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Auto manufacturers · Consumer Cyclical · Fiscal year ends Dec 31 · Reports in CNY
XPENG reported revenue of CNY 76.7B in the fiscal year ended Dec 2025, up 87.7% from the year before. Operating income was −CNY 2.8B, an operating margin of −3.6%, and net income was −CNY 1.1B. Operating cash flow of CNY 8.3B less capital expenditure of CNY 3.2B left free cash flow of CNY 5.1B. It held more cash than debt (net cash CNY 8.9B).
Ranks among the 15 auto manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 20,988 | 26,855 | 30,676 | 40,866 | 76,720 |
| Cost of revenue | 18,366 | 23,767 | 30,225 | 35,021 | 62,247 |
| Gross profit | 2,623 | 3,088 | 451 | 5,846 | 14,473 |
| Research & development | 4,114 | 5,215 | 5,277 | 6,457 | 9,490 |
| Selling, general & admin | 5,305 | 6,688 | 6,559 | 6,871 | 9,398 |
| Operating income | −6,579 | −8,706 | −10,889 | −6,658 | −2,771 |
| Interest expense | 55.3 | 132 | 269 | 344 | 380 |
| Pre-tax income | −4,837 | −9,118 | −10,394 | −5,831 | −1,157 |
| Income tax | 26.0 | 24.7 | 36.8 | −69.8 | 13.6 |
| Net income | −4,863 | −9,139 | −10,376 | −5,790 | −1,139 |
| Diluted EPS | −2.96 | −5.34 | −5.96 | −3.06 | −0.60 |
| Diluted shares | 1,643 | 1,713 | 1,741 | 1,891 | 1,904 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 11,025 | 14,608 | 21,127 | 18,586 | 17,330 |
| Receivables | 2,673 | 3,873 | 2,716 | 2,450 | 1,997 |
| Inventory | 2,662 | 4,521 | 5,526 | 5,563 | 10,381 |
| Current assets | 48,831 | 43,527 | 54,522 | 49,736 | 63,254 |
| Net PP&E | 5,425 | 10,607 | 10,954 | 11,522 | 13,527 |
| Goodwill | – | – | 34.1 | 34.1 | 34.1 |
| Total assets | 65,651 | 71,491 | 84,163 | 82,706 | 103,163 |
| Payables | 12,362 | 14,223 | 22,210 | 15,182 | 18,002 |
| Deferred revenue | 418 | 389 | 631 | 1,276 | 1,463 |
| Current liabilities | 18,013 | 24,115 | 36,112 | 39,865 | 58,113 |
| Short-term debt | 0.0 | 762 | 1,364 | 1,859 | 1,838 |
| Long-term debt | 1,675 | 4,613 | 5,651 | 5,665 | 6,589 |
| Total liabilities | 23,505 | 34,580 | 47,834 | 51,431 | 72,794 |
| Shareholders' equity | 42,147 | 36,911 | 36,329 | 31,275 | 30,369 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −1,095 | −8,232 | 956 | −2,012 | 8,259 |
| Capital expenditure | 2,300 | 4,276 | 2,096 | 2,226 | 3,156 |
| Free cash flow | −3,394 | −12,508 | −1,140 | −4,238 | 5,103 |
| Depreciation & amortisation | 573 | 915 | 1,646 | 1,572 | 1,805 |
| Stock-based compensation | 380 | 710 | 551 | 474 | 564 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.0% | 14.2% | 33.2% | 87.7% |
| Gross margin | 12.5% | 11.5% | 1.5% | 14.3% | 18.9% |
| Operating margin | −31.3% | −32.4% | −35.5% | −16.3% | −3.6% |
| Net margin | −23.2% | −34.0% | −33.8% | −14.2% | −1.5% |
| Return on equityBlank when equity is negative | −11.5% | −24.8% | −28.6% | −18.5% | −3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.8% | −18.4% | −22.7% | −15.5% | −6.2% |
| Free cash flow margin | −16.2% | −46.6% | −3.7% | −10.4% | 6.7% |
| Cash conversion (CFO ÷ net income) | 0.23x | 0.90x | −0.09x | 0.35x | −7.25x |
| Receivable days | 46 | 53 | 32 | 22 | 10 |
| Inventory days | 53 | 69 | 67 | 58 | 61 |
| Payable days | 246 | 218 | 268 | 158 | 106 |
| Interest cover | −119x | −65.9x | −40.5x | −19.4x | −7.29x |
| Debt ÷ equity | 0.04x | 0.15x | 0.19x | 0.24x | 0.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −9,350 | −9,233 | −14,113 | −11,063 | −8,903 |
| Current ratio | 2.71x | 1.81x | 1.51x | 1.25x | 1.09x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.