X Financial (XYF) Company Report

X Financial reported Q3 2025 total net revenue of RMB 1.96 billion, a 23.9% increase year-over-year but a 13.7% sequential decline, with net income reaching RMB 421.2 million, up 12.1% year-over-year.
Loan origination in Q3 2025 was RMB 33.64 billion, an 18.7% year-over-year increase but a 13.7% sequential decrease, as the company intentionally moderated growth to prioritize asset quality and risk management.
Delinquency rates increased in Q3 2025, with the 31-60-day rate rising to 1.85% and the 91-180-day rate to 3.52%, reflecting a more cautious borrower environment and rising repayment stress. Management expects delinquencies to continue to climb and stabilize in one or two quarters.
The company provided Q4 2025 loan origination guidance of RMB 21 billion to RMB 23 billion, and full-year 2025 guidance of RMB 128.8 billion to RMB 130.8 billion.
X Financial repurchased approximately $67.9 million in ADS from January 1, 2025, through November 20, 2025, with $48 million remaining under its $100 million share repurchase plan, and intends to maintain its current dividend rate.

Nov 21, 2025, 1:30 PM

Transcript

X Financial Reports Strong Q3 2025 Revenue and Net Income Growth, Announces $115 Million Share Buyback

XYF

Earnings

Share Buyback

Dividends

X Financial reported Q3 2025 net revenue of $275.454 million, an increase of 23.9% year-over-year, and net income of $59.171 million, up 12.1%. For fiscal year 2024, the company achieved a net income of $211 million and a Return on Equity (ROE) of 24%.
The company has authorized a $115 million share buyback program for 2025-2026, representing approximately 14% of its current float, and has returned over $78 million to shareholders in the past three years, with a 37% payout ratio in 2024.
X Financial maintains a strong balance sheet with approximately $138 million in net cash and zero net debt as of Q3 2025, trading at a 2.2x trailing P/E and 0.5x book value.
Delinquency rates for Q3 2025 stood at 1.85% for 31-60 days past due and 3.52% for 91-180 days past due.

Nov 21, 2025, 1:30 PM

Presentation

X Financial Reports Q3 2025 Results with Moderated Growth and Increased Delinquencies

XYF

Earnings

Guidance Update

Share Buyback

Demand Weakening

X Financial reported Q3 2025 total net revenue of RMB 1.96 billion, a 23.9% increase year-over-year but a 13.7% sequential decline, and net income of RMB 421.2 million, up 12.1% year-over-year.
Loan facilitation and origination volume in Q3 2025 was RMB 33.64 billion, an 18.7% increase year-over-year but a 13.7% sequential decline, reflecting a deliberate moderation of growth due to a more regulated environment and focus on asset quality.
Delinquency rates increased in Q3 2025, with the 31-60-day rate rising to 1.85% and the 91-180-day rate to 3.52%, and are expected to continue climbing for one or two quarters before stabilizing.
The company provided Q4 2025 guidance for total loan amount facilitated and originated between RMB 21 billion and RMB 23 billion, and full-year 2025 guidance between RMB 128.8 billion and RMB 130.8 billion.
X Financial repurchased approximately $67.9 million in ADS from January 1 to November 20, 2025, with $48 million remaining under its $100 million share repurchase plan through November 30, 2026, and intends to maintain its current dividend rate.

Nov 21, 2025, 1:30 PM

Transcript

X Financial Reports Third Quarter 2025 Unaudited Financial Results

XYF

Earnings

Guidance Update

Share Buyback

X Financial reported total net revenue of RMB1,961.0 million (US$275.5 million) for the third quarter of 2025, marking a 23.9% increase year-over-year but a 13.7% decrease from the previous quarter. Net income for the quarter increased 12.1% year-over-year to RMB421.2 million (US$59.2 million).
The company facilitated and originated RMB33.6 billion in loans during Q3 2025, an 18.7% increase year-over-year, but a 13.7% decline quarter-over-quarter due to moderated borrower activity. The number of active borrowers grew 24.2% year-over-year to 2.44 million.
Asset quality showed pressure with delinquency rates for loans 31-60 days past due rising to 1.85% and 91-180 days past due to 3.52% as of September 30, 2025. The operating margin decreased to 18.5% in Q3 2025 from 32.2% in the same period of 2024, primarily due to higher provisions for contingent guarantee liabilities and increased data and collection expenses.
For the fourth quarter of 2025, X Financial expects the total loan amount facilitated and originated to be between RMB 21.0 billion and RMB 23.0 billion. The full-year 2025 guidance for total loan amount facilitated and originated is projected to be between RMB 128.8 billion and RMB 130.8 billion.
From January 1, 2025, through November 20, 2025, the company repurchased approximately 4.26 million ADSs for a total consideration of approximately US$67.9 million. Approximately US$48.0 million remains under the existing share repurchase program.

Nov 20, 2025, 10:00 PM

6-K

X Financial Reports Q3 2025 Results

XYF

Earnings

Guidance Update

Share Buyback

X Financial reported Q3 2025 total net revenue of $275.5 million, an increase of 23.9% year-over-year but a 13.7% sequential decline. Net income grew 12.1% year-over-year to $59.2 million, while Non-GAAP adjusted net income rose 1.0% year-over-year to $61.6 million, both also declining sequentially.
Total loan amount facilitated and originated in Q3 2025 was RMB33.64 billion (~$4.73 billion), up 18.7% year-over-year but down 13.7% quarter-over-quarter. The 31–60 days delinquency rate increased to 1.85% and the 91–180 days delinquency rate rose to 3.52%, reflecting softer repayment behavior.
For Q4 2025, the company expects loan originations to be in the range of RMB21.0–23.0 billion, contributing to a full-year 2025 forecast of RMB128.8–130.8 billion. Additionally, X Financial repurchased approximately 4.26 million ADSs for US$67.9 million from January 1, 2025, through November 20, 2025, with US$48.0 million remaining under its share repurchase program.

Nov 20, 2025, 9:50 PM

Press Release

X Financial Reports Q2 2025 Results, Announces Share Buyback Program

XYF

Earnings

Share Buyback

Guidance Update

X Financial reported total net revenue of $317,316 thousand USD and net income of $73,709 thousand USD for Q2 2025. The company provided 30% volume growth guidance for FY2025.
The company authorized a $115 million share buyback program for 2025-2026 and holds ~US$119 million in net cash. Its trailing earnings valuation is 2.5x P/E.
X Financial delivered a 24% return on equity (ROE) in FY2024 and operates a capital-light consumer lending platform , having served over 5 million active borrowers through 9 million new loans in 2024.

Aug 19, 2025, 12:30 PM

Presentation

X Financial Reports Strong Q1 2025 Performance

XYF

Earnings

Guidance Update

Share Buyback

Loan originations surged to RMB 35.15 billion in Q1 2025, marking a 63.4% year-over-year increase, alongside total revenue of RMB 1.94 billion driven by rising borrower demand.
The company improved its asset quality with the 31-60 day delinquency rate dropping to 1.25% and the 91-180 day rate falling to 2.7%, reflecting better risk management.
Non-GAAP adjusted net income reached RMB 457 million with basic earnings per ADS at USD 1.5 and a return on equity of 25.5%, underscoring enhanced profitability.
Forward guidance includes Q2 loan originations of RMB 37.5–39.5 billion and a new share repurchase program authorizing USD 100 million, complementing an existing plan with USD 15.9 million remaining.

May 20, 2025, 11:31 AM

Transcript

X Financial Q1 2025 Results Announced

XYF

Earnings

Revenue Acceleration/Inflection

Share Buyback

Total net revenue reached RMB1,937.5 million (US$267.0 million), up 60.4% YoY
Net income increased by 26.2% to RMB458.1 million, reflecting robust financial performance
Loan facilitation surged to RMB35,149 million, with approximately 3.14 million loans originated and active borrowers growing to 2.43 million (up 77.1% YoY)
A new US$100 million share repurchase program was announced (effective from June 1, 2025), reinforcing the company’s commitment to shareholder value

May 19, 2025, 12:00 AM

Press Release 6-K

X Financial Reports Q4 2024 Earnings Results

XYF

Earnings

Dividends

Share Buyback

Loan volume growth: In Q4 2024, total loan volumes reached RMB 32 billion—a 24% year-over-year increase—with full-year volumes at RMB 104.9 billion, reflecting strong underwriting and risk management.
Revenue and profitability surge: Q4 net revenue increased 43% to RMB 1.7 billion and net income jumped 104% to RMB 386 million, with full-year revenue and net income at RMB 5.9 billion and RMB 1.5 billion respectively.
Shareholder returns and capital strategy: The company returned approximately USD 76 million to shareholders through dividends and share repurchases, and indicated a stronger emphasis on buybacks in 2025.
Strategic initiatives: Management highlighted ongoing investments in AI technology and efforts to deepen engagement with U.S. capital markets, aiming to enhance future growth and profitability.

Mar 20, 2025, 11:01 AM

Transcript

X Financial announces Q4 2024 earnings results

XYF

Earnings

Revenue Acceleration/Inflection

Loan portfolio expanded with a total outstanding balance reaching 52,327 mn RMB and 32,297 mn RMB in new loan facilitation during Q4 2024.
Financial performance in Q4 2024 included a total net revenue of 1,709 mn RMB, an operating margin of 30.7%, and a GAAP net income of 385,626 RMB thousand.
The company maintained its 100% institutional funding model and diversified partnerships, supported by robust risk management practices.

Mar 20, 2025, 11:00 AM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for X Financial.

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