Revenue growth volatility remains high at 63.5% in 2025Q2, yet thin gross margins of 5.2% suggest that the company has failed to achieve the necessary operating leverage to reach profitability.
| Sales/Revenue | 2.25B | 3.24B | 2.02B | 2.06B | 2.07B | 1.62B | 636.34M | 1.58B | 684.8M | 1.9B | 862.44M |
| Revenue Growth % | 48.14% | 60.23% | -2.07% | -0.03% | 27.53% | 154.49% | -59.82% | 131.27% | -64% | 120.57% | - |
| Cost of Goods Sold | 2.11B | 3.02B | 1.88B | 2.04B | 2.04B | 1.57B | 652.12M | 687.43M | 435.19M | 728.98M | 557.92M |
| COGS % of Revenue | - | 93.32% | 93.15% | 98.76% | 98.76% | 97.08% | 102.48% | 43.41% | 63.55% | 38.32% | 64.69% |
| Gross Profit | 146.23M | 216.4M | 138.46M | 25.51M | 25.52M | 47.23M | -15.78M | 896.31M | 249.61M | 1.17B | 304.53M |
| Gross Margin % | 6.49% | 6.68% | 6.85% | 1.24% | 1.24% | 2.92% | -2.48% | 56.59% | 36.45% | 61.68% | 35.31% |
| Gross Profit Growth % | - | 56.29% | 442.73% | -0.03% | -45.97% | 399.3% | -101.76% | 259.09% | -78.73% | 285.29% | - |
| Operating Expenses | 365.85M | 389.96M | 417.27M | 453.55M | 453.68M | 404.5M | 757.58M | 2.02B | 2.83B | 2.95B | 1.62B |
| OpEx % of Revenue | - | 12.04% | 20.64% | 21.97% | 21.97% | 24.98% | 119.05% | 127.26% | 413.34% | 155.23% | 187.39% |
| Selling, General & Admin | 386.86M | 439.1M | 406.27M | 415.75M | 415.87M | 368.67M | 685.82M | 1.88B | 2.7B | 2.73B | 1.44B |
| SG&A % of Revenue | - | 13.55% | 20.09% | 20.14% | 20.14% | 22.77% | 107.78% | 118.44% | 394.44% | 143.64% | 167.04% |
| Research & Development | 10.73M | 12.41M | 11M | 37.8M | 37.81M | 35.83M | 71.76M | 139.63M | 129.37M | 220.33M | 175.51M |
| R&D % of Revenue | - | 0.38% | 0.54% | 1.83% | 1.83% | 2.21% | 11.28% | 8.82% | 18.89% | 11.58% | 20.35% |
| Other Operating Expenses | -2M | -61.55M | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 7 | 7 |
| Operating Income | -219.62M | -173.57M | -278.81M | -428.04M | -428.16M | -357.27M | -773.36M | -1.12B | -2.58B | -1.78B | -1.31B |
| Operating Margin % | -9.74% | -5.36% | -13.79% | -20.73% | -20.73% | -22.06% | -121.53% | -70.66% | -376.89% | -93.55% | -152.08% |
| Operating Income Growth % | - | 37.75% | 34.86% | 0.03% | -19.84% | 53.8% | 30.89% | 56.64% | -45.03% | -35.68% | - |
| EBITDA | -182.65M | -111.35M | -221.2M | -397.11M | -397.23M | -327.91M | -717.75M | -1.02B | -2.48B | -1.71B | -1.26B |
| EBITDA Margin % | -8.1% | -3.44% | -10.94% | -19.23% | -19.23% | -20.25% | -112.79% | -64.63% | -362.56% | -89.87% | -145.71% |
| EBITDA Growth % | 35.3% | 49.66% | 44.3% | 0.03% | -21.14% | 54.31% | 29.88% | 58.77% | -45.24% | -36.04% | - |
| D&A (Non-Cash Add-back) | 31.88M | 62.22M | 57.62M | 30.93M | 30.93M | 29.36M | 55.61M | 95.54M | 98.08M | 70.06M | 54.92M |
| EBIT | -176.7M | -167.96M | -177.46M | -126.22M | -126.36M | -100.3M | -773.36M | -1.12B | -2.58B | -1.78B | -1.31B |
| Net Interest Income | -91.77M | -94.4M | -92.03M | -62.43M | -20.64M | -37.56M | -50.81M | -97.63M | -39.33M | 2.04M | 677K |
| Interest Income | 60K | 66K | 0 | 169K | 603K | 3.66M | 45.14M | 14.96M | 24.55M | 2.23M | 0 |
| Interest Expense | 91.83M | 94.47M | 92.03M | 62.6M | 21.24M | 41.22M | 95.95M | 112.59M | 63.88M | 199K | 677K |
| Other Income/Expense | -48.91M | -88.86M | 9.32M | 280.47M | 280.56M | 215.75M | 79.4M | -207.53M | 1.18B | -898.57M | -143.56M |
| Pretax Income | -268.53M | -262.43M | -269.49M | -147.56M | -147.61M | -141.52M | -693.96M | -1.33B | -1.4B | -2.68B | -1.46B |
| Pretax Margin % | -11.91% | -8.1% | -13.33% | -7.15% | -7.15% | -8.74% | -109.06% | -83.77% | -204.85% | -140.78% | -168.72% |
| Income Tax | 40.02K | 39K | 52.74K | 366.96K | 367.06K | 242.49K | 31.94K | -2.55M | 1.71M | 555.66K | 1.89M |
| Effective Tax Rate % | -0.01% | -0.01% | -0.02% | -0.25% | -0.25% | -0.17% | -0% | 0.19% | -0.12% | -0.02% | -0.13% |
| Net Income | -279.77M | -277.54M | -276.28M | -137.52M | -147.99M | -141.76M | -407.72M | -1.98B | -1.58B | -2.65B | -1.42B |
| Net Margin % | -12.41% | -8.57% | -13.66% | -6.66% | -7.17% | -8.75% | -64.07% | -125.23% | -231% | -139.52% | -164.67% |
| Net Income Growth % | 25.21% | -0.46% | -100.9% | 7.07% | -4.39% | 65.23% | 79.44% | -25.37% | 40.4% | -86.88% | - |
| Net Income (Continuing) | -268.57M | -262.47M | -269.54M | -147.93M | -147.97M | -141.76M | -693.99M | -1.32B | -1.4B | -2.68B | -1.46B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 295.74M | -662.45M | -186.52M | -1.48B | 0 |
| Minority Interest | 304.37M | 336.27M | 154.74M | 149.76M | -175K | -163K | -163K | -4.05M | -2.49M | -50.46M | -12.09M |
| EPS (Diluted) | -1.33 | -1.26 | -36.00 | -333.00 | -199.73 | -36.40 | -111.15 | -670.33 | -456.75 | -1242.07 | -627.19 |
| EPS Growth % | 75.98% | 96.5% | 89.19% | -66.73% | -448.71% | 67.25% | 83.42% | -46.76% | 63.23% | -98.04% | - |
| EPS (Basic) | - | -1.26 | -36.00 | -333.00 | -199.73 | -36.40 | -111.15 | -670.33 | -456.75 | -1242.07 | -627.19 |
| Diluted Shares Outstanding | 210.56M | 209.19M | 7.28M | 7.28M | 4.48M | 3.9M | 3.67M | 2.96M | 2.92M | 2.96M | 2.96M |
| Basic Shares Outstanding | 210.56M | 209.19M | 7.28M | 7.28M | 4.48M | 3.9M | 3.67M | 2.96M | 2.92M | 2.96M | 2.96M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Inventory Liquidity and Capital Burn
According to recent financial disclosures, Uxin's revenue growth has exhibited significant volatility, reaching 63.5% in 2025Q2 after a period of contraction, reflecting the inherent instability of transitioning to an inventory-heavy retail model within the highly competitive and price-sensitive Chinese used vehicle market.
The recent acceleration in top-line figures appears to be driven by the company's shift toward an inventory-ownership model, which recognizes the full vehicle price as revenue rather than just facilitation fees. Investors should monitor whether this growth is sustainable or merely a byproduct of accounting changes that mask underlying volume trends.
As reported in quarterly filings, Uxin's gross margin remains thin at 5.2% in 2025Q2, highlighting the difficulty of maintaining profitability in a capital-intensive reconditioning model where acquisition costs and intense market competition for used vehicles severely limit the spread between purchase and sale prices.
The persistent inability to expand gross margins beyond the low single digits suggests that the company lacks significant pricing power. This structural limitation implies that the current business model may struggle to absorb the high fixed costs associated with operating regional inspection and reconditioning centers.
Based on Uxin's reported income statements, the company continues to struggle with negative operating margins, which stood at -6.6% in 2025Q2, indicating that revenue gains have yet to translate into the necessary operating leverage to cover the substantial overhead of its physical infrastructure.
While SG&A expenses have shown some fluctuation, they remain high relative to gross profit, suggesting that the company's scale is not yet sufficient to achieve operational efficiency. The persistent operating losses warrant further investigation into whether the current infrastructure can ever reach a break-even point.
Data from recent financial statements indicates that Uxin's net income is consistently pressured by significant stock-based compensation, which totaled $9.9 million in 2025Q2, further complicating the assessment of true operational performance and contributing to the ongoing negative earnings per share trend.
The reliance on stock-based compensation as a significant expense item suggests that shareholders are bearing the cost of talent retention while the core business remains unprofitable. This practice, combined with recurring net losses, raises concerns regarding the quality of earnings and the long-term alignment of management incentives.
As highlighted by the company's financial data, the primary risk to the income statement narrative is the potential for inventory write-downs, as aggressive price competition in the Chinese NEV market threatens to erode the residual value of Uxin's existing used vehicle inventory.
Short-sellers would likely focus on the company's limited cash position relative to its ongoing burn rate, which may necessitate further dilutive financing. The combination of high inventory turnover requirements and falling market prices creates a precarious environment that could lead to further margin compression.
Quick answers to the most common questions about buying UXIN stock.
For fiscal year 2025, Uxin Limited (UXIN) reported total revenue of $3.24B. This represents a 275.6% increase compared to $862.4M in 2016.
Uxin Limited (UXIN) reported a net loss of $277.5M for the fiscal year ending 2025.
Uxin Limited (UXIN) reported an operating income of $-173.6M, resulting in an operating profit margin of -5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Uxin Limited (UXIN) generated $216.4M in gross profit for the year, representing a gross profit margin of 6.7%. This demonstrates the company's core pricing power and production efficiency.