Xpeng (XPEV) Operating Expenses (2019 - 2026)
Xpeng (XPEV) posted quarterly Operating Expenses of -$660.6 million for Q1 2026, down 36.93% year-over-year from -$1.0 billion in Q1 2025, and up 3.47% quarter-over-quarter from -$684.4 million in Q4 2025.
Xpeng (XPEV) Operating Expenses (2019 - 2026) Analysis & Trends
Xpeng (XPEV) has reported Operating Expenses for 8 consecutive years, with -$660.6 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 36.93% year-over-year to -$660.6 million; the TTM figure through Mar 2026 stood at -$2.6 billion (down 36.36% YoY), while the FY2025 annual figure was -$2.5 billion, down 35.06% from the prior year.
- Operating Expenses improved to -$660.6 million in Q1 2026 per XPEV's latest filing, from -$684.4 million in the prior quarter.
- Across five years, Operating Expenses topped out at -$379.3 million in Q1 2024 and bottomed at -$684.4 million in Q4 2025.
- Historically, Operating Expenses has averaged -$488.6 million across 5 years, with a median of -$451.6 million in 2022.
- On a YoY basis, Operating Expenses climbed as much as 20.42% in 2022 and fell as far as 135.59% in 2022.
- Xpeng's Operating Expenses stood at -$432.9 million in 2022, then decreased by 5.55% to -$456.9 million in 2023, then fell by 18.24% to -$540.3 million in 2024, then fell by 26.68% to -$684.4 million in 2025, then rose by 3.47% to -$660.6 million in 2026.
- Business Quant data shows XPEV's Operating Expenses at -$660.6 million in Q1 2026, -$684.4 million in Q4 2025, and -$682.0 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Tesla | 1,042.09 Bn | 998.56 Bn | 4.75 Bn | 4.35 Bn |
| 2 | Toyota Motor | 242.42 Bn | 108.20 Bn | 12.27 Bn | 78.18 Bn |
| 3 | Honda Motor | 122.32 Bn | 88.11 Bn | -34.06 Bn | 239.73 Bn |
| 4 | Ford Motor | 81.57 Bn | 50.24 Bn | 6.08 Bn | 47.66 Bn |
| 5 | General Motors | 80.05 Bn | 55.33 Bn | 7.33 Bn | 46.57 Bn |
| 6 | Li Auto | 26.01 Bn | 12.56 Bn | 262.11 Mn | -696.85 Mn |
| 7 | Xpeng | 22.52 Bn | 19.98 Bn | 388.90 Mn | -660.64 Mn |
| 8 | Rivian Automotive | 20.71 Bn | 15.40 Bn | 179.00 Mn | 1.02 Bn |
| 9 | Stellantis | 16.33 Bn | -25.12 Bn | 5.55 Bn | 4.85 Bn |
| 10 | Nio | 11.59 Bn | 7.00 Bn | 704.43 Mn | -749.20 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -660.64 Mn |
| Dec 31, 2025 | -684.40 Mn |
| Sep 30, 2025 | -682.02 Mn |
| Jun 30, 2025 | -572.61 Mn |
| Mar 31, 2025 | -482.45 Mn |
| Dec 31, 2024 | -540.27 Mn |
| Sep 30, 2024 | -465.44 Mn |
| Jun 30, 2024 | -418.37 Mn |
| Mar 31, 2024 | -379.33 Mn |
| Dec 31, 2023 | -456.94 Mn |
| Sep 30, 2023 | -410.92 Mn |
| Jun 30, 2023 | -401.41 Mn |
| Mar 31, 2023 | -390.60 Mn |
| Dec 31, 2022 | -432.91 Mn |
| Sep 30, 2022 | -439.29 Mn |
| Jun 30, 2022 | -437.36 Mn |
| Mar 31, 2022 | -451.60 Mn |
| Dec 31, 2021 | -544.02 Mn |
| Sep 30, 2021 | -434.97 Mn |
| Jun 30, 2021 | -293.39 Mn |