DAO

MKT CAP:$1B

Youdao, Inc.

Market Cap

$1B

Consumer Defensive·Education & Training Services·🇨🇳 China·NYSE

Consumer Def.·Education·🇨🇳·NYSE

Stock Price

$10.77-$0.45 (-4.01%)

Apr 20, 2026

Company Details

Youdao, Inc., an internet technology company, provides online services in the field of content, community, communication, and commerce in China. It operates through three segments: Learning Services, Smart Devices, and Online Marketing Serv...

CEO

Feng Zhou

IPO Date

Oct 25, 2019

Website

www.youdao.com

Key Metrics TTM

Revenue

$848M

+10.0% YoY

Net Income

-$19M

EPS (Diluted)

-$0.15

Free Cash Flow

$0

Revenue / Share

$7.07

Gross Margin

48.4%

Operating Margin

0.0%

Net Margin

-2.2%

FCF Margin

0.0%

P/S

1.5x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

FY 2025

Dec 31, 2025

$863MEPS $0.13

Q3 2025

Nov 20, 2025

$238MEPS $0.00

Q1 2025

May 15, 2025

$189MEPS $0.09

Q2 2024

Jun 30, 2024

$194M+6.5%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$47M	$16M	-$12M
Q1 20	$80M	$35M	-$26M
Q2 20	$91M	$41M	-$41M
Q1 21	$140M	$73M	-$32M
Q2 21	$143M	$73M	-$37M
Q3 21	$151M	$80M	-$33M
Q1 22	$176M	$94M	-$18M
Q2 22	$142M	$61M	-$67M
Q3 22	$214M	$116M	-$33M
Q4 22	$205M	$109M	$3M
Q1 23	$171M	$88M	-$29M
Q2 23	$182M	$86M	-$44M
Q3 23	$227M	$127M	-$8M
Q2 24	$194M	$93M	-$11M
Q1 25	$189M	$90M	$15M
Q3 25	$238M	$101M	$4M

Valuation

Quarter	P/S	P/E
Q2 19	9.3x	—
Q1 20	6.7x	—
Q2 20	5.2x	—
Q1 21	3.6x	—
Q2 21	2.9x	—
Q3 21	2.5x	—
Q1 22	2.1x	—
Q2 22	2.1x	—
Q3 22	1.9x	—
Q4 22	1.8x	—
Q1 23	1.8x	—
Q2 23	1.7x	—
Q3 23	1.7x	—
Q2 24	1.7x	—
Q1 25	1.6x	—
Q3 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q3 22	$0	$0
Q4 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q2 24	$0	$0
Q1 25	$0	$0
Q3 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+62.4%	+75.8%
Q1 20	+212.2%	+177.4%
Q2 20	+171.4%	+223.8%
Q1 21	+326.9%	+287.6%
Q2 21	+202.0%	+202.6%
Q3 21	+88.5%	+73.1%
Q1 22	+93.6%	+47.0%
Q2 22	+0.9%	+21.5%
Q3 22	+48.9%	+36.7%
Q4 22	+35.1%	+9.1%
Q1 23	-2.7%	+2.9%
Q2 23	+28.5%	+7.9%
Q3 23	+6.1%	-4.8%
Q2 24	-5.3%	+1.7%
Q1 25	+10.9%	-12.7%
Q3 25	+30.8%	+3.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$2M	0.9%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q2 24	$512.7K	0.3%
Q1 25	$764.2K	0.4%
Q3 25	$1M	0.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 19	$8M	—	—	$20M
Q1 20	$12M	—	—	$49M
Q2 20	$13M	—	—	$69M
Q1 21	$19M	—	—	$86M
Q2 21	$21M	—	—	$89M
Q3 21	$24M	—	—	$89M
Q1 22	$30M	—	—	$82M
Q2 22	$31M	—	—	$97M
Q3 22	$32M	—	—	$117M
Q4 22	$25M	—	—	$80M
Q1 23	$27M	—	—	$90M
Q2 23	$31M	—	—	$98M
Q3 23	$28M	—	—	$107M
Q2 24	$22M	—	—	$82M
Q1 25	$17M	—	—	$58M
Q3 25	$19M	$6M	$71M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$61M	$934.7K	$62M
Q2 22	$100M	$3M	$104M
Q3 22	$104M	$3M	$107M
Q4 22	$114M	$34M	$148M
Q1 23	$85M	$3M	$88M
Q2 23	$96M	$3M	$99M
Q3 23	$49M	$3M	$53M
Q4 23	$66M	$11M	$77M
Q1 24	$38M	$9M	$48M
Q2 24	$73M	$9M	$82M
Q3 24	$62M	$9M	$71M
Q4 24	$87M	$9M	$96M
Q1 25	$49M	$12M	$61M
Q2 25	$78M	$11M	$89M
Q3 25	$60M	$21M	$81M
Q4 25	$64M	$44M	$108M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	99M	0.0%	+24.8%
Q1 20	112M	+13.1%	+13.1%
Q2 20	112M	+0.5%	+13.6%
Q1 21	118M	+5.4%	+19.7%
Q2 21	122M	+3.4%	+23.8%
Q3 21	123M	+0.3%	+9.8%
Q1 22	123M	+0.5%	+9.8%
Q2 22	124M	+0.3%	+4.6%
Q3 22	124M	+0.1%	+1.2%
Q4 22	124M	+0.5%	+1.3%
Q1 23	122M	-1.7%	-0.9%
Q2 23	122M	0.0%	-1.2%
Q3 23	121M	-0.8%	-2.0%
Q2 24	117M	-3.4%	-5.8%
Q1 25	120M	+2.0%	-2.3%
Q3 25	120M	+0.4%	-1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	—	—
Q1 20	$47.3K	2K
Q2 20	$53.4K	2K
Q1 21	$28.4K	5K
Q2 21	$29.0K	5K
Q3 21	$30.6K	5K
Q1 22	$28.8K	6K
Q2 22	$23.2K	6K
Q3 22	$35.0K	6K
Q4 22	$40.4K	5K
Q1 23	$33.7K	5K
Q2 23	$35.9K	5K
Q3 23	$44.7K	5K
Q2 24	$44.4K	4K
Q1 25	$50.5K	4K
Q3 25	$63.5K	4K

Revenue / Employee