Revenue growth reached 125.3% in 2025Q2, supported by a gross margin recovery to 17.3% compared to the negative margins observed in 2023.
| Sales/Revenue | 60.29B | 74.63B | 40.87B | 30.68B | 26.86B | 20.99B | 5.84B | 2.32B | 9.71M |
| Revenue Growth % | 66.37% | 82.62% | 33.22% | 14.23% | 27.95% | 259.12% | 151.78% | 23815.3% | - |
| Cost of Goods Sold | 50.8B | 60.55B | 35.02B | 30.22B | 23.77B | 18.37B | 5.58B | 2.88B | 12.07M |
| COGS % of Revenue | - | 81.14% | 85.7% | 98.53% | 88.5% | 87.5% | 95.45% | 124.05% | 124.33% |
| Gross Profit | 9.49B | 14.08B | 5.85B | 451.15M | 3.09B | 2.62B | 265.99M | -558.14M | -2.36M |
| Gross Margin % | 15.75% | 18.86% | 14.3% | 1.47% | 11.5% | 12.5% | 4.55% | -24.05% | -24.33% |
| Gross Profit Growth % | - | 140.83% | 1195.73% | -85.39% | 17.76% | 885.96% | 147.66% | -23540.03% | - |
| Operating Expenses | 14.87B | 18.37B | 12.5B | 11.34B | 11.79B | 9.2B | 4.56B | 3.22B | 1.69B |
| OpEx % of Revenue | - | 24.62% | 30.6% | 36.97% | 43.92% | 43.84% | 78.02% | 138.82% | 17435.33% |
| Selling, General & Admin | 8.02B | 9.14B | 6.87B | 6.56B | 6.69B | 5.31B | 2.92B | 1.16B | 642.54M |
| SG&A % of Revenue | - | 12.25% | 16.81% | 21.38% | 24.9% | 25.28% | 49.97% | 50.17% | 6620.04% |
| Research & Development | 7.83B | 9.23B | 6.46B | 5.28B | 5.21B | 4.11B | 1.73B | 2.07B | 1.05B |
| R&D % of Revenue | - | 12.37% | 15.8% | 17.2% | 19.42% | 19.6% | 29.53% | 89.18% | 10830.61% |
| Other Operating Expenses | -2M | 0 | -823.47M | -494.93M | -109.17M | -217.74M | -86.83M | -12.29M | -1.49M |
| Operating Income | -5.38B | -4.3B | -6.66B | -10.89B | -8.71B | -6.58B | -4.29B | -3.78B | -1.69B |
| Operating Margin % | -8.92% | -5.76% | -16.29% | -35.5% | -32.42% | -31.35% | -73.47% | -162.87% | -17459.65% |
| Operating Income Growth % | - | 35.49% | 38.86% | -25.09% | -32.31% | -53.23% | -13.57% | -123.09% | - |
| EBITDA | -3.92B | -1.31B | -4.09B | -8.78B | -7.29B | -5.74B | -3.86B | -3.55B | -1.6B |
| EBITDA Margin % | -6.51% | -1.75% | -10% | -28.63% | -27.16% | -27.36% | -65.98% | -153.11% | -16474.38% |
| EBITDA Growth % | 48.49% | 68% | 53.48% | -20.39% | -27.05% | -48.91% | -8.49% | -122.26% | - |
| D&A (Non-Cash Add-back) | 0 | 2.99B | 2.57B | 2.11B | 1.41B | 837.79M | 437.94M | 226.66M | 95.63M |
| EBIT | -3.92B | -725.62M | -5.49B | -10.13B | -8.99B | -4.78B | -2.71B | -3.66B | -1.39B |
| Net Interest Income | 837.09M | 761.94M | 1.03B | 991.5M | 926.58M | 687.7M | 110.58M | 56.83M | 59.55M |
| Interest Income | 1.22B | 1.13B | 1.37B | 1.26B | 1.06B | 743.03M | 133.04M | 88.84M | 65.38M |
| Interest Expense | 381.31M | 369.58M | 343.98M | 268.67M | 132.19M | 55.34M | 22.45M | 32.02M | 5.82M |
| Other Income/Expense | 1.06B | 3.2B | 798.09M | 550.47M | -408.72M | 1.74B | 1.56B | 88.9M | 295.81M |
| Pretax Income | -4.32B | -1.1B | -5.86B | -10.34B | -9.11B | -4.84B | -2.73B | -3.69B | -1.4B |
| Pretax Margin % | -7.16% | -1.47% | -14.34% | -33.7% | -33.94% | -23.05% | -46.73% | -159.04% | -14411.94% |
| Income Tax | -38.5M | 13.21M | -69.78M | 36.81M | 24.73M | 25.99M | 1.22M | 1K | 0 |
| Effective Tax Rate % | 0.89% | -1.21% | 1.19% | -0.36% | -0.27% | -0.54% | -0.04% | -0% | 0% |
| Net Income | -4.28B | -1.11B | -5.79B | -10.38B | -9.14B | -4.86B | -2.73B | -3.69B | -1.4B |
| Net Margin % | -7.1% | -1.49% | -14.17% | -33.82% | -34.05% | -23.17% | -46.75% | -159.04% | -14411.94% |
| Net Income Growth % | 45.74% | 80.86% | 44.19% | -13.48% | -88.01% | -78.01% | 26% | -163.91% | - |
| Net Income (Continuing) | -4.28B | -1.11B | -5.79B | -10.38B | -9.14B | -4.86B | -2.73B | -3.69B | -1.4B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.53 | -2.38 | -6.12 | -11.92 | -10.68 | -5.92 | -6.42 | -6.16 | -3.12 |
| EPS Growth % | 48.4% | 61.11% | 48.66% | -11.61% | -80.41% | 7.79% | -4.22% | -97.44% | - |
| EPS (Basic) | - | -2.38 | -6.12 | -11.92 | -10.68 | -5.92 | -6.42 | -6.16 | -3.12 |
| Diluted Shares Outstanding | 945.68M | 476M | 945.68M | 870.46M | 856.27M | 821.45M | 855.26M | 855.26M | 855.26M |
| Basic Shares Outstanding | 945.68M | 476M | 945.68M | 870.46M | 856.27M | 821.45M | 855.26M | 855.26M | 855.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Intense domestic price competition
As reported in recent financial statements, XPeng achieved a significant 125.3% year-over-year revenue growth in 2025Q2, signaling a robust recovery in delivery volumes that suggests the company is successfully scaling its production capacity and market penetration despite a highly competitive Chinese automotive landscape.
The acceleration in top-line growth appears to be supported by the successful rollout of new models and the expansion of the company's addressable market. Investors should monitor whether this growth trajectory remains sustainable as the company balances aggressive volume targets with the potential for price dilution in the mass-market segment.
Based on the company's latest quarterly filings, gross margins have expanded to 17.3% in 2025Q2, a notable improvement from the negative territory observed in 2023, which suggests that cost-reduction initiatives and a more favorable product mix are beginning to yield tangible financial benefits.
This margin expansion appears to be driven by both internal manufacturing efficiencies and the high-margin contribution of technical service fees. However, the sustainability of these margins warrants further investigation, as they remain highly sensitive to fluctuations in battery procurement costs and the ongoing price wars within the Chinese EV sector.
According to the provided income statement data, operating losses have narrowed to $934.6M in 2025Q2, demonstrating that the company is beginning to achieve better operating leverage as revenue growth outpaces the incremental increases in research and development and selling, general, and administrative expenses.
The narrowing of operating losses suggests that management is successfully managing its fixed-cost base while scaling production. Continued improvement in this metric is essential for the company to reach a sustainable break-even point, provided that R&D spending remains disciplined relative to revenue expansion.
As indicated by the income statement, the reliance on technical service revenue to bolster gross margins may mask underlying volatility in core vehicle sales, a trend that short-sellers might highlight as a potential risk to the long-term quality of the company's reported earnings profile.
While the Volkswagen partnership provides a high-margin revenue stream, it is unclear if this can fully offset the margin pressure inherent in the competitive mass-market vehicle segment. Investors should be cautious about assuming that these non-automotive revenue sources will continue to grow at a rate sufficient to sustain overall profitability.
Quick answers to the most common questions about buying XPEV stock.
For fiscal year 2025, XPeng Inc. (XPEV) reported total revenue of $74.63B. This represents a 768800.9% increase compared to $9.7M in 2018.
XPeng Inc. (XPEV) reported a net loss of $1.11B for the fiscal year ending 2025.
XPeng Inc. (XPEV) reported an operating income of $-4295.2M, resulting in an operating profit margin of -5.8%. This margin reflects the operational efficiency of the business before interest and taxes.
XPeng Inc. (XPEV) generated $14.08B in gross profit for the year, representing a gross profit margin of 18.9%. This demonstrates the company's core pricing power and production efficiency.