Waterdrop Inc. Reports Second Quarter 2026 Unaudited Financial Results

Waterdrop posts sharply higher Q2 2026 revenue and profit as AI-driven insurance and clinical trial services expand across its platforms.

Rhea-AI Summary

Waterdrop Inc. (WDH) reported strong unaudited Q2 2026 results with rapid revenue and profit growth.

For the quarter ended June 30, 2026, operating revenue reached RMB1,448.2 million, up 72.8% year-over-year, while net profit attributable to ordinary shareholders was RMB125.8 million, marking 18 consecutive profitable quarters. As of August 31, 2026, the company had cumulatively repurchased about 62.9 million ADSs from the open market.

Insurance-related revenue grew 80.5% year-over-year and insurance business operating profit rose to RMB183.6 million, up 20% quarter-over-quarter. Waterdrop highlighted rising AI penetration, with premiums facilitated by its “AI Medical Insurance Expert” increasing 25.6% quarter-over-quarter and first-year premiums for long-term insurance up 33.4% quarter-over-quarter.

The E-Find digital clinical trial platform generated Q2 net revenue of RMB35.2 million, up 26.8% year-over-year, partnering with 255 pharma companies and CROs and having cumulatively delivered 1,873 clinical trial projects involving 17,052 enrolled patients.

Positive

• Operating revenue RMB1,448.2 million in Q2 2026, up 72.8% year-over-year
• Net profit RMB125.8 million in Q2 2026, achieving 18 consecutive profitable quarters
• Share repurchases of approximately 62.9 million ADSs cumulatively as of August 31, 2026
• Insurance-related revenue up 80.5% year-over-year in Q2 2026
• Insurance operating profit RMB183.6 million, up 20% quarter-over-quarter
• E-Find platform revenue RMB35.2 million, up 26.8% year-over-year

Negative

• None.

Market Context

WDH had a 2.01% pre-publication gain, while the June 16 Q1 earnings event recorded a 8.57% decline; ...

Analysis

WDH had a 2.01% pre-publication gain, while the June 16 Q1 earnings event recorded a 8.57% decline; the earlier market response diverged from reported growth, contextualizing this quarter's results against prior earnings disclosures.

Key Figures

Operating Revenue: RMB1,448.2 million Revenue Growth: 72.8% year-over-year Net Profit: RMB125.8 million +5 more

Operating Revenue

RMB1,448.2 million

Q2 2026

Revenue Growth

72.8% year-over-year

Q2 2026 operating revenue

Net Profit

RMB125.8 million

Q2 2026, attributable to ordinary shareholders

Profitability Streak

18 consecutive quarters

Q2 2026

ADS Repurchases

Approximately 62.9 million ADSs

Cumulative repurchases as of August 31, 2026

Insurance-Related Revenue Growth

80.5% year-over-year

Q2 2026

Insurance Operating Profit

RMB183.6 million

Q2 2026, up 20% quarter-over-quarter

E-Find Platform Revenue

RMB35.2 million

Q2 2026, up 26.8% year-over-year

Previous Earnings Reports

3 past events · Latest: Jun 16

Same Type 3 events

1. Jun 16

   Q1 earnings results

   24h Move

   -8.6%

   Reported Q1 revenue growth and 17th consecutive profitable quarter alongside insurance and clinical-trial growth.

2. Dec 03

   Q3 earnings results

   24h Move

   +1.1%

   Reported revenue and net-profit growth with improved operating expense ratio and insurance operating profit.

3. Jun 05

   Q1 earnings results

   24h Move

   -3.3%

   Reported revenue and net-profit growth with higher insurance revenue and digital clinical-trial solution revenue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ads, clinical trial, pre-existing conditions

3 terms

ads financial

"approximately 62.9 million ADSs (American Depositary Shares) from the open market"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

clinical trial medical

"Waterdrop's digital clinical trial solutions business grew steadily"

A clinical trial is a carefully controlled study in which a new medicine, medical device, or treatment is tested on people to see if it is safe and effective. For investors it matters because trial results determine whether a product can win regulatory approval and reach patients, much like a road test decides if a new car can be sold; positive or negative results can sharply change a company’s prospects and stock value.

pre-existing conditions medical

"coverage for users with pre-existing conditions one by one"

Health conditions, illnesses, or injuries that existed before a person’s health insurance coverage or a clinical trial begins; think of them like a scratch on a car that was already there before you bought it. Investors care because pre-existing conditions affect insurers’ costs, employer healthcare liabilities, drug and device demand, and regulatory decisions—so changes in coverage rules or treatment options can materially change company profits and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

BEIJING, Sept. 8, 2026 /PRNewswire/ -- On September 8, Waterdrop Inc. (NYSE: WDH) released its unaudited financial results for the second quarter ended June 30, 2026. In Q2 2026, the company's operating revenue reached RMB1,448.2 million, up 72.8% year-over-year; net profit attributable to ordinary shareholders was RMB125.8 million, marking 18 consecutive quarters of profitability. As of August 31, 2026, the company had cumulatively repurchased approximately 62.9 million ADSs (American Depositary Shares) from the open market.

With solid performance in Q2, the company achieved rapid revenue growth. Going forward, Waterdrop will continue to increase investment in AI technology innovation, making healthcare and financial services more accessible to the public.

Insurance Business Grows Steadily, AI Penetration Continues to Rise

This quarter, the insurance business maintained strong growth, with insurance-related revenue up 80.5% year-over-year. Meanwhile, profitability continued to improve, with insurance business operating profit reaching RMB183.6 million, up 20% quarter-over-quarter. Waterdrop is comprehensively accelerating the application of AI technology across the entire insurance value chain. Premiums facilitated by 'AI Medical Insurance Expert' rose by 25.6% quarter-over-quarter. First-year premiums for long-term insurance grew 33.4% quarter-over-quarter.

In terms of product innovation, leveraging its massive claims data and user profile analytics, Waterdrop has broken the traditional static logic of blanket rejection for people with chronic diseases, removing barriers to coverage for users with pre-existing conditions one by one. This quarter, Waterdrop launched 'Rongyibao,' the market's first long-term critical illness insurance product that requires no health disclosure and offers five-year guaranteed renewability, covering more than 100 critical illnesses with optional riders for accidental death and disability benefits. At the same time, the company expanded 'Jixing Gaozhao' series with the market's first lifetime specified disease insurance product requiring no health disclosure.

Waterdrop Medical Crowdfunding: 499 Million Users Have Donated RMB74.7 Billion to 3.82 Million Patients

This quarter, Waterdrop Medical Crowdfunding continued to fulfill its role in providing emergency relief. Since its launch in 2016, approximately 499 million donors have cumulatively contributed RMB74.7 billion to 3.82 million patients with critical illnesses through Waterdrop Medical Crowdfunding.

Waterdrop Medical Crowdfunding has always practiced the philosophy of "tech for good," building a dual safeguard system for case authenticity verification and transparent fund flow through AI technology. This quarter, Waterdrop Medical Crowdfunding introduced AI in risk management: relying on the semantic parsing capabilities of large models combined with strategic analysis, it built an intelligent identification matrix for multiple high-risk scenarios, precisely detecting dimensions such as fundraiser sensitive-identity recognition and abnormal assets. This has significantly improved the accuracy and efficiency of platform risk identification, ensuring the authenticity and reliability of fundraising cases.

In addition, Waterdrop Medical Crowdfunding has launched AI fundraising assistants in 548 cities nationwide. Leveraging intelligent, round-the-clock service, the assistants provide professional support to fundraising users across the country — especially those in remote areas and those unfamiliar with internet operations. Services cover end-to-end fundraising Q&A, basic critical-illness health education, and efficient fundraising guidance, making critical illness relief more precise and convenient and filling gaps left by human service coverage.

E-Find Platform: Q2 Revenue RMB35.2 Million, Partners with 255 Pharma Companies and CROs

Waterdrop's digital clinical trial solutions business grew steadily, with E-Find Platform's net revenue reaching RMB35.2 million, up 26.8% year-over-year. This quarter, E-Find Platform established partnerships with 255 well-known domestic and overseas pharma companies and CROs. As of June 30, 2026, it had cumulatively delivered 1,873 clinical trial projects with 17,052 enrolled patients.

In terms of social responsibility, in response to severe rainstorms and floods across multiple areas of Guangxi and debris-flow disasters at the Jilong Port in Jilong County, Shigatse, Tibet, Waterdrop urgently established a disaster relief emergency response team and quickly launched rescue operations. Waterdrop Charity immediately launched a "Relief" special section on its homepage and, in collaboration with multiple foundations, rushed aid to affected areas — delivering over 2,000 relief supply packages to the Guangxi disaster zone and doing its utmost to help affected communities through the crisis.

Shen Peng, Founder and CEO of Waterdrop Inc., said: "Waterdrop has always regarded technology as our core driver. With AI embedded across our platforms, we are well positioned to capture the growing demand in our existing businesses. In the future, we remain committed to delivering greater value for our shareholders in the years to come."

View original content:https://www.prnewswire.com/news-releases/waterdrop-inc-reports-second-quarter-2026-unaudited-financial-results-302872182.html

SOURCE Waterdrop Inc.

FAQ

How is Waterdrop using AI to drive growth in its insurance business?

Waterdrop is increasing AI penetration across the insurance value chain. Premiums facilitated by its “AI Medical Insurance Expert” rose 25.6% quarter-over-quarter, and first-year premiums for long-term insurance grew 33.4% quarter-over-quarter. The company said AI helps in areas such as product innovation, risk control, and operational efficiency.

What new insurance products did Waterdrop launch in Q2 2026?

Waterdrop launched “Rongyibao”, described as a long-term critical illness insurance product that requires no health disclosure, offers five-year guaranteed renewability, covers more than 100 critical illnesses, and provides optional riders for accidental death and disability benefits. It also expanded the “Jixing Gaozhao” series with a lifetime specified disease insurance product that also requires no health disclosure.

What scale has Waterdrop Medical Crowdfunding reached since launch?

Since its 2016 launch, approximately 499 million users have donated a cumulative RMB74.7 billion through Waterdrop Medical Crowdfunding, helping 3.82 million patients with critical illnesses.

How is AI applied in Waterdrop Medical Crowdfunding’s risk management and services?

Waterdrop Medical Crowdfunding uses AI to build a dual safeguard system for case authenticity verification and transparent fund flow. In Q2, it introduced AI-based risk management using large-model semantic parsing and strategic analysis to create an intelligent identification matrix for multiple high-risk scenarios, including sensitive-identity recognition and abnormal assets. It also deployed AI fundraising assistants in 548 cities nationwide to provide round-the-clock fundraising Q&A, basic critical-illness health education, and fundraising guidance.

What is the current scale of Waterdrop’s E-Find digital clinical trial platform?

In Q2 2026, E-Find generated net revenue of RMB35.2 million, up 26.8% year-over-year. The platform had partnerships with 255 domestic and overseas pharma companies and CROs and had cumulatively delivered 1,873 clinical trial projects with 17,052 enrolled patients as of June 30, 2026.

What disaster relief actions did Waterdrop undertake during recent natural disasters in China?

In response to severe rainstorms and floods in Guangxi and debris-flow disasters at Jilong Port in Tibet, Waterdrop set up a disaster relief emergency response team and launched rescue operations. Waterdrop Charity opened a “Relief” special section on its homepage and, in collaboration with multiple foundations, delivered over 2,000 relief supply packages to the Guangxi disaster zone.