China Online Education Group (COE) Income Statement
COE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCOE revenue and net income
Where COE's revenue goes
2025Each bar shows an amount and its share of revenue. COE kept −17.6% of revenue as net income.
COE profit margins
COE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +89.1% | — | — | — |
| Gross profit | +79.2% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
COE quarterly EPS vs estimates
China Online Education beat the analyst EPS estimate in 0 of the last 3 quarters.
COE income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $95.9M | $50.7M | $27.1M |
| Cost of revenue | $25.0M | $11.2M | $6.3M |
| Gross profit | $70.8M | $39.5M | $20.8M |
| Research & development | $5.5M | $3.6M | $3.1M |
| Sales, general & admin | $79.6M | $44.0M | $31.4M |
| Total operating expenses | $85.3M | $47.6M | $34.5M |
| Operating income | −$14.5M | −$8.0M | −$13.7M |
| Interest income | $358,000 | $229,000 | $165,000 |
| Income before taxes | −$15.7M | −$7.0M | −$14.9M |
| Income taxes | $1.2M | $276,000 | $118,000 |
| Net income | −$16.8M | −$7.2M | −$15.0M |
| EBITDA | −$15.2M | −$6.9M | −$14.8M |
| EPS (diluted) | −$1.93 | −$1.21 | −$2.42 |
| Gross margin | 73.9% | 78.0% | 76.7% |
| Operating margin | −15.1% | −15.9% | −50.4% |
| Net margin | −17.6% | −14.3% | −55.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.4M | $31.3M | $30.8M | $26.3M | $20.4M | $18.2M | $16.2M | $14.0M | $11.0M | $9.4M | $7.5M | $7.8M |
| Cost of revenue | $8.5M | $8.2M | $8.5M | $7.0M | $5.2M | $4.2M | $3.7M | $3.0M | $2.4M | $2.1M | $1.9M | $1.9M |
| Gross profit | $24.0M | $23.0M | $22.3M | $19.3M | $15.2M | $14.0M | $12.6M | $11.1M | $8.6M | $7.3M | $5.6M | $6.0M |
| Research & development | $2.4M | $1.9M | $1.6M | $1.6M | $1.2M | $1.0M | $936,000 | $839,000 | $851,000 | $948,000 | $864,000 | $868,000 |
| Sales, general & admin | $23.6M | $22.5M | $25.8M | $21.9M | $16.7M | $14.3M | $12.6M | $11.0M | $10.1M | $10.4M | $9.0M | $9.0M |
| Total operating expenses | $26.1M | $24.5M | $27.5M | $23.4M | $17.9M | $15.3M | $17.1M | $11.8M | $11.0M | $11.3M | $11.8M | $9.8M |
| Operating income | −$2.1M | −$1.4M | −$5.2M | −$4.2M | −$2.7M | −$1.3M | −$901,000 | −$786,000 | −$2.4M | −$4.0M | −$4.3M | −$3.9M |
| Interest income | $138,000 | $134,000 | $142,000 | $138,000 | $58,000 | $20,000 | $27,000 | $57,000 | $63,000 | $82,000 | $67,000 | $29,000 |
| Income before taxes | −$2.5M | −$1.8M | −$5.8M | −$4.5M | −$2.9M | −$1.3M | −$1.5M | −$584,000 | −$1.2M | −$4.0M | −$5.5M | −$3.9M |
| Income taxes | $584,964 | $490,458 | $654,845 | $264,000 | $169,000 | $157,000 | — | $51,000 | $41,000 | $22,000 | — | −$1,000 |
| Net income | −$3.1M | −$2.3M | −$6.5M | −$4.8M | −$3.0M | −$1.5M | −$1.6M | −$618,000 | −$1.2M | −$4.0M | −$5.7M | −$3.9M |
| EBITDA | −$2.1M | −$1.4M | −$5.2M | −$4.5M | −$2.9M | −$1.3M | — | −$584,000 | −$1.2M | −$4.0M | — | −$3.9M |
| EPS (diluted) | −$0.51 | −$0.39 | −$1.09 | −$0.07 | −$0.52 | −$0.25 | −$0.24 | −$0.11 | −$0.22 | −$0.65 | −$0.81 | −$0.68 |
| Gross margin | 73.9% | 73.7% | 72.4% | 73.3% | 74.6% | 77.0% | 77.5% | 78.7% | 78.1% | 77.5% | 75.0% | 76.3% |
| Operating margin | −6.5% | −4.6% | −16.9% | −15.8% | −13.3% | −7.1% | −5.5% | −5.6% | −22.0% | −42.2% | −57.7% | −49.2% |
| Net margin | −9.4% | −7.4% | −21.1% | −18.1% | −14.9% | −8.1% | −10.0% | −4.4% | −11.4% | −42.3% | −75.9% | −49.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in COE's financial statements (latest annual report filed April 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
COE financial results
In fiscal year 2025 (ended December 31, 2025), China Online Education reported revenue of $95.9 million, up 89.1% from the year before. It had a net loss of $16.8 million, a net profit margin of −17.6%. Diluted earnings per share came to −$1.93.
See the COE stock overview for the latest quote and news, or the COE chart for price history and technical indicators.
COE income statement FAQ
What is China Online Education's annual revenue?
China Online Education reported total revenue of $95.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 89.1% from $50.7 million the previous year.
Is China Online Education profitable?
No. China Online Education reported a net loss of $16.8 million in fiscal 2025, a net profit margin of −17.6%; its operating margin was −15.1%.
What is China Online Education's gross margin?
China Online Education's gross margin was 73.9% in fiscal 2025: for every $100 of revenue, China Online Education kept $74 after the direct cost of its products and services.
How much does China Online Education spend on research and development?
China Online Education spent $5.5 million on research and development in fiscal 2025, 5.7% of revenue.
What are China Online Education's earnings per share?
China Online Education earned $-1.93 per diluted share in fiscal 2025, compared with $-1.21 a year earlier.
When does China Online Education's fiscal year end?
China Online Education's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 23, 2026.