Sunlands Technology Group Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Sunlands Technology Group (NYSE: STG) reported unaudited results for Q4 and full year 2025. For FY2025, net revenues were RMB2,019.9 million and net income was RMB365.6 million. Q4 2025 net revenues were RMB470.2 million and net income was RMB38.4 million.
Key operational shifts included a material decline in new student enrollments and deferred revenue, lower cost of revenues, higher product development spending, and a Q1 2026 revenue outlook of RMB420–440 million.
Positive
- 19th consecutive profitable quarter reported
- Positive operating cash flow for the full year 2025
- Cost of revenues decreased by 16.7% year-over-year in 2025
- Product development spending increased by 18.2% in 2025 (investment in technology)
Negative
- New student enrollments declined 14.1% year-over-year in 2025
- Deferred revenue declined 36.1% from RMB916.5M to RMB585.3M as of Dec 31, 2025
- Q1 2026 revenue guidance implies a year-over-year decline of 9.8%–13.9%
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: SKIL +3.07%, IH +4.17%, while LGCY -5.43%, CHGG -2.21%, GNS -6.92%. With STG flat pre‑release, action appears stock‑specific rather than a coordinated education‑sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Q3 2025 earnings | Positive | -13.3% | Strong Q3 growth in revenue, profit and margins with softer enrollments. |
| Aug 14 | Q2 2025 earnings | Positive | +7.9% | Double‑digit net income growth and margin expansion in Q2 2025. |
| May 22 | Q1 2025 earnings | Neutral | -2.5% | Revenue and income declines but continued profitability and strong margins. |
| Mar 21 | FY 2024 earnings | Neutral | +4.6% | Lower 2024 revenue and income but record annual enrollments and high deferrals. |
| Nov 22 | Q3 2024 earnings | Neutral | -1.4% | Q3 2024 revenue and profit decline with modest enrollment growth. |
Earnings releases have produced mixed share reactions, with an average move of about -0.93% and one notable negative divergence on strong Q3 2025 results.
Across the last five earnings releases from Q3 2024 through Q3 2025, Sunlands has reported a blend of revenue pressure, margin improvement, and consistent profitability. Q1–Q3 2025 updates highlighted recurring profits and rising margins despite softer enrollments. The 2024 full‑year report showed declines in revenue and net income but record enrollments and high deferred revenue. Today’s Q4 and full‑year 2025 release fits this narrative of disciplined profitability with moderated top‑line growth.
Historical Comparison
Recent earnings for STG typically showed modest share reactions, averaging about -0.93%. The current Q4 and full‑year 2025 update continues themes of disciplined profitability, cost control, and softer enrollments seen in prior quarters.
Through 2024–2025, quarterly earnings progressed from revenue declines with record enrollments toward a 2025 profile of stable revenues, higher margins, and continued profitability despite weaker new student intake.
Market Pulse Summary
This announcement highlights Sunlands’ 2025 profile of disciplined profitability and cost control, with full‑year net income of RMB365.6M and margin improvement to 18.1% despite modest revenue growth and weaker new enrollments. Deferred revenue and guidance suggest a more measured outlook for early 2026. Investors may watch future enrollment trends, margin sustainability, and execution on AI‑driven initiatives and interest‑based learning as key drivers.
Key Terms
non-gaap financial
ebitda financial
adjusted ebitda financial
deferred revenue financial
restricted cash financial
AI-generated analysis. Not financial advice.
BEIJING, March 19, 2026 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Financial and Operational Snapshots
- Net revenues were RMB470.2 million (US
$67.2 million ), compared to RMB483.5 million in the fourth quarter of 2024. - Gross billings (non-GAAP) were RMB305.7 million (US
$43.7 million ), compared to RMB412.4 million in the fourth quarter of 2024. - Gross profit was RMB408.1 million (US
$58.4 million ), compared to RMB401.8 million in the fourth quarter of 2024. - Net income was RMB38.4 million (US
$5.5 million ), compared to RMB57.8 million in the fourth quarter of 2024. - Net income margin1 was
8.2% in the fourth quarter of 2025, compared to12.0% in the fourth quarter of 2024. - New student enrollments2 were 114,058, compared to 172,200 in the fourth quarter of 2024.
- As of December 31, 2025, the Company’s deferred revenue balance was RMB585.3 million (US
$83.7 million ), compared to RMB916.5 million as of December 31, 2024.
_______________________
1 Net income margin is defined as net income as a percentage of net revenues.
2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.
Full Year 2025 Financial and Operational Snapshots
- Net revenues were RMB2,019.9 million (US
$288.8 million ), compared to RMB1,990.2 million in 2024. - Gross billings (non-GAAP) were RMB1,467.4 million (US
$209.8 million ), compared to RMB1,555.4 million in 2024. - Gross profit was RMB1,755.5 million (US
$251.0 million ), compared to RMB1,672.6 million in 2024. - Net income was RMB365.6 million (US
$52.3 million ), compared to RMB342.1 million in 2024. - Net income margin was
18.1% , compared to17.2% in 2024. - New student enrollments were 579,788, compared to 674,649 in 2024.
“2025 was a year defined by discipline and precision for Sunlands,” said Tongbo Liu, Chief Executive Officer of Sunlands. “We delivered our 19th consecutive quarter of profitability, with solid operating income and positive operating cash flow for the full year. These results reflect the deliberate choices we made throughout the year: becoming more selective in customer acquisition, strengthening delivery consistency, and improving organizational efficiency.”
“Looking ahead, we remain focused on the parts of our business where learner value and operating quality can reinforce one another over time,” Liu continued. “Interest-based learning, particularly among senior learners, is becoming an increasingly important growth driver, supported by strong engagement, high repurchase rates, and a long runway for development. At the same time, we are advancing the practical application of AI across curriculum design, service delivery, and user experience. As we enter 2026, we will continue to place greater emphasis on achieving high-quality growth.”
“Our 2025 financial performance embodies disciplined growth, operational efficiency and prudent capital allocation. Profitability and gross margin improved steadily, backed by healthy operating cash flow that bolsters our financial flexibility for strategic investments and navigating market uncertainties. We optimized cost structures while increasing R&D spending to build long-term technological capabilities, reflecting a shift from scale-focused to quality-driven operations. With strong liquidity and a robust balance sheet at year-end, we enter 2026 with a proven operational foundation. We are well-positioned to seize core market opportunities and drive sustainable, high-quality growth ahead,” said Mr. Hangyu Li, Finance Director of Sunlands.
Financial Results for the fourth quarter of 2025
Net Revenues
In the fourth quarter of 2025, net revenues decreased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit
Gross profit increased by
Operating Expenses
In the fourth quarter of 2025, operating expenses were RMB302.9 million (US
Sales and marketing expenses decreased by
General and administrative expenses increased by
Product development expenses increased by
Net Income
Net income for the fourth quarter of 2025 was RMB38.4 million (US
Basic and Diluted Net Income Per Share
Basic and diluted net income per share was RMB5.72 (US
Cash, Cash Equivalents, Restricted Cash and Short-term Investments
As of December 31, 2025, the Company had RMB576.8 million (US
Deferred Revenue
As of December 31, 2025, the Company had a deferred revenue balance of RMB585.3 million (US
Share Repurchase
On December 6, 2021, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US
Financial Results for the Year 2025
Net Revenues
In the year of 2025, net revenues increased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit
Gross profit increased by
Operating Expenses
In the year of 2025, operating expenses were RMB1,311.0 million (US
Sales and marketing expenses decreased by
General and administrative expenses increased by
Product development expenses increased by
Net Income
Net income for 2025 was RMB365.6 million (US
Basic and Diluted Net Income Per Share
Basic and diluted net income per share was RMB54.28 (US
Outlook
For the first quarter of 2026, Sunlands currently expects net revenues to be between RMB420 million to RMB440 million, which would represent a decrease of
Exchange Rate
The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.9931 to US
Conference Call and Webcast
Sunlands’ management team will host a conference call at 6:30 AM U.S. Eastern Time, (6:30 PM Beijing/Hong Kong time) on March 19, 2026, following the quarterly results announcement.
For participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.
Registration Link:
https://register-conf.media-server.com/register/BI88fc6ed315134f59b4b04e27482ea94a
Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands’ website at https://ir.sunlands.com/.
About Sunlands
Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company’s services either through PC or mobile applications. The Company’s online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.
About Non-GAAP Financial Measures
We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.
We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. Adjusted EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, income tax expenses and impairment loss on long-lived assets. We believe that gross billings, EBITDA and adjusted EBITDA provide valuable insight into the sales of our course packages and the performance of our business.
These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, adjusted EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric 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. In light of the foregoing limitations, you should not consider gross billings, EBITDA and adjusted EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands 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 report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands’ goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands’ filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.
For investor and media enquiries, please contact:
Sunlands Technology Group
Investor Relations
Email: sl-ir@sunlands.com
SOURCE: Sunlands Technology Group
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data, or otherwise noted) | ||||||
| As of December 31, | As of December 31, | |||||
| 2024 | 2025 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 507,229 | 575,740 | 82,330 | |||
| Restricted cash | - | 1,023 | 146 | |||
| Short-term investments | 276,029 | 235,937 | 33,739 | |||
| Prepaid expenses and other current assets | 96,916 | 82,566 | 11,807 | |||
| Deferred costs, current | 4,139 | 22,125 | 3,164 | |||
| Total current assets | 884,313 | 917,391 | 131,186 | |||
| Non-current assets | ||||||
| Property and equipment, net | 758,215 | 662,178 | 94,690 | |||
| Intangible assets, net | 723 | 250 | 36 | |||
| Right-of-use assets | 110,154 | 99,111 | 14,173 | |||
| Deferred costs, non-current | 56,657 | 10,643 | 1,522 | |||
| Long-term investments | 260,083 | 318,791 | 45,587 | |||
| Deferred tax assets | 24,699 | 19,104 | 2,732 | |||
| Other non-current assets | 26,319 | 19,750 | 2,824 | |||
| Total non-current assets | 1,236,850 | 1,129,827 | 161,564 | |||
| TOTAL ASSETS | 2,121,163 | 2,047,218 | 292,750 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Accrued expenses and other current liabilities | 404,865 | 366,011 | 52,342 | |||
| Deferred revenue, current | 382,047 | 384,334 | 54,959 | |||
| Lease liabilities, current portion | 8,317 | 9,104 | 1,302 | |||
| Long-term debt, current portion | 6,154 | - | - | |||
| Total current liabilities | 801,383 | 759,449 | 108,603 | |||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| As of December 31, | As of December 31, | ||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Non-current liabilities | |||||||||
| Deferred revenue, non-current | 534,463 | 200,960 | 28,737 | ||||||
| Lease liabilities, non-current portion | 137,040 | 129,564 | 18,527 | ||||||
| Deferred tax liabilities | 5,724 | 5,786 | 827 | ||||||
| Other non-current liabilities | 7,309 | 7,392 | 1,057 | ||||||
| Long-term debt, non-current portion | 35,386 | - | - | ||||||
| Total non-current liabilities | 719,922 | 343,702 | 49,148 | ||||||
| TOTAL LIABILITIES | 1,521,305 | 1,103,151 | 157,751 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A ordinary shares (par value of US | |||||||||
| authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2024 | |||||||||
| and December 31, 2025, respectively; 2,600,779 and 2,538,047 shares | |||||||||
| outstanding as of December 31, 2024 and December 31, 2025, respectively) | 1 | 1 | - | ||||||
| Class B ordinary shares (par value of US | |||||||||
| authorized; 826,389 and 826,389 shares issued and outstanding | |||||||||
| as of December 31, 2024 and December 31, 2025, respectively) | - | - | - | ||||||
| Class C ordinary shares (par value of US | |||||||||
| authorized; 3,332,062 and 3,332,062 shares issued and outstanding | |||||||||
| as of December 31, 2024 and December 31, 2025, respectively) | 1 | 1 | - | ||||||
| Treasury stock | - | - | - | ||||||
| Statutory reserves | 11,083 | 22,440 | 3,209 | ||||||
| Accumulated deficit | (1,840,285 | ) | (1,486,011 | ) | (212,497 | ) | |||
| Additional paid-in capital | 2,294,381 | 2,287,553 | 327,116 | ||||||
| Accumulated other comprehensive income | 136,164 | 121,570 | 17,384 | ||||||
| Total Sunlands Technology Group shareholders’ equity | 601,345 | 945,554 | 135,212 | ||||||
| Non-controlling interest | (1,487 | ) | (1,487 | ) | (213 | ) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 599,858 | 944,067 | 134,999 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,121,163 | 2,047,218 | 292,750 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| For the Three Months Ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net revenues | 483,477 | 470,192 | 67,237 | ||||||
| Cost of revenues | (81,687 | ) | (62,133 | ) | (8,885 | ) | |||
| Gross profit | 401,790 | 408,059 | 58,352 | ||||||
| Operating expenses | |||||||||
| Sales and marketing expenses | (314,847 | ) | (254,935 | ) | (36,455 | ) | |||
| Product development expenses | (4,492 | ) | (7,694 | ) | (1,100 | ) | |||
| General and administrative expenses | (31,956 | ) | (40,231 | ) | (5,753 | ) | |||
| Total operating expenses | (351,295 | ) | (302,860 | ) | (43,308 | ) | |||
| Income from operations | 50,495 | 105,199 | 15,044 | ||||||
| Interest income | 11,149 | 5,040 | 721 | ||||||
| Interest expense | (758 | ) | (58 | ) | (8 | ) | |||
| Other income, net | 7,058 | 7,941 | 1,136 | ||||||
| Impairment loss on long-lived assets | - | (67,931 | ) | (9,714 | ) | ||||
| Income before income tax expenses | |||||||||
| and loss from equity method investments | 67,944 | 50,191 | 7,179 | ||||||
| Income tax expenses | (8,275 | ) | (11,613 | ) | (1,661 | ) | |||
| Loss from equity method investments | (1,863 | ) | (204 | ) | (29 | ) | |||
| Net income | 57,806 | 38,374 | 5,489 | ||||||
| Less: Net loss attributable to non-controlling interest | - | - | - | ||||||
| Net income attributable to Sunlands Technology Group | 57,806 | 38,374 | 5,489 | ||||||
| Net income per share attributable to ordinary shareholders of | |||||||||
| Sunlands Technology Group: | |||||||||
| Basic and diluted | 8.55 | 5.72 | 0.82 | ||||||
| Weighted average shares used in calculating net income | |||||||||
| per ordinary share: | |||||||||
| Basic and diluted | 6,761,323 | 6,704,595 | 6,704,595 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) | |||||||||
| For the Three Months Ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net income | 57,806 | 38,374 | 5,489 | ||||||
| Other comprehensive income/(loss), net of tax effect of nil: | |||||||||
| Change in cumulative foreign currency translation adjustments | 24,246 | (11,127 | ) | (1,591 | ) | ||||
| Unrealized (loss)/gain on available-for-sale investments, | |||||||||
| net of tax effect of nil | (24,083 | ) | 3,041 | 435 | |||||
| Total comprehensive income | 57,969 | 30,288 | 4,333 | ||||||
| Less: comprehensive income attributable to non-controlling interest | - | - | - | ||||||
| Comprehensive income attributable to Sunlands Technology Group | 57,969 | 30,288 | 4,333 | ||||||
| SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) | ||||||
| For the Three Months Ended December 31, | ||||||
| 2024 | 2025 | |||||
| RMB | RMB | |||||
| Net revenues | 483,477 | 470,192 | ||||
| Less: other revenues | (81,373 | ) | (67,887 | ) | ||
| Add: tax and surcharges | 21,694 | 16,961 | ||||
| Add: ending deferred revenue | 916,510 | 585,294 | ||||
| Add: ending refund liability | 112,342 | 64,393 | ||||
| Less: beginning deferred revenue | (920,593 | ) | (695,459 | ) | ||
| Less: beginning refund liability | (119,618 | ) | (67,828 | ) | ||
| Gross billings (non-GAAP) | 412,439 | 305,666 | ||||
| Net income | 57,806 | 38,374 | ||||
| Add: income tax expenses | 8,275 | 11,613 | ||||
| Add: depreciation and amortization | 7,319 | 7,170 | ||||
| Add: interest expense | 758 | 58 | ||||
| Less: interest income | (11,149 | ) | (5,040 | ) | ||
| EBITDA (non-GAAP) | 63,009 | 52,175 | ||||
| Add: Impairment loss on long-lived assets | - | 67,931 | ||||
| Adjusted EBITDA (non-GAAP) | 63,009 | 120,106 | ||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) | |||||||||
| For the Years Ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net revenues | 1,990,204 | 2,019,881 | 288,839 | ||||||
| Cost of revenues | (317,570 | ) | (264,424 | ) | (37,812 | ) | |||
| Gross profit | 1,672,634 | 1,755,457 | 251,027 | ||||||
| Operating expenses | |||||||||
| Sales and marketing expenses | (1,216,912 | ) | (1,137,631 | ) | (162,679 | ) | |||
| Product development expenses | (25,008 | ) | (29,553 | ) | (4,226 | ) | |||
| General and administrative expenses | (132,809 | ) | (143,796 | ) | (20,563 | ) | |||
| Total operating expenses | (1,374,729 | ) | (1,310,980 | ) | (187,468 | ) | |||
| Income from operations | 297,905 | 444,477 | 63,559 | ||||||
| Interest income | 38,824 | 23,643 | 3,381 | ||||||
| Interest expense | (5,293 | ) | (852 | ) | (122 | ) | |||
| Other income, net | 26,296 | 30,121 | 4,307 | ||||||
| Loss on disposal of subsidiaries | (838 | ) | - | - | |||||
| Impairment loss on long-lived assets | - | (67,931 | ) | (9,714 | ) | ||||
| Income before income tax expenses | |||||||||
| and loss from equity method investments | 356,894 | 429,458 | 61,411 | ||||||
| Income tax expenses | (1,300 | ) | (59,297 | ) | (8,479 | ) | |||
| Loss from equity method investments | (13,512 | ) | (4,530 | ) | (648 | ) | |||
| Net income | 342,082 | 365,631 | 52,284 | ||||||
| Less: Net loss attributable to non-controlling interest | - | - | - | ||||||
| Net income attributable to Sunlands Technology Group | 342,082 | 365,631 | 52,284 | ||||||
| Net income per share attributable to ordinary shareholders of | |||||||||
| Sunlands Technology Group: | |||||||||
| Basic and diluted | 50.12 | 54.28 | 7.76 | ||||||
| Weighted average shares used in calculating net income | |||||||||
| per ordinary share: | |||||||||
| Basic and diluted | 6,824,824 | 6,736,373 | 6,736,373 | ||||||
| SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) | |||||||||
| For the Years Ended December 31, | |||||||||
| 2024 | 2025 | ||||||||
| RMB | RMB | US$ | |||||||
| Net income | 342,082 | 365,631 | 52,284 | ||||||
| Other comprehensive income/(loss), net of tax effect of nil: | |||||||||
| Change in cumulative foreign currency translation adjustments | 16,971 | (26,279 | ) | (3,758 | ) | ||||
| Unrealized (loss)/gain on available-for-sale investments, net of tax effect of nil | (24,083 | ) | 11,685 | 1,671 | |||||
| Total comprehensive income | 334,970 | 351,037 | 50,197 | ||||||
| Less: comprehensive income attributable to non-controlling interest | - | - | - | ||||||
| Comprehensive income attributable to Sunlands Technology Group | 334,970 | 351,037 | 50,197 | ||||||
| SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) | ||||||
| For the Years Ended December 31, | ||||||
| 2024 | 2025 | |||||
| RMB | RMB | |||||
| Net revenues | 1,990,204 | 2,019,881 | ||||
| Less: other revenues | (287,179 | ) | (248,650 | ) | ||
| Add: tax and surcharges | 77,734 | 75,322 | ||||
| Add: ending deferred revenue | 916,510 | 585,294 | ||||
| Add: deferred revenue in connection with disposal of subsidiaries | 3,423 | - | ||||
| Add: ending refund liability | 112,342 | 64,393 | ||||
| Less: beginning deferred revenue | (1,113,923 | ) | (916,510 | ) | ||
| Less: beginning refund liability | (143,744 | ) | (112,342 | ) | ||
| Gross billings (non-GAAP) | 1,555,367 | 1,467,388 | ||||
| Net income | 342,082 | 365,631 | ||||
| Add: income tax expenses | 1,300 | 59,297 | ||||
| Add: depreciation and amortization | 29,467 | 28,792 | ||||
| Add: interest expense | 5,293 | 852 | ||||
| Less: interest income | (38,824 | ) | (23,643 | ) | ||
| EBITDA (non-GAAP) | 339,318 | 430,929 | ||||
| Add: Impairment loss on long-lived assets | - | 67,931 | ||||
| Adjusted EBITDA (non-GAAP) | 339,318 | 498,860 | ||||
FAQ
What were Sunlands (STG) full-year 2025 net revenues and net income?
Why did Sunlands (STG) deferred revenue fall sharply in 2025?
How much did new student enrollments change for Sunlands (STG) in 2025?
What guidance did Sunlands (STG) give for Q1 2026 revenue and what does it imply?
Did Sunlands (STG) increase product development spending in 2025 and why?
What is the status of Sunlands (STG) share repurchase activity as of Dec 31, 2025?
