Gaotu Techedu Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
Rhea-AI Summary
Gaotu Techedu (NYSE: GOTU) reported unaudited Q4 and fiscal 2025 results on March 5, 2026. For FY2025, net revenues rose 35.0% to RMB6,146.8 million and gross billings increased 23.0% to RMB6,903.7 million. Net loss narrowed to RMB323.3 million from RMB1,049.0 million a year earlier. Operating cash inflow improved to RMB416.1 million for 2025. In Q4 2025, revenues were RMB1,685.3 million and net loss was RMB84.2 million. The company repurchased shares totaling about RMB670 million (≈12.8% of outstanding shares).
Management emphasized AI integration, operating leverage for five consecutive quarters, and a 2026 Q1 revenue outlook of RMB1,578–1,598 million.
Positive
- Net revenues +35.0% to RMB6,146.8 million in 2025
- Gross billings +23.0% to RMB6,903.7 million in 2025
- Net loss reduced 69.2% to RMB323.3 million in 2025
- Net operating cash inflow +61.3% to RMB416.1 million in 2025
- Repurchased ~RMB670 million, representing 12.8% of shares
Negative
- Cost of revenues +37.6% to RMB2,001.7 million in 2025
- Company remains net loss of RMB323.3 million for fiscal 2025
News Market Reaction – GOTU
In the Mar 5 session, GOTU declined 8.72%, reflecting a notable negative market reaction. Argus tracked a peak move of +3.1% during that session. Argus tracked a trough of -13.6% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.8x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 26 | Q3 2025 earnings | Positive | -8.1% | Strong revenue growth and narrowed losses but shares fell post-report. |
| Aug 26 | Q2 2025 earnings | Positive | -3.7% | Revenues and cash flow improved significantly while net loss narrowed sharply. |
| Feb 26 | Q4/FY 2024 earnings | Neutral | +31.2% | Strong revenue growth but wider annual loss; market reacted very positively. |
| Dec 04 | Q3 2024 earnings | Negative | -11.1% | Losses and expenses surged, margins fell despite strong revenue growth. |
| Aug 27 | Q2 2024 earnings | Negative | -18.9% | Revenue and billings grew but swung from profit to large net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often showed improving fundamentals but mixed to negative next-day moves, with only the FY2024 report seeing a strong positive reaction.
Over the last five earnings cycles, Gaotu has consistently delivered strong revenue growth and, more recently, meaningful loss reduction and improving cash generation. Q2 and Q3 2025 showed rapid top-line expansion and narrowing net losses, yet shares fell after both reports. The FY2024 release in February 2025 was the exception, drawing a 31.23% gain after sharp revenue growth. Earlier 2024 quarters highlighted aggressive spending and wider losses, which coincided with double‑digit declines. Today’s Q4/FY2025 report extends the trend of scaling revenues while tightening losses.
Key Terms
non-gaap financial
gross billings financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter 2025 Highlights[1]
- Net revenues were
RMB1,685.3 million , increased by21.4% fromRMB1,388.6 million in the same period of 2024. - Gross billings[2] were
RMB2,573.7 million , increased by19.1% fromRMB2,160.2 million in the same period of 2024. - Loss from operations was
RMB118.0 million , compared with loss from operations ofRMB149.3 million in the same period of 2024. - Net loss was
RMB84.2 million , compared with net loss ofRMB135.8 million in the same period of 2024. - Non-GAAP net loss was
RMB76.8 million , compared with non-GAAP net loss ofRMB123.5 million in the same period of 2024. - Net operating cash inflow was
RMB964.8 million , increased by23.1% fromRMB783.6 million in the same period of 2024.
Fourth Quarter 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
For the three months ended December 31, | |||||||||
2024 | 2025 | Pct. Change | |||||||
Net revenues | 1,388,621 | 1,685,315 | 21.4 % | ||||||
Gross billings | 2,160,179 | 2,573,685 | 19.1 % | ||||||
Loss from operations | (149,274) | (118,049) | (20.9) % | ||||||
Net loss | (135,834) | (84,183) | (38.0) % | ||||||
Non-GAAP net loss | (123,541) | (76,834) | (37.8) % | ||||||
Net operating cash inflow | 783,643 | 964,763 | 23.1 % | ||||||
[1] For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. |
[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See "About Non-GAAP Financial Measures" and "Reconciliations of non-GAAP measures to the most comparable GAAP measures" elsewhere in this press release. |
Fiscal Year 2025 Highlights
- Net revenues were
RMB6,146.8 million , increased by35.0% fromRMB4,553.6 million in the same period of 2024. - Gross billings were
RMB6,903.7 million , increased by23.0% fromRMB5,612.4 million in the same period of 2024. - Loss from operations was
RMB503.2 million , compared with loss from operations ofRMB1,181.8 million in the same period of 2024. - Net loss was
RMB323.3 million , compared with net loss ofRMB1,049.0 million in the same period of 2024. - Non-GAAP net loss was
RMB284.1 million , compared with non-GAAP net loss ofRMB995.7 million in the same period of 2024. - Net operating cash inflow was
RMB416.1 million , increased by61.3% fromRMB258.0 million in the same period of 2024.
Fiscal Year 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
For the year ended December 31, | |||||||||
2024 | 2025 | Pct. Change | |||||||
Net revenues | 4,553,556 | 6,146,772 | 35.0 % | ||||||
Gross billings | 5,612,390 | 6,903,706 | 23.0 % | ||||||
Loss from operations | (1,181,833) | (503,166) | (57.4) % | ||||||
Net loss | (1,048,954) | (323,307) | (69.2) % | ||||||
Non-GAAP net loss | (995,737) | (284,089) | (71.5) % | ||||||
Net operating cash inflow | 258,007 | 416,094 | 61.3 % | ||||||
Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "2025 was a year of high-quality growth for Gaotu, with sharpened teaching quality, elevated operating efficiency and strengthened organizational capabilities enabling us to exceed our growth targets. For the full year 2025, revenue grew by
As we enter 2026, we are prioritizing profitable growth, with the advancement of AI capabilities at the core of our operations — All with AI, always AI. Guided by a strong focus on business health, operational efficiency, and long-term viability, we remain committed to becoming an ed-tech company that accompanies learners across their full learning journey while creating sustainable value for shareholders and society."
Shannon Shen, CFO of the Company, added, "Driven by both revenue scale expansion and operating efficiency gains, we have realized operating leverage for five consecutive quarters, resulting in continuous bottom line improvement. Throughout 2025, we also advanced our "AI + Education" integration strategy, significantly enhancing our educational products and end-to-end operational efficiency through the systematic optimization of our product portfolio and channel mix, underpinned by vertical AI as our foundation, learning solutions as our core value, and AI-powered organizational digitalization as our operational support. By prioritizing user experience and harnessing AI as a tool and medium to boost our organizational capacity and productivity, we are progressing from scale-oriented growth toward a more efficiency-led model, forging new engines for our profitable growth."
Financial Results for the Fourth Quarter of 2025
Net Revenues
Net revenues increased by
Cost of Revenues
Cost of revenues increased by
Gross Profit and Gross Margin
Gross profit increased by
Non-GAAP gross profit increased by
Operating Expenses
Operating expenses increased by
- Selling expenses increased to
RMB885.3 million fromRMB736.2 million in the fourth quarter of 2024. - Research and development expenses increased to
RMB165.4 million fromRMB145.1 million in the fourth quarter of 2024. - General and administrative expenses decreased to
RMB211.8 million fromRMB216.4 million in the fourth quarter of 2024.
Loss from Operations
Loss from operations was
Non-GAAP loss from operations was
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were
Other Income/(Expenses), net
Other income, net was
Net Loss
Net loss was
Non-GAAP net loss was
Cash Flow
Net operating cash inflow in the fourth quarter of 2025 was
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Share Outstanding
As of December 31, 2025, the Company had 159,979,164 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments
As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of
Financial Results for the Fiscal Year of 2025
Net Revenues
Net revenues increased by
Cost of Revenues
Cost of revenues increased by
Gross Profit and Gross Margin
Gross profit increased by
Non-GAAP gross profit increased by
Operating Expenses
Operating expenses increased by
- Selling expenses increased to
RMB3,289.1 million fromRMB2,963.7 million in 2024. - Research and development expenses decreased to
RMB626.9 million fromRMB648.1 million in 2024. - General and administrative expenses increased to
RMB732.2 million fromRMB668.7 million in 2024.
Loss from Operations
Loss from operations was
Non-GAAP loss from operations was
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were
Other Income, net
Other income, net was
Net Loss
Net loss was
Non-GAAP net loss was
Cash Flow
Net operating cash inflow in 2025 was
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Share Repurchase
In November 2022, the Company's board of directors authorized a share repurchase program ("2022 Share Repurchase Program"), under which the Company may repurchase up to
As of September 22, 2025, the Company's repurchase amount had reached
In May 2025, the Company's board of directors authorized a new share repurchase program ("2025 Share Repurchase Program"), under which the Company may repurchase up to an aggregate value of
As of March 4, 2026, the Company had cumulatively repurchased approximately 30.6 million ADSs for approximately
Business Outlook
Based on the Company's current estimates, total net revenues for the first quarter of 2026 are expected to be between
Conference Call
The Company will hold an earnings conference call at 8:00 AM
International: 1-412-317-6061
Mainland
Passcode: 6408607
A telephone replay will be available two hours after the conclusion of the conference call through March 12, 2026. The dial-in details are:
International: 1-412-317-0088
Passcode: 4998130
Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
About Gaotu Techedu Inc.
Gaotu is a leading technology-driven education company in
About Non-GAAP Financial Measures
The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.
The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.
Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
Exchange Rate
The Company's business is primarily conducted in
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: Gaotu@tpg-ir.com
Gaotu Techedu Inc. | |||||||||||
Unaudited condensed consolidated balance sheets | |||||||||||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||||||||||
As of December 31, | As of December 31, | ||||||||||
2024 | 2025 | 2025 | |||||||||
RMB | RMB | USD | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 1,321,118 | 596,195 | 85,255 | ||||||||
Restricted cash | 5,222 | 115,828 | 16,563 | ||||||||
Short-term investments | 1,845,242 | 2,708,788 | 387,352 | ||||||||
Inventory, net | 36,401 | 54,950 | 7,858 | ||||||||
Prepaid expenses and other current assets, net | 431,829 | 504,779 | 72,182 | ||||||||
Total current assets | 3,639,812 | 3,980,540 | 569,210 | ||||||||
Non-current assets | |||||||||||
Operating lease right-of-use assets | 503,601 | 476,705 | 68,168 | ||||||||
Property, equipment and software, net | 670,237 | 1,009,132 | 144,304 | ||||||||
Land use rights, net | 25,762 | 78,105 | 11,169 | ||||||||
Long-term investments | 922,740 | 551,641 | 78,884 | ||||||||
Rental deposit | 45,834 | 49,199 | 7,035 | ||||||||
Other non-current assets | 20,091 | 54,364 | 7,774 | ||||||||
TOTAL ASSETS | 5,828,077 | 6,199,686 | 886,544 | ||||||||
LIABILITIES | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings of the consolidated VIE without recourse | - | 100,000 | 14,300 | ||||||||
Accrued expenses and other current liabilities (including accrued | 1,245,207 | 1,719,234 | 245,847 | ||||||||
Deferred revenue, current portion (including current portion of | 1,867,096 | 2,289,322 | 327,369 | ||||||||
Operating lease liabilities, current portion (including current | 147,635 | 136,709 | 19,549 | ||||||||
Income tax payable (including income tax payable of the | 665 | 222 | 32 | ||||||||
Total current liabilities | 3,260,603 | 4,245,487 | 607,097 | ||||||||
Gaotu Techedu Inc. | |||||||||||
Unaudited condensed consolidated balance sheets | |||||||||||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||||||||||
As of December 31, | As of December 31, | ||||||||||
2024 | 2025 | 2025 | |||||||||
RMB | RMB | USD | |||||||||
Non-current liabilities | |||||||||||
Deferred revenue, non-current portion of the consolidated VIE | 218,797 | 276,620 | 39,556 | ||||||||
Operating lease liabilities, non-current portion (including | 344,609 | 316,703 | 45,288 | ||||||||
Deferred tax liabilities (including deferred tax liabilities of the | 70,604 | 75,248 | 10,760 | ||||||||
Long-term borrowings of the consolidated VIE without recourse | - | 31,883 | 4,559 | ||||||||
TOTAL LIABILITIES | 3,894,613 | 4,945,941 | 707,260 | ||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Ordinary shares | 116 | 116 | 17 | ||||||||
Treasury stock, at cost | (242,866) | (496,132) | (70,946) | ||||||||
Additional paid-in capital | 7,991,421 | 7,933,515 | 1,134,478 | ||||||||
Accumulated other comprehensive loss | (2,832) | (48,072) | (6,874) | ||||||||
Statutory reserve | 66,042 | 66,042 | 9,444 | ||||||||
Accumulated deficit | (5,878,417) | (6,201,724) | (886,835) | ||||||||
TOTAL SHAREHOLDERS' EQUITY | 1,933,464 | 1,253,745 | 179,284 | ||||||||
TOTAL LIABILITIES AND TOTAL | 5,828,077 | 6,199,686 | 886,544 | ||||||||
Gaotu Techedu Inc. | |||||||||||||||||||||||
Unaudited condensed consolidated statements of operations | |||||||||||||||||||||||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||||||||||||||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||||||||||
2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||||||||||||
Net revenues | 1,388,621 | 1,685,315 | 240,997 | 4,553,556 | 6,146,772 | 878,977 | |||||||||||||||||
Cost of revenues | (440,279) | (540,864) | (77,343) | (1,454,917) | (2,001,693) | (286,238) | |||||||||||||||||
Gross profit | 948,342 | 1,144,451 | 163,654 | 3,098,639 | 4,145,079 | 592,739 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling expenses | (736,189) | (885,298) | (126,596) | (2,963,736) | (3,289,064) | (470,330) | |||||||||||||||||
Research and development expenses | (145,050) | (165,385) | (23,650) | (648,063) | (626,947) | (89,652) | |||||||||||||||||
General and administrative expenses | (216,377) | (211,817) | (30,289) | (668,673) | (732,234) | (104,708) | |||||||||||||||||
Total operating expenses | (1,097,616) | (1,262,500) | (180,535) | (4,280,472) | (4,648,245) | (664,690) | |||||||||||||||||
Loss from operations | (149,274) | (118,049) | (16,881) | (1,181,833) | (503,166) | (71,951) | |||||||||||||||||
Interest income | 14,776 | 8,366 | 1,196 | 70,384 | 39,919 | 5,708 | |||||||||||||||||
Realized gains from investments | 5,017 | 14,499 | 2,073 | 25,302 | 34,065 | 4,871 | |||||||||||||||||
Other (expenses)/income, net | (6,395) | 9,942 | 1,422 | 45,825 | 101,764 | 14,552 | |||||||||||||||||
Loss before provision for income | (135,876) | (85,242) | (12,190) | (1,040,322) | (327,418) | (46,820) | |||||||||||||||||
Income tax benefits/(expenses) | 42 | 1,059 | 151 | (8,632) | 4,111 | 588 | |||||||||||||||||
Net loss | (135,834) | (84,183) | (12,039) | (1,048,954) | (323,307) | (46,232) | |||||||||||||||||
Net loss attributable to Gaotu | (135,834) | (84,183) | (12,039) | (1,048,954) | (323,307) | (46,232) | |||||||||||||||||
Net loss per ordinary share | |||||||||||||||||||||||
Basic | (0.80) | (0.52) | (0.07) | (6.12) | (1.98) | (0.28) | |||||||||||||||||
Diluted | (0.80) | (0.52) | (0.07) | (6.12) | (1.98) | (0.28) | |||||||||||||||||
Net loss per ADS | |||||||||||||||||||||||
Basic | (0.53) | (0.35) | (0.05) | (4.08) | (1.32) | (0.19) | |||||||||||||||||
Diluted | (0.53) | (0.35) | (0.05) | (4.08) | (1.32) | (0.19) | |||||||||||||||||
Weighted average shares used in | |||||||||||||||||||||||
Basic | 169,167,503 | 160,543,202 | 160,543,202 | 171,412,125 | 163,118,684 | 163,118,684 | |||||||||||||||||
Diluted | 169,167,503 | 160,543,202 | 160,543,202 | 171,412,125 | 163,118,684 | 163,118,684 | |||||||||||||||||
Note: Three ADSs represent two ordinary shares. | |||||||||||||||||||||||
Gaotu Techedu Inc. | |||||||||||||||||||||||
Reconciliations of non-GAAP measures to the most comparable GAAP measures | |||||||||||||||||||||||
(In thousands of RMB and USD, except for share, per share and per ADS data) | |||||||||||||||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||||||||||
2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||||||||||||
Net revenues | 1,388,621 | 1,685,315 | 240,997 | 4,553,556 | 6,146,772 | 878,977 | |||||||||||||||||
Less: other revenues(1) | 16,510 | 29,114 | 4,163 | 133,591 | 107,738 | 15,406 | |||||||||||||||||
Add: VAT and surcharges | 91,292 | 109,520 | 15,661 | 283,341 | 386,779 | 55,309 | |||||||||||||||||
Add: ending deferred revenue | 2,085,893 | 2,565,942 | 366,925 | 2,085,893 | 2,565,942 | 366,925 | |||||||||||||||||
Add: ending refund liability | 127,969 | 125,813 | 17,991 | 127,969 | 125,813 | 17,991 | |||||||||||||||||
Less: beginning deferred | 1,439,217 | 1,773,170 | 253,560 | 1,237,621 | 2,085,893 | 298,279 | |||||||||||||||||
Less: beginning refund liability | 77,869 | 110,621 | 15,819 | 67,157 | 127,969 | 18,299 | |||||||||||||||||
Gross billings | 2,160,179 | 2,573,685 | 368,032 | 5,612,390 | 6,903,706 | 987,218 | |||||||||||||||||
Note (1): Include miscellaneous revenues generated from services other than courses. | |||||||||||||||||||||||
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||||||||||
2024 | 2025 | 2025 | 2024 | 2025 | 2025 | ||||||||||||||||||
RMB | RMB | USD | RMB | RMB | USD | ||||||||||||||||||
Gross profit | 948,342 | 1,144,451 | 163,654 | 3,098,639 | 4,145,079 | 592,739 | |||||||||||||||||
Share-based compensation expenses(1) in cost | 2,460 | 1,161 | 166 | 7,003 | 5,641 | 807 | |||||||||||||||||
Non-GAAP gross profit | 950,802 | 1,145,612 | 163,820 | 3,105,642 | 4,150,720 | 593,546 | |||||||||||||||||
Loss from operations | (149,274) | (118,049) | (16,881) | (1,181,833) | (503,166) | (71,951) | |||||||||||||||||
Share-based compensation expenses(1) | 12,293 | 7,349 | 1,051 | 53,217 | 39,218 | 5,608 | |||||||||||||||||
Non-GAAP loss from operations | (136,981) | (110,700) | (15,830) | (1,128,616) | (463,948) | (66,343) | |||||||||||||||||
Net loss | (135,834) | (84,183) | (12,039) | (1,048,954) | (323,307) | (46,232) | |||||||||||||||||
Share-based compensation expenses(1) | 12,293 | 7,349 | 1,051 | 53,217 | 39,218 | 5,608 | |||||||||||||||||
Non-GAAP net loss | (123,541) | (76,834) | (10,988) | (995,737) | (284,089) | (40,624) | |||||||||||||||||
Note (1): The tax effects of share-based compensation expenses adjustments were nil. | |||||||||||||||||||||||
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SOURCE Gaotu Techedu Inc.