Qfin Holdings Announces First Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
Qfin Holdings (NASDAQ:QFIN) reported unaudited Q1 2026 results. Total net revenue was RMB3,909.3 million, down from RMB4,690.7 million a year earlier. Net income was RMB879.8 million, versus RMB1,796.6 million, with non-GAAP net income of RMB945.9 million.
Total loan facilitation volume reached RMB65,034 million, down 26.8% year over year, and outstanding loan balance was RMB114,387 million, down 18.5%. Cash and short-term investments totaled about RMB10.8 billion. Operating margin was 25.0%, and net income margin was 22.5%.
Positive
- Non-GAAP net income of RMB945.9 million with 24.2% margin
- Operating income of RMB978.9 million and 25.0% operating margin
- Financing income rose to RMB2,021.6 million year over year
- Platform services net revenue RMB951.9 million, up sequentially from RMB660.5 million
- Cash and short-term investments around RMB10.8 billion at quarter end
- Generated RMB2.1 billion cash from operations and repurchased convertible notes
Negative
- Total net revenue down to RMB3,909.3 million from RMB4,690.7 million year over year
- Total loan volume fell 26.8% to RMB65,034 million year over year
- Outstanding loan balance declined 18.5% to RMB114,387 million
- Provision for loans receivable increased to RMB1,234.7 million from RMB823.2 million
- Net income decreased to RMB879.8 million from RMB1,796.6 million year over year
- Referral services fees dropped to RMB475.7 million from RMB1,004.6 million year over year
News Market Reaction – QFIN
In the May 27 session, QFIN gained 25.02%, reflecting a significant positive market reaction. Argus tracked a peak move of +34.9% during that session. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Q3 2025 earnings | Positive | -14.2% | Reported higher revenue and net income amid tightening industry conditions. |
| May 19 | Q1 2025 earnings | Positive | -1.1% | Strong revenue and non-GAAP profit growth with expanding user base. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent earnings releases were generally received negatively, with shares declining despite solid topline and profitability metrics.
Over the past year, QFIN’s earnings history shows strong profitability but cautious market reception. In Q1 2025, total net revenue reached RMB4.69 billion with Non-GAAP net income of RMB1.93 billion, yet the stock slipped. In Q3 2025, revenue rose to RMB5,205.7 million and Non-GAAP net income to RMB1,508.2 million, but shares again fell. Full-year 2025 results highlighted robust cash generation and shareholder returns amid rising risk. Today’s Q1 2026 update fits this narrative of strong fundamentals against a challenging regulatory backdrop.
Key Terms
non-gaap financial
convertible senior notes financial
rule 144a regulatory
delinquency rate financial
saas technical
abs financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, China, May 26, 2026 (GLOBE NEWSWIRE) -- Qfin Holdings, Inc. (NASDAQ: QFIN; HKEx: 3660) (“Qfin Holdings” or the “Company”), a leading AI-empowered Credit-Tech platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Business Highlights
- As of March 31, 2026, our platform has connected 167 financial institutional partners and 297.5 million consumers*1 with potential credit needs, cumulatively, an increase of
11.0% from 268.2 million a year ago. - Cumulative users with approved credit lines*2 were 64.8 million as of March 31, 2026, an increase of
10.9% from 58.4 million as of March 31, 2025. - Cumulative borrowers with successful drawdown, including repeat borrowers was 39.5 million as of March 31, 2026, an increase of
11.0% from 35.5 million as of March 31, 2025. - In the first quarter of 2026, financial institutional partners originated 12,925,120 loans*3 through our platform.
- Total facilitation and origination loan volume*4 was RMB65,034 million, a decrease of
26.8% from RMB88,883 million in the same period of 2025. RMB31,417 million of such loan volume was under capital-light model, Intelligence Credit Engine (“ICE”) and total technology solutions*5, a decrease of28.3% from RMB43,811 million in the same period of 2025. - Total outstanding loan balance*6 was RMB114,387 million as of March 31, 2026, a decrease of
18.5% from RMB140,273 million as of March 31, 2025. RMB55,664 million of such loan balance was under capital-light model, “ICE” and total technology solutions, a decrease of29.3% from RMB78,681 million as of March 31, 2025. - The weighted average contractual tenor of loans originated by financial institutions across our platform in the first quarter of 2026 was approximately 11.3 months, compared with 10.2 months in the same period of 2025.
- 90 day+ delinquency rate*7 of loans originated by financial institutions across our platform was
3.50% as of March 31, 2026. - Repeat borrower contribution*8 of loans originated by financial institutions across our platform for the first quarter of 2026 was
86.8% .
1 Refers to cumulative registered users across our platform.
2 “Cumulative users with approved credit lines” refers to the total number of users who had submitted their credit applications and were approved with a credit line at the end of each period.
3 Including 774,739 loans across “V-pocket”, and 12,150,381 loans across other products.
4 Refers to the total principal amount of loans facilitated and originated during the given period.
5 “ICE” is an open platform primarily on our “Qifu Jietiao” APP (previously known as “360 Jietiao”), we match borrowers and financial institutions through big data and cloud computing technology on “ICE”, and provide pre-loan investigation report of borrowers. For loans facilitated through “ICE”, the Company does not bear principal risk.
Under total technology solutions, we have been offering end-to-end technology solutions to financial institutions based on on-premise deployment, SaaS or hybrid model since 2023.
6 “Total outstanding loan balance” refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
7 “90 day+ delinquency rate” refers to the outstanding principal balance of on- and off-balance sheet loans that were 91 to 180 calendar days past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans across our platform as of a specific date. Loans that are charged-off and loans under “ICE” and total technology solutions are not included in the delinquency rate calculation.
8 “Repeat borrower contribution” for a given period refers to (i) the principal amount of loans borrowed during that period by borrowers who had historically made at least one successful drawdown, divided by (ii) the total loan facilitation and origination volume through our platform during that period.
First Quarter 2026 Financial Highlights
- Total net revenue was RMB3,909.3 million (US
$566.7 million ), compared to RMB4,092.7 million in the prior quarter. - Net income was RMB879.8 million (US
$127.5 million ), compared to RMB1,016.1 million in the prior quarter. - Non-GAAP*9 net income was RMB945.9 million (US
$137.1 million ), compared to RMB1,070.6 million in the prior quarter. - Net income per fully diluted American depositary share (“ADS”) was RMB7.16 (US
$1.04) , compared to RMB7.82 in the prior quarter. - Non-GAAP net income per fully diluted ADS was RMB7.70 (US
$1.12) , compared to RMB8.23 in the prior quarter.
9 Non-GAAP income from operations, Non-GAAP net income, Non-GAAP net income attributed to the Company, Non-GAAP operating margin, Non-GAAP net income margin and Non-GAAP net income per fully diluted ADS are Non-GAAP financial measures. For more information on these Non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
Mr. Haisheng Wu, Chief Executive Officer and Director of Qfin Holdings, commented, “In the first quarter, the industry continued to undergo deep adjustments while regulations tightened further. Yet we withstood the pressure. Through proactive efforts to tighten our credit standards, optimize our loan portfolio, and streamline operations, we demonstrated strong resilience, achieving improved risk performance and other operational metrics. More importantly, as we expand our user base to serve more high-quality customers, we are building a more sustainable business model capable of navigating cycles.
Looking ahead, near-term uncertainties are likely to persist, and industry participants continue to adjust operations to reflect the changing regulatory environment. However, as the industry landscape reshapes, we believe the entire ecosystem of the consumer finance market will become healthier and more efficient, which should be more conducive to our long-term development.
As always, grounded in our fundamental belief in AI, we are committed to transforming the company into an AI-native organization. The leverage effect of AI is redefining our productivity ceiling, and this advantage compounds over time.
As we continue to solidify our domestic loan facilitation business, we remain committed to gradually expand our footprint globally. We are acquiring necessary credentials and making meaningful investments in a few overseas markets. We have started pilot operations in some markets, albeit at small scale. While the initial contribution from overseas business is limited, we believe in its long-term potential and strategic value.”
“Against the backdrop of regulatory tightening, we remained focused on the quality of our business and delivered a solid quarter, underpinned by improved risk performance and operational efficiency. In the first quarter, total net revenue reached RMB3.91 billion, with Non-GAAP net income of RMB945.9 million,” Mr. Alex Xu, Chief Financial Officer, commented. “We generated RMB2.1 billion in cash from operations, while further strengthening our balance sheet through the repurchase of convertible notes. Total cash*10 and short-term investment stood at approximately RMB10.8 billion at the end of the first quarter. Our strong financial position enables us to thrive in this particularly challenging market environment, execute our global expansion roadmap, and return value to shareholders.”
Mr. Yan Zheng, Chief Risk Officer, added, “As we continued to maintain stricter credit standards and the legacy loan portfolio gradually phased out, our asset quality steadily improved in the first quarter and remained stable in recent months. Among key leading indicators, Day-1 delinquency rate*11 was
10 Including “Cash and cash equivalents”, “Restricted cash” and “Security deposit prepaid to third-party guarantee companies”.
11 “Day-1 delinquency rate” is defined as (i) the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that was due for repayment as of such specified date.
12 “30-day collection rate” is defined as (i) the amount of principal that was repaid in one month among the total amount of principal that became overdue as of a specified date, divided by (ii) the total amount of principal that became overdue as of such specified date.
First Quarter 2026 Financial Results
Total net revenue was RMB3,909.3 million (US
Net revenue from Credit Driven Services was RMB2,957.4 million (US
Loan facilitation and servicing fees-capital heavy were RMB136.2 million (US
Financing income*13 was RMB2,021.6 million (US
Revenue from releasing of guarantee liabilities was RMB752.6 million (US
Other services fees were RMB47.0 million (US
Net revenue from Platform Services was RMB951.9 million (US
Loan facilitation and servicing fees-capital light were RMB211.1 million (US
Referral services fees were RMB475.7 million (US
Other services fees were RMB265.2 million (US
Total operating costs and expenses were RMB2,930.5 million (US
Facilitation, origination and servicing expenses were RMB817.3 million (US
Funding costs were RMB128.3 million (US
Sales and marketing expenses were RMB455.9 million (US
General and administrative expenses were RMB158.6 million (US
Provision for loans receivable was RMB1,234.7 million (US
Provision for financial assets receivable was RMB21.0 million (US
Provision for accounts receivable and contract assets was RMB20.4 million (US
Provision for contingent liabilities was RMB94.4 million (US
Income from operations was RMB978.9 million (US
Non-GAAP income from operations was RMB1,045.0 million (US
Operating margin was
Income before income tax expense was RMB1,140.5 million (US
Income taxes expense was RMB260.7 million (US
Net income was RMB879.8 million (US
Non-GAAP net income was RMB945.9 million (US
Net income margin was
Net income attributed to the Company was RMB883.3 million (US
Non-GAAP net income attributed to the Company was RMB949.4 million (US
Net income per fully diluted ADS was RMB7.16 (US
Non-GAAP net income per fully diluted ADS was RMB7.70 (US
Weighted average basic ADS used in calculating GAAP net income per ADS was 121.74 million.
Weighted average diluted ADS used in calculating GAAP and non-GAAP net income per ADS was 123.23 million.
Ordinary shares outstanding as of March 31, 2026 was 243,503,768.
13 “Financing income” is generated from loans facilitated through the Company’s platform funded by the consolidated trusts and Fuzhou Microcredit, which charge fees and interests from borrowers.
30 Day+ Delinquency Rate by Vintage and 180 Day+ Delinquency Rate by Vintage
The following charts and tables display the historical cumulative 30 day+ delinquency rates by loan facilitation and origination vintage and 180 day+ delinquency rates by loan facilitation and origination vintage for all loans facilitated and originated through the Company’s platform. Loans under “ICE” and total technology solutions are not included in the 30 day+ charts and the 180 day+ charts:
http://ml.globenewswire.com/Resource/Download/329e4a5c-a4bd-42d8-88b9-41c8fdaf9f6c
http://ml.globenewswire.com/Resource/Download/ae04a1f9-8124-4a1b-b7f1-e6770c7b45d2
Update on Convertible Senior Notes
On March 27, 2025, the Company completed the offering of convertible senior notes in an aggregate principal amount of US
As of May 26, 2026, the Company had repurchased approximately US
Business Outlook
As macro environment uncertainties and regulatory pressure persist, the Company intends to continue to take a prudent approach in its business planning. As such, for the second quarter of 2026, the Company expects to generate a net income between RMB830 million and RMB910 million and a non-GAAP net income*14 between RMB900 million and RMB980 million, representing a year-on-year decline between
14 Non-GAAP net income represents net income excluding share-based compensation expenses.
Conference Call Preregistration
Qfin Holdings’ management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Tuesday, May 26, 2026 (8:30 AM Beijing Time on Wednesday, May 27, 2026).
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link: https://s1.c-conf.com/diamondpass/10054802-3gxqu7.html
Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.qfin.com.
About Qfin Holdings
Qfin Holdings is a leading AI-empowered Credit-Tech platform in China. By leveraging its sophisticated machine learning models and data analytics capabilities, the Company provides a comprehensive suite of technology services to assist financial institutions and consumers and SMEs in the loan lifecycle, ranging from borrower acquisition, preliminary credit assessment, fund matching and post-facilitation services. The Company is dedicated to making credit services more accessible and personalized to consumers and SMEs through Credit-Tech services to financial institutions.
For more information, please visit: https://ir.qfin.com.
Use of Non-GAAP Financial Measures Statement
To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measure, which is adjusted from results based on U.S. GAAP to exclude share-based compensation expenses. Reconciliations of our Non-GAAP financial measures to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.
We use Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS in evaluating our operating results and for financial and operational decision-making purposes. Non-GAAP income from operation represents income from operation excluding share-based compensation expenses. Non-GAAP operating margin is equal to Non-GAAP income from operation divided by total net revenue. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP net income margin is equal to Non-GAAP net income divided by total net revenue. Non-GAAP net income attributed to the Company represents net income attributed to the Company excluding share-based compensation expenses. Non-GAAP net income per fully diluted ADS represents net income excluding share-based compensation expenses per fully diluted ADS. Such adjustments have no impact on income tax. We believe that Non-GAAP income from operation, Non-GAAP operating margin, Non-GAAP net income, Non-GAAP net income margin, Non-GAAP net income attributed to the Company and Non-GAAP net income per fully diluted ADS help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in results based on U.S. GAAP. We believe that Non-GAAP income from operation and Non-GAAP net income provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. Our Non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates 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
Any forward-looking statements contained in this announcement are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. Qfin Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including the Company’s business outlook, beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, which factors include but not limited to the following: the Company’s growth strategies, changes in laws, rules and regulatory environments, the recognition of the Company’s brand, market acceptance of the Company’s products and services, trends and developments in the credit-tech industry, governmental policies relating to the credit-tech industry, general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks and uncertainties is included in Qfin Holdings’ filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release, and Qfin Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Qfin Holdings
E-mail: ir@qfin.com
| Unaudited Condensed Consolidated Balance Sheets | |||
| (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("USD") except for number of shares and per share data, or otherwise noted) | |||
| December 31, | March 31, | March 31, | |
| 2025 | 2026 | 2026 | |
| RMB | RMB | USD | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | 4,696,817 | 5,668,317 | 821,733 |
| Restricted cash | 2,844,101 | 3,936,561 | 570,682 |
| Short term investments | 2,852,254 | 879,289 | 127,470 |
| Security deposit prepaid to third-party guarantee companies | 325,698 | 301,909 | 43,768 |
| Funds receivable from third party payment service providers | 848,163 | 103,681 | 15,031 |
| Accounts receivable and contract assets, net | 950,267 | 702,643 | 101,862 |
| Financial assets receivable, net | 1,510,205 | 1,138,334 | 165,024 |
| Loans receivable, net | 34,680,954 | 30,819,314 | 4,467,862 |
| Prepaid expenses and other assets | 772,999 | 1,269,069 | 183,976 |
| Total current assets | 49,481,458 | 44,819,117 | 6,497,408 |
| Non-current assets: | |||
| Accounts receivable and contract assets, net-noncurrent | 21,992 | 21,000 | 3,044 |
| Financial assets receivable, net-noncurrent | 209,459 | 127,294 | 18,454 |
| Loans receivable, net-noncurrent | 4,002,159 | 5,879,567 | 852,358 |
| Property and equipment, net | 636,994 | 647,935 | 93,931 |
| Land use rights, net | 966,582 | 961,232 | 139,349 |
| Intangible assets | 10,670 | 10,298 | 1,493 |
| Goodwill | 45,200 | 45,184 | 6,550 |
| Deferred tax assets | 1,379,933 | 1,344,528 | 194,916 |
| Other non-current assets | 195,348 | 274,199 | 39,751 |
| Total non-current assets | 7,468,337 | 9,311,237 | 1,349,846 |
| TOTAL ASSETS | 56,949,795 | 54,130,354 | 7,847,254 |
| LIABILITIES AND EQUITY | |||
| Current liabilities: | |||
| Payable to investors of the consolidated trusts-current | 9,922,559 | 11,127,787 | 1,613,190 |
| Accrued expenses and other current liabilities | 2,935,726 | 3,540,737 | 513,299 |
| Short term loans | 1,202,891 | 624,000 | 90,461 |
| Convertible senior notes-current | 1,019,130 | 792,532 | 114,893 |
| Guarantee liabilities-stand ready | 2,314,865 | 1,815,677 | 263,218 |
| Guarantee liabilities-contingent | 1,872,149 | 1,350,205 | 195,739 |
| Income tax payable | 1,083,176 | 958,919 | 139,014 |
| Other tax payable | 9,333 | - | - |
| Total current liabilities | 20,359,829 | 20,209,857 | 2,929,814 |
| Non-current liabilities: | |||
| Deferred tax liabilities | 320,149 | 367,660 | 53,300 |
| Payable to investors of the consolidated trusts-noncurrent | 9,930,000 | 7,724,000 | 1,119,745 |
| Convertible senior notes | 1,583,213 | 772,002 | 111,917 |
| Other long-term liabilities | 599,561 | 660,567 | 95,762 |
| Total non-current liabilities | 12,432,923 | 9,524,229 | 1,380,724 |
| TOTAL LIABILITIES | 32,792,752 | 29,734,086 | 4,310,538 |
| TOTAL QFIN HOLDINGS, INC EQUITY | 24,114,915 | 24,357,655 | 3,531,118 |
| Noncontrolling interests | 42,128 | 38,613 | 5,598 |
| TOTAL EQUITY | 24,157,043 | 24,396,268 | 3,536,716 |
| TOTAL LIABILITIES AND EQUITY | 56,949,795 | 54,130,354 | 7,847,254 |
| Unaudited Condensed Consolidated Statements of Operations (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Credit driven services | 3,110,866 | 2,957,409 | 428,735 | |||
| Loan facilitation and servicing fees-capital heavy | 429,775 | 136,220 | 19,748 | |||
| Financing income | 1,817,221 | 2,021,611 | 293,072 | |||
| Revenue from releasing of guarantee liabilities | 778,222 | 752,598 | 109,104 | |||
| Other services fees | 85,648 | 46,980 | 6,811 | |||
| Platform services | 1,579,831 | 951,923 | 138,000 | |||
| Loan facilitation and servicing fees-capital light | 373,709 | 211,101 | 30,603 | |||
| Referral services fees | 1,004,622 | 475,669 | 68,958 | |||
| Other services fees | 201,500 | 265,153 | 38,439 | |||
| Total net revenue | 4,690,697 | 3,909,332 | 566,735 | |||
| Facilitation, origination and servicing | 714,492 | 817,266 | 118,479 | |||
| Funding costs | 122,657 | 128,301 | 18,600 | |||
| Sales and marketing | 591,495 | 455,923 | 66,095 | |||
| General and administrative | 196,482 | 158,648 | 22,999 | |||
| Provision for loans receivable | 823,187 | 1,234,664 | 178,989 | |||
| Provision for financial assets receivable | 39,863 | 20,954 | 3,038 | |||
| Provision for accounts receivable and contract assets | 68,445 | 20,362 | 2,952 | |||
| Provision for contingent liabilities | 159,343 | 94,352 | 13,678 | |||
| Total operating costs and expenses | 2,715,964 | 2,930,470 | 424,830 | |||
| Income from operations | 1,974,733 | 978,862 | 141,905 | |||
| Interest income, net | 67,774 | 33,985 | 4,927 | |||
| Foreign exchange gain | 2,123 | 8,387 | 1,216 | |||
| Fair value change of derivatives | - | (44,967 | ) | (6,519 | ) | |
| Gain on debt extinguishment | - | 114,850 | 16,650 | |||
| Other income, net | 175,600 | 49,409 | 7,163 | |||
| Income before income tax expense | 2,220,230 | 1,140,526 | 165,342 | |||
| Income taxes expense | (423,631 | ) | (260,717 | ) | (37,796 | ) |
| Net income | 1,796,599 | 879,809 | 127,546 | |||
| Net loss attributable to noncontrolling interests | 3,576 | 3,515 | 510 | |||
| Net income attributable to ordinary shareholders of the Company | 1,800,175 | 883,324 | 128,056 | |||
| Net income per ordinary share attributable to ordinary shareholders of Qfin Holdings, Inc. | ||||||
| Basic | 6.41 | 3.63 | 0.53 | |||
| Diluted | 6.31 | 3.58 | 0.52 | |||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. | ||||||
| Basic | 12.82 | 7.26 | 1.06 | |||
| Diluted | 12.62 | 7.16 | 1.04 | |||
| Weighted average shares used in calculating net income per ordinary share | ||||||
| Basic | 280,958,513 | 243,488,750 | 243,488,750 | |||
| Diluted | 285,237,588 | 246,466,788 | 246,466,788 | |||
| Unaudited Condensed Consolidated Statements of Cash Flows (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net cash provided by operating activities | 2,805,685 | 2,097,370 | 304,055 | |||
| Net cash (used in) provided by investing activities | (3,240,186 | ) | 2,407,241 | 348,977 | ||
| Net cash provided by (used in) financing activities | 5,449,071 | (2,428,600 | ) | (352,073 | ) | |
| Effect of foreign exchange rate changes | (5,121 | ) | (12,051 | ) | (1,748 | ) |
| Net increase in cash and cash equivalents | 5,009,449 | 2,063,960 | 299,211 | |||
| Cash, cash equivalents, and restricted cash, beginning of period | 6,805,800 | 7,540,918 | 1,093,204 | |||
| Cash, cash equivalents, and restricted cash, end of period | 11,815,249 | 9,604,878 | 1,392,415 | |||
| Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2026 | 2026 | ||||
| RMB | RMB | USD | ||||
| Net income | 1,796,599 | 879,809 | 127,546 | |||
| Other comprehensive income, net of tax of nil: | ||||||
| Foreign currency translation adjustment | (15,362 | ) | (33,836 | ) | (4,905 | ) |
| Other comprehensive loss | (15,362 | ) | (33,836 | ) | (4,905 | ) |
| Total comprehensive income | 1,781,237 | 845,973 | 122,641 | |||
| Comprehensive loss attributable to noncontrolling interests | 3,576 | 3,515 | 510 | |||
| Comprehensive income attributable to ordinary shareholders | 1,784,813 | 849,488 | 123,151 | |||
| Unaudited Reconciliations of GAAP and Non-GAAP Results (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”) except for number of shares and per share data, or otherwise noted) | |||||
| Three months ended March 31, | |||||
| 2025 | 2026 | 2026 | |||
| RMB | RMB | USD | |||
| Reconciliation of Non-GAAP Net Income to Net Income | |||||
| Net income | 1,796,599 | 879,809 | 127,546 | ||
| Add: Share-based compensation expenses | 129,614 | 66,093 | 9,581 | ||
| Non-GAAP net income | 1,926,213 | 945,902 | 137,127 | ||
| GAAP net income margin | 38.3 | % | 22.5 | % | |
| Non-GAAP net income margin | 41.1 | % | 24.2 | % | |
| Net income attributable to shareholders of Qfin Holdings, Inc. | 1,800,175 | 883,324 | 128,056 | ||
| Add: Share-based compensation expenses | 129,614 | 66,093 | 9,581 | ||
| Non-GAAP net income attributable to shareholders of Qfin Holdings, Inc. | 1,929,789 | 949,417 | 137,637 | ||
| Weighted average ADS used in calculating net income per ordinary share for both GAAP and non-GAAP EPS - diluted | 142,618,794 | 123,233,394 | 123,233,394 | ||
| Net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 12.62 | 7.16 | 1.04 | ||
| Non-GAAP net income per ADS attributable to ordinary shareholders of Qfin Holdings, Inc. - diluted | 13.53 | 7.70 | 1.12 | ||
| Reconciliation of Non-GAAP Income from operations to Income from operations | |||||
| Income from operations | 1,974,733 | 978,862 | 141,905 | ||
| Add: Share-based compensation expenses | 129,614 | 66,093 | 9,581 | ||
| Non-GAAP Income from operations | 2,104,347 | 1,044,955 | 151,486 | ||
| GAAP operating margin | 42.1 | % | 25.0 | % | |
| Non-GAAP operating margin | 44.9 | % | 26.7 | % | |
