Noah Holdings Limited (NOAH) Income Statement
NOAH 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanNOAH revenue and net income
Where NOAH's revenue goes
2025Each bar shows an amount and its share of revenue. NOAH kept 21.4% of revenue as net income.
NOAH profit margins
NOAH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.4% | −5.6% | −4.6% | +2.1% |
| Gross profit | +11.4% | −5.6% | −11.8% | +3.8% |
| Operating income | +22.5% | −10.6% | −9.2% | +3.3% |
| Net income | +17.5% | −17.0% | — | +0.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NOAH income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.61B | CN¥2.60B | CN¥3.29B | CN¥3.10B | CN¥4.29B | CN¥3.31B | CN¥3.39B | CN¥3.29B | CN¥2.83B | CN¥2.51B |
| Cost of revenue | CN¥1.22B | CN¥1.35B | CN¥1.46B | CN¥1.44B | CN¥2.17B | CN¥699.4M | CN¥1.61B | CN¥1.56B | CN¥1.41B | CN¥1.30B |
| Gross profit | CN¥1.39B | CN¥1.25B | CN¥1.84B | CN¥1.66B | CN¥2.12B | CN¥2.61B | CN¥1.78B | CN¥1.73B | CN¥1.42B | CN¥1.21B |
| Research & development | — | — | — | — | — | — | CN¥225.9M | CN¥221.1M | CN¥0 | CN¥0 |
| Sales, general & admin | CN¥548.4M | CN¥565.8M | CN¥275.7M | CN¥739.5M | CN¥820.5M | CN¥1.35B | CN¥627.8M | CN¥280.1M | CN¥567.2M | CN¥234.5M |
| Total operating expenses | CN¥617.0M | CN¥617.6M | CN¥740.0M | CN¥570.0M | CN¥925.3M | CN¥1.35B | CN¥866.1M | CN¥798.9M | CN¥642.5M | CN¥545.9M |
| Operating income | CN¥776.7M | CN¥633.9M | CN¥1.10B | CN¥1.09B | CN¥1.20B | CN¥1.26B | CN¥915.0M | CN¥926.5M | CN¥777.0M | CN¥667.3M |
| Interest income | CN¥127.5M | CN¥155.8M | CN¥161.9M | CN¥61.4M | CN¥71.9M | CN¥67.3M | CN¥89.1M | CN¥69.8M | CN¥45.0M | CN¥39.5M |
| Interest expense | — | — | — | CN¥155.2M | CN¥601.3M | CN¥1.72B | CN¥430,000 | CN¥10.0M | CN¥24.1M | CN¥19.3M |
| Income before taxes | CN¥855.0M | CN¥755.6M | CN¥1.26B | CN¥1.24B | CN¥1.60B | −CN¥485.1M | CN¥1.08B | CN¥1.01B | CN¥868.8M | CN¥755.9M |
| Income taxes | CN¥297.8M | CN¥268.6M | CN¥262.4M | CN¥267.1M | CN¥293.9M | CN¥258.5M | CN¥220.0M | CN¥222.3M | CN¥199.1M | CN¥158.0M |
| Net income | CN¥558.9M | CN¥475.4M | CN¥1.01B | CN¥976.6M | CN¥1.31B | −CN¥745.2M | CN¥829.2M | CN¥811.3M | CN¥762.9M | CN¥643.8M |
| EBITDA | CN¥933.6M | CN¥790.6M | CN¥1.26B | CN¥1.24B | CN¥1.35B | CN¥1.36B | CN¥1.07B | CN¥1.11B | CN¥974.9M | CN¥814.2M |
| Gross margin | 53.4% | 48.1% | 55.8% | 53.5% | 49.5% | 78.8% | 52.5% | 52.5% | 50.2% | 48.3% |
| Operating margin | 29.8% | 24.4% | 33.3% | 35.1% | 27.9% | 38.1% | 27.0% | 28.2% | 27.5% | 26.5% |
| Net margin | 21.4% | 18.3% | 30.6% | 31.5% | 30.6% | −22.5% | 24.4% | 24.7% | 27.0% | 25.6% |
| 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 | CN¥619.9M | CN¥625.8M | CN¥726.8M | CN¥632.9M | CN¥629.5M | CN¥614.6M | CN¥651.9M | CN¥683.7M | CN¥615.9M | CN¥649.5M | CN¥799.5M | CN¥750.0M |
| Cost of revenue | CN¥260.1M | CN¥102.5M | CN¥21.9M | CN¥126.2M | CN¥299.3M | CN¥122.6M | CN¥526.6M | CN¥137.1M | CN¥131.5M | CN¥388.8M | CN¥300.8M | CN¥185.7M |
| Gross profit | CN¥359.8M | CN¥523.3M | CN¥704.9M | CN¥506.7M | CN¥330.2M | CN¥492.0M | CN¥125.3M | CN¥546.6M | CN¥484.3M | CN¥260.8M | CN¥498.8M | CN¥564.2M |
| Sales, general & admin | CN¥130.9M | CN¥267.3M | CN¥337.7M | CN¥334.2M | CN¥133.5M | CN¥296.8M | CN¥20.5M | CN¥311.1M | CN¥307.3M | CN¥133.4M | CN¥256.0M | CN¥282.5M |
| Total operating expenses | CN¥144.0M | CN¥286.9M | CN¥453.4M | CN¥334.9M | CN¥169.2M | CN¥306.0M | CN¥514.3M | CN¥305.8M | CN¥350.3M | CN¥139.3M | CN¥278.0M | CN¥315.3M |
| Operating income | CN¥215.8M | CN¥236.4M | CN¥251.5M | CN¥171.9M | CN¥161.0M | CN¥186.0M | CN¥137.6M | CN¥240.8M | CN¥134.0M | CN¥121.5M | CN¥220.7M | CN¥248.9M |
| Interest income | CN¥30.4M | CN¥32.0M | CN¥32.6M | CN¥28.7M | CN¥33.5M | CN¥32.8M | CN¥38.6M | CN¥28.4M | CN¥42.6M | CN¥46.2M | CN¥44.4M | CN¥43.5M |
| Income before taxes | CN¥326.8M | CN¥189.9M | CN¥114.4M | CN¥286.3M | CN¥242.2M | CN¥210.4M | CN¥253.2M | CN¥226.8M | CN¥143.9M | CN¥174.5M | CN¥194.6M | CN¥300.5M |
| Income taxes | CN¥89.9M | CN¥66.7M | CN¥104.6M | CN¥67.5M | CN¥63.7M | CN¥60.6M | — | CN¥89.0M | CN¥40.3M | CN¥42.7M | CN¥34.1M | CN¥68.5M |
| Net income | CN¥232.2M | CN¥124.7M | CN¥12.6M | CN¥218.5M | CN¥178.6M | CN¥149.0M | CN¥109.8M | CN¥134.4M | CN¥99.8M | CN¥131.5M | CN¥216.5M | CN¥233.3M |
| EBITDA | CN¥326.8M | CN¥236.4M | CN¥114.4M | CN¥171.9M | CN¥161.0M | CN¥186.0M | — | CN¥240.8M | CN¥174.8M | CN¥161.0M | CN¥220.7M | CN¥248.9M |
| Gross margin | 58.0% | 83.6% | 97.0% | 80.1% | 52.5% | 80.1% | 19.2% | 79.9% | 78.6% | 40.1% | 62.4% | 75.2% |
| Operating margin | 34.8% | 37.8% | 34.6% | 27.2% | 25.6% | 30.3% | 21.1% | 35.2% | 21.8% | 18.7% | 27.6% | 33.2% |
| Net margin | 37.5% | 19.9% | 1.7% | 34.5% | 28.4% | 24.2% | 16.8% | 19.7% | 16.2% | 20.2% | 27.1% | 31.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in NOAH's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NOAH financial results
In fiscal year 2025 (ended December 31, 2025), Noah reported revenue of CN¥2.6 billion, up 0.4% from the year before. It had net income of CN¥558.9 million (up 17.5%), a net profit margin of 21.4%. Over five years revenue grew at an average rate of −4.6% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the NOAH stock overview for the latest quote and news, or the NOAH chart for price history and technical indicators.
NOAH income statement FAQ
What is Noah's annual revenue?
Noah reported total revenue of CN¥2.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 0.4% from CN¥2.6 billion the previous year.
Is Noah profitable?
Yes. Noah reported net income of CN¥558.9 million in fiscal 2025, a net profit margin of 21.4%; its operating margin was 29.8%.
What is Noah's gross margin?
Noah's gross margin was 53.4% in fiscal 2025: for every $100 of revenue, Noah kept $53 after the direct cost of its products and services.
How fast is Noah growing?
Revenue grew −4.6% a year on average over the last five fiscal years, from CN¥3.3 billion to CN¥2.6 billion.
When will Noah report its next earnings?
Noah is expected to report results for the quarter ending September 30, 2026 on November 24, 2026 after the market closes.
When does Noah's fiscal year end?
Noah's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.