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%
Insurance Benefits & Claims	1,943	1,315	1,196	1,019	1,054
Other Operating Expenses	1,664	1,279	1,442	1,304	4,014
Operating Income	370.86	178.16	-6.74	477.99	-1,863
Total Non-Operating Income (Expense)	172.59	182.43	170.98	152.71	67.78
Pretax Income	543.45	360.59	164.24	630.69	-1,795
Provision for Income Taxes	-21.61	9.71	0.56	22.98	-220.99
Net Income	568.94	367.51	167.22	607.72	-1,726
Minority Interest in Earnings	-3.88	-16.63	-3.54	-	-
Net Income Attributable to Preferred Dividends	-	-	-	-	152.29
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)	1.60	1.00	0.40	1.50	-5.80
EPS (Diluted)	1.50	1.00	0.40	1.50	-5.80
EPS Growth	50.00%	150.00%	-73.33%	-	-
Shares Outstanding	360.88	362.48	370.16	391	3,943
Free Cash Flow	214.29	218.84	392.99	753.82	-1,132
Free Cash Flow Growth	-2.08%	-44.32%	-47.87%	-	-
Free Cash Flow Per Share	0.58	0.59	1.01	1.87	-3.79
Dividends Per Share	0.420	0.146	-	-	-
Dividend Growth	187.47%	-	-	-	-
Operating Margin	9.32%	6.43%	-0.26%	17.06%	-58.11%
Profit Margin	14.21%	12.66%	6.22%	21.69%	-49.10%
FCF Margin	5.39%	7.89%	14.94%	26.91%	-35.32%
EBITDA	384.77	189.73	6.81	500.96	-1,845
EBITDA Margin	9.67%	6.84%	0.26%	17.88%	-57.54%
EBIT	370.86	178.16	-6.74	477.99	-1,863
EBIT Margin	9.32%	6.43%	-0.26%	17.06%	-58.11%
Effective Tax Rate	-3.98%	2.69%	0.34%	3.64%	12.31%

Updated Mar 26, 2026. Data Source: Fiscal.ai. Insurance template. Financial Sources.

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