X Financial Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	4,917	3,862	3,338	2,417	2,861
Other Revenue	2,722	2,010	1,477	1,146	765.28
Revenue	7,639	5,872	4,815	3,563	3,626
Revenue Growth (YoY)	30.10%	21.95%	35.14%	-1.75%	65.37%
Cost of Revenue	2,361	1,960	1,773	1,496	2,039
Gross Profit	5,279	3,912	3,042	2,067	1,587
Selling, General & Admin	199.56	175.93	153.94	143.23	208.69
Operating Expenses	442.28	211.66	166.18	165.07	285.94
Operating Income	4,836	3,700	2,876	1,902	1,302
Interest Expense	-	-0.56	-20.36	-	-
Interest & Investment Income	10.66	17.13	6.5	3.76	19.71
Earnings From Equity Investments	6.21	51.28	-20.65	-11.83	3.34
Currency Exchange Gain (Loss)	-8.54	-9.53	-4.02	-19.96	5.15
Other Non Operating Income (Expenses)	129.59	11.28	49.61	170.91	-136.99
EBT Excluding Unusual Items	4,974	3,770	2,887	2,045	1,193
Merger & Restructuring Charges	-2,202	-1,582	-1,371	-833.11	-
Gain (Loss) on Sale of Investments	-14.46	-0.16	-0.09	-17.64	1.22
Gain (Loss) on Sale of Assets	-	0.06	-0.15	0	0.18
Other Unusual Items	-1,001	-241.74	-67.52	14	0.02
Pretax Income	1,756	1,946	1,448	1,208	1,194
Income Tax Expense	291.65	405.7	261.13	396.07	368.74
Earnings From Continuing Operations	1,465	1,540	1,187	812	825.41
Minority Interest in Earnings	-	-	-	-	0
Net Income	1,465	1,540	1,187	812	825.41
Net Income to Common	1,465	1,540	1,187	812	825.41
Net Income Growth	-4.89%	29.75%	46.16%	-1.63%	-
Shares Outstanding (Basic)	41	48	48	53	55
Shares Outstanding (Diluted)	42	49	48	54	56
Shares Change (YoY)	-14.95%	0.87%	-9.79%	-4.30%	4.87%
EPS (Basic)	36.02	31.99	24.71	15.40	15.04
EPS (Diluted)	35.22	31.50	24.48	15.12	14.70
EPS Growth	11.81%	28.68%	61.91%	2.86%	-
Free Cash Flow	-	1,509	1,383	620.73	446.55
Free Cash Flow Per Share	-	30.87	28.53	11.55	7.95
Dividend Per Share	3.920	3.066	1.191	-	-
Dividend Growth	27.86%	157.33%	-	-	-
Gross Margin	69.10%	66.62%	63.17%	58.01%	43.77%
Operating Margin	63.31%	63.02%	59.72%	53.38%	35.89%
Profit Margin	19.17%	26.23%	24.65%	22.79%	22.76%
Free Cash Flow Margin	-	25.70%	28.72%	17.42%	12.31%
EBITDA	4,844	3,708	2,881	1,909	1,310
EBITDA Margin	63.40%	63.14%	59.83%	53.57%	36.11%
D&A For EBITDA	7.2	7.2	5.26	6.65	8.14
EBIT	4,836	3,700	2,876	1,902	1,302
EBIT Margin	63.31%	63.02%	59.72%	53.38%	35.89%
Effective Tax Rate	16.61%	20.85%	18.04%	32.79%	30.88%
Revenue as Reported	7,639	5,872	4,815	3,563	3,626
Advertising Expenses	-	8.56	8.11	8.49	7.4

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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