Youdao (DAO) financial statements

Consumer Defensive · Education & Training Services · Market cap $2.0B

Youdao reported revenue of 5.9B CNY in fiscal 2025, up 37.8% a year over 8 years.

Net income was 107M CNY and the operating margin 3.7%, against -28.5% in 2017.

Free cash flow was 30M CNY.

The diluted share count rose 83% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-20246201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, in CNY, from Youdao's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Revenue456M CNY732M CNY1.2B CNY2.5B CNY4.0B CNY5.0B CNY5.4B CNY5.6B CNY5.9B CNY
Cost of revenue294M CNY515M CNY872M CNY1.4B CNY2.0B CNY2.4B CNY2.6B CNY2.9B CNY3.3B CNY
Gross profit162M CNY216M CNY335M CNY1.1B CNY2.0B CNY2.6B CNY2.8B CNY2.7B CNY2.6B CNY
Research and development133M CNY184M CNY270M CNY372M CNY607M CNY804M CNY743M CNY540M CNY514M CNY
Selling, general and admin159M CNY252M CNY525M CNY1.6B CNY2.3B CNY2.6B CNY2.5B CNY2.1B CNY1.9B CNY
Operating income-130M CNY-219M CNY-460M CNY-851M CNY-943M CNY-775M CNY-466M CNY149M CNY221M CNY
Interest expense—32M CNY30M CNY31M CNY32M CNY46M CNY69M CNY73M CNY63M CNY
Pre-tax income—-198M CNY-458M CNY-796M CNY-919M CNY-726M CNY-539M CNY81M CNY114M CNY
Income tax5M CNY11M CNY2M CNY3M CNY7M CNY14M CNY11M CNY6M CNY17M CNY
Net income-134M CNY-209M CNY-602M CNY-1.8B CNY-996M CNY-727M CNY-550M CNY82M CNY107M CNY
EPS (diluted)-2.04 CNY-2.80 CNY-6.68 CNY-15.53 CNY-8.18 CNY-5.88 CNY-4.53 CNY0.70 CNY0.90 CNY
Diluted shares65M85M95M113M122M124M121M118M120M
Gross margin35.5%29.6%27.7%43.8%49.5%51.6%51.4%48.9%44.3%
Operating margin-28.5%-30.0%-38.1%-33.7%-23.5%-15.5%-8.7%2.6%3.7%
Net margin-29.3%-28.6%-49.8%-69.4%-24.8%-14.5%-10.2%1.5%1.8%

Balance sheet

Fiscal years, in CNY, from Youdao's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Cash and short-term investments40M CNY92M CNY294M CNY1.2B CNY827M CNY1.0B CNY526M CNY656M CNY738M CNY
Receivables—81M CNY201M CNY269M CNY248M CNY405M CNY354M CNY419M CNY381M CNY
Inventory—24M CNY73M CNY119M CNY255M CNY232M CNY217M CNY175M CNY141M CNY
Total current assets—595M CNY2.0B CNY1.9B CNY2.3B CNY1.9B CNY1.3B CNY1.5B CNY1.7B CNY
Property, plant and equipment—18M CNY25M CNY46M CNY—————
Goodwill——0 CNY7M CNY110M CNY110M CNY110M CNY110M CNY110M CNY
Total assets—620M CNY2.1B CNY2.1B CNY2.6B CNY2.3B CNY1.7B CNY1.8B CNY2.0B CNY
Total current liabilities—1.3B CNY1.8B CNY3.4B CNY3.0B CNY3.2B CNY3.1B CNY2.9B CNY2.9B CNY
Total liabilities—1.3B CNY1.8B CNY3.5B CNY3.4B CNY3.8B CNY3.8B CNY3.9B CNY3.9B CNY
Shareholders' equity-958M CNY-1.1B CNY301M CNY-1.4B CNY-809M CNY-1.5B CNY-2.2B CNY-2.1B CNY-1.9B CNY
Net debt-40M CNY-42M CNY-173M CNY-609M CNY-323M CNY-784M CNY-455M CNY-593M CNY-440M CNY

Cash flow

Fiscal years, in CNY, from Youdao's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Operating cash flow-87M CNY-100M CNY-372M CNY-322M CNY-1.3B CNY-603M CNY-438M CNY-68M CNY55M CNY
Capital spending11M CNY14M CNY18M CNY31M CNY63M CNY69M CNY18M CNY12M CNY26M CNY
Free cash flow-98M CNY-114M CNY-390M CNY-352M CNY-1.4B CNY-672M CNY-456M CNY-80M CNY30M CNY
Stock-based compensation5M CNY6M CNY23M CNY36M CNY72M CNY71M CNY31M CNY23M CNY35M CNY
Share buybacks (net)—————-51M CNY-128M CNY-62M CNY—
Free cash flow margin-21.5%-15.6%-32.3%-13.9%-35.1%-13.4%-8.5%-1.4%0.5%
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for DAO.
Open DAO in Investingly

Questions

What was Youdao's revenue in 2025?

5.9B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Youdao generate?

30M CNY in fiscal 2025 (operating cash flow minus capital spending).

From Youdao's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.