X Financial (XYF) Earnings
X Financial is expected to report next earnings on August 10, 2026 (in NaN days), with a consensus EPS estimate of $0.29. XYF has beaten EPS estimates in 0 of its last 1 reported quarters (average surprise -22.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 26, 2026 | $0.28 | $0.22 | -22.8% | $207M | +0.0% |
| Nov 20, 2025 | — | $1.47 | — | $275M | — |
| Aug 18, 2025 | — | $1.88 | — | $245M | — |
| May 19, 2025 | — | $1.48 | — | $199M | — |
| Mar 19, 2025 | — | $1.16 | — | $100M | — |
| Nov 26, 2024 | — | $1.27 | — | $155M | — |
| Aug 21, 2024 | — | $1.03 | — | $93M | — |
| May 30, 2024 | — | $0.91 | — | $80M | — |
| Nov 22, 2023 | — | $1.04 | — | $133M | — |
| Aug 28, 2023 | — | $1.03 | — | $168M | — |
| May 24, 2023 | — | $0.91 | — | $55M | — |
| Nov 16, 2022 | — | $0.59 | — | $125M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Positioning and Volume Adjustment * Management maintained a deliberate conservative operational posture adopted in H2 2025, further slowing loan origination activity to align with evolving regulatory supervisory expectations * Prioritized long-term portfolio credit quality and balance sheet stability over near-term origination volume and earnings * Total facilitated loan origination was RMB 14.63 billion, a 58.4% YoY decline and 35.8% sequential decline from Q4 2025 * Active borrowers totaled approximately 956,520, down 60.6% YoY and 43.5% sequentially; total facilitated loans hit 1.25 million with an average loan size of RMB 11,741 * Outstanding loan balance stood at RMB 35.3 billion at quarter-end, a 39.6% YoY decline - Operational Initiatives * Shifted origination mix toward internally operated channels to deepen borrower relationships and reduce reliance on higher-cost third-party traffic * Tightened underwriting criteria further, strengthened compliance infrastructure, and rolled out process automation across servicing and collections to improve efficiency and control costs - Credit Quality * Broad industry-wide credit stress persisted in Q1 2026, pressuring borrower repayment ability * As of March 31, 2026: 31-60 day delinquency rate was 2.61% (down from 2.9% at end-Q4 2025, up from 1.25% YoY); 91-180 day delinquency rate increased to 9.95% (up from 6.31% end-Q4 2025 and 2.73% YoY) * Management responded by narrowing approval criteria, increasing collections resources, and pulling back origination in segments with the sharpest rise in repayment risk, accepting higher near-term credit costs to protect portfolio integrity - Overall Financial Performance * Total net revenue was RMB 1.18 billion, down 39.3% YoY and 19.9% sequentially * Operating income was RMB 140.7 million, down 75.4% YoY but rebounded significantly from the depressed Q4 2025 level; operating margin improved to 12% from 1.4% in Q4 2025, but remained well below the 29.6% YoY level * Net income was RMB 37.9 million, compared to RMB 57.2 million in Q4 2025 and RMB 458.1 million in Q1 2025; net profit margin was 3.2% * Tight cost control reduced borrower acquisition and marketing spend to RMB 219.8 million from RMB 709 million in Q1 2025 * Balance sheet remains well-capitalized: total assets of RMB 13.6 billion, shareholders' equity of RMB 7.8 billion for a 57% equity-to-assets ratio; total cash (including restricted cash) of RMB 2.4 billion supports strong liquidity * The company continued its share repurchase program, repurchasing ~1.8 million ADS for ~$8.2 million between January 1 and May 15, 2026, with ~$39.8 million remaining in the program through November 30, 2026
Guidance
- Management maintained a cautious near-term outlook, citing ongoing rapidly evolving regulation with limited visibility into full implementation scope and timing - For Q2 2026, management expects total loan origination to fall in the range of RMB 11.5 billion to RMB 12.5 billion, consistent with the company's ongoing priority of credit quality over origination volume - The company will continue focusing on capital preservation, disciplined origination, and strict cost control through the ongoing industry transition
Segment performance
X Financial does not break out formal product segments with distinct revenue contribution figures in this call. Overall business line performance aligns with the deliberate pullback in loan origination activity: 1) Facilitation fees saw a sharp decline driven by the 58.4% YoY drop in new loan origination volume; 2) Post-origination fees recorded a more modest decline, consistent with the 39.6% YoY contraction in the outstanding loan portfolio; 3) Guaranteed income more than tripled year-over-year, driven by continued revenue recognition from the existing guaranteed loan portfolio; 4) Finance income remained broadly stable quarter-over-quarter.
Risks & headwinds
- Evolving regulatory oversight of internet-based consumer lending in China: authorities strengthened industry-wide oversight during Q1 2026, and management has limited visibility into the ultimate scope and direction of future regulatory implementation - If current and emerging regulatory requirements are implemented as currently understood, operating results may be materially adversely impacted, and historical profitability levels cannot be assumed to continue - Broad industry-wide credit stress persists, with elevated borrower repayment pressure leading to higher delinquency rates and higher credit provisions that weigh on near-term profitability - The challenging operating environment will continue to impact industry dynamics, pricing, funding conditions, and origination activity for the foreseeable future