DouYu International Holdings Limited Reports First Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
DouYu (Nasdaq: DOYU) reported unaudited Q1 2026 results with total net revenues of RMB821.8 million, down 13.2% year over year.
Gross profit rose to RMB129.4 million and gross margin to 15.7%. The company generated income from operations of RMB22.2 million and net income of RMB27.4 million. Adjusted net income was RMB30.8 million. Cash and deposits totaled RMB2,254.9 million.
Positive
- Gross profit up 14.0% to RMB129.4 million, margin at 15.7%
- Income from operations RMB22.2 million versus prior-year loss of RMB26.1 million
- Net income RMB27.4 million versus prior-year net loss of RMB79.6 million
- Adjusted net income (non-GAAP) RMB30.8 million versus adjusted net loss of RMB20.9 million
- Sales and marketing expenses reduced 33.6% to RMB48.4 million
- Cash and deposits of RMB2,254.9 million as of March 31, 2026
Negative
- Total net revenues down 13.2% year over year to RMB821.8 million
- Livestreaming revenues decreased 18.5% to RMB460.0 million
- Innovative business, advertising and other revenues down 5.4% to RMB361.8 million
- Quarterly average paying livestreaming users fell year over year to 2.3 million
- Voice-based social networking revenues declined year over year despite reaching RMB255.8 million
News Market Reaction – DOYU
In the May 28 session, DOYU gained 2.40%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Q4/FY25 earnings | Positive | +5.3% | Q4 and full-year 2025 showed higher margins and positive adjusted net income. |
| Nov 20 | Q3 2025 earnings | Positive | -5.0% | Profitability and margin improvement despite revenue decline and weaker user metrics. |
| Aug 18 | Q2 2025 earnings | Positive | +14.3% | Return to net income and strong growth in innovative business segment. |
| May 20 | Q1 2025 earnings | Positive | -0.7% | Revenues fell but gross profit improved and net loss narrowed year over year. |
| Mar 14 | Q4/FY24 earnings | Negative | +10.4% | Broad revenue declines and net loss despite growth in innovative business. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often produced mixed reactions: several strong fundamental improvements were followed by both rallies and selloffs, with more historical divergences than alignments between news quality and next-day price moves.
Over the past year, DouYu’s earnings reports have highlighted recurring themes: declining or pressured revenues but steadily improving profitability, gross margin expansion, and growing contributions from innovative businesses. Several quarters, such as Q2 2025 and Q3 2025, showed turnarounds from loss to income, yet share-price reactions ranged from sharp gains to notable declines. Today’s Q1 2026 results—continued profitability on lower revenue—fit this trajectory of cost optimization and margin focus within a still-challenged topline environment.
Key Terms
non-gaap financial
maus technical
arppu financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
WUHAN, China, May 28, 2026 (GLOBE NEWSWIRE) -- DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Total net revenues in the first quarter of 2026 were RMB821.8 million (US
$119.1 million ), compared with RMB947.1 million in the same period of 2025. - Gross profit in the first quarter of 2026 was RMB129.4 million (US
$18.8 million ), compared with RMB113.5 million in the same period of 2025. - Income from operations in the first quarter of 2026 was RMB22.2 million (US
$3.2 million ), compared with a loss from operations of RMB26.1 million in the same period of 2025. - Net income in the first quarter of 2026 was RMB27.4 million (US
$4.0 million ), compared with a net loss of RMB79.6 million in the same period of 2025. - Adjusted net income (non-GAAP)1 in the first quarter of 2026 was RMB30.8 million (US
$4.5 million ), compared with an adjusted net loss (non-GAAP) of RMB20.9 million in the same period of 2025.
Ms. Simin Ren, Co-Chief Executive Officer of DouYu, commented, “In the first quarter of 2026, we continued to strengthen our financial capabilities and further improved operating efficiency, demonstrating solid profitability. By continuing to optimize resource allocation, we are placing greater emphasis on the long-term development of our content ecosystem. In the coming quarters, we expect to further bolster our content supply across a broad range of events and programs to enhance DouYu's livestreaming quality and platform appeal. At the same time, we expect to continue to explore and develop opportunities with DouYu’s IP portfolio, while advancing innovation across both content and monetization. We also plan to further invest in offline events and marquee eSports tournaments in the coming months, reflecting our ongoing commitment to strengthening DouYu’s brand awareness, content ecosystem, and livestreaming community. We expect these initiatives to drive stronger user engagement and create long-term value for our shareholders.”
Mr. Hao Cao, Vice President of DouYu, commented, “After returning to profitability in the second half of 2025, we sustained that momentum into the first quarter, with income from operations and net income both improving year-over-year. Livestreaming revenues and related revenue-sharing fees and content costs fluctuated during the quarter, primarily reflecting the continued execution of the Company’s cost efficiency strategy, with resources focused on core content categories, as well as the typically lighter eSports and entertainment event calendar in the first quarter. These factors supported our cost leverage and contributed to profitability for the quarter. Looking ahead, we expect to continue to improve user experience with a stronger and more innovative content ecosystem, while maintaining cost discipline.”
First Quarter 2026 Operational Highlights
- Average MAUs2 of DouYu Livestreaming were 44.2 million. Average mobile MAUs2 were 22.9 million. The optimization of cost structure and the reduction of low-ROI events affected light user retention and engagement. The Company will continue to improve the user experience and further enhance the efficiency and appeal of its events and content offerings.
- The number of quarterly average paying users3 for the live-streaming-related business was 2.3 million, with a quarterly ARPPU of RMB228. This represents a year-over-year decrease in paying users, primarily attributable to weaker consumer spending amid the prevailing macroeconomic environment, and fewer promotional activities resulting from adjustments to the platform's operational strategy.
- Revenues from DouYu's voice-based social networking business reached RMB255.8 million. Average MAUs for the voice-based social networking business were 315,600, with 61,500 monthly average paying users4. During the quarter, DouYu optimized social networking experiences and refined resource allocation for the voice-based social networking business. These efforts helped balance the business's profitability with a healthy community ecosystem, and the results were in line with the Company's expectations.
First Quarter 2026 Financial Results
Total net revenues in the first quarter of 2026 decreased by
Livestreaming revenues in the first quarter of 2026 decreased by
Innovative business, advertising and other revenues in the first quarter of 2026 decreased by
Cost of revenues in the first quarter of 2026 decreased by
Revenue-sharing fees and content costs in the first quarter of 2026 decreased by
Bandwidth costs in the first quarter of 2026 decreased by
Gross profit in the first quarter of 2026 increased by
Sales and marketing expenses in the first quarter of 2026 decreased by
Research and development expenses in the first quarter of 2026 decreased by
General and administrative expenses in the first quarter of 2026 increased by
Income from operations in the first quarter of 2026 was RMB22.2 million (US
Net income in the first quarter of 2026 was RMB27.4 million (US
Adjusted net income (non-GAAP), which is calculated as net income excluding share of loss in equity method investments and impairment losses and fair value adjustments on investments, was RMB30.8 million (US
Basic and diluted net income per ADS5 in the first quarter of 2026 were both RMB0.91 (US
Adjusted basic and diluted net income per ADS (non-GAAP) in the first quarter of 2026 were both RMB1.02 (US
Cash and cash equivalents, restricted cash and bank deposits
As of March 31, 2026, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB2,254.9 million (US
About DouYu International Holdings Limited
Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment live streaming, a wide array of video and graphic content, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of live streaming, video, graphics, and virtual communities with a primary focus on games. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.
Use of Non-GAAP Financial Measures
Adjusted net (loss) income is calculated as net (loss) income adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted net (loss) income attributable to DouYu is calculated as net (loss) income attributable to DouYu adjusted for share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. Adjusted basic and diluted net (loss) income per ordinary share is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share. The Company adjusted the impact of (i) share of loss (income) in equity method investments and (ii) impairment losses and fair value adjustments on investments to understand and evaluate the Company's core operating performance. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US
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, including but not limited to the following: the Company’s results of operations and financial condition; the Company’s business strategies and plans; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. 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. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. 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.
| Investor Relations Contact | |
| In China: | |
| Chenyang Yan DouYu International Holdings Limited Email: ir@douyu.tv Tel: +86 (10) 6508-0677 | Andrea Guo Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +86 (10) 6508-0677 |
| In the United States: | |
| Brandi Piacente Piacente Financial Communications Email: douyu@tpg-ir.com Tel: +1-212-481-2050 | |
1 “Adjusted net income (non-GAAP)” is defined as net income excluding share of loss (income) in equity method investments and impairment losses and fair value adjustments on investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
2 "MAUs" refers to the number of active users (exclusive of innovative business, unless otherwise indicated) in a given period. "Mobile MAUs" refers to the number of active users using mobile devices in a given period. Average MAUs and average mobile MAUs for a given period is calculated by dividing (i) the sum of active users or active mobile users for each month of such period, by (ii) the number of months in such period.
3 “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period, by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.
4 “Monthly average paying users” refers to the monthly average number of paying users during a given period of time calculated by dividing (i) the sum of paying users in each month of such period, by (ii) the number of months in such period. “Paying user” refers to a registered user that has purchased virtual gifts on the DouYu platform at least once during the relevant period.
5 Each ADS represents one ordinary share for the relevant period and calendar year.
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (All amounts in thousands, except share, ADS, per share and per ADS data) | |||||
| As of December 31 | As of March 31 | ||||
| 2025 | 2026 | 2026 | |||
| ASSETS | RMB | RMB | US$ (1) | ||
| Current assets: | |||||
| Cash and cash equivalents | 1,759,127 | 1,734,734 | 251,484 | ||
| Restricted cash | 35 | - | - | ||
| Short-term bank deposits | 502,502 | 498,673 | 72,292 | ||
| Accounts receivable, net | 77,584 | 53,899 | 7,814 | ||
| Prepayments | 15,790 | 16,310 | 2,364 | ||
| Amounts due from related parties | 91,601 | 71,442 | 10,357 | ||
| Other current assets, net | 185,264 | 204,214 | 29,605 | ||
| Total current assets | 2,631,903 | 2,579,272 | 373,916 | ||
| Property and equipment, net | 5,040 | 4,747 | 688 | ||
| Intangible assets, net | 33,580 | 28,478 | 4,128 | ||
| Investments | 383,683 | 377,961 | 54,793 | ||
| Right-of-use assets, net | 7,900 | 5,453 | 791 | ||
| Other non-current assets | 57,845 | 56,698 | 8,219 | ||
| Total non-current assets | 488,048 | 473,337 | 68,619 | ||
| TOTAL ASSETS | 3,119,951 | 3,052,609 | 442,535 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| LIABILITIES | |||||
| Current liabilities: | |||||
| Accounts payable | 554,131 | 546,070 | 79,164 | ||
| Advances from customers | 2,311 | 5,884 | 853 | ||
| Deferred revenue | 236,900 | 230,380 | 33,398 | ||
| Accrued expenses and other current liabilities | 218,921 | 176,308 | 25,559 | ||
| Amounts due to related parties | 112,307 | 97,461 | 14,129 | ||
| Lease liabilities due within one year | 6,703 | 6,120 | 887 | ||
| Total current liabilities | 1,131,273 | 1,062,223 | 153,990 | ||
| Lease liabilities | 1,306 | 875 | 127 | ||
| Total non-current liabilities | 1,306 | 875 | 127 | ||
| TOTAL LIABILITIES | 1,132,579 | 1,063,098 | 154,117 | ||
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||
| (All amounts in thousands, except share, ADS, per share and per ADS data) | |||||
| As of December 31 | As of March 31 | ||||
| 2025 | 2026 | 2026 | |||
| RMB | RMB | US$ (1) | |||
| SHAREHOLDERS' EQUITY | |||||
| Ordinary shares | 20 | 20 | 3 | ||
| Additional paid-in capital | 5,363,717 | 5,363,717 | 777,576 | ||
| Accumulated deficit | (3,820,899) | (3,793,495) | (549,941) | ||
| Accumulated other comprehensive income | 444,534 | 419,269 | 60,780 | ||
| Total DouYu Shareholders’ Equity | 1,987,372 | 1,989,511 | 288,418 | ||
| Total Shareholders’ Equity | 1,987,372 | 1,989,511 | 288,418 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,119,951 | 3,052,609 | 442,535 | ||
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) | |||||||
| (All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||
| Three Months Ended | |||||||
| March 31, | December 31, | March 31, | March 31, | ||||
| 2025 | 2025 | 2026 | 2026 | ||||
| RMB | RMB | RMB | US$(1) | ||||
| Net revenues | 947,051 | 918,775 | 821,817 | 119,138 | |||
| Cost of revenues | (833,543) | (800,785) | (692,444) | (100,383) | |||
| Gross profit | 113,508 | 117,990 | 129,373 | 18,755 | |||
| Operating (expenses) income | |||||||
| Sales and marketing expenses | (72,929) | (47,637) | (48,376) | (7,013) | |||
| General and administrative expenses | (35,787) | (26,780) | (36,809) | (5,336) | |||
| Research and development expenses | (32,749) | (33,810) | (27,022) | (3,917) | |||
| Other operating income (expenses), net | 1,815 | (5,041) | 5,004 | 725 | |||
| Total operating expenses | (139,650) | (113,268) | (107,203) | (15,541) | |||
| (Loss) income from operations | (26,142) | 4,722 | 22,170 | 3,214 | |||
| Other expenses, net | (58,554) | (8,100) | (3,476) | (504) | |||
| Interest income | 10,141 | 16,884 | 15,107 | 2,190 | |||
| Foreign exchange income (expenses), net | 258 | (526) | (587) | (85) | |||
| (Loss) income before income taxes and share of (loss) income in equity method investments | (74,297) | 12,980 | 33,214 | 4,815 | |||
| Income tax expenses | (5,134) | (8,463) | (5,889) | (854) | |||
| Share of (loss) income in equity method investments | (181) | (3,146) | 79 | 11 | |||
| Net (loss) income | (79,612) | 1,371 | 27,404 | 3,972 | |||
| Net (loss) income attributable to ordinary shareholders of the Company | (79,612) | 1,371 | 27,404 | 3,972 | |||
| Net (loss) income per ordinary share | |||||||
| Basic | (2.64) | 0.05 | 0.91 | 0.13 | |||
| Diluted | (2.64) | 0.05 | 0.91 | 0.13 | |||
| Net (loss) income per ADS(2) | |||||||
| Basic | (2.64) | 0.05 | 0.91 | 0.13 | |||
| Diluted | (2.64) | 0.05 | 0.91 | 0.13 | |||
| Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share | |||||||
| Basic | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Diluted | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Weighted average number of ADS used in calculating net (loss) income per ADS(2) | |||||||
| Basic | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Diluted | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US
(2) Every one ADS represents one ordinary share.
| RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | |||||||
| (All amounts in thousands, except share, ADS, per share and per ADS data) | |||||||
| Three Months Ended | |||||||
| March 31, | December 31, | March 31, | March 31, | ||||
| 2025 | 2025 | 2026 | 2026 | ||||
| RMB | RMB | RMB | US$(1) | ||||
| (Loss) income from operations | (26,142) | 4,722 | 22,170 | 3,214 | |||
| Adjusted Operating (Loss) Income (non-GAAP) | (26,142) | 4,722 | 22,170 | 3,214 | |||
| Net (loss) income | (79,612) | 1,371 | 27,404 | 3,972 | |||
| Add/(Reversal of): | |||||||
| Share of loss (income) in equity method investments | 181 | 3,146 | (79) | (11) | |||
| Impairment losses and fair value adjustments on investments(2) | 58,554 | 8,100 | 3,476 | 504 | |||
| Adjusted net (loss) income (non-GAAP) | (20,877) | 12,617 | 30,801 | 4,465 | |||
| Net (loss) income attributable to DouYu | (79,612) | 1,371 | 27,404 | 3,972 | |||
| Add: | |||||||
| Share of loss (income) in equity method investments | 181 | 3,146 | (79) | (11) | |||
| Impairment losses and fair value adjustments on investments | 58,554 | 8,100 | 3,476 | 504 | |||
| Adjusted net (loss) income attributable to DouYu | (20,877) | 12,617 | 30,801 | 4,465 | |||
| Adjusted net (loss) income per ordinary share (non-GAAP) | |||||||
| Basic | (0.69) | 0.42 | 1.02 | 0.15 | |||
| Diluted | (0.69) | 0.42 | 1.02 | 0.15 | |||
| Adjusted net (loss) income per ADS(3) (non-GAAP) | |||||||
| Basic | (0.69) | 0.42 | 1.02 | 0.15 | |||
| Diluted | (0.69) | 0.42 | 1.02 | 0.15 | |||
| Weighted average number of ordinary shares used in calculating adjusted net (loss) income per ordinary share | |||||||
| Basic | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Diluted | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Weighted average number of ordinary shares used in calculating adjusted net (loss) income per ADS(3) | |||||||
| Basic | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
| Diluted | 30,178,859 | 30,178,859 | 30,178,859 | 30,178,859 | |||
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US
(2) Impairment losses and fair value adjustments on investments were included in the line item "Other expenses, net" of condensed consolidated statements of income (loss).
(3) Every one ADS represents one ordinary share.
