X Financial (NYSE: XYF) Reports Q3 2025 Results: Revenue +23.9% YoY, Sequential Decline Amid Rising Credit Costs and Moderating Borrower Activity
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 20 2025
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About XYF
X Financial is a holding company principally engaged in online personal finance business. The Company is engaged in the connection of borrowers with institutional funding partners and the provision of online personal credit loan products. The Company's main product is Xiaoying Credit Loan, which mainly consists of Xiaoying Card Loan and other unsecured loan products. The Company is also engaged in the provision of secured loan products sunch as Xiaoying Housing Loan and others. The Company primarily conducts its businesses in domestic market.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
X Financial Under Investigation for Potential Investor Loss Recovery
- Declining Financial Performance: X Financial reported a 14.1% year-over-year and 25.1% quarter-over-quarter decrease in net revenue for Q4 2025, indicating severe revenue pressure that could undermine investor confidence moving forward.
- Significant Profit Drop: The company experienced an 85.2% year-over-year decline in net income, raising serious concerns about management effectiveness and potentially impacting stock performance negatively.
- Rising Loan Delinquency Rates: The percentage of loans 31-60 days past due increased from 1.17% to 2.90%, while loans 91-180 days past due rose from 2.48% to 6.31%, highlighting deteriorating asset quality that may lead to higher credit loss provisions.
- Legal Investigation Initiated: In light of the financial downturn, Johnson Fistel is investigating whether X Financial complied with federal securities laws, suggesting that investors who suffered losses may have avenues for recovery, which could further affect the company's reputation.
See More
X Financial Reports 2025 Earnings and Future Outlook
- Loan Origination Growth: X Financial achieved a 24.5% year-over-year increase in loan origination for 2025, demonstrating enhanced core operations and improved efficiency despite a challenging environment.
- Strengthened Risk Controls: The company implemented tighter risk controls and underwriting standards to maintain portfolio health and long-term stability, even as Q4 loan origination declined by 29.5% year-over-year.
- Decline in Financial Performance: Total net revenue for Q4 2025 was RMB1.47 billion, reflecting a 14.1% year-over-year decrease primarily due to higher credit-related provisions, with operating margin significantly dropping to 1.4%.
- Regulatory Uncertainty: The regulatory environment in China remains uncertain, with new requirements potentially impacting X Financial's operating results and profitability, leading the company to maintain a cautious outlook for 2026.
See More
X Financial Reports Q4 2025 Earnings with Declining Revenue
- Declining Financial Performance: X Financial reported a Q4 2025 non-GAAP EPS of $0.22 with revenues of $209.9 million, reflecting a 14.1% year-over-year decline, indicating increasing pressure in market competition.
- Significant Loan Reduction: The total loan amount facilitated in Q4 was RMB 22.768 billion, down 29.5% year-over-year and 32.3% quarter-over-quarter, highlighting a notable decrease in the company's credit market activity, which may impact future profitability.
- Rising Delinquency Rates: The delinquency rate for loans 31-60 days past due increased to 2.90%, up from 1.17% a year ago, while loans 91-180 days past due rose to 6.31%, indicating deteriorating credit quality and potential for higher bad debt risks.
- Cautious Future Outlook: X Financial expects the total loan amount facilitated in Q1 2026 to range between RMB 14.5 billion and RMB 15.5 billion, reflecting a cautious stance towards future market conditions that may affect investor confidence.
See More
X Financial Reports Decline in 2025 Fiscal Year Performance
- Loan Origination Decline: In Q4 2025, X Financial facilitated RMB 22.8 billion in loans, representing a 32.3% decline quarter-over-quarter and a 29.5% year-over-year drop, indicating a moderation in borrower activity and the company's focus on higher-quality origination and tighter credit standards.
- Significant Revenue and Profit Drop: Total net revenue for Q4 was RMB 1.47 billion, down 14.1% year-over-year and 25.1% sequentially, with net income plummeting to RMB 57.2 million, primarily due to reduced loan facilitation revenue and substantially higher provisions impacting profitability.
- Increased Asset Quality Pressure: The delinquency rates for loans aged 31-60 days and 91-180 days rose to 2.90% and 6.31%, respectively, reflecting ongoing stress in certain borrower segments, prompting the company to enhance its risk management framework and collection strategies to preserve asset quality.
- Regulatory Uncertainty: The tightening regulatory environment in China, particularly regarding borrowing cost caps, poses significant risks to the company's operating results, leading management to adopt a cautious outlook on future profitability while emphasizing the importance of maintaining liquidity and disciplined growth.
See More
X FINANCIAL PROJECTS Q1 2026 LOAN FACILITATION AND ORIGINATION BETWEEN RMB 14.5 AND 15.5 BILLION
- Loan Amount Expectations: Financial expectations for Q1 2026 indicate a loan amount facilitated and originated between RMB 14.5 billion to RMB 15.5 billion.
See More
X Financial to Release Q4 and FY 2025 Results
- Earnings Release Schedule: X Financial is set to announce its unaudited financial results for the fiscal year ending December 31, 2025, before U.S. market open on March 26, 2026, highlighting the company's commitment to transparency and investor communication.
- Conference Call Timing: The management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on March 26, 2026, allowing investors to gain timely insights into the company's performance and future outlook, thereby enhancing market confidence.
- Dial-in Information: Investors are required to dial in ten minutes prior to the call and provide the passcode to join, ensuring smooth and secure information transmission, which reflects the company's emphasis on investor relations.
- Webcast and Replay Availability: The conference call will be available via live and archived webcast on the company's website, further enhancing interaction and transparency between the company and its investors.
See More
X Financial Under Investigation for Potential Investor Loss Recovery
- Declining Financial Performance: X Financial reported a 14.1% year-over-year and 25.1% quarter-over-quarter decrease in net revenue for Q4 2025, indicating severe revenue pressure that could undermine investor confidence moving forward.
- Significant Profit Drop: The company experienced an 85.2% year-over-year decline in net income, raising serious concerns about management effectiveness and potentially impacting stock performance negatively.
- Rising Loan Delinquency Rates: The percentage of loans 31-60 days past due increased from 1.17% to 2.90%, while loans 91-180 days past due rose from 2.48% to 6.31%, highlighting deteriorating asset quality that may lead to higher credit loss provisions.
- Legal Investigation Initiated: In light of the financial downturn, Johnson Fistel is investigating whether X Financial complied with federal securities laws, suggesting that investors who suffered losses may have avenues for recovery, which could further affect the company's reputation.
See More
X Financial Reports 2025 Earnings and Future Outlook
- Loan Origination Growth: X Financial achieved a 24.5% year-over-year increase in loan origination for 2025, demonstrating enhanced core operations and improved efficiency despite a challenging environment.
- Strengthened Risk Controls: The company implemented tighter risk controls and underwriting standards to maintain portfolio health and long-term stability, even as Q4 loan origination declined by 29.5% year-over-year.
- Decline in Financial Performance: Total net revenue for Q4 2025 was RMB1.47 billion, reflecting a 14.1% year-over-year decrease primarily due to higher credit-related provisions, with operating margin significantly dropping to 1.4%.
- Regulatory Uncertainty: The regulatory environment in China remains uncertain, with new requirements potentially impacting X Financial's operating results and profitability, leading the company to maintain a cautious outlook for 2026.
See More
X Financial Reports Q4 2025 Earnings with Declining Revenue
- Declining Financial Performance: X Financial reported a Q4 2025 non-GAAP EPS of $0.22 with revenues of $209.9 million, reflecting a 14.1% year-over-year decline, indicating increasing pressure in market competition.
- Significant Loan Reduction: The total loan amount facilitated in Q4 was RMB 22.768 billion, down 29.5% year-over-year and 32.3% quarter-over-quarter, highlighting a notable decrease in the company's credit market activity, which may impact future profitability.
- Rising Delinquency Rates: The delinquency rate for loans 31-60 days past due increased to 2.90%, up from 1.17% a year ago, while loans 91-180 days past due rose to 6.31%, indicating deteriorating credit quality and potential for higher bad debt risks.
- Cautious Future Outlook: X Financial expects the total loan amount facilitated in Q1 2026 to range between RMB 14.5 billion and RMB 15.5 billion, reflecting a cautious stance towards future market conditions that may affect investor confidence.
See More
X Financial Reports Decline in 2025 Fiscal Year Performance
- Loan Origination Decline: In Q4 2025, X Financial facilitated RMB 22.8 billion in loans, representing a 32.3% decline quarter-over-quarter and a 29.5% year-over-year drop, indicating a moderation in borrower activity and the company's focus on higher-quality origination and tighter credit standards.
- Significant Revenue and Profit Drop: Total net revenue for Q4 was RMB 1.47 billion, down 14.1% year-over-year and 25.1% sequentially, with net income plummeting to RMB 57.2 million, primarily due to reduced loan facilitation revenue and substantially higher provisions impacting profitability.
- Increased Asset Quality Pressure: The delinquency rates for loans aged 31-60 days and 91-180 days rose to 2.90% and 6.31%, respectively, reflecting ongoing stress in certain borrower segments, prompting the company to enhance its risk management framework and collection strategies to preserve asset quality.
- Regulatory Uncertainty: The tightening regulatory environment in China, particularly regarding borrowing cost caps, poses significant risks to the company's operating results, leading management to adopt a cautious outlook on future profitability while emphasizing the importance of maintaining liquidity and disciplined growth.
See More
X FINANCIAL PROJECTS Q1 2026 LOAN FACILITATION AND ORIGINATION BETWEEN RMB 14.5 AND 15.5 BILLION
- Loan Amount Expectations: Financial expectations for Q1 2026 indicate a loan amount facilitated and originated between RMB 14.5 billion to RMB 15.5 billion.
See More
X Financial to Release Q4 and FY 2025 Results
- Earnings Release Schedule: X Financial is set to announce its unaudited financial results for the fiscal year ending December 31, 2025, before U.S. market open on March 26, 2026, highlighting the company's commitment to transparency and investor communication.
- Conference Call Timing: The management team will host an earnings conference call at 8:30 AM U.S. Eastern Time on March 26, 2026, allowing investors to gain timely insights into the company's performance and future outlook, thereby enhancing market confidence.
- Dial-in Information: Investors are required to dial in ten minutes prior to the call and provide the passcode to join, ensuring smooth and secure information transmission, which reflects the company's emphasis on investor relations.
- Webcast and Replay Availability: The conference call will be available via live and archived webcast on the company's website, further enhancing interaction and transparency between the company and its investors.
See More
