Revenue growth has reaccelerated to 125.3% YoY in Q2 2025, yet operating losses widened to -$1.3B in Q2 2026, suggesting cost growth is outpacing revenue gains and straining profitability.
XPeng Inc. (XPEV) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 74.97B | 76.72B | 40.87B | 30.68B | 26.86B | 20.99B | 5.84B | 2.32B | 9.71M |
| Revenue Growth % | 24.35% | 87.73% | 33.22% | 14.23% | 27.95% | 259.12% | 151.78% | 23815.3% | - |
| Cost of Goods Sold | 59.45B | 62.25B | 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 | 15.52B | 14.47B | 5.85B | 451.15M | 3.09B | 2.62B | 265.99M | -558.14M | -2.36M |
| Gross Margin % | 20.7% | 18.86% | 14.3% | 1.47% | 11.5% | 12.5% | 4.55% | -24.05% | -24.33% |
| Gross Profit Growth % | - | 147.58% | 1195.73% | -85.39% | 17.76% | 885.96% | 147.66% | -23540.03% | - |
| Operating Expenses | 20.6B | 17.13B | 12.5B | 11.34B | 11.79B | 9.2B | 4.56B | 3.22B | 1.69B |
| OpEx % of Revenue | - | 22.32% | 30.6% | 36.97% | 43.92% | 43.84% | 78.02% | 138.82% | 17435.33% |
| Selling, General & Admin | 9.61B | 9.4B | 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 | 11.06B | 9.49B | 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 | -999.99K | -1.76B | -823.47M | -494.93M | -109.17M | -217.74M | -86.83M | -12.29M | -1.49M |
| Operating Income | -5.08B | -2.65B | -6.66B | -10.89B | -8.71B | -6.58B | -4.29B | -3.78B | -1.69B |
| Operating Margin % | -6.78% | -3.46% | -16.29% | -35.5% | -32.42% | -31.35% | -73.47% | -162.87% | -17459.65% |
| Operating Income Growth % | - | 60.14% | 38.86% | -25.09% | -32.31% | -53.23% | -13.57% | -123.09% | - |
| EBITDA | -2.74B | 333.84M | -4.09B | -8.78B | -7.29B | -5.74B | -3.86B | -3.55B | -1.6B |
| EBITDA Margin % | -3.66% | 0.44% | -10% | -28.63% | -27.16% | -27.36% | -65.98% | -153.11% | -16474.38% |
| EBITDA Growth % | 30.08% | 108.17% | 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 | -2.74B | -776.87M | -5.49B | -10.13B | -8.99B | -4.78B | -2.71B | -3.66B | -1.39B |
| Net Interest Income | 568.98M | 783.28M | 1.03B | 991.5M | 926.58M | 687.7M | 110.58M | 56.83M | 59.55M |
| Interest Income | 1.03B | 1.16B | 1.37B | 1.26B | 1.06B | 743.03M | 133.04M | 88.84M | 65.38M |
| Interest Expense | 462.9M | 379.93M | 343.98M | 268.67M | 132.19M | 55.34M | 22.45M | 32.02M | 5.82M |
| Other Income/Expense | 2.07B | 1.53B | 798.09M | 550.47M | -408.72M | 1.74B | 1.56B | 88.9M | 295.81M |
| Pretax Income | -3.01B | -1.13B | -5.86B | -10.34B | -9.11B | -4.84B | -2.73B | -3.69B | -1.4B |
| Pretax Margin % | -4.02% | -1.47% | -14.34% | -33.7% | -33.94% | -23.05% | -46.73% | -159.04% | -14411.94% |
| Income Tax | 97.98M | 13.59M | -69.78M | 36.81M | 24.73M | 25.99M | 1.22M | 1K | 0 |
| Effective Tax Rate % | -3.25% | -1.21% | 1.19% | -0.36% | -0.27% | -0.54% | -0.04% | -0% | 0% |
| Net Income | -3.11B | -1.14B | -5.79B | -10.38B | -9.14B | -4.86B | -2.73B | -3.69B | -1.4B |
| Net Margin % | -4.15% | -1.49% | -14.17% | -33.82% | -34.05% | -23.17% | -46.75% | -159.04% | -14411.94% |
| Net Income Growth % | 27.34% | 80.32% | 44.19% | -13.48% | -88.01% | -78.01% | 26% | -163.91% | - |
| Net Income (Continuing) | -3.11B | -1.14B | -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) | -6.50 | -2.40 | -6.12 | -11.92 | -10.68 | -5.92 | -6.42 | -6.16 | -3.12 |
| EPS Growth % | -37.47% | 60.78% | 48.66% | -11.61% | -80.41% | 7.79% | -4.22% | -97.44% | - |
| EPS (Basic) | - | -2.40 | -6.12 | -11.92 | -10.68 | -5.92 | -6.42 | -6.16 | -3.12 |
| Diluted Shares Outstanding | 478.18M | 476M | 945.68M | 870.46M | 856.27M | 821.45M | 855.26M | 855.26M | 855.26M |
| Basic Shares Outstanding | 478.18M | 476M | 945.68M | 870.46M | 856.27M | 821.45M | 855.26M | 855.26M | 855.26M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying XPEV stock.
For fiscal year 2025, XPeng Inc. (XPEV) reported total revenue of $76.72B. This represents a 790336.2% increase compared to $9.7M in 2018.
XPeng Inc. (XPEV) reported a net loss of $1.14B for the fiscal year ending 2025.
XPeng Inc. (XPEV) reported an operating income of $-2654.1M, resulting in an operating profit margin of -3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
XPeng Inc. (XPEV) generated $14.47B 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.
Key Metrics
Top Statement Risk
Persistent operating losses despite growth
Growth Reacceleration on New Platform
XPeng's revenue growth has reaccelerated sharply, with Q2 2025 showing 125.3% year-over-year growth, driven by the successful rollout of models on the SEPA 2.0 platform and the Volkswagen partnership contribution.
The growth trajectory shows a clear inflection from the low single-digit growth in late 2024 to triple-digit growth in early 2025, suggesting the new platform is gaining significant market traction. However, the deceleration to 7.7% growth in Q2 2026 indicates this surge may be normalizing, raising questions about the sustainability of such high growth rates as the initial launch cycle matures.
Gross Margin Recovery Driven by Mix
Gross margin has expanded significantly from negative territory in 2023 to 20.7% in Q2 2026, a recovery that appears driven by a favorable product mix shift and the high-margin technical service revenue from the Volkswagen partnership.
The margin expansion from -3.9% in Q2 2023 to 20.7% in Q2 2026 is a critical positive development, suggesting improved pricing power and cost control on the new platform. However, the margin remains below Li Auto's 18.7% and Tesla's 18.0%, indicating that while the trend is positive, XPeng has not yet achieved best-in-class profitability within its peer group.
Operating Leverage Remains Elusive
Despite strong revenue growth, operating losses have widened in absolute terms, with Q2 2026 operating income at -$1.3B versus -$934.6M in Q2 2025, indicating that cost growth is outpacing revenue gains.
The data shows a concerning lack of operating leverage; as revenue scaled from $18.3B to $19.7B, operating losses increased by nearly 40%. This suggests that the company's fixed cost structure, particularly in R&D and SG&A, is expanding faster than the incremental gross profit from new sales, preventing the path to profitability from materializing despite top-line momentum.
R&D Intensity Constrains Path to Profit
Research and development expenses have surged to $2.9B in Q2 2026, representing 14.7% of revenue, a significant increase from $2.2B in Q2 2025 that underscores the high cost of maintaining its autonomous driving technology lead.
The escalating R&D spend, which now exceeds SG&A, reflects management's continued 'tech-first' capital allocation strategy. While necessary for long-term competitiveness, this level of investment is a primary driver of the persistent operating losses and warrants monitoring to ensure it translates into tangible commercial advantages like higher ADAS take rates or licensing revenue.
Margin Dilution from Volume Push
The strategic pivot to the mass-market MONA sub-brand poses a significant risk to the recent gross margin recovery, as lower average selling prices could erode profitability if not offset by sufficient volume and cost efficiencies.
While the gross margin has improved, the introduction of lower-priced models like MONA may pressure this metric downward, especially if competitive pricing wars in China intensify. The Q2 2026 operating margin of -6.7% already shows deterioration from Q2 2025's -5.1%, suggesting that the costs of scaling volume are beginning to outweigh the benefits of mix improvement.