Waterdrop Inc. (WDH) Income Statement
WDH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWDH revenue and net income
Where WDH's revenue goes
2025Each bar shows an amount and its share of revenue. WDH kept 14.3% of revenue as net income.
WDH profit margins
WDH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| 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.
WDH quarterly EPS vs estimates
Next report: December 2, 2026.
WDH income statement
| 2025 | |
|---|---|
| Revenue | $3.87B |
| Cost of revenue | $1.89B |
| Gross profit | $1.98B |
| Research & development | $226.3M |
| Sales, general & admin | $1.43B |
| Total operating expenses | $1.62B |
| Operating income | $360.8M |
| Interest income | $136.0M |
| Income before taxes | $528.6M |
| Income taxes | −$21.0M |
| Net income | $553.4M |
| EBITDA | $374.7M |
| EPS (diluted) | $1.18 |
| Gross margin | 51.1% |
| Operating margin | 9.3% |
| Net margin | 14.3% |
| Dec '25 | |
|---|---|
| Revenue | $1.39B |
| Cost of revenue | $668.0M |
| Gross profit | $723.8M |
| Research & development | $65.3M |
| Sales, general & admin | $583.9M |
| Total operating expenses | $641.1M |
| Operating income | $82.7M |
| Interest income | $34.9M |
| Income before taxes | $118.7M |
| Income taxes | −$41.1M |
| Net income | $159.9M |
| EBITDA | $82.7M |
| EPS (diluted) | $0.06 |
| Gross margin | 52.0% |
| Operating margin | 5.9% |
| Net margin | 11.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WDH's financial statements (latest annual report filed April 28, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WDH financial results
In fiscal year 2025 (ended December 31, 2025), Waterdrop reported revenue of $3.9 billion. It had net income of $553.4 million, a net profit margin of 14.3%. Diluted earnings per share came to $1.18.
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WDH income statement FAQ
What is Waterdrop's annual revenue?
Waterdrop reported total revenue of $3.9 billion for fiscal year 2025, which ended on December 31, 2025.
Is Waterdrop profitable?
Yes. Waterdrop reported net income of $553.4 million in fiscal 2025, a net profit margin of 14.3%; its operating margin was 9.3%.
What is Waterdrop's gross margin?
Waterdrop's gross margin was 51.1% in fiscal 2025: for every $100 of revenue, Waterdrop kept $51 after the direct cost of its products and services.
How much does Waterdrop spend on research and development?
Waterdrop spent $226.3 million on research and development in fiscal 2025, 5.8% of revenue.
What are Waterdrop's earnings per share?
Waterdrop earned $1.18 per diluted share in fiscal 2025.
When will Waterdrop report its next earnings?
Waterdrop is expected to report results for the quarter ending September 30, 2026 on December 2, 2026 before the market opens.
When does Waterdrop's fiscal year end?
Waterdrop's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 28, 2026.