XPENG Reports Second Quarter 2026 Unaudited Financial Results

GUANGZHOU, China, Aug. 24, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV and HKEX: 9868), a leading global Physical AI company, today announced its unaudited financial results for the three months ended June 30, 2026.

Operational and Financial Highlights for the Three Months Ended June 30, 2026

2026Q2

2026Q1

2025Q4

2025Q3

2025Q2

2025Q1

Total deliveries

103,295

62,682

116,249

116,007

103,181

94,008

[i] Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits. Time deposits include restricted short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentages)

For the Three Months Ended

% Change [ ii]

June 30,

March 31,

June 30,

2026

2025

YoY

QoQ

Vehicle sales

17.05

11.00

16.88

1.0 %

55.0 %

Vehicle margin

12.1 %

14.3 %

-2.2 pts

0.0 pts

Total revenues

19.74

13.03

18.27

8.0 %

51.5 %

Gross profit

4.08

2.68

3.17

28.9 %

52.2 %

Gross margin

20.7 %

20.6 %

17.3 %

3.4 pts

0.1 pts

Net loss

1.34

1.78

0.48

179.9 %

-25.1 %

Non-GAAP net loss

1.24

1.69

0.39

221.1 %

-26.6 %

Net loss attributable to ordinary

shareholders

1.34

1.78

0.48

179.9 %

-25.1 %

Non-GAAP net loss attributable

to ordinary shareholders

1.24

1.69

0.39

221.1 %

-26.6 %

Comprehensive loss attributable

to ordinary shareholders

1.60

2.06

0.49

223.4 %

-22.4 %

[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented.

Management Commentary

"The back-to-back success of the GX and MONA L03 gives us greater confidence in our upcoming new models, as we translate our leading edge in smart technologies and design into more blockbuster products and stronger brand momentum," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "The development of the mass-production version of XPENG's humanoid robot has recently reached several significant milestones. I believe XPENG will not only build one of China's most valuable humanoid robotics companies, but also become a global leader in physical AI, spearheading the large-scale adoption and commercialization of advanced general-purpose humanoid robots and autonomous driving technologies in China and overseas."

"During the second quarter of 2026, our operations remained resilient despite industry-wide cost pressures. Driven by breakthroughs in our premiumization and globalization efforts, our gross margin continued to exceed 20%," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "I expect the mass production and commercialization of physical AI technologies to accelerate over the coming year, generating meaningful gross profit growth to support our continued R&D investment in physical AI."

Recent Developments

Deliveries in July 2026

Launch of MONA L03

On July 16, 2026, XPENG held the global launch event of MONA L03, the Next-Gen AI SUV Coupe, in Munich, Germany.

Entering into the Dogotix Share Purchase Agreement

On August 24, 2026, Dogotix Inc. (a subsidiary of the Company) entered into a share purchase agreement (the "Dogotix Share Purchase Agreement") with, among others, certain subscribers, pursuant to which such subscribers conditionally agreed to subscribe for certain shares to be newly issued by Dogotix Inc. at an aggregate purchase price of US$900 million. For details, please refer to the announcement of the Company dated August 24, 2026, in relation to, among others, the Dogotix Share Purchase Agreement.

Unaudited Financial Results for the Three Months Ended June 30, 2026

Total revenues were RMB19.74 billion (US$2.91 billion) for the second quarter of 2026, representing an increase of 8.0% from RMB18.27 billion for the same period of 2025 and an increase of 51.5% from RMB13.03 billion for the first quarter of 2026.

Revenues from vehicle sales were RMB17.05 billion (US$2.51 billion) for the second quarter of 2026, representing an increase of 1.0% from RMB16.88 billion for the same period of 2025, and an increase of 55.0% from RMB11.00 billion for the first quarter of 2026. The quarter-over-quarter increase was mainly attributable to higher vehicle deliveries.

Revenues from services and others were RMB2.70 billion (US$0.40 billion) for the second quarter of 2026, representing an increase of 93.9% from RMB1.39 billion for the same period of 2025 and an increase of 32.6% from RMB2.03 billion for the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; and (ii) parts and accessories sales.

Cost of sales was RMB15.66 billion (US$2.31 billion) for the second quarter of 2026, representing an increase of 3.7% from RMB15.11 billion for the same period of 2025 and an increase of 51.3% from RMB10.35 billion for the first quarter of 2026. The quarter-over-quarter increase was mainly in line with vehicle deliveries as described above.

Gross margin was 20.7% for the second quarter of 2026, compared with 17.3% for the same period of 2025 and 20.6% for the first quarter of 2026.

Vehicle margin was 12.1% for the second quarter of 2026, compared with 14.3% for the same period of 2025 and 12.1% for the first quarter of 2026. The year-over-year decrease was due to product generation transition.

Services and others margin was 75.1% for the second quarter of 2026, compared with 53.6% for the same period of 2025 and 66.5% for the first quarter of 2026. The year-over-year and quarter-over-quarter increases were attributable to the aforementioned revenue from technical R&D services and parts and accessories sales.

Research and development expenses were RMB2.91 billion (US$0.43 billion) for the second quarter of 2026, representing an increase of 32.1% from RMB2.21 billion for the same period of 2025 and an increase of 0.3% from RMB2.91 billion for the first quarter of 2026. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.50 billion (US$0.37 billion) for the second quarter of 2026, representing an increase of 15.2% from RMB2.17 billion for the same period of 2025 and an increase of 32.5% from RMB1.88 billion for the first quarter of 2026. The year-over-year increase was primarily due to higher marketing and advertising expenses. The quarter-over-quarter increase was primarily due to the higher commission to the franchised stores and higher marketing and advertising expenses.

Other income, net was RMB0.14 billion (US$0.02 billion) for the second quarter of 2026, representing a decrease of 42.2% from RMB0.24 billion for the same period of 2025 and a decrease of 24.7% from RMB0.18 billion for the first quarter of 2026. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in receipt of government subsidies.

Fair value gain on derivative liability relating to the contingent consideration was a gain of RMB0.05 billion (US$0.01 billion) for the second quarter of 2026, compared with a gain of RMB0.03 billion for the same period of 2025 and a gain of RMB0.05 billion for the first quarter of 2026. This non-cash gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB1.14 billion (US$0.17 billion) for the second quarter of 2026, compared with RMB0.93 billion for the same period of 2025 and RMB1.87 billion for the first quarter of 2026.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.04 billion (US$0.15 billion) for the second quarter of 2026, compared with a loss of RMB0.84 billion for the same period of 2025 and a loss of RMB1.78 billion for the first quarter of 2026.

Net loss was RMB1.34 billion (US$0.20 billion) for the second quarter of 2026, compared with a loss of RMB0.48 billion for the same period of 2025 and a loss of RMB1.78 billion for the first quarter of 2026.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.24 billion (US$0.18 billion) for the second quarter of 2026, compared with a loss of RMB0.39 billion for the same period of 2025 and a loss of RMB1.69 billion for the first quarter of 2026.

Net loss attributable to ordinary shareholders of XPENG was RMB1.34 billion (US$0.20 billion) for the second quarter of 2026, compared with a loss of RMB0.48 billion for the same period of 2025 and a loss of RMB1.78 billion for the first quarter of 2026.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.24 billion (US$0.18 billion) for the second quarter of 2026, compared with a loss of RMB0.39 billion for the same period of 2025 and a loss of RMB1.69 billion for the first quarter of 2026.

Basic and diluted net loss per ADS were both RMB1.40 (US$0.21) for the second quarter of 2026, compared with RMB0.50 basic and diluted net loss per ADS for the second quarter of 2025 and RMB1.87 basic and diluted net loss per ADS for the first quarter of 2026.

Non-GAAP basic and diluted net loss per ADS were both RMB1.29 (US$0.19) for the second quarter of 2026, compared with RMB0.41 non-GAAP basic and diluted net loss per ADS for the second quarter of 2025 and RMB1.76 non-GAAP basic and diluted net loss per ADS for the first quarter of 2026.

Balance Sheets

As of June 30, 2026, the Company had a cash position of RMB40.48 billion (US$5.97 billion), compared with RMB42.09 billion as of March 31, 2026.

Business Outlook

For the third quarter of 2026, the Company expects:

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 24, 2026 (8:00 PM Beijing/Hong Kong Time on August 24, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title: XPENG Second Quarter 2026 Earnings Conference Call

Pre-registration link: https://s1.c-conf.com/diamondpass/10056093-aweri7.html

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until September 1, 2026, by dialing the following telephone numbers:

United States:

+1-855-883-1031

International:

+61-7-3107-6325

Hong Kong, China:

800-930-639

Chinese Mainland:

400-120-9216

Replay Access Code:

10056093

About XPENG

XPENG is a leading global Physical AI company, dedicated to bringing artificial intelligence into the physical world to reshape future mobility and smart living. Through in-house R&D, XPENG has developed a full-stack Physical AI architecture spanning Turing AI chips, world foundation models, and highly integrated software and hardware applications. This unified technology foundation of XPENG powers an expansive product portfolio of smart EVs, robotaxis, and humanoid robots, advancing the deployment of Physical AI at scale. Headquartered in Guangzhou, China, XPENG is dual-primary listed on the New York Stock Exchange and the Hong Kong Stock Exchange. With global capabilities across R&D, manufacturing, sales, and services, XPENG drives continuous technological innovation and fosters an open Physical AI ecosystem, making life smarter, safer, and better for users worldwide. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per ordinary share and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.79 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

Piacente Financial Communications

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

For Media Enquiries

PR Department

XPeng Inc.

E-mail: [email protected]

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

December 31,

June 30,

2025

RMB

2026

RMB

2026

US$

ASSETS

Current assets

Cash and cash equivalents

17,329,612

14,238,387

2,098,479

Restricted cash

6,071,491

6,924,327

1,020,520

Short-term deposits

11,388,834

7,780,960

1,146,772

Restricted short-term deposits

296,277

1,207,694

177,992

Short-term investments

3,217,293

1,537,877

226,655

Long-term deposits, current portion

3,020,317

4,485,471

661,077

Restricted long-term deposits, current portion

600,472

—

Derivative assets

—

46,884

6,910

Accounts and notes receivable, net

1,996,917

1,140,279

168,056

Installment payment receivables, net,

current portion

3,553,054

3,729,175

549,612

Inventory

10,380,668

13,729,266

2,023,443

Amounts due from related parties

102,219

165,426

24,381

Prepayments and other current assets, net

5,296,673

6,519,738

960,889

Total current assets

63,253,827

61,505,484

9,064,786

Non-current assets

Long-term deposits

4,263,542

2,815,695

414,982

Restricted long-term deposits

1,468,708

1,488,663

219,402

Property, plant and equipment, net

13,527,237

17,874,208

2,634,332

Right-of-use assets, net

3,730,921

1,172,310

172,777

Intangible assets, net

4,253,168

3,985,127

587,335

Land use rights, net

3,216,526

3,475,115

512,169

Installment payment receivables, net

6,496,020

6,145,671

905,760

Long-term investments

2,523,037

2,708,224

399,143

Other non-current assets

429,644

415,819

61,284

Total non-current assets

39,908,803

40,080,832

5,907,184

Total assets

103,162,630

101,586,316

14,971,970

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

December 31,

June 30,

2025

2026

RMB

US$

LIABILITIES

Current liabilities

Short-term borrowings

4,282,000

10,070,000

1,484,134

Accounts payable

18,001,675

15,721,318

2,317,036

Notes payable

19,161,724

13,993,642

2,062,408

Amounts due to related parties

1,064

397

Income taxes payable

44,682

65,560

9,662

Derivative liabilities

281,009

199,834

29,452

Operating lease liabilities, current portion

445,901

305,387

45,008

Finance lease liabilities, current portion

55,581

75,910

11,188

Deferred revenue, current portion

1,463,065

1,698,642

250,349

Long-term borrowings, current portion

1,837,950

706,156

104,075

Accruals and other liabilities

12,538,698

12,468,572

1,837,640

Total current liabilities

58,113,349

55,305,418

8,151,011

Non-current liabilities

Long-term borrowings

6,588,865

8,983,337

1,323,980

Operating lease liabilities

4,246,599

2,068,806

304,904

Finance lease liabilities

740,576

4,649,369

685,232

Deferred revenue

1,206,014

1,354,301

199,599

Deferred tax liabilities

330,353

330,341

48,686

Other non-current liabilities

1,568,284

1,885,892

277,946

Total non-current liabilities

14,680,691

19,272,046

2,840,347

Total liabilities

72,794,040

74,577,464

10,991,358

SHAREHOLDERS' EQUITY

Class A Ordinary shares

105

106

Class B Ordinary shares

Additional paid-in capital

71,236,011

71,532,962

10,542,654

Statutory and other reserves

137,720

161,535

23,807

Accumulated deficit

(42,767,710)

(45,912,689)

(6,766,693)

Accumulated other comprehensive income

1,762,443

1,226,917

180,825

Total shareholders' equity

30,368,590

27,008,852

3,980,612

Total liabilities and shareholders' equity

103,162,630

101,586,316

14,971,970

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

June 30,

March 31,

June 30,

2025

2026

RMB

US$

Revenues

Vehicle sales

16,883,696

10,999,321

17,046,476

2,512,340

Services and others

1,390,709

2,034,460

2,697,117

397,506

Total revenues

18,274,405

13,033,781

19,743,593

2,909,846

Cost of sales

Vehicle sales

(14,461,688)

(9,669,451)

(14,987,590)

(2,208,897)

Services and others

(645,387)

(681,737)

(672,521)

(99,117)

Total cost of sales

(15,107,075)

(10,351,188)

(15,660,111)

(2,308,014)

Gross profit

3,167,330

2,682,593

4,083,482

601,832

Operating expenses

Research and development expenses

(2,206,144)

(2,906,991)

(2,914,440)

(429,535)

Selling, general and administrative

expenses

(2,167,241)

(1,883,438)

(2,496,484)

(367,936)

Other income, net

237,402

182,249

137,250

20,228

Fair value gain on derivative liability

relating to the contingent

consideration

34,004

51,113

47,662

7,025

Total operating expenses, net

(4,101,979)

(4,557,067)

(5,226,012)

(770,218)

Loss from operations

(934,649)

(1,874,474)

(1,142,530)

(168,386)

Interest income

308,224

257,166

216,746

31,944

Interest expenses

(75,161)

(164,994)

(124,473)

(18,345)

Fair value (loss) gain on derivative

assets or derivative liabilities

—

(101)

36,969

5,449

Investment gain (loss) on long-term

investments

24,401

169,117

(140,377)

(20,689)

Exchange gain (loss) from foreign

currency transactions

142,684

(148,728)

(125,295)

(18,466)

Other non-operating income (expenses),

net

3,454

(959)

12,401

1,828

Loss before income tax benefit

(expenses) and share of results of

equity method investees

(531,047)

(1,762,973)

(1,266,559)

(186,665)

Income tax benefit (expenses)

9,421

(9,251)

(74,281)

(10,948)

Share of results of equity method

investees

43,872

(11,876)

3,776

557

Net loss

(477,754)

(1,784,100)

(1,337,064)

(197,056)

Net loss attributable to ordinary

shareholders of XPeng Inc.

(477,754)

(1,784,100)

(1,337,064)

(197,056)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

June 30,

March 31,

June 30,

2025

2026

RMB

US$

Net loss

(477,754)

(1,784,100)

(1,337,064)

(197,056)

Other comprehensive loss

Foreign currency translation

adjustment, net of tax

(16,414)

(274,419)

(261,107)

(38,482)

Total comprehensive loss

attributable to XPeng Inc.

(494,168)

(2,058,519)

(1,598,171)

(235,538)

Comprehensive loss attributable to

ordinary shareholders of XPeng

Inc.

(494,168)

(2,058,519)

(1,598,171)

(235,538)

Weighted average number of

ordinary shares used in

computing net loss per ordinary

Basic and diluted

1,902,441,632

1,910,568,643

1,912,734,380

Net loss per ordinary share

attributable to ordinary

shareholders

Basic and diluted

(0.25)

(0.93)

(0.70)

(0.10)

Weighted average number of ADS

used in computing net loss per

Basic and diluted

951,220,816

955,284,322

956,367,190

Net loss per ADS attributable to

ordinary shareholders

Basic and diluted

(0.50)

(1.87)

(1.40)

(0.21)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND

NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

June 30,

March 31,

June 30,

2025

2026

RMB

US$

Loss from operations

(934,649)

(1,874,474)

(1,142,530)

(168,386)

Fair value gain on derivative liability

relating to the contingent consideration

(34,004)

(51,113)

(47,662)

(7,025)

Share-based compensation expenses

126,475

149,549

147,403

21,725

Non-GAAP loss from operations

(842,178)

(1,776,038)

(1,042,789)

(153,686)

Net loss

(477,754)

(1,784,100)

(1,337,064)

(197,056)

Fair value gain on derivative liability

relating to the contingent consideration

(34,004)

(51,113)

(47,662)

(7,025)

Share-based compensation expenses

126,475

149,549

147,403

21,725

Non-GAAP net loss

(385,283)

(1,685,664)

(1,237,323)

(182,356)

Net loss attributable to ordinary

shareholders

(477,754)

(1,784,100)

(1,337,064)

(197,056)

Fair value gain on derivative liability

relating to the contingent consideration

(34,004)

(51,113)

(47,662)

(7,025)

Share-based compensation expenses

126,475

149,549

147,403

21,725

Non-GAAP net loss attributable to

ordinary shareholders of XPeng Inc.

(385,283)

(1,685,664)

(1,237,323)

(182,356)

Weighted average number of ordinary

shares used in calculating Non-GAAP

net loss per share

Basic and diluted

1,902,441,632

1,910,568,643

1,912,734,380

Non-GAAP net loss per ordinary share

Basic and diluted

(0.20)

(0.88)

(0.65)

(0.10)

Weighted average number of ADS used

in calculating Non-GAAP net loss per

Basic and diluted

951,220,816

955,284,322

956,367,190

Non-GAAP net loss per ADS

Basic and diluted

(0.41)

(1.76)

(1.29)

(0.19)

SOURCE XPeng Inc.