XPEV financial statements

The full income statement, balance sheet, and cash-flow statement for XPeng Inc. American depositary shares each representing two (XPEV), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2020-12 377.1M2021-12 855.6M2022-12 862.0M2023-12 942.7M2024-12 949.6M2025-12 954.9M+153.2% over 5 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	10.7B YoY+88.0%	5.68B YoY+31.0%	4.33B YoY+8.7%	3.99B YoY+22.6%	3.25B YoY+263.3%
	2.01B YoY+147.9%	812M YoY+1174.4%	63.7M YoY-86.1%	459M YoY+12.8%	407M YoY+897.4%
Cost of revenue	8.66B YoY+78.0%	4.87B YoY+14.0%	4.27B YoY+21.0%	3.53B YoY+24.0%	2.85B YoY+233.1%
	2.40B YoY+38.1%	1.74B YoY+8.4%	1.60B YoY-9.4%	1.77B YoY+21.1%	1.46B YoY+105.1%
Research & development	1.32B YoY+47.2%	897M YoY+20.4%	746M YoY-3.8%	775M YoY+21.4%	638M YoY+141.2%
Selling, general & administrative	1.31B YoY+37.0%	955M YoY+3.0%	927M YoY-6.7%	994M YoY+20.8%	823M YoY+83.8%
General & administrative	280M YoY+50.3%	186M YoY-14.8%	218M YoY-11.4%	246M YoY+54.5%	160M YoY-6.9%
Selling & marketing	1.03B YoY+33.7%	769M YoY+8.5%	708M YoY-5.2%	747M YoY+12.7%	663M YoY+163.3%
Amortization of intangibles	79.0M YoY+5.7%	74.7M YoY+129.4%	32.6M YoY+233.6%	9.76M YoY+143.3%	4.01M YoY+29.8%
Provision for credit losses	17.6M YoY+2169.7%	774K YoY-92.2%	9.94M YoY-1.1%	10.1M YoY-7.0%	10.8M YoY+643.2%
Operating income	-386M YoY+58.3%	-925M YoY+39.9%	-1.54B YoY-19.0%	-1.29B YoY-26.8%	-1.02B YoY-55.0%
Interest expense	52.9M YoY+10.6%	47.8M YoY+25.9%	38.0M YoY+93.3%	19.6M YoY+128.9%	8.58M YoY+149.3%
Interest & investment income	162M YoY-15.3%	191M YoY+7.3%	178M YoY+13.2%	157M YoY+36.5%	115M YoY+465.0%
Other non-operating income	6.23M YoY-58.5%	15.0M YoY+153.7%	5.93M YoY+9.8%	5.40M YoY-50.5%	10.9M YoY-21.4%
Equity-method income	4.30M YoY+206.5%	-4.04M YoY-152.2%	7.73M YoY+1164.7%	612K	0.00
Pre-tax income	-161M YoY+80.1%	-810M YoY+44.8%	-1.47B YoY-8.4%	-1.35B YoY-80.6%	-750M YoY-89.5%
Income tax	1.89M YoY+119.5%	-9.70M YoY-286.5%	5.20M YoY+41.6%	3.67M YoY-8.8%	4.03M YoY+2054.8%
	-159M YoY+80.3%	-805M YoY+45.1%	-1.47B YoY-8.0%	-1.36B YoY-80.1%	-754M YoY-80.1%
Net income to common	-159M YoY+80.3%	-805M YoY+45.1%	-1.47B YoY-8.0%	-1.36B YoY-80.1%	-754M YoY-0.6%
	-$1.20 YoY+80.4%	-$6.12 YoY+48.7%	-$11.92 YoY-211.6%	$10.68 YoY+1263.6%	-$0.92 YoY+51.1%
EPS (basic)	-$1.20 YoY+80.4%	-$6.12 YoY+48.7%	-$11.92 YoY-211.6%	$10.68 YoY+1263.6%	-$0.92 YoY+51.1%
	952M YoY+0.7%	946M YoY+8.6%	870M YoY+1.7%	856M YoY+4.2%	821M YoY+117.8%
	952M YoY+0.7%	946M YoY+8.6%	870M YoY+1.7%	856M YoY+4.2%	821M YoY+117.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	9.04B YoY+32.7%	6.81B YoY-11.3%	7.68B YoY+21.7%	6.31B YoY-17.7%	7.67B YoY+26.1%
Cash & equivalents	2.48B YoY-2.7%	2.55B YoY-14.4%	2.98B YoY+40.5%	2.12B YoY+22.3%	1.73B YoY-61.3%
Short-term investments	460M YoY+346.8%	103M YoY-6.5%	110M YoY-39.9%	183M YoY-58.9%	445M YoY+2.9%
Cash & short-term investments	2.48B YoY-2.7%	2.55B YoY-14.4%	2.98B YoY+40.5%	2.12B YoY+22.3%	1.73B YoY-61.4%
Accounts receivable	285M YoY-14.9%	336M YoY-12.3%	383M YoY-31.9%	561M YoY+33.7%	420M YoY+142.6%
Inventory	1.48B YoY+94.7%	762M YoY-2.1%	778M YoY+18.8%	655M YoY+56.8%	418M YoY+103.1%
Prepaid expenses	757M YoY+76.3%	430M YoY+22.5%	351M YoY-1.9%	357M YoY+1.3%	353M YoY+43.7%
Other current assets	86.1M YoY+71.2%	50.3M YoY-10.6%	56.2M YoY-0.3%	56.4M YoY+19.3%	47.3M YoY+145.9%
	14.7B YoY+30.1%	11.3B YoY-4.4%	11.9B YoY+14.4%	10.4B YoY+0.5%	10.3B YoY+50.4%
Property, plant & equipment	1.93B YoY+22.5%	1.58B YoY+2.3%	1.54B YoY+0.3%	1.54B YoY+80.5%	852M YoY+80.4%
Operating lease right-of-use	533M YoY+208.5%	173M YoY-15.7%	205M YoY-27.6%	283M YoY+15.6%	245M YoY+246.8%
Goodwill	4.88M YoY+4.3%	4.67M YoY-2.7%	4.80M	—	—
Intangible assets	608M YoY-3.7%	632M YoY-9.4%	697M YoY+361.0%	151M YoY+9.6%	138M YoY+48.1%
Long-term investments	361M YoY+34.1%	269M YoY-8.4%	294M YoY-11.7%	333M YoY+36.8%	243M
Other non-current assets	61.4M YoY+1.1%	60.7M YoY-25.2%	81.1M YoY+178.1%	29.2M YoY-89.3%	272M YoY+675.4%
Total non-current assets	5.70B YoY+26.3%	4.52B YoY+8.2%	4.17B YoY+3.0%	4.05B YoY+53.5%	2.64B YoY+242.8%
	8.31B YoY+52.1%	5.46B YoY+7.4%	5.09B YoY+45.5%	3.50B YoY+23.6%	2.83B YoY+135.5%
Accounts payable	2.57B YoY+23.7%	2.08B YoY-33.5%	3.13B YoY+51.7%	2.06B YoY+6.2%	1.94B YoY+147.8%
Accrued liabilities	1.79B YoY+51.2%	1.19B YoY+11.0%	1.07B YoY+31.9%	809M YoY+7.2%	755M YoY+118.5%
Deferred revenue	209M YoY+19.7%	175M YoY+96.7%	88.9M YoY+57.5%	56.4M YoY-14.1%	65.7M YoY+161.9%
Short-term & current debt	263M YoY+3.2%	255M YoY+32.6%	192M YoY+73.9%	110M	0.00 YoY-100.0%
Current lease liability	63.7M YoY+43.4%	44.5M YoY-13.8%	51.6M YoY-27.5%	71.1M YoY+21.3%	58.6M YoY+220.0%
Other current liabilities	152K YoY-88.1%	1.28M YoY-70.5%	4.35M YoY-67.1%	13.2M	—
Finance lease liability (current)	7.95M YoY+38.3%	5.75M YoY+18.7%	4.84M YoY-74.0%	18.6M	0.00
	10.4B YoY+47.7%	7.05B YoY+4.6%	6.74B YoY+34.4%	5.01B YoY+35.8%	3.69B YoY+134.3%
Long-term debt	942M YoY+21.4%	776M YoY-2.5%	796M YoY+19.0%	669M YoY+154.3%	263M YoY+4.3%
Deferred revenue (non-current)	172M YoY+52.9%	113M YoY+19.6%	94.2M YoY-6.3%	101M YoY+33.8%	75.2M YoY+239.0%
Non-current lease liability	607M YoY+229.2%	184M YoY-12.2%	210M YoY-21.9%	269M YoY+43.9%	187M YoY+245.8%
Operating lease liability (total)	671M YoY+193.1%	229M YoY-12.5%	262M YoY-23.1%	340M YoY+38.5%	245M YoY+239.0%
Finance lease liability (total)	114M YoY+1.3%	112M YoY-1.8%	114M YoY-14.8%	134M	0.00
Finance lease liability	106M YoY-0.6%	107M YoY-2.7%	110M YoY-5.3%	116M	0.00
Deferred tax liabilities	47.2M YoY+0.8%	46.8M YoY-17.7%	56.9M	0.00	—
Other non-current liabilities	224M YoY-33.1%	335M YoY+1.8%	329M YoY-9.4%	363M YoY+7.7%	337M YoY+639.9%
Total non-current liabilities	2.10B YoY+32.4%	1.58B YoY-4.0%	1.65B YoY+8.8%	1.52B YoY+75.9%	862M YoY+130.6%
	4.34B YoY+1.3%	4.28B YoY-16.3%	5.12B YoY-4.4%	5.35B YoY-19.1%	6.62B YoY+25.4%
Additional paid-in capital	10.2B YoY+5.2%	9.68B YoY-2.1%	9.89B YoY+12.4%	8.80B YoY-6.6%	9.42B YoY+32.2%
Retained earnings	-6.11B YoY-7.3%	-5.70B YoY-13.1%	-5.04B YoY-37.2%	-3.67B YoY-44.4%	-2.54B YoY-46.5%
Accumulated other comprehensive income	252M YoY-12.2%	287M YoY+11.2%	258M YoY+15.2%	224M YoY+186.5%	-259M YoY-131.2%
Total liabilities & equity	14.7B YoY+30.1%	11.3B YoY-4.4%	11.9B YoY+14.4%	10.4B YoY+0.5%	10.3B YoY+50.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.15B YoY+510.9%	-280M YoY-307.0%	135M YoY+111.0%	-1.22B YoY-620.6%	-170M YoY-692.3%
Depreciation & amortization	330M YoY+12.6%	293M YoY+10.6%	265M YoY+81.9%	146M YoY+56.9%	92.9M YoY+87.6%
Intangible amortization	79.0M YoY+5.7%	74.7M YoY+129.4%	32.6M YoY+233.6%	9.76M YoY+143.3%	4.01M YoY+29.8%
Share-based compensation	78.5M YoY+19.3%	65.8M YoY-15.4%	77.8M YoY-26.3%	106M YoY+79.2%	58.9M YoY-61.4%
Deferred income taxes	-2.75M YoY+78.5%	-12.8M YoY-581.8%	2.66M	0.00	0.00
Change in receivables	-53.8M YoY-57.2%	-34.2M YoY+78.7%	-161M YoY-189.4%	180M YoY-25.7%	242M YoY+165.0%
Change in inventory	803M YoY+445.2%	147M YoY-55.8%	333M YoY-9.4%	368M YoY+22.3%	301M YoY+100.0%
Change in payables	—	121M YoY-89.2%	1.12B YoY+306.7%	276M YoY-75.4%	1.12B YoY+76.4%
	-1.02B YoY-485.2%	-174M YoY-295.6%	89.2M YoY-87.6%	720M YoY+114.0%	-5.13B YoY-659.4%
Capital expenditure	439M YoY+42.0%	309M YoY+4.4%	296M YoY-53.4%	635M YoY+78.1%	357M YoY+188.6%
Free cash flow	710M YoY+220.5%	-589M YoY-265.6%	-161M YoY+91.3%	-1.86B YoY-253.1%	-526M YoY-2405.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	7.30M YoY-69.0%	23.6M YoY+1889.9%	1.18M YoY-89.7%	11.4M YoY+206.1%	3.74M YoY-0.4%
	71.6M YoY-23.0%	93.0M YoY-91.8%	1.13B YoY+27.0%	892M YoY-60.7%	2.27B YoY-56.9%
Long-term debt issued	1.23B YoY-17.1%	1.49B YoY+27.4%	1.17B YoY+15.7%	1.01B YoY+675.6%	130M YoY-17.4%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	231M YoY+164.9%	-356M YoY-126.3%	1.35B YoY+196.2%	457M YoY+114.8%	-3.09B YoY-169.1%
Interest paid	70.1M YoY+8.5%	64.6M YoY+49.2%	43.3M YoY+79.5%	24.1M YoY+23.5%	19.5M YoY+67.6%
Income taxes paid	2.40M YoY-48.6%	4.67M YoY+28.6%	3.64M YoY-32.2%	5.36M	0.00
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	19.4B YoY+73.2%	11.2B YoY-10.5%	12.5B YoY+53.0%	8.17B YoY-80.3%	41.3B YoY+156.0%
P/S	1.8× YoY-7.8%	2.0× YoY-37.2%	3.1× YoY+24.8%	2.5× YoY-80.3%	12.7× YoY-29.5%
P/B	4.5× YoY+71.0%	2.6× YoY+11.7%	2.3× YoY+89.2%	1.2× YoY-80.3%	6.2× YoY+104.1%
P/FCF	27.3×	—	—	—	—
	3.7%	—	—	—	—
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: XPEV's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all XPEV filings on SEC EDGAR → Not investment advice.