Youdao Reports Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

Youdao (NYSE: DAO) reported third quarter 2025 unaudited results: total net revenues RMB1,628.5 million (US$228.8M), up 3.6% year-over-year. Online marketing revenue rose 51.1% to RMB739.7 million, while learning services and smart devices declined by 16.2% and 22.1%, respectively. Gross margin fell to 42.2% from 50.2% year-over-year. Income from operations dropped 73.7% to RMB28.3 million. Cash and short-term investments totaled RMB557.7 million as of Sept 30, 2025. NetEase Group continues to provide financial support via loans and the company repurchased ~7.5M ADSs for US$33.8M.

Positive

• Online marketing revenue +51.1% to RMB739.7M
• Total net revenue +3.6% to RMB1,628.5M
• AI-driven subscription sales ~RMB100M, +40% YoY
• Repurchased ~7.5M ADSs for US$33.8M
• NetEase support: RMB878M short-term loan

Negative

• Gross margin down to 42.2% from 50.2%
• Income from operations down 73.7% to RMB28.3M
• Learning services revenue down 16.2% to RMB643.1M
• Smart devices revenue down 22.1% to RMB245.8M
• Cash and investments down to RMB557.7M from RMB662.6M
• Net cash used in operations: RMB58.6M

News Market Reaction

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Data tracked by StockTitan Argus on the day of publication.

HANGZHOU, China, Nov. 20, 2025 /PRNewswire/ -- Youdao, Inc. ("Youdao" or the "Company") (NYSE: DAO), an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• Total net revenues were RMB1,628.5 million (US$228.8 million), representing a 3.6% increase from the same period in 2024.
  - Net revenues from learning services were RMB643.1 million (US$90.3 million), representing a 16.2% decrease from the same period in 2024.
  - Net revenues from smart devices were RMB245.8 million (US$34.5 million), representing a 22.1% decrease from the same period in 2024.
  - Net revenues from online marketing services were RMB739.7 million (US$103.9 million), representing a 51.1% increase from the same period in 2024.
• Gross margin was 42.2%, compared with 50.2% for the same period in 2024. 
• Income from operations was RMB28.3 million (US$4.0 million), representing a 73.7% decrease from the same period in 2024.
• Basic and diluted net income per American depositary share ("ADS") attributable to ordinary shareholders were near zero, compared with RMB0.74 for the same period of 2024. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders were RMB0.08 (US$0.01), compared with RMB0.76 for the same period of 2024.

"We continued to advance our AI-Native Strategy in the third quarter, strengthening our technological capabilities and translating innovation into meaningful user and business value. Building on the solid operating profit in the first half of the year, we strategically increased investments in Youdao Lingshi and our online marketing services to unlock their long-term growth potential. Youdao Lingshi expanded its customer acquisition channels, driving over 40% year-over-year growth in gross billings. Our online marketing services accelerated, with net revenues rising 51.1% year-over-year to a record RMB739.7 million, fueled by strong demand from the NetEase group and overseas markets. In addition, total sales of AI-driven subscription services also reached a new high of approximately RMB100 million in the third quarter, representing over 40% year-over-year growth, supported by ongoing upgrades to existing applications and the rollout of new ones," said Dr. Feng Zhou, Chief Executive Officer and Director of Youdao.

"Looking ahead, we will continue executing on our AI-Native Strategy, deepening the application of and innovating with our large language model, Confucius, across both our learning and advertising businesses to consistently create customer value. Financially, we remain confident in meeting our full-year targets, delivering strong year-over-year improvements in operating profit and achieving annual operating cash-flow breakeven for the first time," Dr. Zhou concluded.

Third  Quarter 2025 Financial Results

Net Revenues 

Net revenues for the third quarter of 2025 were RMB1,628.5 million (US$228.8 million), representing a 3.6% increase from RMB1,572.5 million for the same period of 2024.

Net revenues from learning services were RMB643.1 million (US$90.3 million) for the third quarter of 2025, representing a 16.2% decrease from RMB767.9 million for the same period of 2024. The year-over-year decrease was mainly because we continued to take a disciplined, strategic approach to customer acquisition, which places greater emphasis on higher ROI (return on investment) engagements. We believe this strategy has enhanced the overall resilience and operational efficiency of our business, despite the short-term revenue decline.

Net revenues from smart devices were RMB245.8 million (US$34.5 million) for the third quarter of 2025, representing a 22.1% decrease from RMB315.3 million for the same period of 2024, primarily due to the declined demands of smart learning devices in the third quarter of 2025.

Net revenues from online marketing services were RMB739.7 million (US$103.9 million) for the third quarter of 2025, representing a 51.1% increase from RMB489.4 million for the same period of 2024. The year-over-year increase was mainly attributable to the increased demands from the NetEase group and overseas markets, which was driven by our continued investments in AI technology.

Gross Profit and Gross Margin

Gross profit for the third quarter of 2025 was RMB687.9 million (US$96.6 million), representing a 12.9% decrease from RMB789.5 million for the same period of 2024. Gross margin was 42.2% for the third quarter of 2025, compared with 50.2% for the same period of 2024. The decrease was mainly due to the declined gross profit margin of online marketing services.

Gross margin for learning services was 58.5% for the third quarter of 2025, compared with 62.1% for the same period of 2024. The decrease was mainly due to the decline in economies of scale as a result of the decreased revenues from learning services.

Gross margin for smart devices increased to 50.3% for the third quarter of 2025 from 42.8% for the same period of 2024. The improvement was mainly attributable to the higher gross margin arising from the newly launched Youdao Dictionary Pen in 2025.

Gross margin for online marketing services was 25.4% for the third quarter of 2025, compared with 36.3% for the same period of 2024. The decrease was mainly attributable to our strategic expansion of our client base for advertising services. As the collaboration with new clients remains in its nascent stage, the gross margin for these clients holds potential for future improvement.

Operating Expenses

Total operating expenses for the third quarter of 2025 were RMB659.6 million (US$92.7 million), compared with RMB682.2 million for the same period of last year.

Sales and marketing expenses for the third quarter of 2025 were RMB487.7 million (US$68.5 million), representing a decrease of 6.1% from RMB519.6 million for the same period of 2024. This decrease was attributable to the reduced marketing expenditures in learning services and smart devices in the third quarter of 2025.

Research and development expenses for the third quarter of 2025 were RMB127.8 million (US$18.0 million), representing an increase of 6.9% from RMB119.6 million for the same period of 2024. The increase was primarily due to the increased headcount for research and development employees in online marketing services, leading to higher payroll-related expenses in the third quarter of 2025.

General and administrative expenses for the third quarter of 2025 were RMB44.1 million (US$6.2 million), kept flat the same period of 2024.

Income from Operations

As a result of the foregoing, income from operations for the third quarter of 2025 was RMB28.3 million (US$4.0 million), representing a 73.7% decrease from RMB107.3 million for the same period in 2024. The margin of income from operations was 1.7%, compared with 6.8% for the same period of last year.

Net Income Attributable to Youdao's Ordinary Shareholders

Net income attributable to Youdao's ordinary shareholders for the third quarter of 2025 was RMB0.1 million (US$0.0 million), compared with RMB86.3 million for the same period of last year. Non-GAAP net income attributable to Youdao's ordinary shareholders for the third quarter of 2025 was RMB9.2 million (US$1.3 million), compared with RMB88.7 million for the same period of last year.

Basic and diluted net income per ADS attributable to ordinary shareholders for the third quarter of 2025 was near zero, compared with RMB0.74 for the same period of 2024. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders was RMB0.08 (US$0.01), compared with RMB0.76 for the same period of 2024.

Other Information

As of September 30, 2025, Youdao's cash, cash equivalents, current and non-current restricted cash, and short-term investments totaled RMB557.7 million (US$78.3 million), compared with RMB662.6 million as of December 31, 2024. For the third quarter of 2025, net cash used in operating activities was RMB58.6 million (US$8.2 million). Youdao's ability to continue as a going concern is dependent on management's ability to implement an effective business plan amid a changing regulatory environment, generate operating cash flows, and secure external financing for future development. To support Youdao's future business, NetEase Group has agreed to provide financial support for ongoing operations in the next thirty-six months starting from May 2024. As of September 30, 2025, Youdao has received various forms of financial support from the NetEase Group, including, among others, RMB878.0 million in short-term loan, and US$131.1 million in long-term loans maturing on March 31, 2027 drawn from the US$300.0 million revolving loan facility.

As of September 30, 2025, the Company's contract liabilities, which mainly consisted of deferred revenues generated from Youdao's learning services, were RMB751.1 million (US$105.5 million), compared with RMB961.0 million as of December 31, 2024.

Share Repurchase Program

On November 17, 2022, the Company announced that its board of directors had authorized the Company to adopt a share repurchase program in accordance with applicable laws and regulations for up to US$20 million of its Class A ordinary shares (including in the form of ADSs) during a period of up to 36 months beginning on November 18, 2022. This amount was subsequently increased to US$40.0 million in August 2023. In November 2025, the Board approved an amendment to this Program to extend its original expiration date by one year to November 17, 2026. As of September 30, 2025, the Company had repurchased a total of approximately 7.5 million ADSs for a total consideration of approximately US$33.8 million in the open market under the share repurchase program.

Conference Call

Youdao's management team will host a teleconference call with simultaneous webcast at 5:00 a.m. Eastern Time on Thursday, November 20, 2025 (Beijing/Hong Kong Time: 6:00 p.m., Thursday, November 20, 2025). Youdao's management will be on the call to discuss the financial results and answer questions.

Dial-in details for the earnings conference call are as follows:

United States (toll-free):	+1-888-346-8982
International:	+1-412-902-4272
Mainland China (toll-free):	400-120-1203
Hong Kong (toll-free):	800-905-945
Hong Kong:	+852-3018-4992
Conference ID:	2070537

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.youdao.com.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until November 27, 2025:

United States:				+1-877-344-7529
International:				+1-412-317-0088
Replay Access Code:				2070537

About Youdao, Inc. 

Youdao, Inc. (NYSE: DAO) is strategically positioned as an AI-powered solutions provider specializing in artificial intelligence applications for the learning and advertising verticals. Youdao mainly offers learning services, online marketing services and smart devices – all powered by advanced technologies. Youdao was founded in 2006 as part of NetEase, Inc. (NASDAQ: NTES; HKEX: 9999), a leading internet technology company in China.

For more information, please visit: http://ir.youdao.com.

Non-GAAP Measures

Youdao considers and uses non-GAAP financial measures, such as non-GAAP net income/(loss) attributable to the Company's ordinary shareholders and non-GAAP basic and diluted net income/(loss) per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Youdao defines non-GAAP net income/(loss) attributable to the Company's ordinary shareholders as net income/(loss) attributable to the Company's ordinary shareholders excluding share-based compensation expenses, impairment of long-term investments, gain from fair value change of long-term investment and adjustment for GAAP to non-GAAP reconciling item for the income/(loss) attributable to noncontrolling interests. Non-GAAP net income/(loss) attributable to the Company's ordinary shareholders enables Youdao's management to assess its operating results without considering the impact of these items, which are non-cash charges in nature. Youdao believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. In addition, the non-GAAP financial measures Youdao uses may differ from the non-GAAP measures uses by other companies, including peer companies, and therefore their comparability may be limited.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this release.

The accompanying table has more details on the reconciliation between our GAAP financial measures that are mostly directly comparable to non-GAAP financial measures. Youdao encourages you to review its financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Jeffrey Wang
Youdao, Inc.
Tel: +86-10-8255-8163 ext. 89980
E-mail: IR@rd.netease.com 

Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: youdao@thepiacentegroup.com

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: youdao@thepiacentegroup.com

 

YOUDAO, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(RMB and USD in thousands)
		As of December 31,		As of September 30,		As of September 30,
		2024		2025		2025
		RMB		RMB		USD (1)
Assets
Current assets:
Cash and cash equivalents		592,721		410,237		57,626
Restricted cash		3,567		2,339		329
Short-term investments		63,064		141,945		19,939
Accounts receivable, net		418,644		383,594		53,883
Inventories		174,741		146,292		20,550
Amounts due from NetEase Group		79,700		232,886		32,713
Prepayment and other current assets		154,331		167,895		23,583
Total current assets		1,486,768		1,485,188		208,623
Non-current assets:
Property, equipment and software, net		46,725		49,103		6,897
Operating lease right-of-use assets, net		68,494		40,579		5,700
Long-term investments		72,380		28,432		3,994
Goodwill		109,944		109,944		15,444
Other assets, net		30,084		22,060		3,099
Total non-current assets		327,627		250,118		35,134
Total assets		1,814,395		1,735,306		243,757
Liabilities and Shareholders' Deficit
Current liabilities:
Accounts payables		145,148		128,704		18,079
Payroll payable		264,520		159,112		22,350
Amounts due to NetEase Group		21,997		29,495		4,143
Contract liabilities		961,024		751,084		105,504
Taxes payable		37,603		50,125		7,041
Accrued liabilities and other payables		638,660		759,566		106,696
Short-term loan from NetEase Group		878,000		878,000		123,332
Total current liabilities		2,946,952		2,756,086		387,145
Non-current liabilities:
Long-term lease liabilities		25,566		10,118		1,421
Long-term loans from NetEase Group		913,000		932,149		130,938
Other non-current liabilities		18,189		20,878		2,933
Total non-current liabilities		956,755		963,145		135,292
Total liabilities		3,903,707		3,719,231		522,437
Shareholders' deficit:
Youdao's shareholders' deficit		(2,139,958)		(2,036,559)		(286,073)
Noncontrolling interests		50,646		52,634		7,393
Total shareholders' deficit		(2,089,312)		(1,983,925)		(278,680)
Total liabilities and shareholders' deficit		1,814,395		1,735,306		243,757
Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.1190 on the last trading day of September (September 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.

 

YOUDAO, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(RMB and USD in thousands, except share and per ADS data)
		Three Months Ended								Nine Months Ended
		September  30,		June 30,		September  30,		September  30,		September  30,		September  30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD (1)		RMB		RMB
Net revenues:
Learning services		767,859		657,838		643,086		90,334		2,129,617		1,903,338
Smart devices		315,305		126,821		245,780		34,525		663,225		563,099
Online marketing services		489,377		632,882		739,658		103,898		1,493,279		1,877,890
Total net revenues		1,572,541		1,417,541		1,628,524		228,757		4,286,121		4,344,327
Cost of revenues (2)		(783,085)		(808,181)		(940,661)		(132,134)		(2,178,383)		(2,432,877)
Gross profit		789,456		609,360		687,863		96,623		2,107,738		1,911,450
Operating expenses:
Sales and marketing expenses (2)		(519,620)		(401,826)		(487,713)		(68,508)		(1,490,771)		(1,247,180)
Research and development expenses (2)		(119,594)		(128,321)		(127,792)		(17,950)		(419,304)		(371,587)
General and administrative expenses (2)		(42,968)		(50,414)		(44,092)		(6,194)		(133,018)		(131,577)
Total operating expenses		(682,182)		(580,561)		(659,597)		(92,652)		(2,043,093)		(1,750,344)
Income from operations		107,274		28,799		28,266		3,971		64,645		161,106
Interest income		1,057		628		458		64		2,949		1,603
Interest expense		(15,112)		(16,566)		(15,383)		(2,161)		(56,262)		(48,053)
Others, net		(1,992)		(29,118)		(6,391)		(898)		(9)		(36,469)
Income/(Loss) before tax		91,227		(16,257)		6,950		976		11,323		78,187
Income tax expenses		(2,370)		(4,279)		(2,925)		(411)		(8,395)		(17,099)
Net income/(loss)		88,857		(20,536)		4,025		565		2,928		61,088
Net (income)/loss attributable to noncontrolling interests		(2,604)		2,773		(3,905)		(548)		(3,718)		(1,988)
Net income/(loss) attributable to ordinary shareholders of the Company		86,253		(17,763)		120		17		(790)		59,100
Basic net income/(loss) per ADS		0.74		(0.15)		-		-		(0.01)		0.50
Diluted net income/(loss) per ADS		0.74		(0.15)		-		-		(0.01)		0.49
Shares used in computing basic net income/(loss) per ADS		116,965,181		117,868,295		118,259,975		118,259,975		117,483,341		117,910,210
Shares used in computing diluted net income/(loss) per ADS		117,343,848		117,868,295		119,938,028		119,938,028		117,483,341		119,703,456
Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00=RMB7.1190 on the last trading day of September (September 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
Note 2:
Share-based compensation in each category:
Cost of revenues		(171)		152		(342)		(48)		1,334		422
Sales and marketing expenses		(1,359)		840		915		129		114		2,483
Research and development expenses		1,868		2,898		3,790		532		6,310		9,040
General and administrative expenses		2,072		2,695		4,988		701		6,057		9,221

 

YOUDAO, INC.
UNAUDITED ADDITIONAL INFORMATION
(RMB and USD in thousands)
		Three Months Ended								Nine Months Ended
		September 30,		June 30,		September 30,		September 30,		September 30,		September 30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD		RMB		RMB
Net revenues
Learning services		767,859		657,838		643,086		90,334		2,129,617		1,903,338
Smart devices		315,305		126,821		245,780		34,525		663,225		563,099
Online marketing services		489,377		632,882		739,658		103,898		1,493,279		1,877,890
Total net revenues		1,572,541		1,417,541		1,628,524		228,757		4,286,121		4,344,327
Cost of revenues
Learning services		290,877		264,734		266,841		37,483		813,118		773,686
Smart devices		180,390		74,135		122,179		17,162		418,724		287,165
Online marketing services		311,818		469,312		551,641		77,489		946,541		1,372,026
Total cost of revenues		783,085		808,181		940,661		132,134		2,178,383		2,432,877
Gross margin
Learning services		62.1 %		59.8 %		58.5 %		58.5 %		61.8 %		59.4 %
Smart devices		42.8 %		41.5 %		50.3 %		50.3 %		36.9 %		49.0 %
Online marketing services		36.3 %		25.8 %		25.4 %		25.4 %		36.6 %		26.9 %
Total gross margin		50.2 %		43.0 %		42.2 %		42.2 %		49.2 %		44.0 %

 

YOUDAO, INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(RMB and USD in thousands, except share and per ADS data)
		Three Months Ended								Nine Months Ended
		September 30,		June 30,		September 30,		September 30,		September 30,		September 30,
		2024		2025		2025		2025		2024		2025
		RMB		RMB		RMB		USD		RMB		RMB
Net income/(loss) attributable to ordinary shareholders of the Company		86,253		(17,763)		120		17		(790)		59,100
Add: share-based compensation		2,410		6,585		9,351		1,314		13,815		21,166
impairment of long-term investments		-		25,730		-		-		-		25,730
Less: gain from fair value change of long-term investment		-		(1,765)		-		-		-		(1,765)
Less: GAAP to non-GAAP reconciling item for the income/(loss) attributable to          noncontrolling interests		-		(272)		(284)		(40)		-		(853)
Non-GAAP net income attributable to ordinary shareholders of the Company		88,663		12,515		9,187		1,291		13,025		103,378
Non-GAAP basic net income per ADS		0.76		0.11		0.08		0.01		0.11		0.88
Non-GAAP diluted net income per ADS		0.76		0.10		0.08		0.01		0.11		0.86
Shares used in computing non-GAAP basic net income per ADS		116,965,181		117,868,295		118,259,975		118,259,975		117,483,341		117,910,210
Shares used in computing non-GAAP diluted net income per ADS		117,343,848		119,660,859		119,938,028		119,938,028		117,996,668		119,703,456

 

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SOURCE Youdao, Inc.

FAQ

What were Youdao (DAO) total net revenues for Q3 2025?

RMB1,628.5 million (US$228.8 million), up 3.6% year-over-year.

How did Youdao's online marketing revenue perform in Q3 2025 (DAO)?

Online marketing net revenues rose 51.1% year-over-year to RMB739.7 million.

What caused Youdao's gross margin decline in Q3 2025 (DAO)?

Gross margin fell to 42.2%, mainly due to lower online marketing margins from new client expansion.

How much cash and short-term investments did Youdao (DAO) have as of Sept 30, 2025?

RMB557.7 million in cash, cash equivalents, restricted cash, and short-term investments.

What financial support has NetEase provided to Youdao (DAO)?

NetEase provided support including a RMB878.0 million short-term loan and US$131.1 million long-term loans.

What share repurchase activity did Youdao (DAO) report through Sept 30, 2025?

Youdao repurchased approximately 7.5 million ADSs for about US$33.8 million under its buyback program.