Daqo New Energy Corp. (DQ) Income Statement
DQ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsDQ revenue and net income
Where DQ's revenue goes
2025Each bar shows an amount and its share of revenue. DQ kept −25.6% of revenue as net income.
DQ profit margins
DQ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −35.3% | −47.5% | −0.3% | +13.8% |
| Gross profit | — | — | — | — |
| 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.
DQ quarterly EPS vs estimates
Daqo New Energy beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 27, 2026 (estimate $-0.21).
DQ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $665.4M | $1.03B | $2.31B | $4.61B | $1.68B | $675.6M | $350.0M | $301.6M | $352.9M | $229.1M |
| Cost of revenue | $803.3M | $1.24B | $1.39B | $1.20B | $581.6M | $441.6M | $269.9M | $203.5M | $209.4M | $148.7M |
| Gross profit | −$137.9M | −$212.9M | $920.6M | $3.41B | $1.10B | $234.0M | $80.1M | $98.1M | $143.5M | $80.4M |
| Research & development | $2.6M | $4.6M | $10.1M | $10.0M | $6.5M | $6.9M | $5.3M | $2.7M | $881,000 | $4.0M |
| Sales, general & admin | $137.5M | $143.1M | $213.2M | $354.1M | $39.9M | $39.5M | $32.5M | $27.1M | $17.7M | $16.1M |
| Total operating expenses | $132.4M | $351.2M | $137.2M | $367.3M | $45.8M | $46.1M | $32.6M | $16.6M | $11.8M | $14.8M |
| Operating income | −$270.2M | −$564.1M | $783.4M | $3.04B | $1.05B | $187.9M | $47.5M | $81.5M | $128.7M | $65.4M |
| Interest income | $33.1M | $30.2M | $52.3M | $16.3M | $16.5M | $25.7M | $9.6M | $7.7M | $15.8M | $12.6M |
| Interest expense | — | — | — | $14.5M | $20.5M | $26.6M | $10.4M | $10.8M | $16.3M | $12.7M |
| Income before taxes | −$237.1M | −$518.1M | $818.5M | $3.02B | $1.03B | $162.1M | $37.9M | $73.8M | $111.2M | $51.3M |
| Income taxes | −$21.1M | −$69.9M | $165.6M | $537.1M | $162.8M | $28.2M | $9.6M | $11.7M | $17.3M | $7.4M |
| Net income | −$170.5M | −$345.2M | $429.5M | $1.82B | $756.2M | $129.2M | $29.5M | $38.1M | $92.8M | $43.5M |
| EBITDA | −$445,000 | −$182.1M | $967.4M | $3.12B | $939.5M | $256.5M | $94.9M | $112.3M | $156.4M | $95.0M |
| EPS (diluted) | −$1.72 | −$4.72 | $6.91 | $27.58 | $9.89 | $1.72 | $0.45 | $1.14 | $1.82 | $0.97 |
| Gross margin | −20.7% | −20.7% | 39.9% | 74.0% | 65.4% | 34.6% | 22.9% | 32.5% | 40.7% | 35.1% |
| Operating margin | −40.6% | −54.8% | 33.9% | 66.0% | 62.6% | 27.8% | 13.6% | 27.0% | 36.5% | 28.6% |
| Net margin | −25.6% | −33.5% | 18.6% | 39.5% | 45.0% | 19.1% | 8.4% | 12.6% | 26.3% | 19.0% |
| 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 | $62.8M | $26.7M | $221.7M | $244.9M | $75.5M | $123.9M | $195.4M | $198.5M | $219.7M | $414.6M | $415.3M | $484.9M |
| Cost of revenue | $145.6M | $166.1M | $206.3M | $235.3M | $157.1M | $205.4M | $260.6M | $259.1M | $378.6M | $342.7M | $343.2M | $417.1M |
| Gross profit | −$82.8M | −$139.4M | $15.4M | $9.7M | −$81.7M | −$81.5M | −$65.3M | −$60.6M | −$159.0M | $72.0M | $72.1M | $67.8M |
| Research & development | $1.6M | $783,000 | $722,000 | $559,738 | $798,798 | $507,000 | $372,000 | $813,000 | $1.8M | $1.5M | $1.5M | $2.8M |
| Sales, general & admin | $15.8M | $12.2M | $38.0M | $32.3M | $32.1M | $35.1M | $29.4M | $37.7M | $37.5M | $38.4M | $39.0M | $89.7M |
| Total operating expenses | $17.4M | $11.4M | $36.3M | $32.9M | $33.0M | $32.5M | $235.7M | $37.4M | $39.3M | $39.9M | $40.0M | $92.5M |
| Operating income | −$100.3M | −$150.8M | −$20.9M | −$23.2M | −$114.7M | −$114.1M | −$300.9M | −$98.0M | −$198.3M | $32.1M | $32.1M | −$24.6M |
| Interest income | — | $2.5M | $7.5M | $8.4M | $8.2M | $2.7M | $10.5M | $9.1M | — | $12.3M | — | — |
| Interest expense | — | — | — | — | — | — | — | — | $7.1M | $252,000 | — | — |
| Income before taxes | −$91.0M | −$143.3M | −$13.4M | −$11.9M | −$107.2M | −$105.0M | −$290.5M | −$88.9M | −$180.9M | $42.4M | $42.5M | $39.3M |
| Income taxes | $21.6M | −$21.6M | −$3.6M | $3.0M | −$8.2M | −$12.3M | $49.0M | −$12.0M | −$23.3M | $14.3M | $14.4M | $21.4M |
| Net income | −$81.3M | −$88.4M | −$7.3M | −$14.9M | −$76.7M | −$71.8M | −$180.2M | −$60.7M | −$119.6M | $15.4M | $15.5M | −$6.3M |
| EBITDA | −$36.3M | −$80.4M | $47.2M | $48.8M | −$46.7M | −$45.7M | −$64.6M | −$32.7M | −$136.0M | $89.0M | $77.2M | $84.1M |
| EPS (diluted) | −$1.20 | −$1.31 | −$0.11 | $0.05 | −$0.86 | −$0.80 | −$2.56 | −$0.59 | −$1.81 | $0.24 | $0.64 | $0.59 |
| Gross margin | −132.0% | −521.5% | 7.0% | 3.9% | −108.3% | −65.8% | −33.4% | −30.5% | −72.4% | 17.4% | 17.4% | 14.0% |
| Operating margin | −159.7% | −564.4% | −9.4% | −9.5% | −152.0% | −92.0% | −154.0% | −49.4% | −90.3% | 7.7% | 7.7% | −5.1% |
| Net margin | −129.5% | −330.7% | −3.3% | −6.1% | −101.7% | −58.0% | −92.2% | −30.6% | −54.5% | 3.7% | 3.7% | −1.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DQ's financial statements (latest annual report filed April 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DQ financial results
In fiscal year 2025 (ended December 31, 2025), Daqo New Energy reported revenue of $665.4 million, down 35.3% from the year before. It had a net loss of $170.5 million, a net profit margin of −25.6%. Diluted earnings per share came to −$1.72. Over five years revenue grew at an average rate of −0.3% a year.
See the DQ stock overview for the latest quote and news, or the DQ chart for price history and technical indicators.
DQ income statement FAQ
What is Daqo New Energy's annual revenue?
Daqo New Energy reported total revenue of $665.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 35.3% from $1.0 billion the previous year.
Is Daqo New Energy profitable?
No. Daqo New Energy reported a net loss of $170.5 million in fiscal 2025, a net profit margin of −25.6%; its operating margin was −40.6%.
What is Daqo New Energy's gross margin?
Daqo New Energy's gross margin was −20.7% in fiscal 2025: for every $100 of revenue, Daqo New Energy kept $-21 after the direct cost of its products and services.
How much does Daqo New Energy spend on research and development?
Daqo New Energy spent $2.6 million on research and development in fiscal 2025, 0.4% of revenue.
How fast is Daqo New Energy growing?
Revenue grew −0.3% a year on average over the last five fiscal years, from $675.6 million to $665.4 million.
What are Daqo New Energy's earnings per share?
Daqo New Energy earned $-1.72 per diluted share in fiscal 2025, compared with $-4.72 a year earlier.
When will Daqo New Energy report its next earnings?
Daqo New Energy is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Daqo New Energy's fiscal year end?
Daqo New Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 20, 2026.