LexinFintech (LX) Q1 2026 earnings summary

Executive summary

• Loan originations reached RMB 57.9 billion, up 15.9% quarter-over-quarter, with non-consumer finance and ecosystem businesses comprising nearly 50% of total volume.

• Total revenue was RMB 3.31 billion, up 8.7% sequentially and 6.6% year-over-year; net income was RMB 201 million, down 5.9% quarter-over-quarter and 53.2% year-over-year.

• Active users reached 5.2 million, up 8.6% year-over-year and 14.1% quarter-over-quarter; registered users grew to 250 million.

• Asset quality improved with declining delinquency ratios and stable risk indicators, despite macroeconomic headwinds.

• Net margin declined to 6.1% from 7.0% in the previous quarter and 15.3% a year ago.

Financial highlights

• Credit facilitation service income was RMB 2.23 billion, up 1.9% year-over-year but down 10.2% sequentially.

• Tech-empowerment service income surged 224.6% sequentially to RMB 553 million, though down 11.5% year-over-year.

• Installment e-commerce platform service income rose 35.2% sequentially and 81.9% year-over-year to RMB 525 million.

• Gross profit was RMB 835 million, down 31.5% year-over-year.

• Operating expenses rose 13.8% to RMB 1.4 billion, mainly due to higher sales and marketing investments.

Outlook and guidance

• Management expects total loan originations to remain stable or flat in Q2 2026 amid macroeconomic uncertainties.

• Asset quality is projected to keep improving, supporting lower credit costs and stable revenue.

• Focus remains on prudent risk management, premium customer acquisition, and sustainable growth.

• Continued investment in technology and digital infrastructure to support growth and efficiency.