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DAO: financial statements from SEC — TradeAlmanac

DAO

Youdao, Inc.: financial statements

Company reports as filed with the U.S. Securities and Exchange Commission.

AnnualQuarterly

Income statement

Metric	31/12/2025	31/12/2024	31/12/2023	31/12/2022
Revenue	5.91B	771M	5.39B	5.01B
Cost of revenue	3.29B	2.88B	2.62B	2.43B
Gross profit	2.62B	377M	2.77B	2.59B
Research and development	514M	74M	743M	804M
Selling, general and administrative	197M	187M	222M	229M
Operating expenses	2.40B	356M	3.23B	3.36B
Operating income	221M	149M	−466M	−775M
Interest expense	63M	73M	69M	46M
Pre-tax income	114M	81M	−539M	−726M
Income tax	17M	823,000	11M	14M
Net income	107M	11M	−550M	−727M
Earnings per share	0.91	0.70	−4.53	−5.88
Earnings per share, diluted	0.90	0.10	−4.53	−5.88
Weighted average shares	118M	117M	121M	124M
Weighted average shares, diluted	120M	118M	121M	124M

Balance sheet

Metric	19/08/2026	18/08/2026	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021
Cash and equivalents	—	—	440M	81M	455M	784M	1.07B
Short-term investments	—	—	298M

Cash flow

Metric	31/12/2025	31/12/2024	31/12/2023	31/12/2022
Operating cash flow	55M	−9M	−438M	−603M
Depreciation and amortisation	23M	29M	30M	42M
Share-based compensation	35M	3M	31M	71M
Capital expenditure

Amounts in USD unless stated otherwise. Data: US exchange trading and company filings with the regulator