XPeng (XPEV) Q4 2025 earnings summary

Executive summary

• Achieved first-ever quarterly net profit in Q4 2025, exceeding CNY 380 million, reversing prior losses and marking a shift to a technology-driven profitable business model.

• Annual deliveries reached 429,445 units in 2025, up 125.9% year-over-year, with overseas deliveries nearly doubling to 45,000 units and contributing over 15% of total revenue.

• Q4 2025 total revenue was CNY 22.25 billion, up 38.2% year-over-year; full-year revenues rose 87.7% to CNY 76.72 billion.

• Major breakthroughs in physical AI, including mass production of Turing AI SoC, debut of humanoid robot IRON, and significant advances in autonomous driving (VLA 2.0).

• Four new global models to launch in 2026, targeting both large and compact segments, all supporting advanced autonomous driving.

Financial highlights

• Q4 2025 vehicle sales revenue reached CNY 19.07 billion, up 30% year-over-year and 5.6% quarter-over-quarter.

• Q4 2025 gross profit was CNY 4.74 billion, up 104% year-over-year.

• Services and others revenue was CNY 3.18 billion, up 121.9% year-over-year, driven by R&D services, parts sales, and carbon credits.

• Gross margin for Q4 2025 was 21.3%, up from 14.4% a year ago; vehicle margin was 13%.

• Q4 2025 net profit was CNY 0.38 billion, compared to a net loss of CNY 1.33 billion a year ago; full-year net loss narrowed to CNY 1.14 billion.

Outlook and guidance

• Q1 2026 deliveries expected between 61,000 and 66,000 units; revenue projected at CNY 12.2–13.28 billion, reflecting a year-over-year decrease of 16.01% to 22.84%.

• March deliveries expected to grow 69%-101% month-over-month.

• Overseas sales targeted to double in 2026, with international revenue contribution rising above 20%.

• Four new models to enter global markets in 2026; expansion of overseas store network to 680 locations.

• Continued acceleration of global expansion through 2027–2028, with overseas revenue as a core profit driver.