Youdao Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 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
Other Operating Expenses	-	-	-	-	56.78
Total Operating Expenses	2,396	2,600	3,234	3,361	2,932
Operating Income	221.31	148.82	-466.33	-774.68	-943.25
Interest Income	2.43	3.92	8.35	12.91	18.78
Interest Expense	-62.97	-73.09	-69.47	-45.61	-31.64
Other Non-Operating Income (Expense)	-47.13	1.59	-11.58	81.45	36.67
Total Non-Operating Income (Expense)	-107.68	-67.59	-72.7	48.75	23.81
Pretax Income	113.63	81.24	-539.03	-725.93	-919.44
Provision for Income Taxes	16.59	6.01	11.09	13.84	6.65
Net Income	107.35	82.21	-549.94	-727.03	-995.66
Minority Interest in Earnings	-10.3	-6.99	-0.18	-18.85	-30.7
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%	-	-	-	-
Shares Outstanding	118.63	117.54	119.09	122.74	123.27
Free Cash Flow	29.59	-79.7	-456	-671.78	-1,410
Free Cash Flow Per Share	0.25	-0.67	-3.76	-5.44	-11.59
Gross Margin	44.29%	48.85%	51.35%	51.59%	49.53%
Operating Margin	3.75%	2.65%	-8.65%	-15.45%	-23.49%
Profit Margin	1.64%	1.34%	-10.21%	-14.88%	-25.56%
FCF Margin	0.50%	-1.42%	-8.46%	-13.40%	-35.11%
EBITDA	244.72	177.77	-436.69	-732.47	-913.15
EBITDA Margin	4.14%	3.16%	-8.10%	-14.61%	-22.74%
EBIT	221.31	148.82	-466.33	-774.68	-943.25
EBIT Margin	3.75%	2.65%	-8.65%	-15.45%	-23.49%
Effective Tax Rate	14.60%	7.40%	-2.06%	-1.91%	-0.72%

Updated Feb 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q