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XYF on NYSE

X Financial

Finance services company based in Shenzhen, Cayman Islands1

In its 2026 annual report (Form 20-F) the company says: “X Financial is a leading Chinese fintech platform focused on technology-driven personal finance and loan facilitation, committed to connecting borrowers with institutional funding partners through proprietary big data-driven technology. We have established strategic partnerships with financial institutions across multiple areas of our operations, enabling us to facilitate loans to prime borrowers under a robust risk assessment and control system.”4 Its shares trade on NYSE under the symbol XYF.1

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Last updated Oct 21, 2026.

Overview

$1.1BRevenue, fiscal 20252
$209.4MNet income, fiscal 20252

Compare with Upstart Holdings, LoanDepot or Pagaya technologies, or pick any stock.

  • TickerXYF on NYSE1
  • IndustryFinance Services1
  • HeadquartersShenzhen, China1
  • Incorporated inCayman Islands3
  • Business address7-8F,Block A,Aerospace Science&Tech Plz, No. 168 Haide Third Avenue, Nanshan Dist, Shenzhen, F4 5180673
  • Filer categoryAccelerated filer3

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X Financial was incorporated in the Cayman Islands in January 2015 under the name Winning Financial Service Inc. and renamed X Financial in August 2017. On September 19, 2018, we completed an initial public offering of 11,763,478 ADSs representing 23,526,956 Class A ordinary shares, and our ADSs have been traded on the NYSE under the symbol “XYF” since that date.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

21.3%Operating margin2
19.2%Net margin2
35.8%Revenue growth, 20252
18.7%Return on equity2
$206.7MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Loan Facilitation Service brought in 51% of the revenue X Financial broke down this way in fiscal 2025.

  1. Loan Facilitation Service3.8B CNY251%up 24% from 2024
  2. Financial Service1.4B CNY218%up 2% from 2024
  3. Post Origination Service1.1B CNY214%up 41% from 2024
  4. Guarantee Income636.6M CNY28%up 216% from 2024
  5. Guarantees636.6M CNY28%up 216% from 2024
Products and services by year
Products and services202320242025
Loan Facilitation Service2.7B CNY3.1B CNY3.8B CNY
Financial Service1.1B CNY1.4B CNY1.4B CNY
Post Origination Service596.6M CNY759.5M CNY1.1B CNY
Guarantee Income24.5M CNY201.7M CNY636.6M CNY
Guarantees24.5M CNY201.7M CNY636.6M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue26¢$288.9M
  • Other costs51¢$552.4M
  • Income tax4¢$41.7M
  • Profit19¢$209.4M

Out of $1.1B in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Capital spending1¢$3.1M
  • Dividends paid11¢$22.1M
  • Share buybacks50¢$105.0M
  • Kept or used elsewhere38¢$79.6M

Out of $209.9M of cash from operations.2

Financial statements

Revenue5678910112$1.1B in 2025+112% since 2018
0$500.0M$1.0B$1.5B2018: $515.0M$515.0M20182019: $443.6M$443.6M2019−14%2020: $336.1M$336.1M2020−24%2021: $569.1M$569.1M2021+69%2022: $516.6M$516.6M2022−9%2023: $678.2M$678.2M2023+31%2024: $804.4M$804.4M2024+19%2025: $1.1B$1.1B2025+36%
Operating income5678910112$233.1M in 2025+26% since 2018
-$400.0M-$200.0M0$200.0M$400.0M2018: $185.5M$185.5M20182019: $116.7M$116.7M2019−37%2020: -$219.2M-$219.2M20202021: $205.7M$205.7M20212022: $156.9M$156.9M2022−24%2023: $202.5M$202.5M2023+29%2024: $256.7M$256.7M2024+27%2025: $233.1M$233.1M2025−9%
Net income5678910112$209.4M in 2025+63% since 2018
-$400.0M-$200.0M0$200.0M$400.0M2018: $128.4M$128.4M20182019: $111.2M$111.2M2019−13%2020: -$200.5M-$200.5M20202021: $129.5M$129.5M20212022: $117.7M$117.7M2022−9%2023: $167.2M$167.2M2023+42%2024: $211.0M$211.0M2024+26%2025: $209.4M$209.4M2025−1%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Origination and servicing2.0B CNY1.7B CNY1.5B CNY
Borrower acquisitions and marketing2.2B CNY1.6B CNY1.4B CNY
General and administrative199.6M CNY175.9M CNY153.9M CNY
Provision for contingent guarantee liabilities1.0B CNY241.7M CNY67.5M CNY
Provision for accounts receivable and contract assets242.7M CNY35.7M CNY12.2M CNY
Change in fair value of financial guarantee derivative3.4M CNY-1.0M CNY-25.0M CNY
Fair value adjustments related to Consolidated Trusts0 CNY0 CNY531.2K CNY
(Reversal of) provision for credit losses on deposits to institutional cooperators-774.8K CNY3.2M CNY-673.6K CNY
Provision for credit losses for other financial assets72.6K CNY155.4K CNY86.0K CNY
Total operating expenses6.0B CNY4.0B CNY3.4B CNY
Income from operations1.6B CNY1.9B CNY1.5B CNY
Interest income29.5M CNY22.3M CNY10.3M CNY
Interest expenses-18.9M CNY-22.9M CNY-30.7M CNY
Foreign exchange loss-8.5M CNY-9.5M CNY-4.0M CNY
Income (loss) from financial investments-14.5M CNY17.1M CNY6.5M CNY
Other income, net132.3M CNY13.5M CNY24.4M CNY
Income before income taxes1.7B CNY1.9B CNY1.5B CNY
Income tax expense-291.6M CNY-405.7M CNY-261.1M CNY
(Loss) gain from equity in affiliates, net of tax25.7M CNY10.2M CNY-1.9M CNY
(Loss) gain from financial investments at equity method, net of tax-19.5M CNY41.1M CNY-18.7M CNY
Net income attributable to X Financial1.5B CNY1.5B CNY1.2B CNY
Other comprehensive income attributable to equity in affiliates147.9K CNY-313.8K CNY-6.9K CNY
Other comprehensive income attributable to financial investments3.2M CNY292.8K CNY474.8K CNY
Foreign currency translation adjustments-20.7M CNY11.6M CNY5.4M CNY
Comprehensive income1.4B CNY1.6B CNY1.2B CNY
Less: comprehensive income attributable to non-controlling interests0 CNY0 CNY0 CNY
Comprehensive income attributable to X Financial1.4B CNY1.6B CNY1.2B CNY
Net income per share-basic (in dollars per share)6.00 CNY5.33 CNY4.12 CNY
Weighted average number of ordinary shares outstanding-basic (in shares)244.0M shares288.8M shares288.1M shares
Net income per share-diluted (in dollars per share)5.87 CNY5.25 CNY4.08 CNY
Weighted average number of ordinary shares outstanding-diluted (in shares)249.5M shares293.4M shares290.8M shares
Net revenues7.6B CNY5.9B CNY4.8B CNY

Compare X Financial with another company

Corporate structure

X Financial sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of X Financial

  • X Financial Shenzhen, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What X Financial reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$10.6M2 Dec 31, 2025$8.4M11 Dec 31, 2024+25.9%
Accumulated depreciation$7.2M2 Dec 31, 2025$6.2M11 Dec 31, 2024+14.9%
Property and equipment, net$3.4M2 Dec 31, 2025$2.2M11 Dec 31, 2024+57.6%
Operating-lease assets (leased space)$6.4M2 Dec 31, 2025$5.4M11 Dec 31, 2024+19.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$141.2M2 Dec 31, 2025$134.9M11 Dec 31, 2024+4.7%
Debt securities available for sale$56.5M2 Dec 31, 2025$20.4M2 Dec 31, 2024+176.7%
Stakes in other companies (equity method)$16.0M2 Dec 31, 2025$19.4M11 Dec 31, 2024−17.6%
Long-term investments$73.7M2 Dec 31, 2025$68.2M11 Dec 31, 2024+8.0%
Deposits held (banks)$1.7M2 Dec 31, 2025$1.6M11 Dec 31, 2024+4.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$5.6M2 Dec 31, 2025$5.0M11 Dec 31, 2024+11.8%
Accumulated amortization$2.2M2 Dec 31, 2025$1.8M11 Dec 31, 2024+23.1%

Leadership

Who has led X Financial, and when. Pick a name to see everywhere that person has worked.

President

  1. Kan Li2026–now
Board members and other officers (7)

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/202619

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

81 filings to the SEC since October 2021: 6 annual reports, 13 insider forms, 11 large holders, 51 other. The latest 20:

  1. Aug 24, 20266-K EDGAR
  2. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Jun 24, 20264/A OWNERSHIP DOCUMENT EDGAR
  5. Jun 17, 20266-K EDGAR
  6. Jun 12, 2026144 EDGAR
  7. Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
  8. May 27, 20266-K EDGAR
  9. May 11, 20263 OWNERSHIP DOCUMENT EDGAR
  10. May 11, 20263 OWNERSHIP DOCUMENT EDGAR
  11. May 11, 20263 OWNERSHIP DOCUMENT EDGAR
  12. May 11, 20263 OWNERSHIP DOCUMENT EDGAR
  13. May 1, 2026SCHEDULE 13G/A EDGAR
  14. Apr 30, 202620-F EDGAR
  15. Mar 31, 2026SCHEDULE 13D/A EDGAR
  16. Mar 25, 20266-K EDGAR
  17. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  18. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR

The 81 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026Wan ZhengDirectorSale180,000$5.24$942.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Two Sigma Investments, LP190,782$923.4K0.0%+19,272
Qube Research & Technologies Ltd136,792$662.1K0.0%−31,839
Trexquant Investment LP85,378$413.2K0.0%−27,845
Citadel Advisors LLC79,349$384.0K0.0%+65,326
O'shaughnessy Asset Management, LLC62,581$302.9K0.0%−69,103
UBS Group AG48,198$233.3K0.0%+4,141
Ramsey Quantitative Systems27,838$134.7K0.1%New
Jane Street Group, LLC24,999$121.0K0.0%+10,461
Jpmorgan Chase & Co22,843$114.4K0.0%+8,770
State Street Corp21,644$104.8K0.0%−1,589
SmartHarvest Portfolios, LLC15,421$74.6K0.0%New
Police & Firemen's Retirement System of New Jersey7,644$37.0K0.0%No change
Morgan Stanley5,111$24.7K0.0%−99,322
WealthCollab, LLC2,429$11.8K0.0%New
Royal Bank Of Canada809$4.0K0.0%−11
Tower Research Capital LLC (TRC)719$3.5K0.0%New
Citigroup Inc379$1.8K0.0%+376
Rhumbline Advisers191$9240.0%No change
Kelleher Financial Advisors173$8380.0%New
Acadian Asset Management LLC105,211$5050.0%−164,276
SBI Securities Co., Ltd.85$4110.0%+51
Gsa Capital Partners Llp25,966$1260.0%−13,314
Smartleaf Asset Management LLC2$100.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How X Financial is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARX Financial1
  • CIK0001725033
  • Filer statusAccelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address7-8F,Block A,Aerospace Science&Tech Plz, No. 168 Haide Third Avenue, Nanshan Dist, Shenzhen, F4 5180671
  • Phone86-0755-862829771
  • Shares outstanding234,517,901 Common Stock shares; 136,917,901 Common Class A shares; 97,600,000 Common Class B shares as of Dec 31, 20254
  • AuditorDeloitte Touche Tohmatsu Certified Public Accountants LLP, Shenzhen, the People’s Republic of China PCAOB ID 1113; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceJan 8, 20181
  • Filings166 in all: 6-K (60), UPLOAD (15), CORRESP (11), 3 (9), 144 (8), 20-F (8), DRSLTR (7), DRS/A (6)1
    All 32 form types

    SC 13G (6), SCHEDULE 13G/A (4), 4 (3), F-1/A (3), SCHEDULE 13D/A (3), SC 13D/A (2), SC 13G/A (2), SC TO-I/A (2), SCHEDULE 13G (2), 20-F/A (1), 4/A (1), 424B3 (1), 424B4 (1), 6-K/A (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1), FWP (1), NT 20-F (1), S-8 (1), SC 13D (1), SC TO-I (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each ADS represents six Class A ordinary shares, par value US$0.0001 per shareXYFThe New York Stock Exchange
Class A ordinary shares, par value US$0.0001 per shareThe New York Stock Exchange

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).4

Sources

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