XPeng, Inc. Class A (HK:9868)
:9868
Earnings Data
Report Date
May 27, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.54Last Year’s EPS
-0.76Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong operational momentum and notable technology milestones—record deliveries (+126% YoY), material margin improvement (FY gross margin +4.6 ppt), first quarterly net profit (RMB 0.38 billion), robust cash position (RMB 47.66 billion) and rapid scale-up of AI hardware/software (Turing SoC shipments, VLA 2.0 rollout, IRON robot program). Management outlined ambitious 2026 expansion targets (four new models, overseas doubling, robot/robotaxi commercialization) and continued elevated R&D investment. Risks include elevated R&D and SG&A spend, a still-small operating loss, heavy compute and infrastructure requirements, and regulatory and execution risks tied to full autonomy and humanoid robot commercialization. On balance, the highlights—strong growth, improving margins, positive quarterly profitability, and tangible AI technology commercialization—outweigh the lowlights, though the company faces meaningful execution and capital-intensity risks moving forward.Company Guidance
Record Annual Deliveries and Strong Volume Growth
Annual deliveries reached 429,445 units, up 126% year-over-year, indicating a major scale-up in production and sales.
First Ever Quarterly Net Profit
Q4 2025 net profit was RMB 0.38 billion (RMB 380 million), the company's first positive quarterly net profit after prior year and prior quarter losses.
Revenue and Quarter-over-Quarter Momentum
Q4 2025 total revenue was RMB 22.25 billion, up 38.2% year-over-year and 9.2% quarter-over-quarter; vehicle sales revenue was RMB 19.07 billion, up 30% year-over-year and 5.6% quarter-over-quarter.
Material Improvement in Margins
Full-year gross margin for FY2025 reached 18.9%, +4.6 percentage points year-over-year; Q4 gross margin was 21.3% vs. 14.4% in Q4 2024 and 20.1% in Q3 2025. Vehicle margin in Q4 was 13% vs. 10% in Q4 2024.
Services & Other Revenue Expansion
Revenues from services and others were RMB 3.18 billion in Q4, up 121.9% year-over-year and 36.7% quarter-over-quarter, driven by technical R&D services to Volkswagen, parts/accessories sales and carbon credit trading.
Cash Generation and Liquidity
Free cash flow inflow was approximately RMB 5 billion in 2025 and cash on hand was RMB 47.66 billion as of December 31, 2025, supporting continued R&D and expansion.
Rapid Overseas Expansion
Overseas deliveries nearly doubled to ~45,000 units in 2025, with overseas revenue contributing over 15% of total revenue; management targets to double overseas deliveries in 2026 and raise international contribution to >20% of revenue.
Turing SoC and Edge AI Scale
Turing AI SoC shipped over 200,000 units since mass production in Q3 2025, with shipments targeted to reach nearly 1 million units in the current year; Volkswagen is an external customer.
VLA 2.0 Rollout and Early Demand Signals
VLA 2.0 began rollout (gradual push started in early March); daily test drives more than doubled month-over-month in March and proportion of Ultra/Ultra SE trims more than doubled, with management expecting significant improvements to conversion and retention.
Product & Technology Roadmap
Plans to launch 4 new global models in 2026 (including the flagship 6-seat XPeng GX with L4-capable hardware) and to expand ultrafast charging network to 10 international markets; humanoid robot 'IRON' targeted for mass production by end of 2026 with monthly production target >1,000 units.
Operational Improvements
Gross organizational improvements: accounts payable turnover days were substantially reduced by 50 days, and R&D and operational capabilities were highlighted as improved via an integrated 'General Intelligence Center' structure.
R&D Commitment to Physical AI
2025 R&D spend was RMB 9.5 billion (including RMB 4.5 billion in AI); 2026 physical AI-related R&D investment planned at RMB 7 billion to accelerate AI, robotaxi, and humanoid robot commercialization.
HK:9868 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
HK:9868 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 20, 2026 | HK$75.45 | HK$71.60 | -5.10% |
Nov 17, 2025 | HK$98.70 | HK$96.00 | -2.74% |
Aug 19, 2025 | HK$78.50 | HK$77.05 | -1.85% |
May 21, 2025 | HK$77.55 | HK$77.55 | 0.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does XPeng, Inc. Class A (HK:9868) report earnings?
XPeng, Inc. Class A (HK:9868) is schdueled to report earning on May 27, 2026, Before Open (Confirmed).
What is XPeng, Inc. Class A (HK:9868) earnings time?
XPeng, Inc. Class A (HK:9868) earnings time is at May 27, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of XPeng, Inc. Class A stock?
The P/E ratio of XPeng, Inc. Class A is N/A.
What is HK:9868 EPS forecast?
HK:9868 EPS forecast for the fiscal quarter 2026 (Q1) is -0.54.
