LexinFintech Holdings Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data LexinFintech Holdings Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	858	1,105	1,523	1,785	1,786	1,430	1,839	1,946	1,881
Cost of revenue	655	667	806	1,228	884	990	1,203	1,257	1,242
Gross profit	203	438	717	557	902	440	636	689	639
Research and development	36.2	46.6	59.8	72.7	86.2	84.6	72.3	79.2	85.1
Selling and marketing	62.3	85.8	221	195	260	244	244	245	274
General and administrative	31.3	40.7	59.2	69.2	73.9	62.6	54.6	51.3	51.7
Operating expenses	130	173	340	337	420	392	371	375	411
Interest expense	11.6	3.35	5.63	11.9	9.91	8.07	7.11	1.23	3.25
Other non-operating income	4.31	0.26	11.8	22.4	17.8	8.89	1.1	7.97	2.78
Pre-tax income	72.9	307	389	105	435	149	187	185	297
Income tax	36	19.2	59.2	13.9	68.3	29.4	36.7	34.7	57
Net income to minority interests					0.03	0.9
Net income	36.9	288	330	91.2	366	119	150	151	240
Shares, basic (weighted)	114	338	356	365	368	348	329	331	339
Shares, diluted (weighted)	141	363	376	411	415	393	360	339	355

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	164	165	320	245	386	210	360	322	308
Short-term investments						39.1	28.2	11
Inventory	15.6	8.32	15.3	7.23	7.5	7.82	4.73	3.06	3.45
Other current assets	145	134	190	154	148	158	201	181	409
Total current assets	1,958	1,499	2,371	2,516	2,614	2,578	2,606	2,453	2,620
Property, plant and equipment	9.7	12	13.3	19.3	30.7	41.3	62.9	84	128
Intangible assets				153	152	135	126	118	118
Long-term investments	3.61	27.1	73.5	80	73.6	50.5	35.9	38.9	34.9
Other non-current assets	5.11	4.25	65.3	70.8	130	152	121	68.5	76.5
Total assets	2,264	1,814	2,763	3,118	3,299	3,301	3,259	3,047	3,312
Accounts payable	30.5	19.8	29	6.58	2.46	3.77	7.01	10.2	14.5
Total current liabilities	1,977	1,166	1,408	1,842	1,599	1,810	1,736	1,316	1,384
Long-term debt	25.6	23	64.7	127	109	193	64.2	164	122
Other non-current liabilities			4	4.24	21.6	14.9	7.14	3.12	1.51
Total liabilities	2,002	1,216	1,815	2,270	2,033	2,047	1,892	1,576	1,603
Total debt						21.8	73.8	80.1	80.9
Paid-in capital	324	339	362	417	458	447	451	454	486
Retained earnings	-69.2	232	536	324	658	710	809	905	1,118
Treasury stock						-48	-46.3	-45	-70.6
Other comprehensive income	-2.3	-2.08	-1.05	0.51	1.77	-3.02	-1.91	-4.05	-3.95
Shareholders' equity	262	597	948	841	1,260
Minority interests				6.13	6.31
Total equity	262	597	948	848	1,266	1,254	1,368	1,471	1,709
Total liabilities and equity	2,264	1,814	2,763	3,118	3,299	3,301	3,259	3,047	3,312

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	36.9	288	330	91.2	366	120	150	151	240
Depreciation and amortization	2.9	4.42	5.74	8.19	14.2	13.8	14.8	15.1	15.1
Stock-based compensation	11.6	17.8	25.5	30.5	29.5	22.7	16.6	13	13.8
Deferred income tax	0.55	8.46	8.61	-77.2	-62.2	4.83	-9.51	-40.1	-29.8
Change in inventory	0.66	6.95	-6.98	9.2	-0.11	-0.82	2.95	1.1	0.22
Change in payables	19.3	-9.07	20.7	120	86.3	-31.1	158	-234	30.1
Cash from operations	255	406	-112	-32.3	419	14.3	393	148	517
Capital expenditures	-5.82	-7.89	-7.16	-13.3	-19.1	-21.6	-32.3	-33.8	-50.5
Cash from investing	-834	524	-113	-327	65.1	-349	329	-124	-373
Stock issued		13.8	1.58	1.22	1.12	0.4	0.83	2.04	3.3
Share buybacks									-28.9
Dividends paid							-19.1	-22.5	-54.8
Cash from financing	678	-817	439	189	-279	161	-543	-53.1	-147
Exchange rate effect	-0.49
Net change in cash	99.4	111	214	-175	201	-172	179	-28.7	-3.96
Free cash flow	250	399	-119	-45.6	400	-7.25	360	114	466
Interest paid	0.7	3.7	4.63	18.4	15.2	11.7	12.2	6.19	8.29
Income taxes paid	8.9	26.9	31.9	46	82.1	89.1	36	56.7	106

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.0%	Gross profit / revenue.
Pre-tax margin	15.8%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	24.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.5%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	7.5%	Net income / average total assets.
R&D / revenue	4.5%	Research and development expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.7%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	59.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	248.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	230.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	308.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	8.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.89x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / assets	2.4%	Total debt / total assets.
Liabilities / assets	48.4%	Total liabilities / total assets.
Net debt	-$227.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.24B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	17.7x	Revenue / average property, plant and equipment.
Inventory turnover	381x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Days payables	4 days	365 x average accounts payable / cost of revenue.
FCF conversion	194.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Revenue per share	$5.30	Revenue / diluted weighted shares.
FCF per share	$1.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.46	Cash from operations / diluted weighted shares.
Cash per share	$0.87	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$122.4M	Share price x shares outstanding.
Enterprise value	-$105.0M	Market cap + total debt - cash - short-term investments.
P/E	0.51x	Market cap / net income. Only when net income is positive.
P/S	0.07x	Market cap / revenue.
P/FCF	0.26x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	0.24x	Market cap / cash from operations, when positive.
FCF yield	381.2%	Free cash flow / market cap.
Earnings yield	196.0%	Net income / market cap (the inverse of P/E).
Dividend yield	44.8%	Dividends paid over the period / market cap.
Shareholder yield	68.4%	(Dividends paid + share buybacks) / market cap.

What was LexinFintech Holdings Ltd.'s revenue in fiscal 2025?

LexinFintech Holdings Ltd. reported revenue of $1.88B for fiscal 2025, 3.3% lower than the year before.

Was LexinFintech Holdings Ltd. profitable in fiscal 2025?

Yes. Net income was $239.8M, a net margin of 12.8%.

How much free cash flow did LexinFintech Holdings Ltd. generate in fiscal 2025?

Cash from operations of $516.9M minus capital expenditures of $50.5M left free cash flow of $466.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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