XPeng Earnings Aug 24: 103,295 Cars, Same as a Year Ago

TL;DR

• XPeng reports Q2 2026 before the US open on Monday, August 24, with the call at 8:00am ET. The delivery number is already public: 103,295 vehicles, inside the company's own 100,000-106,000 guide.
• The recovery is sequential only. That is up 64.8% on Q1's 62,682 and up 0.11% on the 103,181 XPeng delivered in Q2 2025. Same quarter, same volume, one year apart.
• Services carried the margin last quarter. Services and others was 15.6% of Q1 revenue and produced roughly half the gross profit. Vehicle margin was 12.1%, against 14.3% in Q2 2025, while headline gross margin rose to 20.6% from 17.3%.
• The Street still models a loss. Consensus sits at -$0.06 per ADS on $3.02 billion, which lands on the ceiling of the RMB 19.60-20.80 billion guide.
• XPEV closed Friday at $11.70, about 1.8% above its $11.49 52-week low and 58.6% below the $28.24 high, at an $11.2 billion market capitalisation.
• UPDATE (August 24): vehicle margin never cleared 14%, it printed 12.1% again, exactly the number this preview flagged as the one that separates a real recovery from a services story. XPeng reported Q2 revenue of RMB19.74 billion (US$2.91 billion), up 8.0% year over year and inside the company's own RMB19.60-20.80 billion guide, but below the roughly RMB20.57 billion Street consensus. GAAP net loss was RMB1.34 billion, or RMB1.40 (US$0.21) per ADS; non-GAAP loss per ADS was RMB1.29, about RMB1.00 worse than the RMB0.29 loss analysts had modelled. Gross margin rose to 20.7% (from 17.3% a year ago), all of the improvement still coming from the services line, since vehicle margin was unchanged from Q1. XPeng guided Q3 to 115,000-121,000 deliveries and RMB21.7-23.4 billion of revenue, both above Q2. XPEV fell 8.5% to $11.15 at Monday's close, per XPeng's own release.

When Does XPeng Report Q2 Earnings?

Monday, August 24, before the US market opens, with the conference call at 8:00am ET, which is 8:00pm Beijing and Hong Kong time. XPeng confirmed the date itself on August 4.

That puts it a week behind the Chinese ADRs on this week's calendar: Baidu on Tuesday, then Alibaba and NetEase on Thursday, all of which sit in this week's hub. Li Auto follows on August 26. The full schedule is in the earnings calendar.

The Board

The volume came back. The question is what it earns.

One Number Is Already Out, and It Is Flat

XPeng published Q2 deliveries on July 1: 103,295 vehicles, 40,126 of them in June, per its own release. Against Q1's 62,682 that is +64.8%, and it is the figure most coverage has led with.

Set it against Q2 2025 instead: 103,295 against 103,181. Growth of 0.11%, or 114 cars.

Both comparisons are true and they measure different things. Q1 was a genuinely poor quarter, deliveries down 33.3% year over year on the post-subsidy hangover and a model changeover, so getting back to 103,000 units repairs that damage. It does not build on it. XPeng delivered 429,445 vehicles across 2025 and grew that number 125.9%. The current quarterly run rate annualises near 410,000.

Half of Last Quarter's Gross Profit Came From Something Other Than Cars

This is the line I will be watching hardest on Monday, and it is checkable from XPeng's own Q1 disclosure.

Q1 revenue split into RMB 11.00 billion of vehicle sales and RMB 2.03 billion of services and others. Vehicle margin was 12.1%, services margin 66.5%. Multiply them out: roughly RMB 1.33 billion of gross profit from cars, RMB 1.35 billion from services. Services was 15.6% of the revenue and a little over half of the gross profit.

Run the same arithmetic on Q2 2025. Vehicle sales of RMB 16.88 billion at a 14.3% margin is about RMB 2.41 billion. Total gross profit, at 17.3% on RMB 18.27 billion, is about RMB 3.16 billion. Services contributed roughly RMB 0.75 billion, or 24% of the total.

So across four quarters the headline gross margin improved 3.3 points, from 17.3% to 20.6%, while the margin on the actual cars fell 2.2 points. XPeng attributed the 41.2% growth in the services line to technical R&D services and parts sales.

I do not think that is a bad business. Selling engineering to other carmakers at a 66% margin is a real asset and it is the part of XPeng that nobody underwrites. It is also contract revenue, lumpy by nature, and a margin story resting on it does not scale with the number of cars leaving the factory.

The Guide Wants 7-14% More Revenue From the Same Cars

XPeng guided Q2 revenue to RMB 19.60-20.80 billion, stated in its own release as +7.25% to +13.82% year over year. On flat deliveries, that is revenue per delivery rising from about RMB 177,000 to somewhere between RMB 190,000 and RMB 201,000. Whether the increment came from richer cars or more services is the entire question, and Q1's answer was services.

Consensus, per MarketBeat, is $3.02 billion and -$0.06 per ADS. At the exchange rate XPeng used in its own Q1 conversions, the top of the guide works out near $3.02 billion; at a weaker yuan it sits above the range. Both readings put the Street at or through the high end of the guide. Consensus sitting on the ceiling of a range leaves no room for the beat and all the room for the miss.

The Profit Line Went Backwards

XPeng earned RMB 0.38 billion in Q4 2025, its first profitable quarter, on 116,249 deliveries and RMB 22.25 billion of revenue. One quarter later it lost RMB 1.78 billion, about 4.7 times the profit it had just booked.

Monday's consensus does not repair that. Minus six cents across the roughly 957 million ADSs implied by an $11.2 billion cap at $11.70 comes to near $57 million, or about RMB 0.4 billion. XPeng lost RMB 480 million in Q2 2025 on the same volume. On that arithmetic, a year of cost work and five points of headline gross margin move the quarterly loss by under RMB 100 million.

That last derivation is mine, built off a market cap and a per-ADS estimate, because I could not source a published net-income consensus for the quarter. The decimal is soft. The direction is the part I would act on. Full-year 2026 consensus has itself moved to a loss, a long way from the breakeven year the sell-side was modelling in 2025.

Cash buys time to be wrong about timing. The balance was RMB 42.09 billion at the end of March, down from RMB 47.57 billion nine months earlier.

What Would Change My Mind

Vehicle margin above 14%. That single line separates a company earning its way to profit from one renting margin off an engineering contract, and it is disclosed every quarter. Management will point instead at the second-half launches, the G9L and the two MONA cars, none of which appear in Monday's numbers.

No XPEV options chain was reachable this weekend, so there is no play to log here.

The One-Line Read

Vehicle margin printed 12.1% again, the same number as last quarter, and the loss widened instead of narrowing. This was a rebound in units, not the margin recovery XPeng needed to earn its way back to profit.