Youdao Inc ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Youdao Inc ADR reported revenue of $5.9B (+5.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net revenues | $5.9B | $5.6B | $5.4B | $5.0B |
| Cost of revenues | ($3.3B) | ($2.9B) | ($2.6B) | ($2.4B) |
| Gross profit | $2.6B | $2.7B | $2.8B | $2.6B |
| Sales and marketing expenses (include transactions with related parties of RMB15,060, RMB10,411 and RMB18,428 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($1.7B) | ($1.9B) | ($2.3B) | ($2.3B) |
| Research and development expenses (include transactions with related parties of RMB44,906, RMB25,380 and RMB19,241 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($514.2M) | ($540.0M) | ($743.4M) | ($803.8M) |
| General and administrative expenses (include transactions with related parties of RMB9,009, RMB9,096 and RMB7,534 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($197.0M) | ($187.1M) | ($222.0M) | ($229.2M) |
| Total operating expenses | ($2.4B) | ($2.6B) | ($3.2B) | ($3.4B) |
| (Loss)/Income from operations | $221.3M | $148.8M | ($466.3M) | ($774.7M) |
| Interest income | $2.4M | $3.9M | $8.3M | $12.9M |
| Interest expense (include interest expense charged by related parties of RMB69,472, RMB73,090 and RMB62,972 for the years ended December 31, 2023, 2024 and 2025, respectively) | ($63.0M) | ($73.1M) | ($69.5M) | ($45.6M) |
| Others, net (Note 14) | ($47.1M) | $1.6M | ($11.6M) | $81.4M |
| (Loss)/Income before tax | $113.6M | $81.2M | ($539.0M) | ($725.9M) |
| Income tax expenses | ($16.6M) | ($6.0M) | ($11.1M) | ($13.8M) |
| Net (loss)/income | $97.0M | $75.2M | ($550.1M) | ($745.9M) |
| Net loss attributable to noncontrolling interests | $10.3M | $7.0M | $182.0K | $18.9M |
| Net (loss)/income attributable to ordinary shareholders of the Company | $107.3M | $82.2M | ($549.9M) | ($727.0M) |
| Foreign currency translation adjustment | $11.6M | ($11.0M) | ($8.4M) | ($37.7M) |
| Total other comprehensive (loss)/income | $11.6M | ($11.0M) | ($8.4M) | ($37.7M) |
| Total comprehensive (loss)/income | $108.6M | $64.2M | ($558.6M) | ($783.6M) |
| Comprehensive loss attributable to noncontrolling interests | $10.3M | $7.0M | $182.0K | $18.9M |
| Comprehensive (loss)/income attributable to ordinary shareholders of the Company | $118.9M | $71.2M | ($558.4M) | ($764.8M) |
| Basic | $0.91 | $0.70 | -$4.53 | -$5.88 |
| Diluted | $0.90 | $0.70 | -$4.53 | -$5.88 |
| Weighted average number of ordinary shares/ADSs outstanding, basic | 118.1M | 117.4M | 121.4M | 123.6M |
| Diluted | 119.9M | 118.2M | 121.4M | 123.6M |
| Line item | Sep 30, 2020 · YTD |
|---|---|
| Net revenues | $2.1B |
| Cost of revenues | ($1.1B) |
| Gross profit | $928.8M |
| Sales and marketing expenses (include transactions with related parties of RMB9,902 and RMB8,832 for the nine months ended September 30, 2019 and 2020, respectively) | ($1.9B) |
| Research and development expenses (include transactions with related parties of RMB14,234 and RMB18,168 for the nine months ended September 30, 2019 and 2020, respectively) | ($296.5M) |
| General and administrative expenses (include transactions with related parties of RMB3,467 and RMB10,787 for the nine months ended September 30, 2019 and 2020, respectively) | ($93.1M) |
| Total operating expenses | ($2.3B) |
| Loss from operations | ($1.4B) |
| Interest (expense)/income, net (include interest expenses charged by related party of RMB 22,379 and RMB 23,369 for the nine months ended September 30, 2019 and 2020, respectively) | ($1.5M) |
| Others, net | $51.5M |
| Loss before tax | ($1.3B) |
| Income tax expenses | ($2.4M) |
| Net loss | ($1.3B) |
| Net (income)/loss attributable to noncontrolling interests | $383.0K |
| Net loss attributable to the Company | ($1.3B) |
| Net loss attributable to ordinary shareholders of the Company | ($1.3B) |
| Foreign currency translation adjustment | ($19.5M) |
| Total other comprehensive income/(loss) | ($19.5M) |
| Total comprehensive loss | ($1.3B) |
| Comprehensive (income)/loss attributable to noncontrolling interests | $383.0K |
| Comprehensive loss attributable to the Company | ($1.3B) |
| Comprehensive loss attributable to ordinary shareholders of the Company | ($1.3B) |
| Basic | -$11.60 |
| Diluted | -$11.60 |
| Basic | 112.5M |
| Diluted | 112.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $439.7M | $592.7M | $454.5M | $783.6M |
| Restricted cash | $2.0M | $3.6M | $395.0K | $873.0K |
| Short-term investments | $298.3M | $63.1M | $71.8M | $232.2M |
| Accounts receivable, net | $381.2M | $418.6M | $354.0M | $405.1M |
| Inventories | $140.8M | $174.7M | $217.1M | $232.3M |
| Amounts due from NetEase Group | $321.4M | $79.7M | $26.1M | $7.9M |
| Prepayment and other current assets | $139.1M | $154.3M | $175.7M | $207.8M |
| Total current assets | $1.7B | $1.5B | $1.3B | $1.9B |
| Property, equipment and software, net | $44.6M | $46.7M | $70.9M | $92.1M |
| Operating lease right-of-use assets, net | $46.9M | $68.5M | $89.0M | $78.4M |
| Long-term investments | $19.8M | $72.4M | $51.4M | $90.7M |
| Goodwill | $109.9M | $109.9M | $109.9M | $109.9M |
| Other assets, net | $31.2M | $30.1M | $45.0M | $35.0M |
| Total non-current assets | $252.5M | $327.6M | $366.2M | $406.2M |
| Total assets | $2.0B | $1.8B | $1.7B | $2.3B |
| Accounts payables (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB45,358 and RMB45,085 as of December 31, 2024 and 2025, respectively) | $110.0M | $145.1M | $159.0M | $282.4M |
| Payroll payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB28,009 and RMB27,824 as of December 31, 2024 and 2025, respectively) | $294.8M | $264.5M | $282.7M | $266.3M |
| Amounts due to NetEase Group (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB3,959 and RMB3,352 as of December 31, 2024 and 2025, respectively) | $22.8M | $22.0M | $82.4M | — |
| Contract liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB856,003 and RMB748,455 as of December 31, 2024 and 2025, respectively) | $847.7M | $961.0M | $1.1B | $1.1B |
| Taxes payable (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB16,491 and RMB19,048 as of December 31, 2024 and 2025, respectively) | $43.5M | $37.6M | $52.8M | $50.9M |
| Accrued liabilities and other payables (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB210,531 and RMB331,137 as of December 31, 2024 and 2025, respectively) | $738.0M | $638.7M | $591.8M | $564.9M |
| Short-term loan from NetEase Group | $878.0M | $878.0M | $878.0M | — |
| Total current liabilities | $2.9B | $2.9B | $3.1B | $3.2B |
| Long-term lease liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB14,555 and RMB16,320 as of December 31, 2024 and 2025, respectively) | $18.8M | $25.6M | $49.3M | $43.6M |
| Other non-current liabilities (including amounts of the consolidated VIEs without recourse to the primary beneficiaries of RMB13,907 and RMB15,127 as of December 31, 2024 and 2025, respectively) | $28.8M | $18.2M | $16.3M | $8.8M |
| Long-term loans from NetEase Group | $926.6M | $913.0M | $630.4M | $522.3M |
| Total non-current liabilities | $974.2M | $956.8M | $696.0M | $574.8M |
| Total liabilities | $3.9B | $3.9B | $3.8B | $3.8B |
| Ordinary shares | 80.0K | 80.0K | 80.0K | 80.0K |
| Additional paid-in capital | $4.1B | $4.0B | $4.0B | $4.0B |
| Treasury stock (Note 13) | ($176.0M) | ($210.8M) | ($172.0M) | ($42.3M) |
| Accumulated deficit | ($5.8B) | ($5.9B) | ($5.9B) | ($5.4B) |
| Accumulated other comprehensive loss | ($99.9M) | ($111.5M) | ($100.5M) | ($92.1M) |
| Statutory reserves | $7.6M | $5.5M | $4.9M | $4.6M |
| Noncontrolling interests | $40.0M | $50.6M | $19.7M | ($6.8M) |
| Total shareholders' deficit | ($1.9B) | ($2.1B) | ($2.2B) | ($1.5B) |
| Total liabilities and shareholders' deficit | $2.0B | $1.8B | $1.7B | $2.3B |
| Line item | Sep 30, 2020 |
|---|---|
| Cash and cash equivalents | $78.0M |
| Time deposits | $817.5M |
| Short-term investments | $237.4M |
| Accounts receivable, net | $334.3M |
| Inventories, net | $91.9M |
| Amounts due from NetEase Group | $5.7M |
| Prepayment and other current assets | $200.6M |
| Total current assets | $1.8B |
| Property and equipment, net | $39.5M |
| Operating lease right-of-use assets, net | $83.5M |
| Other assets, net | $26.8M |
| Total non-current assets | $149.7M |
| Total assets | $1.9B |
| Accounts payables | $119.2M |
| Payroll payable | $97.0M |
| Amounts due to NetEase Group | $38.1M |
| Contract liabilities | $1.1B |
| Taxes payable | $35.5M |
| Accrued liabilities and other payables | $583.5M |
| Short-term loans from NetEase Group | $878.0M |
| Total current liabilities | $2.8B |
| Long-term lease liabilities | $65.3M |
| Other non-current liabilities | $4.4M |
| Total non-current liabilities | $69.7M |
| Total liabilities | $2.9B |
| Ordinary shares | 73.0K |
| Additional paid-in capital | $2.3B |
| Accumulated deficit | ($3.2B) |
| Accumulated other comprehensive loss | ($34.0M) |
| Statutory reserves | $1.8M |
| Noncontrolling interests | $1.2M |
| Total shareholders' equity/(deficit) | ($971.4M) |
| Total liabilities and shareholders' equity/(deficit) | $1.9B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net (loss)/income | $97.0M | $75.2M | ($550.1M) | ($745.9M) |
| Depreciation and amortization | $23.4M | $29.0M | $29.6M | $42.2M |
| Share-based compensation (Note 15) | $34.7M | $22.6M | $30.8M | $70.7M |
| Write-downs of inventories | $15.7M | $17.5M | $6.5M | — |
| Loss from long-term investments (Note 14) | $19.4M | $11.2M | — | — |
| Allowance for expected credit losses | $16.0M | $3.8M | $9.1M | $6.9M |
| Impairment of long-term investments (Note 14) | $25.7M | — | $43.7M | $10.3M |
| Unrealized exchange (gains)/losses | $6.7M | $167.0K | ($1.7M) | ($952.0K) |
| Fair value changes of short-term investments | ($1.5M) | ($1.2M) | $109.0K | ($626.0K) |
| Others | $975.0K | $5.2M | $8.5M | $6.2M |
| Accounts receivable | $20.3M | ($68.5M) | $44.0M | ($163.5M) |
| Inventories | $18.3M | $24.8M | $8.7M | $20.0M |
| Prepayment and other current assets | $11.5M | $2.1M | $18.3M | $9.2M |
| Amounts due from NetEase Group | ($244.4M) | ($53.4M) | ($18.2M) | ($1.7M) |
| Operating lease right-of-use assets | $34.4M | $38.2M | $39.4M | $33.9M |
| Other assets | ($786.0K) | $6.9M | $551.0K | ($11.9M) |
| Contract liabilities | ($113.3M) | ($91.6M) | ($14.7M) | $9.3M |
| Accounts payables | ($35.3M) | ($13.9M) | ($123.4M) | $121.3M |
| Payroll payable | $30.3M | ($18.2M) | $16.3M | $19.5M |
| Taxes payable | $5.9M | ($15.2M) | $1.5M | ($2.4M) |
| Accrued liabilities and other payables | $98.3M | $57.2M | $35.9M | $75.8M |
| Amounts due to NetEase Group | $771.0K | ($60.4M) | $13.6M | ($14.2M) |
| Long-term lease liabilities | ($19.5M) | ($41.5M) | ($44.4M) | ($23.6M) |
| Other non-current liabilities | $10.6M | $1.9M | $7.5M | ($1.2M) |
| Net cash (used in)/provided by operating activities | $55.2M | ($67.9M) | ($438.1M) | ($603.1M) |
| Purchases of short-term investments | ($337.0M) | ($25.0M) | ($110.0M) | ($1.3B) |
| Proceeds of maturities of short-term investments | $103.2M | $35.0M | $270.2M | $1.5B |
| Loans to third parties and other related parties | ($1.2M) | ($13.1M) | ($31.4M) | ($36.5M) |
| Repayment of loans from third parties and other related parties | $5.0M | $19.6M | $25.0M | $10.5M |
| Purchases of property, equipment and software | ($25.6M) | ($11.8M) | ($17.9M) | ($68.7M) |
| Proceeds from disposal of property, equipment and software | $2.2M | $659.0K | $1.4M | $1.4M |
| Net cash provided by/(used in) investing activities | ($253.4M) | ($13.6M) | $125.6M | $125.8M |
| Proceeds from long-term loans from NetEase Group | $25.1M | $488.0M | $99.3M | $225.9M |
| Purchase of noncontrolling interest | ($381.0K) | — | — | — |
| Proceeds from issuance of ordinary shares pursuant to incentive plan | 20.9M | 16.9M | 9.3M | 9.4M |
| Net cash (used in)/provided by financing activities | $45.6M | $228.5M | ($18.9M) | $184.6M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | ($2.0M) | ($2.5M) | $2.0M | $4.6M |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | ($154.6M) | $144.6M | ($329.6M) | ($288.1M) |
| Cash, cash equivalents and restricted cash at the beginning of the year | $599.5M | $454.9M | $784.5M | $1.1B |
| Cash paid for income tax expenses | $17.4M | $11.7M | $12.7M | $9.4M |
| Cash paid for interest expense | $62.0M | $94.2M | $63.4M | $39.4M |
| Changes in accrued liabilities and other payables related to property, equipment and software addition | $2.9M | $692.0K | $2.6M | $5.7M |
| Receivable from agent for issuance of ordinary shares pursuant to incentive plan | 71.0K | — | — | 693.0K |
| Cash and cash equivalents | $439.7M | $592.7M | — | — |
| Restricted cash | $2.0M | $3.6M | — | — |
| Line item | Sep 30, 2020 · YTD |
|---|---|
| Net loss | ($1.3B) |
| Depreciation and amortization | $11.3M |
| Share-based compensation | $26.9M |
| Fair value changes of short-term investments | ($3.3M) |
| Provision for allowance for doubtful accounts | $9.8M |
| Reversal of inventory allowance | ($3.2M) |
| Loss on disposal of property and equipment | $3.0K |
| Unrealized exchange (gain)/loss | $3.8M |
| Accounts receivable | ($143.2M) |
| Inventories | ($15.6M) |
| Prepayment and other current assets | ($79.7M) |
| Amounts due from NetEase Group | $9.2M |
| Operating lease right-of-use assets | $6.7M |
| Other assets | ($2.1M) |
| Contract liabilities | $608.8M |
| Accounts payables | $56.5M |
| Payroll payable | $2.5M |
| Taxes payable | $9.5M |
| Accrued liabilities and other payables | $392.1M |
| Amounts due to NetEase Group | ($12.1M) |
| Long-term lease liabilities | ($22.3M) |
| Other non-current liabilities | ($1.1M) |
| Net cash used in operating activities | ($450.8M) |
| Purchases of short-term investments | ($578.0M) |
| Proceeds of maturities of short-term investments | $465.0M |
| Placements of time deposits | ($20.7M) |
| Proceeds from maturities of time deposits | $510.2M |
| Cash paid for business combination, net of cash acquired (Note 4) | ($6.4M) |
| Purchases of property and equipment | ($20.9M) |
| Proceeds from disposal of property and equipment | $192.0K |
| Payment for equity investment | ($8.5M) |
| Net cash provided by investing activities | $340.9M |
| Payment of offering expenses | ($7.9M) |
| Proceeds from issuance of ordinary shares pursuant to incentive plans | 27.0M |
| Net cash provided by financing activities | $19.1M |
| Effect of exchange rate changes on cash and cash equivalents | ($4.6M) |
| Net increase/(decrease) in cash and cash equivalents | ($95.4M) |
| Cash and cash equivalents at beginning of the period | $173.3M |
| Cash and cash equivalents at end of the period | $78.0M |
| Cash paid for income tax expenses | $5.5M |
| Cash paid for interest expenses | $27.3M |
| Changes in accrued liabilities and other payables related to property and equipment addition | $6.6M |
Youdao Inc ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.