16 | $-6.42 | $-5.92 | $-10.68 | $-11.92 | $-6.12 | $-2.40 |
| Shares Outstanding (Diluted) | 855.3M CNY | 855.3M CNY | 855.3M CNY | 821.5M CNY | 856.3M CNY | 870.5M CNY | 945.7M CNY | 476.0M CNY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 20.38B CNY | 21.95B CNY | 12.95B CNY | 19.69B CNY |
| Gross Profit | 4.10B CNY | 4.68B CNY | 2.67B CNY | 4.07B CNY |
| Operating Income | -751.0M CNY | -911.9M CNY | -2.10B CNY | -1.32B CNY |
| EBITDA | -294.3M CNY | 475.2M CNY | -1.60B CNY | -1.32B CNY |
| Net Income | -380.9M CNY | 377.9M CNY | -1.77B CNY | -1.33B CNY |
| EPS | $-0.40 | $0.80 | $-3.72 | $-2.86 |
| EPS (Diluted) | $-0.40 | $0.78 | $-3.72 | $-2.86 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 1.63B CNY | 1.95B CNY | 29.21B CNY | 11.02B CNY | 14.61B CNY | 21.13B CNY | 18.59B CNY | 17.33B CNY |
| Short-term Investments | 3.01B CNY | 407.8M CNY | 3.80B CNY | 28.69B CNY | 16.61B CNY | 17.59B CNY | 14.14B CNY | 17.63B CNY |
| Receivables | 1.09B CNY | 585.0M CNY | 1.28B CNY | 4.16B CNY | 6.61B CNY | 6.18B CNY | 7.33B CNY | 9.16B CNY |
| Inventory | 169.3M CNY | 454.1M CNY | 1.34B CNY | 2.66B CNY | 4.52B CNY | 5.53B CNY | 5.56B CNY | 10.38B CNY |
| Total Current Assets | 6.11B CNY | 4.96B CNY | 39.68B CNY | 48.83B CNY | 43.53B CNY | 54.52B CNY | 49.74B CNY | 63.25B CNY |
| Property, Plant & Equipment | 1.23B CNY | 3.68B CNY | 3.54B CNY | 7.01B CNY | 12.61B CNY | 12.53B CNY | 12.79B CNY | 17.26B CNY |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 34.1M CNY | 34.1M CNY | 34.1M CNY |
| Intangible Assets | 309.4M CNY | 373.2M CNY | 857.7M CNY | 2.98B CNY | 3.79B CNY | 7.74B CNY | 7.35B CNY | 7.47B CNY |
| Total Assets | 7.67B CNY | 9.25B CNY | 44.71B CNY | 65.65B CNY | 71.49B CNY | 84.16B CNY | 82.71B CNY | 103.16B CNY |
| Accounts Payable | 214.9M CNY | 953.9M CNY | 5.11B CNY | 12.36B CNY | 14.22B CNY | 22.21B CNY | 15.18B CNY | 18.00B CNY |
| Short-term Debt | 200.0M CNY | 479.9M CNY | 172.9M CNY | 106.6M CNY | 3.18B CNY | 5.79B CNY | 6.47B CNY | 7.31B CNY |
| Total Current Liabilities | 973.0M CNY | 3.30B CNY | 7.84B CNY | 18.01B CNY | 24.11B CNY | 36.11B CNY | 39.86B CNY | 58.11B CNY |
| Long-term Debt | 1.00B CNY | 1.69B CNY | 1.65B CNY | 3.38B CNY | 6.38B CNY | 6.93B CNY | 6.98B CNY | 6.76B CNY |
| Total Liabilities | 9.86B CNY | 16.08B CNY | 10.28B CNY | 23.50B CNY | 34.58B CNY | 47.83B CNY | 51.43B CNY | 72.79B CNY |
| Retained Earnings | -2.18B CNY | -6.82B CNY | -11.32B CNY | -16.19B CNY | -25.33B CNY | -35.76B CNY | -41.59B CNY | -42.77B CNY |
| Total Equity | -2.19B CNY | -6.83B CNY | 34.43B CNY | 42.15B CNY | 36.91B CNY | 36.33B CNY | 31.27B CNY | 30.37B CNY |
| Total Debt | 1.55B CNY | 2.62B CNY | 2.29B CNY | 5.05B CNY | 12.83B CNY | 15.39B CNY | 15.94B CNY | 19.55B CNY |
| Net Debt | -3.08B CNY | 267.3M CNY | -30.72B CNY | -34.66B CNY | -18.39B CNY | -23.33B CNY | -16.78B CNY | -15.40B CNY |
| Working Capital | 5.14B CNY | 1.66B CNY | 31.84B CNY | 30.82B CNY | 19.41B CNY | 18.41B CNY | 9.87B CNY | 5.14B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | 17.53B CNY | 17.33B CNY | 19.82B CNY | 21.17B CNY |
| Total Assets | 98.31B CNY | 103.16B CNY | 100.44B CNY | 101.62B CNY |
| Total Liabilities | 68.32B CNY | 72.79B CNY | 72.08B CNY | 74.60B CNY |
| Total Equity | 29.99B CNY | 30.37B CNY | 28.35B CNY | 27.02B CNY |
| Total Debt | 34.70B CNY | 19.55B CNY | 41.34B CNY | 40.87B CNY |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -1.40B CNY | -3.69B CNY | -2.73B CNY | -4.86B CNY | -9.14B CNY | -10.38B CNY | -5.79B CNY | -1.14B CNY |
| Depreciation & Amortization | 95.6M CNY | 226.7M CNY | 437.9M CNY | 837.8M CNY | 1.41B CNY | 2.11B CNY | 2.57B CNY | 2.99B CNY |
| Stock-based Compensation | 1.6M CNY | 517,000 CNY | 996.4M CNY | 379.9M CNY | 710.5M CNY | 550.5M CNY | 473.7M CNY | 564.3M CNY |
| Change in Working Capital | -3.0M CNY | -190.0M CNY | 2.49B CNY | 3.58B CNY | -2.71B CNY | 7.35B CNY | -443.2M CNY | 5.90B CNY |
| Operating Cash Flow | -1.57B CNY | -3.56B CNY | -139.8M CNY | -1.09B CNY | -8.23B CNY | 956.2M CNY | -2.01B CNY | 8.26B CNY |
| Capital Expenditure | -1.01B CNY | -1.91B CNY | -1.36B CNY | -4.32B CNY | -4.68B CNY | -2.31B CNY | -2.43B CNY | -3.35B CNY |
| Acquisitions | 0 | 0 | 16.0M CNY | -1.99B CNY | 0 | 684.2M CNY | 0 | 0 |
| Stock Repurchased | 0 | -55.0M CNY | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -2.58B CNY | -5.47B CNY | -1.50B CNY | -5.41B CNY | -12.91B CNY | -1.36B CNY | -4.44B CNY | 4.91B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 126.5M CNY | 191.3M CNY | 149.5M CNY | 147.4M CNY |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +23,815.3% | +151.8% | +259.1% | +28.0% | +14.2% | +33.2% | +87.7% |
| Net Income Growth (YoY) | | -163.9% | +26.0% | -78.0% | -88.0% | -13.5% | +44.2% | +80.3% |
| EPS Growth (YoY) | | -97.4% | -4.2% | +7.8% | -80.4% | -11.6% | +48.7% | +60.8% |
| Shares Change (YoY) | | +0.0% | -0.0% | -4.0% | +4.2% | +1.7% | +8.6% | -49.7% |
| FCF Growth (YoY) | | -111.9% | +72.5% | -260.3% | -138.6% | +89.5% | -227.6% | +210.6% |
| Gross Margin | -24.3% | -24.0% | 4.6% | 12.5% | 11.5% | 1.5% | 14.3% | 18.9% |
| Operating Margin | -17,459.7% | -162.9% | -73.5% | -31.3% | -32.4% | -35.5% | -16.3% | -3.5% |
| EBITDA Margin | -13,366.7% | -147.9% | -38.8% | -18.8% | -28.2% | -26.1% | -7.1% | 2.9% |
| Net Margin | -14,411.9% | -159.0% | -46.7% | -23.2% | -34.0% | -33.8% | -14.2% | -1.5% |
| FCF Margin | -26,603.3% | -235.7% | -25.7% | -25.8% | -48.1% | -4.4% | -10.9% | 6.4% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.5% | -0.3% | -0.4% | 1.2% | -1.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-3.02 | $-6.40 | $-1.76 | $-6.59 | $-15.08 | $-1.56 | $-4.70 | $10.32 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 855.3M CNY | 855.3M CNY | 855.3M CNY | 821.5M CNY | 856.3M CNY | 870.5M CNY | 945.7M CNY | 476.0M CNY |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -10.72% |
| Return on Invested Capital | -7.10% |
| Return on Assets | -3.05% |
| Gross Margin | 20.70% |
| Operating Margin | -6.77% |
| Net Margin | -4.14% |
Financial Health
| Debt / Equity | 1.51 |
| Current Ratio | 1.11 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.69 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -46.72 | -23.98 | -43.53 | -54.00 | -6.42 | -8.69 | -14.10 | -59.09 |
| P/B | -57.10 | -18.50 | 6.94 | 6.23 | 1.59 | 2.48 | 2.61 | 2.22 |
| P/S | 12,855.85 | 54.43 | 40.90 | 12.51 | 2.19 | 2.94 | 2.00 | 0.88 |
| Gross Margin | -24.3% | -24.0% | 4.6% | 12.5% | 11.5% | 1.5% | 14.3% | 18.9% |
| Operating Margin | -17,459.7% | -162.9% | -73.5% | -31.3% | -32.4% | -35.5% | -16.3% | -3.5% |
| Net Margin | -14,411.9% | -159.0% | -46.7% | -23.2% | -34.0% | -33.8% | -14.2% | -1.5% |