XPeng Inc. (XPEV) Cash Flow Statement
Where XPEV’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥8.26B
- Capital expenditures
- CN¥3.35B 4.4% of revenue
- Free cash flow
- CN¥4.91B 6.4% margin
- Returned to shareholders
- —
- Change in cash
- CN¥1.66B cash at year-end CN¥23.40B
Drawn to scale: where the cash came from and how it was used. Hover for values.
XPEV operating cash flow, capex and free cash flow
XPEV cash flow trends, 2018–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥1.57B2018 | CN¥8.26B2025 | — | |
| Capital expenditures | CN¥1.01B2018 | CN¥3.35B2025 | +18.7%/yr | |
| Free cash flow | −CN¥2.58B2018 | CN¥4.91B2025 | — | |
| Free cash flow margin | −26,603.3%2018 | 6.4%2025 | +26,609.7 pts | |
| Stock-based compensation | CN¥1.6M2018 | CN¥564.3M2025 | +130.5%/yr | |
| Share buybacks (net) | CN¥02018 | CN¥02021 | — | |
| Capex / revenue | 10,399.7%2018 | 4.4%2025 | −10,395.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XPEV cash flow by activity
XPEV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
XPEV cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −CN¥1.14B | −CN¥5.79B | −CN¥10.38B | −CN¥9.14B | −CN¥4.86B | −CN¥2.73B | −CN¥3.69B | −CN¥1.40B |
| Depreciation & amortization | CN¥2.99B | CN¥2.57B | CN¥2.11B | CN¥1.41B | CN¥837.8M | CN¥437.9M | CN¥226.7M | CN¥95.6M |
| Stock-based compensation | CN¥564.3M | CN¥473.7M | CN¥550.5M | CN¥710.5M | CN¥379.9M | CN¥996.4M | CN¥517,000 | CN¥1.6M |
| Change in working capital | CN¥5.90B | −CN¥443.2M | CN¥7.35B | −CN¥2.71B | CN¥3.58B | CN¥2.49B | −CN¥190.0M | −CN¥3.0M |
| Other non-cash items | −CN¥49.8M | CN¥1.17B | CN¥1.32B | CN¥1.49B | −CN¥1.03B | −CN¥1.34B | CN¥91.7M | −CN¥268.2M |
| Cash from operating activities | CN¥8.26B | −CN¥2.01B | CN¥956.2M | −CN¥8.23B | −CN¥1.09B | −CN¥139.8M | −CN¥3.56B | −CN¥1.57B |
| Investing activities | ||||||||
| Capital expenditures | −CN¥3.35B | −CN¥2.43B | −CN¥2.31B | −CN¥4.68B | −CN¥4.32B | −CN¥1.36B | −CN¥1.91B | −CN¥1.01B |
| Investments (net) | −CN¥3.31B | −CN¥1.26B | CN¥631.2M | CN¥4.85B | −CN¥25.85B | −CN¥3.31B | CN¥2.67B | −CN¥3.63B |
| Acquisitions & other investing | −CN¥675.7M | CN¥2.43B | CN¥2.31B | CN¥4.68B | −CN¥2.91B | CN¥268.3M | −CN¥16.5M | CN¥1.01B |
| Cash from investing activities | −CN¥7.33B | −CN¥1.26B | CN¥631.2M | CN¥4.85B | −CN¥33.08B | −CN¥4.41B | CN¥740.3M | −CN¥3.63B |
| Financing activities | ||||||||
| Share repurchases & issuance (net) | — | — | — | — | CN¥0 | CN¥0 | −CN¥55.0M | CN¥0 |
| Net borrowing (repayment) | CN¥514.8M | CN¥696.8M | CN¥3.00B | CN¥6.01B | −CN¥142.8M | −CN¥352.1M | CN¥871.9M | CN¥880.0M |
| Shares issued | CN¥0 | CN¥0 | CN¥5.02B | CN¥0 | CN¥13.15B | CN¥34.68B | CN¥2.68B | CN¥5.85B |
| Other financing | CN¥0 | −CN¥27.4M | CN¥0 | −CN¥1.8M | CN¥1.62B | CN¥0 | CN¥98.0M | CN¥0 |
| Cash from financing activities | CN¥514.8M | CN¥669.3M | CN¥8.02B | CN¥6.00B | CN¥14.63B | CN¥34.33B | CN¥3.59B | CN¥6.73B |
| Summary | ||||||||
| Net change in cash | CN¥1.66B | −CN¥2.56B | CN¥9.59B | CN¥3.08B | −CN¥19.91B | CN¥29.13B | CN¥776.2M | CN¥1.52B |
| Cash at end of period | CN¥23.40B | CN¥21.74B | CN¥24.30B | CN¥14.71B | CN¥11.63B | CN¥31.54B | CN¥2.41B | CN¥1.63B |
| Free cash flow | CN¥4.91B | −CN¥4.44B | −CN¥1.36B | −CN¥12.91B | −CN¥5.41B | −CN¥1.50B | −CN¥5.47B | −CN¥2.58B |
| Free cash flow margin | 6.4% | −10.9% | −4.4% | −48.1% | −25.8% | −25.7% | −235.7% | −26,603.3% |
| Capex / revenue | 4.4% | 5.9% | 7.5% | 17.4% | 20.6% | 23.3% | 82.2% | 10,399.7% |
| Sep '23 | |
|---|---|
| Operating activities | |
| Net income | −CN¥3.89B |
| Stock-based compensation | CN¥124.3M |
| Other non-cash items | CN¥3.89B |
| Cash from operating activities | CN¥124.3M |
| Investing activities | |
| Capital expenditures | CN¥0 |
| Financing activities | |
| Shares issued | CN¥0 |
| Summary | |
| Net change in cash | CN¥1.69B |
| Cash at end of period | CN¥14.30B |
| Free cash flow | CN¥124.3M |
| Free cash flow margin | 1.5% |
| Capex / revenue | 0.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
XPEV cash generation
In fiscal 2025 (ended December 31, 2025), XPeng generated CN¥8.3 billion of cash from operations and spent CN¥3.3 billion on capital expenditures, leaving free cash flow of CN¥4.9 billion, 6.4% of revenue. Cash and equivalents rose by CN¥1.7 billion over the year.
Related: XPEV income statement, XPEV balance sheet. See the XPEV stock overview for the latest quote and news.
XPEV cash flow FAQ
What is XPeng's free cash flow?
XPeng's free cash flow was CN¥4.9 billion in fiscal 2025: CN¥8.3 billion of operating cash flow minus CN¥3.3 billion of capital expenditures It was -CN¥4.4 billion a year earlier..
How much cash does XPeng generate from operations?
XPeng generated CN¥8.3 billion of cash from operating activities in fiscal 2025.
How much does XPeng spend on capital expenditures?
XPeng spent CN¥3.3 billion on capital expenditures in fiscal 2025, 4.4% of revenue, compared with CN¥2.4 billion the year before.