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Software - Application · Technology · Fiscal year ends Dec 31 · Reports in CNY
Kingsoft Cloud reported revenue of CNY 9.6B in the fiscal year ended Dec 2025, up 22.8% from the year before. Operating income was −CNY 773M, an operating margin of −8.1%, and net income was −CNY 936M. Net debt was CNY 354M.
Ranks among the 83 software - application 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 | 9,061 | 8,180 | 7,047 | 7,785 | 9,559 |
| Cost of revenue | 8,709 | 7,751 | 6,197 | 6,444 | 8,055 |
| Gross profit | 351 | 430 | 850 | 1,341 | 1,503 |
| Research & development | 1,044 | 971 | 785 | 846 | 810 |
| Selling, general & admin | 1,120 | 1,710 | 1,520 | 1,314 | 1,466 |
| Operating income | −1,812 | −2,251 | −2,109 | −1,739 | −773 |
| Interest expense | 52.0 | 138 | 146 | 230 | 498 |
| Pre-tax income | −1,576 | −2,664 | −2,166 | −1,981 | −948 |
| Income tax | 15.7 | 24.5 | 18.0 | −1.5 | −4.2 |
| Net income | −1,589 | −2,658 | −2,176 | −1,967 | −936 |
| Diluted EPS | −0.46 | −0.73 | −0.61 | −0.54 | −0.23 |
| Diluted shares | 3,442 | 3,624 | 3,558 | 3,658 | 4,107 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 4,218 | 3,419 | 2,255 | 2,649 | 6,018 |
| Receivables | 3,571 | 2,402 | 1,530 | 1,469 | 1,740 |
| Current assets | 12,413 | 9,048 | 6,098 | 6,841 | 11,023 |
| Net PP&E | 2,364 | 2,133 | 2,186 | 4,630 | 10,095 |
| Goodwill | 4,625 | 4,606 | 4,606 | 4,606 | 4,606 |
| Total assets | 21,078 | 17,316 | 15,070 | 17,593 | 26,729 |
| Payables | 2,939 | 2,302 | 1,805 | 1,877 | 2,014 |
| Deferred revenue | 379 | 411 | 434 | 249 | 270 |
| Current liabilities | 7,516 | 6,659 | 6,829 | 9,159 | 9,421 |
| Short-term debt | 0.0 | 910 | 1,111 | 2,226 | 3,348 |
| Long-term debt | 1,348 | 1,724 | 100 | 1,661 | 3,024 |
| Total liabilities | 9,586 | 7,733 | 7,824 | 12,087 | 17,416 |
| Shareholders' equity | 10,604 | 8,801 | 6,890 | 5,168 | 9,317 |
| Backlog (remaining obligations) | 51.4 | 93.8 | 67.2 | 45.9 | 192 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −709 | 189 | −169 | 628 | 3,801 |
| Depreciation & amortisation | 856 | 1,157 | 940 | 1,263 | 2,480 |
| Stock-based compensation | 434 | 360 | 182 | 214 | 447 |
| Acquisitions | −139 | 157 | 0.0 | 0.0 | – |
| Share buybacks | – | 208 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.7% | −13.8% | 10.5% | 22.8% |
| Gross margin | 3.9% | 5.3% | 12.1% | 17.2% | 15.7% |
| Operating margin | −20.0% | −27.5% | −29.9% | −22.3% | −8.1% |
| Net margin | −17.5% | −32.5% | −30.9% | −25.3% | −9.8% |
| Return on equityBlank when equity is negative | −15.0% | −30.2% | −31.6% | −38.1% | −10.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −13.4% | −21.1% | −25.6% | −20.6% | −4.5% |
| Cash conversion (CFO ÷ net income) | 0.45x | −0.07x | 0.08x | −0.32x | −4.06x |
| Receivable days | 144 | 107 | 79 | 69 | 66 |
| Payable days | 123 | 108 | 106 | 106 | 91 |
| Interest cover | −34.8x | −16.3x | −14.4x | −7.57x | −1.55x |
| Debt ÷ equity | 0.13x | 0.30x | 0.18x | 0.75x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −2,869 | −785 | −1,044 | 1,238 | 354 |
| Current ratio | 1.65x | 1.36x | 0.89x | 0.75x | 1.17x |
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.