XPEV Q4 2025 Earnings
Reported Mar 20, 2026 at 4:05 PM ET · SEC Source
Q4 25 EPS
$0.08
Q4 25 Revenue
$3.18B
Full Year 2025 Results
FY 25 EPS
$-0.07
FY 25 Revenue
$10.97B
Did XPEV Beat Earnings? Q4 2025 Results
XPENG delivered a landmark Q4 2025, posting its first-ever quarterly net profit of $380 million (GAAP) and earning $0.08 per share on revenue of $3.18 billion, a result that marks a fundamental turning point for the Chinese EV maker after years of lo… Read more XPENG delivered a landmark Q4 2025, posting its first-ever quarterly net profit of $380 million (GAAP) and earning $0.08 per share on revenue of $3.18 billion, a result that marks a fundamental turning point for the Chinese EV maker after years of losses. The breakthrough was largely powered by the company's services and others segment, which contributed $3.18 billion in revenue, up 121.9% year-over-year, driven by high-margin technology milestone payments widely attributed to Volkswagen, carbon credit trading, and parts sales, pushing segment margins to a striking 70.8%. Gross margin reached a record 21.3%, up 6.9 percentage points year-over-year, reflecting disciplined cost reductions and a richer product mix. The road ahead carries risk, with Q1 2026 guidance calling for 61,000 to 66,000 deliveries and revenues of $12.20 billion to $13.28 billion, representing year-over-year declines as seasonal softness and shifting market conditions weigh on the near-term outlook.
Key Takeaways
- • Vehicle deliveries increased 27.0% YoY to 116,249 in Q4 2025
- • Record quarterly gross margin of 21.3%, up 6.9 percentage points YoY
- • Ongoing cost reduction and improvement in product mix of models
- • Technical R&D services revenue from car manufacturer upon key milestone achievement
- • Increased carbon credit trading revenue
- • Government subsidies increased significantly (other income up 327.5% YoY)
- • Full year deliveries reached 429,445, up 125.9% YoY
XPEV Forward Guidance & Outlook
For Q1 2026, XPENG expects vehicle deliveries of 61,000 to 66,000 (a YoY decrease of approximately 29.79% to 35.11%) and total revenues of RMB12.20 billion to RMB13.28 billion (a YoY decrease of approximately 16.01% to 22.84%). The outlook is based on current market conditions and reflects preliminary estimates of market and operating conditions and customer demand.
XPEV YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
XPEV Revenue by Segment
With YoY comparisons, source: SEC Filings
“In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint.”
— Xiaopeng He, Q4 2025 Earnings Press Release
XPEV Earnings Trends
XPEV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
XPEV EPS Trend
Earnings per share: estimate vs actual
XPEV Revenue Trend
Quarterly revenue: estimate vs actual
XPEV Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | — | $0.08 | — | $3.18B | — |
| FY Full Year | — | $-0.07 | — | $10.97B | — |
| Q3 25 BEAT | $-0.47 | $-0.02 | +95.72% | $2.86B | -85.96% |
| Q2 25 BEAT | $-1.06 | $-0.07 | +93.41% | $2.55B | -85.77% |
| Q1 25 BEAT | $-1.51 | $-0.10 | +93.39% | $2.18B | -86.11% |