360 Finance (QFIN) financial statements

Financial Services · Credit Services · Market cap $679M

360 Finance reported revenue of 19.2B CNY in fiscal 2025, up 49.1% a year over 8 years.

Net income was 6.0B CNY and the operating margin 34.8%, against 26.7% in 2017.

Free cash flow was 10.8B CNY, and the company returned 4.8B CNY in net buybacks.

The diluted share count rose 37% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-505101520201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from 360 Finance's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Revenue788M CNY4.4B CNY9.2B CNY13.6B CNY16.6B CNY16.6B CNY16.3B CNY17.2B CNY19.2B CNY
Cost of revenue122M CNY666M CNY1.1B CNY1.6B CNY2.3B CNY2.4B CNY2.7B CNY2.9B CNY3.0B CNY
Gross profit666M CNY3.8B CNY8.1B CNY12.0B CNY14.4B CNY14.2B CNY13.6B CNY14.3B CNY16.2B CNY
Selling, general and admin391M CNY1.9B CNY3.3B CNY1.5B CNY2.6B CNY2.6B CNY2.4B CNY2.2B CNY3.1B CNY
Operating income211M CNY1.6B CNY2.9B CNY3.8B CNY6.8B CNY4.5B CNY4.9B CNY7.5B CNY6.7B CNY
Pre-tax income213M CNY1.7B CNY3.0B CNY4.1B CNY7.0B CNY4.7B CNY5.3B CNY7.9B CNY7.4B CNY
Income tax48M CNY466M CNY466M CNY586M CNY1.3B CNY737M CNY1.0B CNY1.6B CNY1.4B CNY
Net income165M CNY1.2B CNY2.5B CNY3.5B CNY5.8B CNY4.0B CNY4.3B CNY6.3B CNY6.0B CNY
EPS (diluted)0.83 CNY-9.39 CNY8.31 CNY11.40 CNY17.99 CNY12.50 CNY13.04 CNY20.64 CNY22.01 CNY
Diluted shares198M203M301M307M321M322M329M303M272M
Gross margin84.5%85.0%88.2%88.2%86.5%85.7%83.7%83.1%84.4%
Operating margin26.7%37.0%31.4%27.9%40.8%27.0%29.8%43.9%34.8%
Net margin20.9%26.8%27.1%25.8%34.8%24.3%26.3%36.5%31.2%

Balance sheet

Fiscal years, in CNY, from 360 Finance's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Cash and short-term investments469M CNY1.4B CNY2.1B CNY4.4B CNY6.1B CNY7.2B CNY4.2B CNY7.8B CNY7.5B CNY
Total current assets3.0B CNY7.3B CNY19.5B CNY21.9B CNY27.8B CNY34.1B CNY39.8B CNY42.8B CNY49.5B CNY
Property, plant and equipment6M CNY7M CNY17M CNY19M CNY25M CNY48M CNY231M CNY363M CNY637M CNY
Goodwill——————41M CNY42M CNY45M CNY
Total assets3.1B CNY7.3B CNY20.4B CNY24.4B CNY33.5B CNY40.3B CNY45.8B CNY48.1B CNY56.9B CNY
Total current liabilities2.4B CNY2.9B CNY9.7B CNY13.4B CNY14.1B CNY16.7B CNY19.9B CNY17.5B CNY20.4B CNY
Total liabilities2.4B CNY2.9B CNY13.1B CNY14.9B CNY18.3B CNY21.4B CNY23.8B CNY23.9B CNY32.8B CNY
Shareholders' equity734M CNY4.4B CNY7.2B CNY9.5B CNY15.2B CNY18.8B CNY21.9B CNY24.2B CNY24.1B CNY
Net debt-469M CNY-1.4B CNY-2.1B CNY-4.4B CNY-6.1B CNY-7.2B CNY-4.2B CNY-4.5B CNY-4.7B CNY

Cash flow

Fiscal years, in CNY, from 360 Finance's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Operating cash flow-111M CNY285M CNY3.0B CNY5.3B CNY5.8B CNY5.9B CNY7.1B CNY9.3B CNY11.1B CNY
Capital spending7M CNY9M CNY26M CNY15M CNY25M CNY27M CNY85M CNY153M CNY241M CNY
Free cash flow-118M CNY277M CNY2.9B CNY5.3B CNY5.8B CNY5.9B CNY7.0B CNY9.2B CNY10.8B CNY
Stock-based compensation—607M CNY250M CNY301M CNY254M CNY200M CNY186M CNY168M CNY378M CNY
Share buybacks (net)——————-636M CNY-3.0B CNY-4.8B CNY
Net borrowing—————18M CNY73M CNY157M CNY—
Free cash flow margin-15.0%6.2%32.0%39.2%34.7%35.6%43.2%53.5%56.5%
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Questions

What was 360 Finance's revenue in 2025?

19.2B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does 360 Finance generate?

10.8B CNY in fiscal 2025 (operating cash flow minus capital spending).

From 360 Finance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.