Youdao, Inc. (DAO)

Youdao Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	5,909	5,626	5,389	5,013	4,016
Revenue Growth (YoY)	5.03%	4.39%	7.50%	24.84%	58.93%
Cost of Revenue	3,292	2,877	2,622	2,427	2,027
Gross Profit	2,617	2,748	2,767	2,586	1,989
Selling, General & Admin	1,881	2,060	2,490	2,557	2,268
Research & Development	514.23	540	743.36	803.79	607.37
Operating Expenses	2,396	2,600	3,234	3,361	2,875
Operating Income	221.31	148.82	-466.33	-774.68	-886.47
Interest Expense	-62.97	-73.09	-69.47	-45.61	-31.64
Interest & Investment Income	2.43	3.92	8.35	12.91	18.78
Earnings From Equity Investments	-	-11.17	-3.13	0.46	-
Currency Exchange Gain (Loss)	-	-2.45	3.11	4.05	-5.01
Other Non Operating Income (Expenses)	-21.43	15.74	31.69	85.92	30.49
EBT Excluding Unusual Items	139.33	81.77	-495.79	-716.94	-873.85
Gain (Loss) on Sale of Investments	-25.7	1.25	-42.69	-7.82	19.35
Asset Writedown	-	-	-	-	-56.78
Other Unusual Items	-	-1.79	-0.55	-1.17	-8.16
Pretax Income	113.63	81.24	-539.03	-725.93	-919.44
Income Tax Expense	16.59	6.01	11.09	13.84	6.65
Earnings From Continuing Operations	97.04	75.23	-550.12	-739.78	-926.09
Earnings From Discontinued Operations	-	-	-	-6.11	-100.27
Net Income to Company	97.04	75.23	-550.12	-745.88	-1,026
Minority Interest in Earnings	10.3	6.99	0.18	18.85	30.7
Net Income	107.35	82.21	-549.94	-727.03	-995.66
Net Income to Common	107.35	82.21	-549.94	-727.03	-995.66
Net Income Growth	30.57%	-	-	-	-
Shares Outstanding (Basic)	118	117	121	124	122
Shares Outstanding (Diluted)	120	118	121	124	122
Shares Change (YoY)	1.42%	-2.64%	-1.79%	1.60%	7.79%
EPS (Basic)	0.91	0.70	-4.53	-5.88	-8.18
EPS (Diluted)	0.90	0.70	-4.53	-5.88	-8.18
EPS Growth	28.57%	-	-	-	-
Free Cash Flow	-	-79.7	-456	-671.78	-1,410
Free Cash Flow Per Share	-	-0.67	-3.76	-5.43	-11.59
Gross Margin	44.29%	48.85%	51.35%	51.59%	49.53%
Operating Margin	3.74%	2.65%	-8.65%	-15.45%	-22.07%
Profit Margin	1.82%	1.46%	-10.20%	-14.50%	-24.79%
Free Cash Flow Margin	-	-1.42%	-8.46%	-13.40%	-35.11%
EBITDA	250.26	177.77	-436.69	-732.47	-856.37
EBITDA Margin	4.23%	3.16%	-8.10%	-14.61%	-21.32%
D&A For EBITDA	28.95	28.95	29.64	42.21	30.1
EBIT	221.31	148.82	-466.33	-774.68	-886.47
EBIT Margin	3.74%	2.65%	-8.65%	-15.45%	-22.07%
Effective Tax Rate	14.60%	7.40%	-	-	-
Revenue as Reported	5,909	5,626	5,389	5,013	4,016
Advertising Expenses	-	1,106	1,384	1,479	1,393

Updated Feb 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q