XPeng reported the June quarter before the US open on 24 August 2026, and joins this site's tracked list today with fourteen quarters of history behind it. Revenue was RMB 19,743.6 million (US$2,909.8 million), up 8.0% year over year and 51.5% on the March quarter. Gross margin was 20.7%, up 3.4 points. Net loss was RMB 1,337.1 million (US$197.1 million), nearly triple the RMB 477.8 million loss a year earlier. The shares closed at $11.15, down 8.53%.
Two of those numbers point in opposite directions, and the reconciliation is the quarter.
The vehicle business did not grow
Deliveries were 103,295 against 103,181 a year earlier — +0.1%. Vehicle revenue was RMB 17,046.5 million, up 1.0%. Average revenue per vehicle was RMB 165.0 thousand against RMB 163.6 thousand, so price was flat too. On its own terms the car company stood still for a year.
It also got less profitable per car. Vehicle margin fell from 14.35% to 12.08%, which management attributed to industry-wide cost pressure and which is the second consecutive quarter at 12.1%.
Services did the work
Services and others revenue grew 93.9% to RMB 2,697.1 million. The release names the cause: technical research and development services rendered to a car manufacturer — the Volkswagen platform agreement — where "certain key milestones" were reached in the period, plus parts and accessories.
That line carries a 75.1% gross margin, against 53.6% a year ago. So:
| Q2 2025 | Q2 2026 | |
|---|---|---|
| Services share of revenue | 7.6% | 13.7% |
| Services gross margin | 53.6% | 75.1% |
| Services share of gross profit | 23.5% | 49.6% |
| Vehicle margin | 14.35% | 12.08% |
| Group gross margin | 17.33% | 20.68% |
Half the company's gross profit now comes from a seventh of its revenue, and that seventh is milestone-recognised engineering fees under a contract with a named counterparty. Group gross margin above 20% — the number the release leads with and the number both executives quoted — is true, and it is not a statement about the cars.
This is not an accusation of anything. Milestone revenue is real revenue and the platform deals are a genuine asset. It is a statement about repeatability: a delivery ramp repeats, a milestone does not, and the June quarter's group margin is built on the one that does not.
Gross profit rose and the loss widened anyway
Gross profit rose RMB 916.2 million year over year. Research and development plus selling, general and administrative expenses rose RMB 1,037.5 million over the same span — R&D +32.1% to RMB 2,914.4 million (14.8% of revenue), SG&A +15.2% to RMB 2,496.5 million. Operating expenses outgrew gross profit in absolute money, which is why the loss from operations was RMB 1,142.5 million against RMB 934.6 million, and why the bottom-line loss widened 180% even as the margin improved.
The spending has a stated destination. XPeng now calls itself a physical AI company, and the R&D line is funding in-house Turing inference chips, the VLA driving model, a robotaxi and the IRON humanoid alongside the cars. On the day of the print the robotics subsidiary Dogotix signed a share purchase agreement for US$900 million of newly issued shares. That is the first outside price on the option the R&D line is buying, and it arrived the same morning the market marked the stock down 8.5%.
Cash position fell to RMB 40,480 million (US$5,969 million) from RMB 42,090 million three months earlier, a RMB 1,610 million draw.
The guide asks for volume, not price
For the September quarter XPeng guides deliveries of 115,000 to 121,000 — a year-over-year change of −0.87% to +4.30% — and revenue of RMB 21.7 to 23.4 billion, up 6.47% to 14.81%. July deliveries were 38,027, with 204,004 year to date.
Read against the June quarter, the guide is a request for 11% to 17% more cars sequentially at a vehicle margin the company has not said will improve. If it lands and services normalise, group gross margin comes down even as revenue goes up. That is the single most useful thing to watch next.
What is missing from this page
XPeng's quarterly release carries an income statement and a balance sheet and no cash flow statement. As a foreign private issuer it files a 20-F annually and 6-Ks in between, so its XBRL cash flow data is annual only. There is therefore no quarterly free cash flow series for XPEV on this site, and no Rule of 40 score — not because the number is bad but because the company does not publish it quarterly and we do not manufacture figures. Annual operating cash flow, for scale, was RMB 8,258.5 million in 2025 against −RMB 2,012.3 million in 2024.
What to watch
- Whether services revenue holds above RMB 2 billion. It is milestone-driven. One quarter without a milestone takes roughly half the gross profit with it.
- Vehicle margin off 12.1%. Two quarters flat. The guide asks for volume; volume without margin does not close the loss.
- The September delivery band. 115,000–121,000 against 116,007 a year ago is flat-to-slightly-up. XPeng has now guided two consecutive quarters that do not grow the car business year over year.
- What Dogotix does with $900 million. Mass production of IRON was promised for 2026 at last November's AI Day. There is one quarter left in which to show it.
- R&D as a share of revenue. 14.8% this quarter. If the three frontier programmes all reach production at once, this is the line that tells you what it cost.
Every reported figure — revenue of RMB 19,743.6m (US$2,909.8m), vehicle sales of RMB 17,046.5m, services and others of RMB 2,697.1m, cost of sales of RMB 15,660.1m split RMB 14,987.6m vehicle and RMB 672.5m services, gross profit of RMB 4,083.5m, gross margin of 20.7%, vehicle margin of 12.1%, R&D of RMB 2,914.4m, SG&A of RMB 2,496.5m, loss from operations of RMB 1,142.5m, net loss of RMB 1,337.1m (US$197.1m), net loss per ADS of RMB 1.40 (US$0.21), cash position of RMB 40,480m (US$5,969m), deliveries of 103,295, July deliveries of 38,027, the 740 stores and 3,780 charging stations, the Dogotix US$900 million share purchase agreement, and the September-quarter guide of 115,000–121,000 deliveries and RMB 21.7–23.4bn of revenue — is from XPENG's second-quarter 2026 unaudited results of 24 August 2026, together with the prior-year comparatives restated in that release. Dollar figures are XPeng's own convenience translations, not ours; earnings are per ADS, and one ADS is two Class A ordinary shares. The 2024 and 2025 annual operating cash flow figures are from XPeng's 20-F XBRL data on EDGAR. The $11.15 close and the 8.53% fall are the 24 August 2026 NYSE session. Derived here: the 75.1% and 53.6% services gross margins, the 12.08% and 14.35% vehicle margins, the 13.7% and 7.6% services revenue shares, the 49.6% and 23.5% services shares of gross profit, average revenue per vehicle of RMB 165.0k and RMB 163.6k, the RMB 916.2m gross-profit increase against the RMB 1,037.5m operating-expense increase, R&D at 14.8% of revenue, and the RMB 1,610m cash draw. The historical series on XPeng's page is built one quarter at a time from the current-quarter column of each 6-K exhibit; note that the November 2025 release misprints the restated June-2025 loss per ADS as RMB 1.50 where the company's own net loss and ADS count give RMB 0.50, so the figure stored here is the one from that quarter's own release.
