Zhongchao Inc. (ZCMD) Income Statement
ZCMD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZCMD revenue and net income
Where ZCMD's revenue goes
2025Each bar shows an amount and its share of revenue. ZCMD kept −55.5% of revenue as net income.
ZCMD profit margins
ZCMD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −28.3% | −7.0% | −8.8% | — |
| Gross profit | −45.8% | −8.7% | −16.5% | — |
| 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.
ZCMD quarterly EPS vs estimates
Zhongchao beat the analyst EPS estimate in 3 of the last 6 quarters.
ZCMD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.4M | $15.9M | $19.4M | $14.2M | $16.3M | $18.0M | $14.9M | $12.9M | $9.8M |
| Cost of revenue | $6.5M | $7.0M | $10.9M | $7.8M | $6.9M | $6.1M | $4.7M | $4.5M | $4.0M |
| Gross profit | $4.8M | $8.9M | $8.5M | $6.4M | $9.4M | $11.9M | $10.2M | $8.4M | $5.8M |
| Research & development | $8,085 | $252,451 | $514,411 | $411,524 | $758,878 | $816,553 | $864,320 | $1.4M | $943,253 |
| Sales, general & admin | $11.3M | $9.0M | $13.4M | $8.9M | $9.0M | $6.6M | $5.7M | $3.7M | $3.9M |
| Total operating expenses | $11.0M | $9.3M | $21.8M | $9.3M | $9.8M | $7.4M | $6.6M | $5.1M | $4.8M |
| Operating income | −$6.2M | −$341,267 | −$13.3M | −$3.0M | −$320,741 | $4.5M | $3.6M | $3.3M | $1.0M |
| Interest income | $343,128 | $243,008 | $237,054 | $142,014 | $175,987 | $146,965 | $211,480 | $191,609 | $17,331 |
| Interest expense | — | — | — | $285,884 | $209,988 | $453,814 | $791,670 | $0 | $0 |
| Income before taxes | −$5.8M | $61,756 | −$12.0M | −$2.6M | −$110,753 | $4.9M | $4.4M | $3.5M | $1.3M |
| Income taxes | $46,182 | $335,169 | −$669,760 | $272,313 | −$349,418 | $484,787 | $387,144 | $502,131 | −$153,953 |
| Net income | −$6.3M | −$643,229 | −$11.3M | −$2.9M | $238,665 | $4.5M | $4.0M | $3.0M | $1.5M |
| EBITDA | −$5.4M | $87,951 | −$4.5M | −$1.8M | $592,224 | $4.9M | $3.9M | $3.3M | $1.1M |
| EPS (diluted) | −$152.79 | −$18.97 | −$4.59 | −$0.11 | $0.01 | $0.33 | $0.27 | $0.17 | $0.01 |
| Gross margin | 42.5% | 56.2% | 43.8% | 44.9% | 57.9% | 66.0% | 68.7% | 65.4% | 59.6% |
| Operating margin | −54.4% | −2.2% | −68.4% | −20.9% | −2.0% | 25.0% | 24.5% | 25.5% | 10.7% |
| Net margin | −55.5% | −4.1% | −58.3% | −20.8% | 1.5% | 24.8% | 27.2% | 23.5% | 15.6% |
| Mar '26 | Jun '25 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | Mar '23 | Sep '22 | Mar '22 | Sep '21 | Mar '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $5.6M | $7.5M | $8.3M | $9.1M | $10.4M | $6.9M | $7.3M | $7.7M | $8.6M | $9.5M |
| Cost of revenue | $3.5M | $2.9M | $3.3M | $3.6M | $4.9M | $6.1M | $5.6M | $2.2M | $3.7M | $3.1M | $3.3M |
| Gross profit | $2.3M | $2.7M | $4.2M | $4.7M | $4.2M | $4.3M | $1.3M | $5.1M | $4.0M | $5.5M | $6.3M |
| Research & development | $73 | $8,012 | $117,382 | $135,069 | $215,424 | $298,987 | $258,234 | $153,290 | $342,801 | $416,077 | $412,442 |
| Sales, general & admin | — | — | $4.3M | $4.7M | $2.4M | $3.6M | $2.3M | $2.2M | $2.4M | $2.1M | $1.6M |
| Total operating expenses | $7.6M | $3.6M | $4.5M | $4.8M | $5.0M | $8.9M | $4.8M | $4.5M | $5.2M | $4.6M | $3.6M |
| Operating income | −$5.3M | −$879,449 | −$288,854 | −$51,550 | −$850,127 | −$4.6M | −$3.5M | $542,653 | −$1.2M | $859,333 | $2.6M |
| Income before taxes | −$5.1M | −$644,412 | −$14,933 | $76,689 | −$6.8M | −$5.2M | −$2.9M | $378,239 | −$1.2M | $1.0M | $3.0M |
| Income taxes | −$171,725 | $217,907 | $441,413 | −$106,244 | −$267,456 | −$402,304 | −$12,382 | $284,695 | −$392,030 | $42,612 | −$37,692 |
| Net income | −$5.3M | −$965,254 | −$733,276 | $90,047 | −$6.6M | −$4.7M | −$3.0M | $93,544 | −$762,894 | $1.0M | $3.0M |
| EBITDA | −$5.0M | −$460,211 | $186,130 | $303,981 | −$6.4M | −$4.6M | −$2.5M | $689,727 | −$757,377 | $1.3M | $2.6M |
| EPS (diluted) | — | −$0.04 | −$0.09 | $0.03 | — | — | — | — | −$0.03 | $0.04 | $0.18 |
| Gross margin | 39.4% | 48.4% | 55.5% | 56.7% | 46.2% | 41.7% | 18.9% | 69.3% | 51.7% | 63.5% | 65.6% |
| Operating margin | −92.0% | −15.7% | −3.8% | −0.6% | −9.4% | −43.9% | −51.0% | 7.4% | −15.4% | 10.0% | 27.4% |
| Net margin | −92.6% | −17.2% | −9.8% | 1.1% | −73.0% | −45.5% | −44.3% | 1.3% | −9.9% | 11.6% | 31.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZCMD's financial statements (latest annual report filed April 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZCMD financial results
In fiscal year 2025 (ended December 31, 2025), Zhongchao reported revenue of $11.4 million, down 28.3% from the year before. It had a net loss of $6.3 million, a net profit margin of −55.5%. Diluted earnings per share came to −$152.79. Over five years revenue grew at an average rate of −8.8% a year.
See the ZCMD stock overview for the latest quote and news, or the ZCMD chart for price history and technical indicators.
ZCMD income statement FAQ
What is Zhongchao's annual revenue?
Zhongchao reported total revenue of $11.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 28.3% from $15.9 million the previous year.
Is Zhongchao profitable?
No. Zhongchao reported a net loss of $6.3 million in fiscal 2025, a net profit margin of −55.5%; its operating margin was −54.4%.
What is Zhongchao's gross margin?
Zhongchao's gross margin was 42.5% in fiscal 2025: for every $100 of revenue, Zhongchao kept $42 after the direct cost of its products and services.
How much does Zhongchao spend on research and development?
Zhongchao spent $0.0 million on research and development in fiscal 2025, 0.1% of revenue.
How fast is Zhongchao growing?
Revenue grew −8.8% a year on average over the last five fiscal years, from $18.0 million to $11.4 million.
What are Zhongchao's earnings per share?
Zhongchao earned $-152.79 per diluted share in fiscal 2025, compared with $-18.97 a year earlier.
When does Zhongchao's fiscal year end?
Zhongchao's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 3, 2026.