MARKETS / NYSE / Consumer discretionary / Education / DAO

NYSE · SERVICES-EDUCATIONAL SERVICES · MID CAP

Youdao, Inc. DAO

9 fiscal years on record · CNY · FY2025 reported · SEC filings only

Revenue

CNY 5.9B

▲ 5.0% YoY

Net income

CNY 97.0M

▲ 29.0% YoY

Free cash flow

CNY 29.6M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Youdao, Inc. has developed and used technologies to provide learning applications, content, devices and solutions to users of all ages. Youdao Dictionary had 39.1 million average MAUs in 2025. As of December 31, 2025, the company had a team of 581 research and development and related personnel, with expertise spanning natural language processing, computer vision, automatic speech recognition, machine learning and data mining. Youdao offers a portfolio of products and services organized into online learning, AI-driven subscription, online marketing services and smart devices. Its online marketing services are offered through the provision of different formats of advertisement, including banners, text links, videos, logos, buttons and rich media. It develops and offers smart devices that, in most cases, are designed by the company or in collaboration with third parties, with manufacturing outsourced to third-party manufacturers under original equipment manufacturer agreements. Youdao was founded in 2006 as part of NetEase, an internet technology company in China that provided online services centered around content, community, communication and commerce.

Written from the business description in Youdao, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 15 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 5.9B

Revenue, FY2025 · full 9-year series below

Revenue CNY B Net income CNY B

FY2025 · Revenue 5.9 · Net income 0.1

2.5B5.0B-1.0B-2.0B

2017202020232025

Compound annual growth

Revenue

+5.6%

+18.5%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +18.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

2 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 3.7% · Net 1.6%

-20%-40%-60%

201720212025

ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.

Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on assets5.1%

Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Gross margin44.3%

Operating margin3.7%

Net margin1.6%

EBITDA·

Cash & shareholders

returned in FY2025 · dividends + net buybacks

Free cash flow CNY B

FY2025 · FCF 0.0

-0.5B-1.0B

201720212025

Net buybacks CNY M Dividends CNY M

FY2024 · Dividends · · Net buybacks 62.3

50M100M

202220232024

Total assetsCNY 2.0B

CashCNY 439.7M

Current ratio0.59×

Not available: we don't have the total debt figure for this period.

The 9-year record

9 fiscal years

Every figure from documents filed with the SEC · CNY

row low → row highnegative—not applicable◌not available in our data

DAO, 9-year financial record
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue CNY B	5.9	5.6	5.4	5.0	4.0	2.5	1.2	0.7	0.5
Operating income CNY B	0.2	0.1	−0.5	−0.8	−0.9	−0.9	−0.5	−0.2	−0.1
EBITDA CNY B	◌	◌	◌	◌	◌	−0.8	−0.4	−0.2	−0.1
Income tax CNY B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net income CNY B	0.1	0.1	−0.6	−0.7	−1.0	−1.8	−0.6	−0.2	−0.1
Free cash flow CNY B	0.0	−0.1	−0.5	−0.7	−1.4	−0.4	−0.4	−0.1	−0.1
EPS, diluted CNY	0.90	0.70	−4.53	−5.88	−8.18	−15.53	−6.68	−2.80	−2.04
Dividend / sh CNY	◌	◌	◌	◌	◌	◌	◌	◌	◌
Payout % — not applicable: no dividend	—	—	—	—	—	—	—	—	—
ROE % — not applicable: negative equity	—	—	—	—	—	—	—	—	—
Shares out B	0.12	0.12	0.12	0.12	0.12	0.11	0.11	0.09	◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Youdao, Inc.vsGaotu Techedu Inc.Same industry: Services-Educational Services Youdao, Inc.vsSunlands Technology GroupSame industry: Services-Educational Services Youdao, Inc.vsiHuman Inc.Same industry: Services-Educational Services Youdao, Inc.vsJinxin Technology Holding Co.Same industry: Services-Educational Services Youdao, Inc.vsATA Creativity GlobalSame industry: Services-Educational Services Youdao, Inc.vsFour Seasons Education (Cayman) Inc.Same industry: Services-Educational Services Youdao, Inc.vs17 Education & Technology Group Inc.Same industry: Services-Educational Services

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AMZN · WMT · COST · HD · TGT · DIS

Provenance

Company facts, as filed

How we verify · 0 failures in 43 reconciliationsAUDITED

Reconciled in 9 of the 9 fiscal years we could check. 22 checks were skipped: the balance sheet is not tagged before 2018. 10 checks were skipped: EPS is not tagged before 2017. 10 checks were skipped: revenue is not tagged before 2017.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures

ActivityServices-Educational Services

Listed onNYSE

Incorporated inoutside the United States — SEC code E9

Fiscal year endsDecember 31

Data on record since2017