Youdao, Inc. (DAO) — Financial statements
Income statement, balance sheet, and cash flow for Youdao, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 5,909↑3.6% | 5,706↑5.9% | 5,388↑5.6% | 5,101↑28.7% | 3,964 | |
| Cost of Revenue | 3,292↑12.8% | 2,918↑11.3% | 2,621↑6.2% | 2,469↑23.4% | 2,001 | |
| Gross Profit | 2,617↓6.1% | 2,787↑0.7% | 2,767↑5.1% | 2,632↑34.1% | 1,963 | |
| Operating Expenses | ||||||
| R&D Expenses | 514↓6.1% | 548↓26.3% | 743↓9.1% | 818↑36.4% | 600 | |
| General & Administrative Expenses | 197 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Selling & Marketing Expenses | 1,684 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 1,881↓9.9% | 2,089↓16.1% | 2,490↓4.3% | 2,602↑16.2% | 2,239 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 2,396↓9.1% | 2,637↓18.5% | 3,233↓5.5% | 3,420↑20.5% | 2,838 | |
| Total Costs & Expenses | 5,688↑2.4% | 5,555↓5.1% | 5,855↓0.6% | 5,890↑21.7% | 4,839 | |
| Operating Results | ||||||
| Operating Income | 221↑46.6% | 151↑132.4% | -466↑40.9% | -788↑9.9% | -875 | |
| Depreciation & Amortization | 29↓0.8% | 29↓0.8% | 29↓31.2% | 43↑80.3% | 24 | |
| EBITDA | 250↑34.8% | 186↑142.2% | -440↑32.2% | -649↑23.8% | -853 | |
| EBIT | 221↑41.4% | 157↑133.3% | -469↑32.2% | -692↑21.0% | -876 | |
| Interest & Other Income | ||||||
| Net Interest Income | -59↑16.0% | -70↓14.8% | -61↓83.7% | -33↓162.0% | -13 | |
| Interest Income | 2↓40.6% | 4↓52.4% | 8↓36.5% | 13↓29.1% | 19 | |
| Interest Expense | 61↓17.4% | 74↑6.7% | 69↑49.7% | 46↑48.6% | 31 | |
| Non-Operating Income | 0.00↑100.0% | -6↓272.8% | 3↑103.4% | -96↓7441.3% | 1 | |
| Other Income / Expenses | -108↓57.1% | -69↑5.7% | -73↓246.6% | 50↑252.4% | -33 | |
| Income Before Tax | 114↑37.9% | 82↑115.3% | -539↑27.0% | -739↑18.6% | -908 | |
| Income Tax Expense | 17↑172.2% | 6↓45.0% | 11↓21.3% | 14↑114.7% | 7 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 97↑27.2% | 76↑113.9% | -550↑26.9% | -753↑17.6% | -914 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00↑100.0% | -6↑93.7% | -99 | |
| Net Income | 107↑28.7% | 83↑115.2% | -550↑25.7% | -740↑24.7% | -983 | |
| Bottom-Line Net Income | 107↑28.7% | 83↑115.2% | -550↑25.7% | -740↑24.7% | -983 | |
| EPS (Basic) | 0.91↑30.0% | 0.70↑115.5% | -4.53↑30.8% | -6.55↑11.0% | -7.36 | |
| EPS (Diluted) | 0.90↑28.6% | 0.70↑115.5% | -4.53↑30.8% | -6.55↑11.0% | -7.36 | |
| Weighted Average Shares | 118↑0.5% | 117↓3.2% | 121↑7.5% | 113↓7.2% | 122 | |
| Weighted Average Diluted Shares | 120↑1.4% | 118↓2.6% | 121↑7.5% | 113↓7.2% | 122 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.