XPeng Stock (9868.HK, XPEV): Revenue, Sales, Losses 2026
XPeng (HKEX: 9868, NYSE: XPEV) closed at HK$39.26 on Nov 11, 2026, down 50.5% this year, a market cap of about HK$75.3 bn. Q2 FY2026 revenue was RMB 19.7 bn (+8.0% year on year) with a net loss of RMB 1.34 bn. This is a data page, not a recommendation.
XPeng stock price and key numbers (9868.HK)
XPeng closed at HK$39.26 on Nov 11, 2026, a market cap of about HK$75.3 bn and down 50.5% so far this year. Q2 FY2026 revenue was RMB 19.7 bn (+8.0% year on year) at a 20.7% gross margin and a net loss of RMB 1.34 bn.
| What | Figure | As of | Read |
|---|---|---|---|
| Share price (HKD) | HK$39.26 | Nov 11, 2026 close | 62.9% below the 52-week closing high of HK$105.90; ADR (XPEV) closed at $9.83 |
| Market cap (HKD) | ≈ HK$75.3 bn | Nov 11, 2026 close | P/S 0.9x, P/B 2.4x; P/E not meaningful (net loss) |
| Year-to-date move | −50.5% | Nov 11, 2026 close | 1-year move −63.8% |
| Latest quarter revenue (Q2 FY2026) | RMB 19.7 bn | Reported | +8.0% year on year |
| Latest quarter gross margin | 20.7% | Reported | Between 20.1% and 21.3% for four straight quarters |
Source: Winus (winus.ai) financial data (official data aggregated from global exchanges and trading partners), retrieved Nov 12, 2026 (HKT). Reporting currency RMB; Hong Kong share price HKD. Company filings: XPeng investor relations.
XPeng revenue, gross margin and net loss by quarter
XPeng's revenue rose 8.0% year on year to RMB 19.7 bn in Q2 FY2026 and its gross margin was 20.7%, but the company posted a net loss of RMB 1.34 bn, its second straight quarterly loss.
Revenue and net result in RMB billions. Net result is profit or loss attributable to ordinary shareholders.
Show data
| Period | RMB bn | Note |
|---|---|---|
| Q3 FY24 | 10.1 | |
| Q4 FY24 | 16.1 | |
| Q1 FY25 | 15.8 | |
| Q2 FY25 | 18.3 | |
| Q3 FY25 | 20.4 | |
| Q4 FY25 | 22.3 | Peak: +38.2% YoY |
| Q1 FY26 | 13.0 | −17.6% YoY |
| Q2 FY26 | 19.7 | +8.0% YoY |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); XPeng reported figures
| Quarter | Revenue (RMB bn) | YoY | Gross margin | Net profit (loss) (RMB bn) |
|---|---|---|---|---|
| Q3 FY2024 | 10.1 | 15.3% | −1.81 | |
| Q4 FY2024 | 16.1 | 14.4% | −1.33 | |
| Q1 FY2025 | 15.8 | +141.5% | 15.6% | −0.66 |
| Q2 FY2025 | 18.3 | +125.3% | 17.3% | −0.48 |
| Q3 FY2025 | 20.4 | +101.8% | 20.1% | −0.38 |
| Q4 FY2025 | 22.3 | +38.2% | 21.3% | +0.38 |
| Q1 FY2026 | 13.0 | −17.6% | 20.6% | −1.78 |
| Q2 FY2026 | 19.7 | +8.0% | 20.7% | −1.34 |
Revenue year-on-year changes use Q1 and Q2 FY2024 revenue (RMB 6.5 bn and RMB 8.1 bn), which the table does not show; Q3 and Q4 FY2024 changes need FY2023 quarters, which this page does not carry. Year-on-year changes in a loss are not meaningful, so the net column carries no percentage.
Three things the table says on its own:
- Revenue fell in one quarter, then came back. Q1 FY2026 revenue of RMB 13.0 bn was 41.4% below Q4 FY2025's RMB 22.3 bn and 17.6% below a year earlier. Q2 FY2026 recovered 51.5% quarter on quarter to RMB 19.7 bn, still 11.3% short of the Q4 FY2025 peak.
- The gross margin has held above 20%. It rose from 15.3% in Q3 FY2024 to 21.3% in Q4 FY2025, and the two FY2026 quarters sit at 20.6% and 20.7%.
- The one profitable quarter did not repeat. Q4 FY2025 earned RMB 0.38 bn, the only profit of the eight quarters. Q1 and Q2 FY2026 lost RMB 1.78 bn and RMB 1.34 bn, a first-half loss of RMB 3.12 bn against RMB 1.14 bn in the first half of FY2025.
Show data
| Period | % | Note |
|---|---|---|
| Q3 FY24 | 15.3 | |
| Q4 FY24 | 14.4 | Low: 14.4% |
| Q1 FY25 | 15.6 | |
| Q2 FY25 | 17.3 | |
| Q3 FY25 | 20.1 | |
| Q4 FY25 | 21.3 | High: 21.3% |
| Q1 FY26 | 20.6 | |
| Q2 FY26 | 20.7 | 20.7% |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); XPeng reported figures
How many cars does XPeng sell each quarter?
XPeng sold 118,390 vehicles in Q3 FY2026, up 2.1% on Q3 FY2025 and the highest quarter in the data, after 103,295 in Q2 FY2026 (+0.1% year on year) and 62,682 in Q1 (−33.3%).
Quarterly vehicle sales, from the vehicle sales series in the data (XPeng's own delivery announcements govern if they differ). Q3 FY2026 revenue has not been reported yet, so that quarter appears here and not in the financial table.
| Quarter | Vehicle sales | YoY |
|---|---|---|
| Q3 FY2024 | 46,533 | |
| Q4 FY2024 | 91,507 | |
| Q1 FY2025 | 94,008 | |
| Q2 FY2025 | 103,181 | |
| Q3 FY2025 | 116,007 | +149.3% |
| Q4 FY2025 | 116,249 | +27.0% |
| Q1 FY2026 | 62,682 | −33.3% |
| Q2 FY2026 | 103,295 | +0.1% |
| Q3 FY2026 | 118,390 | +2.1% |
Show data
| Period | vehicles | Note |
|---|---|---|
| Q3 FY24 | 46,533 | |
| Q4 FY24 | 91,507 | |
| Q1 FY25 | 94,008 | |
| Q2 FY25 | 103,181 | |
| Q3 FY25 | 116,007 | |
| Q4 FY25 | 116,249 | |
| Q1 FY26 | 62,682 | −33.3% YoY |
| Q2 FY26 | 103,295 | |
| Q3 FY26 | 118,390 | +2.1% YoY |
Source: Winus (winus.ai) financial data, retrieved 2026-11-12 (HKT); vehicle sales series
Q2 FY2026 shows what sales volume does not explain by itself: vehicle sales were flat on a year earlier (+0.1%) while revenue grew 8.0%. Dividing all revenue by vehicles sold gives roughly RMB 191,000 per vehicle in Q2 FY2026 against RMB 177,000 in Q2 FY2025. That is a rough ratio, not a price: revenue includes more than vehicle sales, and this page carries no breakdown. The monthly series shows 50,237 vehicles in October 2026, up 19.6% on October 2025's 42,013.
XPeng annual revenue and net loss: FY2024 vs FY2025
XPeng's FY2025 revenue was RMB 76.7 bn, up 87.7% from RMB 40.9 bn in FY2024, and its net loss narrowed from RMB 5.79 bn to RMB 1.14 bn as gross margin rose 4.6 points to 18.9%.
| FY2024 | FY2025 | Change | |
|---|---|---|---|
| Revenue (RMB bn) | 40.9 | 76.7 | +87.7% |
| Gross margin | 14.3% | 18.9% | +4.6 pts |
| Net loss (RMB bn) | −5.79 | −1.14 | Loss narrowed by 4.65 |
| Operating cash flow (RMB bn) | −2.01 | 8.26 | Swing of +10.27 |
| R&D expense (RMB bn) | 6.5 | 9.5 | +47.0% |
FY2025 is the year XPeng's operating cash flow turned positive (RMB 8.26 bn against an outflow of RMB 2.01 bn) while R&D spending grew 47.0%. The first half of FY2026 reverses part of that: revenue of RMB 32.8 bn is 3.8% below the first half of FY2025, and the net loss is larger. The trailing four quarters to Q2 FY2026 add up to RMB 75.4 bn of revenue and a net loss of RMB 3.12 bn.
What is the difference between XPeng's Hong Kong shares and the XPEV ADR?
XPeng has two listings: 9868.HK in Hong Kong dollars (HK$39.26 at the Nov 11, 2026 close) and the XPEV ADR in New York in US dollars ($9.83), where one ADS equals two ordinary shares.
| Listing | Ticker | Currency | Note |
|---|---|---|---|
| Hong Kong (HKEX) | 9868.HK | HKD | Listed Jul 7, 2021; closed HK$39.26 on Nov 11, 2026 (−3.1% on the day); 1,918,929,109 shares |
| New York (NYSE) | XPEV | USD | Listed Aug 27, 2020; 1 ADS = 2 ordinary shares; closed $9.83 on Nov 11, 2026 (−3.0%); market cap ≈ $9.6 bn |
| Southbound (Stock Connect) | 9868.HK | 411.9 m shares held, 21.5% of shares in issue, Nov 11, 2026 |
The two lines moved together on Nov 11 (−3.1% and −3.0%). The market cap in the HKD row, about HK$75.3 bn, and the ADR row, about $9.6 bn, are from the data feed on the same date. Mainland investors held 21.5% of XPeng's shares through Stock Connect at the Nov 11 close, a holding that is separate from the ADR. The data does not carry a local analyst consensus or a Wall Street consensus for XPeng, so this page does not compare the two.
What is XPeng's P/E ratio and 52-week range?
XPeng has no meaningful P/E because it lost money over the last four quarters; at HK$39.26 it trades at 0.9 times sales and 2.4 times book, within a 52-week closing range of HK$35.26 to HK$105.90.
| Metric | Value | Note |
|---|---|---|
| Trailing P/E | n/m | Net loss of RMB 3.12 bn over four quarters to Q2 FY2026 (the feed shows −21.0x) |
| P/B | 2.4x | |
| P/S | 0.9x | On trailing revenue of RMB 75.4 bn |
| Dividend yield | — | The data shows no dividend yield for 9868.HK |
| 52-week closing high | HK$105.90 | Nov 13, 2025 |
| 52-week closing low | HK$35.26 | Oct 27, 2026 |
| Close vs low | +11.3% | Nov 11, 2026 |
The range is from daily closing prices between Nov 12, 2025 and Nov 11, 2026, unadjusted. The shares have lost 63.8% over the 12 months to Nov 11, 2026 (from HK$108.50 on Nov 11, 2025) and sit 11.3% above the Oct 27 low, a fortnight earlier. With no earnings to divide by, the sales multiple is the one to track: the data feed's price-to-sales is 0.9x on the last four quarters of revenue.
What to watch in XPeng's Q3 FY2026 results
Three numbers decide whether the Q2 recovery continues: revenue against RMB 20.4 bn from Q3 FY2025, gross margin against 20.7% in Q2, and the net result against a RMB 1.34 bn loss.
XPeng reports each quarter on a date it announces on its investor relations site, so the date is not given here. Q3 FY2026 covers July to September 2026, and the 118,390 vehicles sold are already known. Three benchmarks from this page:
| Check | Benchmark | Why it matters |
|---|---|---|
| Revenue | RMB 20.4 bn (Q3 FY2025); RMB 19.7 bn (Q2 FY2026) | Sales volume is +2.1% on the year, so revenue growth well above that would show a higher revenue per vehicle again, as in Q2 |
| Gross margin | 20.7% (Q2 FY2026); 20.1% (Q3 FY2025) | Holding above 20% would make five quarters in a row |
| Net result | Loss of RMB 1.34 bn (Q2 FY2026); loss of RMB 0.38 bn (Q3 FY2025) | The first-half loss was RMB 3.12 bn; Q4 FY2025's RMB 0.38 bn profit is the only profit in eight quarters |
How to check XPeng's numbers yourself in Winus
Open Financial Chat, type #9868.HK, and ask for the same eight-quarter table with the Q3 FY2026 figures added the day they are filed. The Company One-Pager and Global Earnings Review skills can add the segment detail and earnings write-up that this page does not carry. For the same layout on other Hong Kong names, see Xiaomi stock and CATL stock.
Open 9868.HK in WinusFree tier: 400 credits a day; unused daily credits expire.
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About Winus. Winus (winus.ai) is a financial AI agent platform built on professional financial data and research expertise. Answers carry built-in citations, reusable skills run research workflows, and the output can be a report, an Excel model or a deck. To follow XPeng's next report against the benchmarks on this page, Winus can run an earnings analysis for any company and return a note you can keep.
Data sourced from Winus (winus.ai) financial data, which aggregates official data from global exchanges and trading partners. Figures as retrieved on Nov 12, 2026 (HKT); XPeng's own filings govern if they differ. This page is for information only and is not investment advice.
FAQ
Is XPeng stock listed in the US?
Yes, and in Hong Kong. XPeng trades on the New York Stock Exchange as XPEV (American depositary shares, listed Aug 27, 2020) and on the Hong Kong exchange as 9868.HK (listed Jul 7, 2021). One ADS represents two ordinary shares. This page leads with the Hong Kong line and gives the ADR price too.
What currency are XPeng's revenue and loss reported in?
Renminbi. XPeng reports in RMB, so the quarterly and annual tables above are RMB billions, while the 9868.HK price and market cap are in Hong Kong dollars and the XPEV price and market cap are in US dollars.
When does XPeng report Q3 2026 results?
The date is set by XPeng and announced on its investor relations site, so it is not given here. Q3 FY2026 covers July to September 2026. Vehicle sales for the quarter, 118,390, are already in the data; revenue, margin and profit are not.
Where do the numbers on this page come from?
From Winus financial data, retrieved on Nov 12, 2026 (HKT). Revenue, gross margin and net result are XPeng's reported figures; price and valuation are market-data fields at the Nov 11, 2026 close. XPeng's own filings and delivery announcements govern if they differ.
What is Winus?
Winus is a financial AI agent platform built on professional financial data and research expertise. It combines specialized tools, reusable financial skills and coordinated AI agents so a natural-language request about a company, fund or market can produce research reports, Excel models and presentation decks. Type #9868.HK in Winus to run this page's analysis yourself.