Waterdrop 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	3,978	2,772	2,631	2,802	3,206
Revenue Growth (YoY)	43.51%	5.36%	-6.11%	-12.61%	5.88%
Cost of Revenue	1,943	1,315	1,196	1,019	1,054
Gross Profit	2,035	1,457	1,435	1,782	2,151
Selling, General & Admin	1,431	1,062	1,143	988.86	3,635
Research & Development	232.68	216.5	299.06	291.29	378.99
Operating Expenses	1,664	1,279	1,442	1,280	4,014
Operating Income	370.86	178.16	-6.74	502.26	-1,863
Interest & Investment Income	135.7	149.12	136.04	81.71	48.66
Currency Exchange Gain (Loss)	0.28	8.02	4.34	4.06	9.35
Other Non Operating Income (Expenses)	36.62	25.3	32.77	66.93	10.73
EBT Excluding Unusual Items	543.45	360.59	166.41	654.96	-1,794
Gain (Loss) on Sale of Assets	-	-	-2.17	-	-0.25
Asset Writedown	-	-	-	-24.27	-0.72
Other Unusual Items	-	-	-	-	-152.29
Pretax Income	543.45	360.59	164.24	630.69	-1,947
Income Tax Expense	-21.61	9.71	0.56	22.98	-220.99
Earnings From Continuing Operations	565.06	350.88	163.69	607.72	-1,726
Minority Interest in Earnings	3.88	16.63	3.54	-	-
Net Income	568.94	367.51	167.22	607.72	-1,726
Net Income to Common	568.94	367.51	167.22	607.72	-1,726
Net Income Growth	54.81%	119.78%	-72.48%	-	-
Shares Outstanding (Basic)	362	365	377	392	299
Shares Outstanding (Diluted)	371	372	388	402	299
Shares Change (YoY)	-0.17%	-4.15%	-3.52%	34.51%	154.60%
EPS (Basic)	1.57	1.01	0.44	1.55	-5.77
EPS (Diluted)	1.50	1.00	0.40	1.50	-5.80
EPS Growth	50.00%	150.00%	-73.33%	-	-
Free Cash Flow	-	218.84	392.99	753.82	-1,132
Free Cash Flow Per Share	-	0.59	1.01	1.87	-3.79
Dividend Per Share	0.420	0.146	-	-	-
Dividend Growth	187.47%	-	-	-	-
Gross Margin	51.15%	52.57%	54.55%	63.62%	67.11%
Operating Margin	9.32%	6.43%	-0.26%	17.93%	-58.11%
Profit Margin	14.30%	13.26%	6.36%	21.69%	-53.85%
Free Cash Flow Margin	-	7.90%	14.94%	26.91%	-35.32%
EBITDA	382.43	189.73	6.81	525.23	-1,845
EBITDA Margin	9.61%	6.84%	0.26%	18.75%	-57.54%
D&A For EBITDA	11.57	11.57	13.56	22.98	18.09
EBIT	370.86	178.16	-6.74	502.26	-1,863
EBIT Margin	9.32%	6.43%	-0.26%	17.93%	-58.11%
Effective Tax Rate	-	2.69%	0.34%	3.64%	-

Updated Mar 25, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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