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Education & training · Consumer Defensive · Fiscal year ends Dec 31 · Reports in CNY
Youdao reported revenue of CNY 5.9B in the fiscal year ended Dec 2025, up 5.0% from the year before. Operating income was CNY 221M, an operating margin of 3.7%, and net income was CNY 97M. Operating cash flow of CNY 55M less capital expenditure of CNY 26M left free cash flow of CNY 30M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,016 | 5,013 | 5,389 | 5,626 | 5,909 |
| Cost of revenue | 2,027 | 2,427 | 2,622 | 2,877 | 3,292 |
| Gross profit | 1,989 | 2,586 | 2,767 | 2,748 | 2,617 |
| Research & development | 607 | 804 | 743 | 540 | 514 |
| Selling, general & admin | 2,268 | 2,557 | 2,490 | 2,060 | 1,881 |
| Operating income | −943 | −775 | −466 | 149 | 221 |
| Interest expense | 31.6 | 45.6 | 69.5 | 73.1 | 63.0 |
| Pre-tax income | −919 | −726 | −539 | 81.2 | 114 |
| Income tax | 6.6 | 13.8 | 11.1 | 6.0 | 16.6 |
| Net income | −996 | −746 | −550 | 75.2 | 97.0 |
| Diluted EPS | −8.18 | −5.88 | −4.53 | 0.70 | 0.90 |
| Diluted shares | 122 | 124 | 121 | 118 | 120 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 323 | 784 | 455 | 593 | 440 |
| Receivables | 248 | 405 | 354 | 419 | 381 |
| Inventory | 255 | 232 | 217 | 175 | 141 |
| Current assets | 2,270 | 1,870 | 1,300 | 1,487 | 1,723 |
| Goodwill | 110 | 110 | 110 | 110 | 110 |
| Total assets | 2,634 | 2,276 | 1,666 | 1,814 | 1,975 |
| Payables | 161 | 282 | 159 | 145 | 110 |
| Deferred revenue | 1,066 | 1,067 | 1,053 | 961 | 848 |
| Current liabilities | 3,034 | 3,179 | 3,099 | 2,947 | 2,935 |
| Total liabilities | 3,364 | 3,753 | 3,795 | 3,904 | 3,909 |
| Shareholders' equity | −809 | −1,542 | −2,167 | −2,089 | −1,934 |
| Backlog (remaining obligations) | 1,018 | 1,021 | 1,025 | 979 | 869 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −1,346 | −603 | −438 | −67.9 | 55.2 |
| Capital expenditure | 63.5 | 68.7 | 17.9 | 11.8 | 25.6 |
| Free cash flow | −1,410 | −672 | −456 | −79.7 | 29.6 |
| Depreciation & amortisation | 30.1 | 42.2 | 29.6 | 29.0 | 23.4 |
| Stock-based compensation | 72.2 | 70.7 | 30.8 | 22.6 | 34.7 |
| Acquisitions | −43.2 | – | 4.2 | – | – |
| Share buybacks | – | 50.7 | 128 | 62.3 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.8% | 7.5% | 4.4% | 5.0% |
| Operating income growth (YoY) | – | – | – | – | 48.7% |
| EPS growth (YoY) | – | – | – | – | 28.6% |
| Gross margin | 49.5% | 51.6% | 51.4% | 48.9% | 44.3% |
| Operating margin | −23.5% | −15.5% | −8.7% | 2.6% | 3.7% |
| Net margin | −24.8% | −14.9% | −10.2% | 1.3% | 1.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 235.9% | 85.8% | 32.5% | −13.1% | −23.1% |
| Free cash flow margin | −35.1% | −13.4% | −8.5% | −1.4% | 0.5% |
| Cash conversion (CFO ÷ net income) | 1.35x | 0.81x | 0.80x | −0.90x | 0.57x |
| Receivable days | 23 | 29 | 24 | 27 | 24 |
| Inventory days | 46 | 35 | 30 | 22 | 16 |
| Payable days | 29 | 42 | 22 | 18 | 12 |
| Interest cover | −29.8x | −17.0x | −6.71x | 2.04x | 3.51x |
| Current ratio | 0.75x | 0.59x | 0.42x | 0.50x | 0.59x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.