← X Financial
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and Cash Equivalents, at Carrying Value | $671.4m | $155.5m | $144.5m | $114.4m | $91.8m | $87.3m | $168.4m | $134.9m | $141.2m | |
| Prepaid Expense and Other Assets, Current | $82.1m | $16.8m | $176.1m | $61.9m | $33.4m | $10.3m | $6.9m | $4.7m | $6.2m | |
| Short-term Investments | — | — | — | $920k | — | — | — | — | — | |
| Cash and cash equivalents | $671.4m | $1.1b | $1.0b | $746.4m | $584.8m | $602.3m | $1.2b | $984.6m | $987.6m | |
| Accounts receivable and contract assets, net of allowance for credit losses of RMB24,172,284 and RMB192,376,932 as of December 31, 2024 and 2025, respectively (including RMB37,373,243 and RMB52,994,846 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $1.1b | $1.4b | $771.2m | $413.3m | $747.5m | $1.2b | $1.7b | $2.0b | $3.1b | |
| Loans receivable from Xiaoying Credit Loans and other loans, net of allowance for credit losses of RMB175,820,629 and RMB236,233,265 as of December 31, 2024 and 2025, respectively (including RMB2,916,966,912 and RMB3,540,930,299 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | — | — | — | — | $2.5b | $3.8b | $5.0b | $4.8b | $5.3b | |
| Prepaid expenses and other current assets | $82.1m | $115.2m | $1.2b | $403.8m | $213.1m | $71.1m | $48.8m | $34.1m | $43.5m | |
| Accounts Receivable | — | — | — | — | — | $1.2b | $1.7b | $2.0b | $3.1b | |
| Accrued Interest Receivable | — | — | — | — | $7.9m | $1.8m | $0 | — | — | |
| Allowance For Doubtful Accounts Receivable | — | — | — | — | — | ($21.9m) | ($9.3m) | ($24.2m) | ($192.4m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | — | — | $602.3m | $1.2b | $984.6m | $987.6m | |
| Gross Accounts Receivable | — | — | — | — | — | $1.2b | $1.7b | $2.1b | $3.3b | |
| Loans Receivable | — | — | — | — | — | $3.9b | $5.0b | $4.8b | $5.3b | |
| Other Current Assets | — | — | — | — | — | $11.1m | $15.8m | $5.5m | $8.0m | |
| Other Receivables | — | — | — | — | $15.0m | $15.0m | $24.5m | $17.9m | — | |
| Prepaid Assets | — | — | — | — | — | $22.5m | $8.4m | $10.7m | $21.4m | |
| Taxes Receivable | — | — | — | — | — | $20.7m | $24.5m | $17.9m | $14.1m | |
| Long-term investments | $54.2m | $287.2m | $292.1m | $295.6m | $560.0m | $496.0m | $493.4m | $498.0m | $515.5m | |
| Property, Plant and Equipment, Net | $21.0m | $3.4m | $2.9m | $1.7m | $971k | $850k | $1.2m | $2.2m | $3.4m | |
| Intangible Assets, Net (Excluding Goodwill) | $1.6m | $4.1m | $5.0m | $5.7m | $5.8m | $5.3m | $5.2m | $5.0m | $5.6m | |
| Intangible assets, net | $1.6m | $28.4m | $35.1m | $37.4m | $36.8m | $36.5m | $36.8m | $36.6m | $39.2m | |
| Goodwill And Other Intangible Assets | — | — | — | — | — | $36.5m | $36.8m | $36.6m | $39.2m | |
| Other Intangible Assets | — | — | — | — | — | $36.5m | $36.8m | $36.6m | $39.2m | |
| Operating Lease, Right-of-Use Asset | — | — | $8.9m | $6.9m | $4.0m | $9.1m | $7.1m | $5.4m | $6.4m | |
| Other Assets, Noncurrent | $3.8m | $990k | $9.9m | $7.9m | $4.9m | $9.7m | $7.8m | $6.2m | $7.6m | |
| Additional Financial Items | ||||||||||
| Restricted cash, net of allowance for credit losses of RMB241,398 and RMB313,985 as of December 31, 2024 and 2025, respectively (including RMB527,457,300 and RMB823,346,358 from Consolidated Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $12.6m | $208.3m | $514.3m | $852.1m | $407.3m | $404.7m | $749.1m | $676.8m | $1.1b | |
| Deposits to institutional cooperators, net of allowance for credit losses of RMB 5,871,290 and RMB 5,096,518 as of December 31, 2024 and 2025, respectively | — | — | $518.7m | $907.9m | $1.5b | $1.8b | $1.7b | $2.0b | $1.7b | |
| Financial guarantee derivative | $53.3m | ($716.5m) | $720.0m | $130.4m | $566.0m | $107.9m | $0 | $1.0m | $15.4m | |
| Deferred tax assets, net | $296.1m | $346.6m | $465.4m | $605.7m | $274.9m | $88.4m | $136.0m | $197.7m | $455.4m | |
| Financial investments (amortized cost of RMB141,685,928 and RMB390,931,941 and allowance for credit losses of nil and nil related to investments accounted under AFS model as of December 31, 2024 and 2025, respectively) | — | — | — | $6.0m | $82.8m | $192.6m | $608.2m | $513.5m | $1.2b | |
| Other non-current assets | $3.8m | $6.8m | $68.8m | $51.5m | $31.3m | $67.2m | $55.3m | $45.0m | $53.4m | |
| Payable to investors and institutional funding partners at amortized cost (including RMB2,184,085,667 and RMB3,054,981,462 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | — | — | — | $1.5b | $1.5b | $2.6b | $3.6b | $2.2b | $3.1b | |
| Contingent guarantee liabilities | $545.2m | $20.9m | $17.5m | $9.8m | — | $0 | $61.9m | $187.6m | $748.3m | |
| Deferred guarantee income | — | — | — | — | — | $0 | $46.6m | $164.7m | $467.6m | |
| Short-term borrowings (including RMB10,000,000 and RMB130,000,000 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | — | — | — | — | $166.5m | $70.2m | $565.0m | $328.5m | $409.5m | |
| Other taxes payable (including RMB119,683,947 and RMB58,251,812 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $105.9m | $134.1m | $58.1m | $73.1m | $219.5m | $255.7m | $289.8m | $280.0m | $221.9m | |
| Income taxes payable (including RMB174,425,660 and RMB169,015,224 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $401.3m | $312.2m | $341.0m | $75.9m | $117.1m | $270.1m | $446.5m | $591.5m | $677.5m | |
| Deposit payable to channel cooperators | $134.3m | $134.0m | $108.9m | $21.5m | $21.0m | $19.7m | $19.7m | $12.0m | $12.0m | |
| Accrued expenses and other current liabilities (including RMB94,825,511 and RMB163,383,863 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $137.3m | $178.7m | $274.4m | $323.7m | $269.0m | $476.0m | $575.7m | $929.5m | $1.0b | |
| Other non-current liabilities (including nil and RMB2,252,921 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | — | $0 | $42.3m | $27.6m | $12.0m | $51.2m | $37.6m | $27.5m | $34.8m | |
| Common shares (US$0.0001 par value; 1,000,000,000 shares authorized as of December 31, 2024 and 2025; 329,117,943 and 329,117,943 shares issued as of December 31, 2024 and 2025; 250,678,439 and 234,517,901 shares outstanding as of December 31, 2024 and 2025) | 173k | 190k | 201k | 203k | 207k | 207k | 207k | 207k | 207k | |
| Other comprehensive income | $33.4m | $52.5m | $67.1m | $21.1m | $6.3m | $63.6m | $69.5m | $81.1m | $63.7m | |
| Accumulated Depreciation | — | — | — | — | — | ($44.1m) | ($42.3m) | ($45.5m) | ($50.1m) | |
| Available For Sale Securities | — | — | — | — | — | $192.6m | $608.2m | $513.5m | $1.2b | |
| Capital Lease Obligations | — | — | — | — | — | $11.3m | $12.9m | $12.7m | $10.9m | |
| Current Accrued Expenses | — | — | — | — | — | $141.5m | $249.0m | $298.0m | $357.1m | |
| Current Debt | — | — | — | — | — | $70.2m | $565.0m | $328.5m | $409.5m | |
| Current Debt And Capital Lease Obligation | — | — | — | — | — | $70.2m | $565.0m | $328.5m | $409.5m | |
| Current Deferred Liabilities | — | — | — | — | — | $27.6m | $119.8m | $181.4m | $491.8m | |
| Derivative Product Liabilities | — | — | — | — | — | $107.9m | $0 | $0 | $15.4m | |
| Financial Assets | — | — | — | — | — | $0 | $0 | $1.0m | $0 | |
| Gross PPE | — | — | — | — | — | $49.9m | $51.0m | $61.3m | $74.0m | |
| Income Tax Payable | — | — | — | — | — | $270.1m | $446.5m | $591.5m | $677.5m | |
| Interest Payable | — | — | — | — | $1.2m | $12.3m | $37.7m | $9.2m | — | |
| Invested Capital | — | — | — | — | — | $4.8b | $6.5b | $7.5b | $9.0b | |
| Investmentin Financial Assets | — | — | — | — | — | $192.6m | $608.2m | $513.5m | $1.2b | |
| Investments And Advances | — | — | — | — | — | $688.6m | $1.1b | $1.0b | $1.8b | |
| Leases | — | — | — | — | — | $23.7m | $24.3m | $27.5m | $33.4m | |
| Line Of Credit | — | — | — | — | — | — | $565.0m | $328.5m | $409.5m | |
| Long Term Capital Lease Obligation | — | — | — | — | — | $11.3m | $12.9m | $12.7m | $10.9m | |
| Long Term Equity Investment | — | — | — | — | — | $496.0m | $493.4m | $498.0m | $515.5m | |
| Machinery Furniture Equipment | — | — | — | — | — | $26.2m | $26.7m | $33.8m | $40.6m | |
| Net PPE | — | — | — | — | — | $5.9m | $8.6m | $15.8m | $23.9m | |
| Net Tangible Assets | — | — | — | — | — | $4.7b | $5.8b | $6.9b | $7.8b | |
| Non Current Deferred Assets | — | — | — | — | — | $88.4m | $136.0m | $197.7m | $455.4m | |
| Non Current Deferred Liabilities | — | — | — | — | — | $722k | $30.0m | $66.0m | $69.7m | |
| Non Current Deferred Taxes Assets | — | — | — | — | — | $88.4m | $136.0m | $197.7m | $455.4m | |
| Ordinary Shares Number | — | — | — | — | — | $287.9m | $293.6m | $250.7m | $234.5m | |
| Other Current Borrowings | — | — | — | — | $166.5m | $70.2m | $565.0m | $328.5m | — | |
| Other Equity Adjustments | — | — | — | — | — | $63.6m | $69.5m | $81.1m | $63.7m | |
| Other Non Current Liabilities | — | — | — | — | — | $51.2m | $37.6m | $27.5m | $34.8m | |
| Other Payable | — | — | — | — | — | $379.0m | $347.2m | $708.8m | $736.9m | |
| Other Properties | — | — | — | — | $816k | $816k | $816k | $816k | — | |
| Properties | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Restricted Cash | — | — | — | — | — | $2.2b | $2.5b | $2.6b | $2.9b | |
| Share Issued | — | — | — | — | — | $329.1m | $329.1m | $329.1m | $329.1m | |
| Tangible Book Value | — | — | — | — | — | $4.7b | $5.8b | $6.9b | $7.8b | |
| Treasury Shares Number | — | — | — | — | — | $41.2m | $35.6m | $78.4m | $94.6m | |
| Working Capital | — | — | — | — | — | $4.0b | $4.7b | $5.9b | $6.4b | |
| TOTAL EQUITY | $1.8b | $3.5b | $4.4b | $3.1b | $4.0b | $4.8b | $5.8b | $7.0b | $7.8b | |
| Total Capitalization | — | — | — | — | — | $4.8b | $5.9b | $7.1b | $8.6b | |
| Total Debt | — | — | — | — | — | $81.5m | $639.8m | $528.9m | $1.2b | |
| Total Non Current Assets | — | — | — | — | — | $886.7m | $1.3b | $1.3b | $2.3b | |
| Total Tax Payable | — | — | — | — | — | $525.8m | $736.3m | $871.5m | $899.5m | |
| Assets | $3.9b | $674.4m | $1.2b | $1.1b | $1.2b | $1.3b | $1.6b | $1.6b | $2.1b | |
| TOTAL ASSETS | $3.9b | $4.6b | $8.3b | $7.5b | $7.3b | $8.8b | $11.7b | $11.8b | $14.7b | |
| LIABILITIES AND EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Operating Lease, Liability, Current | — | — | $2.9m | $2.6m | $1.9m | $1.6m | $1.8m | $1.7m | $1.6m | |
| Dividends Payable | — | — | — | — | — | $0 | $8.3m | $0 | — | |
| Accrued payroll and welfare (including RMB18,482,497 and RMB11,482,779 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $77.8m | $93.5m | $63.6m | $34.8m | $44.6m | $63.7m | $86.8m | $94.7m | $76.1m | |
| Accounts Payable | — | — | — | — | — | $2.8b | $3.6b | $2.2b | $3.1b | |
| Current Deferred Revenue | — | — | — | — | — | $27.6m | $119.8m | $181.4m | $491.8m | |
| Payables And Accrued Expenses | — | — | — | — | — | $3.8b | $5.0b | $4.1b | $5.0b | |
| Deferred Income Tax Liabilities, Net | — | — | $188k | — | — | $105k | $4.2m | $9.0m | $10.0m | |
| Other Liabilities, Noncurrent | — | — | $6.1m | $4.2m | $1.9m | $7.4m | $5.3m | $3.8m | $5.0m | |
| Deferred tax liabilities (including RMB642,602 and RMB1,051,597 from the Consolidated VIEs, Trusts and Partnerships as of December 31, 2024 and 2025, respectively) | $0 | $47.4m | $1.3m | $0 | — | $722k | $30.0m | $66.0m | $69.7m | |
| Long Term Debt | — | — | — | — | — | — | $61.9m | $187.6m | $748.3m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | — | — | $11.3m | $74.8m | $200.4m | $759.2m | |
| Non Current Deferred Taxes Liabilities | — | — | — | — | — | $722k | $30.0m | $66.0m | $69.7m | |
| Liabilities | $2.1b | $162.7m | $562.1m | $677.7m | $528.2m | $592.2m | $817.3m | $666.7m | $976.5m | |
| TOTAL LIABILITIES | $2.1b | $1.1b | $3.9b | $4.4b | $3.4b | $4.1b | $5.8b | $4.9b | $6.8b | |
| Stockholders’ equity: | ||||||||||
| Common Stock, Value, Issued | $173k | $28k | $29k | $31k | $32k | $30k | $29k | $28k | $30k | |
| Additional Paid in Capital | $2.0b | $410.8m | $429.1m | $470.2m | $495.8m | $462.7m | $450.3m | $439.4m | $465.7m | |
| Retained Earnings (Accumulated Deficit) | ($243.0m) | $93.1m | $188.3m | ($2.2m) | $127.2m | $235.3m | $379.2m | $571.9m | $784.2m | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $33.4m | $7.6m | $9.6m | $3.2m | $990k | $9.2m | $9.8m | $11.1m | $9.1m | |
| Treasury stock (78,439,504 and 94,600,042 shares as of December 31, 2024 and 2025) | — | — | — | — | — | ($124.6m) | ($111.5m) | ($509.6m) | ($967.8m) | |
| Capital Stock | — | — | — | — | — | $207k | $207k | $207k | $207k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | — | — | $63.6m | $69.5m | $81.1m | $63.7m | |
| Treasury Stock | — | — | — | — | — | $124.6m | $111.5m | $509.6m | $967.8m | |
| Stockholders' Equity Attributable to Parent | $1.8b | $511.5m | $627.1m | $471.2m | $624.1m | $689.2m | $823.6m | $952.6m | $1.1b | |
| Stockholders' Equity Attributable to Noncontrolling Interest | $3.2m | $152k | $179k | $197k | — | — | — | — | — | |
| Minority Interest | — | — | — | — | $0 | $0 | $0 | — | — | |
| Total Equity Gross Minority Interest | — | — | — | — | — | $4.8b | $5.8b | $7.0b | $7.8b | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | — | — | $171.1m | $142.4m | $293.8m | $879.1m | |
| Liabilities and Equity | $3.9b | $674.4m | $1.2b | $1.1b | $1.2b | $1.3b | $1.6b | $1.6b | $2.1b | |
| TOTAL LIABILITIES AND EQUITY | $3.9b | $4.6b | $8.3b | $7.5b | $7.3b | $8.8b | $11.7b | $11.8b | $14.7b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.