Yiren Digital Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Rhea-AI Summary

Yiren Digital (NYSE: YRD) reported Q4 2025 net revenue of RMB957.6 million (–34% YoY) and a Q4 net loss of RMB882.2 million. Fiscal 2025 net revenue was RMB5,719.2 million (–1% YoY) with net income of RMB40.5 million.

Q4 loans facilitated were RMB12.0 billion (–40% QoQ); full-year loans facilitated were RMB67.8 billion (+26% YoY). Cash and equivalents were RMB3,348.1 million as of December 31, 2025. The company cited tightened credit policy, higher provisions and AI-driven risk management.

Positive

• Total loans facilitated up 26% YoY in 2025 (RMB67.8 billion)
• Repeat borrowers accounted for 76%–77% of loan volume in 2025
• Insurance clients increased 33% YoY to 2,035,550
• Internet insurance distribution showed strong growth and rising revenue contribution
• Cash and equivalents of RMB3,348.1 million at year-end 2025
• Full-year net income of RMB40.5 million despite industry headwinds

Negative

• Q4 net loss of RMB882.2 million
• Q4 net revenue fell 34% YoY to RMB957.6 million
• Provision for contingent liabilities rose to RMB2,366.3 million in 2025
• Q4 provision jump to RMB1,110.1 million versus RMB250.7 million prior-year quarter
• Delinquency rates increased QoQ (1-30d 3.4%, 31-60d 3.0%, 61-90d 2.8%)

News Market Reaction – YRD

-44.84% 23.6x vol

32 alerts

-44.84% Session close to close

-27.5% Trough in 8 hr 13 min

$317.98M Market Cap

23.6x Rel. Volume

In the Mar 19 session, YRD declined 44.84%, reflecting a significant negative market reaction. Argus tracked a trough of -27.5% from its starting point during tracking. Our momentum scanner triggered 32 alerts that day, indicating elevated trading interest and price volatility. Trading volume was exceptionally heavy at 23.6x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -44.8% in the session following this news. A negative reaction despite some full-y...

Analysis

The stock dropped -44.8% in the session following this news. A negative reaction despite some full-year revenue stability fits the historical pattern where earnings highlighting higher provisions and weaker profitability prompted selling. With Q4 showing a large net loss, adjusted EBITDA turning negative, and increased contingent liability provisions, a move below -5% would be consistent with prior earnings-driven drawdowns if investors prioritize balance-sheet risk over AI and internet insurance growth narratives.

Key Figures

Q4 2025 total net revenue: RMB957.6M (US$136.9M) Q4 2025 net loss: RMB882.2M (US$126.1M) FY 2025 total net revenue: RMB5,719.2M (US$817.8M) +5 more

8 metrics

Q4 2025 total net revenue RMB957.6M (US$136.9M) Fourth quarter 2025, down 34% vs Q4 2024

Q4 2025 net loss RMB882.2M (US$126.1M) Fourth quarter 2025 bottom line result vs profit in Q4 2024

FY 2025 total net revenue RMB5,719.2M (US$817.8M) Full year 2025, 1% lower than RMB5,805.9M in 2024

FY 2025 net income RMB40.5M (US$5.8M) Full year 2025 vs RMB1,582.3M in 2024

FY 2025 adjusted EBITDA RMB-109.6M (US$-15.7M) Non-GAAP adjusted EBITDA for full year 2025

Cash and cash equivalents RMB3,348.1M (US$478.8M) Balance as of December 31, 2025

Total loans facilitated 2025 RMB67.8B (US$9.7B) Full year 2025, 26% above RMB53.6B in 2024

Provision for contingent liabilities 2025 RMB2,366.3M (US$338.4M) Full year 2025 provisions for risk-taking model assets

Previous Earnings Reports

5 past events · Latest: Nov 25 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 25	Q3 2025 earnings	Positive	-7.6%	Revenue and loan growth with solid profitability but rising delinquency and provisions.
Aug 21	Q2 2025 earnings	Positive	+3.6%	Strong revenue and financial services growth plus dividend alongside lower net income.
Jun 12	Q1 2025 earnings	Negative	-9.0%	Higher provisions and weaker net income despite loan growth and increased revenue.
Mar 20	Q4/FY 2024 earnings	Negative	-20.4%	Full-year revenue growth offset by lower net income and higher risk-taking provisions.
Nov 21	Q3 2024 earnings	Neutral	-0.4%	Revenue and loan growth paired with declining insurance brokerage and lower net income.

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

Pattern Detected

Earnings releases have often been followed by downside moves, especially when higher provisions pressure net income, even in periods of solid revenue and loan growth.

Recent Company History

Across recent earnings cycles from Q3 2024 through Q3 2025, Yiren Digital repeatedly reported revenue and loan growth alongside rising provisions and weaker net income. Several of those updates, including Q4 2024 and Q1 2025, were followed by notable share price declines. The current Q4/FY 2025 release extends that pattern, with higher allowances, contingent liability provisions, and a sharp quarterly net loss despite full-year revenue stability and loan growth, reinforcing investors’ focus on asset quality and risk-taking model dynamics.

Key Terms

ads, adjusted ebitda, aigc, ai agents, +4 more

8 terms

ads financial

"Basic and diluted loss per ADS in the fourth quarter of 2025 were RMB10.1230..."

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.

adjusted ebitda financial

"Adjusted EBITDA[3] (non-GAAP) in the fourth quarter of 2025 was a loss of RMB1,022.8 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

aigc technical

"The increasing application of Artificial Intelligence Generated Content ("AIGC") and AI agents in tele-sales..."

AIGC is content produced by artificial intelligence tools—text, images, audio, video, or software—generated with little or no human writing or creative input. For investors, it matters because it can sharply reduce production costs and speed up new products while creating new revenue opportunities, competitive shifts, and regulatory or intellectual-property risks; think of it like factory automation for creative work that boosts output but requires oversight and new business models.

ai agents technical

"broader use of AI agents to automate customer service, and enhanced cost discipline..."

AI agents are computer programs designed to perform tasks or make decisions automatically, often by learning from data and adapting to new information. They act like virtual assistants or robots that can handle complex activities without human intervention, which can help businesses and individuals save time and improve efficiency. For investors, AI agents matter because they can enhance decision-making and automate processes that influence markets and financial outcomes.

delinquency rates financial

"Delinquency rates[4]. As of December 31, 2025, the delinquency rates for loans that are past due..."

Delinquency rates measure the share of loans or credit accounts that are past due on payments, usually expressed as a percentage of the total loan portfolio. Think of it like the fraction of renters in an apartment building who didn’t pay rent on time; rising delinquency rates signal growing borrower stress, which can reduce a lender’s profits, force bigger loss reserves, and warn investors about higher credit risk across a company or the broader economy.

provision for contingent liabilities financial

"Provision for contingent liabilities in the fourth quarter of 2025 was RMB1,110.1 million..."

A provision for contingent liabilities is an amount a company sets aside on its books as a reserve for possible future losses from uncertain events like lawsuits, product claims, or guarantees. It acts like putting money in a rainy-day jar for risks that might happen, and matters to investors because it reduces reported profits and strengthens the balance sheet by recognizing potential costs early, signaling how much risk the company expects and protecting future cash flow.

fair value adjustments financial

"Fair value adjustments gain/(loss) in the fourth quarter of 2025 was a loss of RMB84.9 million..."

Adjustments made in a company's financial records to update the reported value of assets or liabilities so they reflect current estimated worth instead of original purchase cost. They matter to investors because these bookkeeping updates can change reported profit, net worth and perceived risk—like re-tagging items in a store when market prices shift—so they affect valuation, comparisons between firms, and buy/sell decisions.

crypto assets financial

"The decrease primarily resulted from fair value changes in crypto assets..."

Crypto assets are digital tokens secured by cryptography and recorded on decentralized ledgers, used as money, ownership claims, or access rights to services and networks. They matter to investors because their prices can move sharply, offering the potential for big gains or losses, and they can change exposure to new technologies and regulatory risks—think of them as volatile digital commodities or currencies stored in a digital wallet.

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

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BEIJING, March 19, 2026 /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the fourth quarter and 2025 fiscal year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Operational Highlights

Credit Solution Business (formerly known as Financial Services Business)

• Total loans facilitated in the fourth quarter of 2025 was RMB12.0 billion (US$1.7 billion), representing a decrease of 40% compared to RMB20.2 billion in the third quarter of 2025 and a decrease of 22% compared to RMB15.4 billion in the same period of 2024. Total loans facilitated for the 2025 full year reached RMB67.8 billion (US$9.7 billion), representing an increase of 26% from RMB53.6 billion in 2024.
• Number of borrowers served in the fourth quarter of 2025 was 742,444, representing a decrease of 44% compared to 1,335,978 in the third quarter of 2025 and a decrease of 52% compared to 1,560,789 in the same period of 2024. The decrease was due to the strategic tightening of the credit policy amid ongoing industry-wide fluctuations in credit risk.
• Repeat borrowers' loan amount ^[1] accounted for 77% of the total volume of loans facilitated in the fourth quarter of 2025, in line with the third quarter of 2025. Repeat borrowers' loan amount percentage was 76% for the 2025 full year, compared to 59% in 2024.
• Cumulative number of borrowers served reached 14,295,499 as of December 31, 2025, representing an increase of 2% from 14,006,873 as of September 30, 2025, and an increase of 16% compared to 12,350,400 as of December 31, 2024.
• Outstanding balance of performing loans facilitated was RMB28.6 billion (US$4.1 billion) as of December 31, 2025, representing a decrease of 17% from RMB34.2 billion as of September 30, 2025, and an increase of 15% compared to RMB24.8 billion as of December 31, 2024.

Insurance Brokerage Business

• Gross written premiums in the fourth quarter of 2025 were RMB860.1 million (US$123.0 million), representing a decrease of 25% from RMB1,148.0 million in the third quarter of 2025 and a decrease of 22% compared to RMB1,100.3 million in the same period of 2024. The decline was primarily due to reduced gross written premiums from broker channels, partially offset by the continued strong growth of the internet insurance distribution business.
• Cumulative number of insurance clients was 2,035,550 as of December 31, 2025, representing an increase of 10% from 1,853,435 as of September 30, 2025, and an increase of 33% from 1,532,119 as of December 31, 2024.
• Number of new insurance policies in the fourth quarter of 2025 was 824,225, representing a 16% increase from 710,079 in the third quarter of 2025, and a 68% increase from 490,409 in the same period of 2024. This was primarily driven by the rapid expansion of internet distribution channels throughout 2025.

"Our early efforts to strengthen credit standards and proactively build financial buffers ahead of the industry downturn have allowed us to navigate a challenging market environment while maintaining stable operations," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "The AI-driven risk management system we built over the past two years is delivering measurable results, sharpening our credit decision-making capabilities and reinforcing our operational resilience in China's evolving credit market. These same AI capabilities are enabling us to scale our internet insurance distribution business, which sustained strong growth momentum in 2025 and meaningfully expanded our addressable market. Our strategic focus in 2026 is to deepen our AI-driven operating model and accelerate the transformation of our two core business segments into purpose-built frameworks that serve institutional and individual clients and generate more commercial opportunities from the AI technologies we have developed over the past few years."

"Fiscal 2025 was a period of elevated credit risk across the consumer lending industry, and we met this environment with disciplined risk management and proactive balance sheet stewardship. We tightened our credit policy early and accumulated cash reserves to ensure we navigated the cycle with excess financial strength. Our internet insurance distribution business delivered strong momentum throughout the year, emerging as a meaningful contributor to revenue diversification and a proof point of our ability to scale new business lines," Mr. William Hui, Chief Financial Officer of Yiren Digital, commented.

Fourth Quarter 2025 Financial Results

Total net revenue in the fourth quarter of 2025 was RMB957.6 million (US$136.9 million), representing a decrease of 34% from RMB1,452.2 million in the fourth quarter of 2024.

Within this, revenue from credit solution business was RMB832.7 million (US$119.1 million), representing a decrease of 21% from RMB1,047.8 million in the same period of 2024. The decrease was mainly attributed to a decline in service fee rate under the new regulatory framework and a proactive, strategic scale-back on the loan facilitation volume of credit solution business amid heightened market risks. Revenue from credit solution business accounted for 87% of total net revenue in the fourth quarter.

Revenue from insurance brokerage business was RMB83.8 million (US$12.0 million) in the fourth quarter of 2025, representing a decrease of 21% from RMB106.4 million in the fourth quarter of 2024 due to structural compression in service fee rate in recent years. The internet distribution sub-segment has demonstrated strong growth momentum since mid-2025 and its contribution to total brokerage revenue is increasing significantly in the fourth quarter of 2025 to 22%.

Revenue from other business was RMB41.1 million (US$5.9 million), compared with RMB298.0 million in the same period of 2024. The decrease was mainly attributable to the continued decline in sales through the e-commerce business.

Sales and marketing expenses in the fourth quarter of 2025 were RMB206.1 million (US$29.5 million), a decrease of 31% compared to RMB298.5 million in the same period of 2024. This change was mainly attributable to a scale-down in facilitated loan volume in the fourth quarter of 2025, and a higher contribution from repeat borrowers through Yixianghua platform, which increased to 77%, compared with 65% in the same period last year, and a decrease in new customer acquisition costs as the result of AI-assisted precision marketing.

Origination, servicing and other operating costs in the fourth quarter of 2025 were RMB250.9 million (US$35.9 million), representing a 27% increase from RMB197.2 million in the same period of 2024. The increase reflects a strategic decision to raise asset recovery commissions to incentivize stronger recovery performance amid a challenging credit environment. These incremental recovery costs were partially offset by meaningful savings from the accelerated deployment of AI agents and automation across the collection and customer service workflows, as well as disciplined cost management across broader operations.

Research and development expenses in the fourth quarter of 2025 were RMB121.4 million (US$17.4 million), a decrease of 26% compared to RMB164.7 million in the same period of 2024, and an increase of 33% from RMB91.5 million in the third quarter of 2025. The year-over-year decrease in R&D expenses was mainly due to a high base resulting from a one-off development expense in the AI credit system in the second half of 2024. With that build largely complete, the deeper integration of AI automation tools across the credit analytic workflows in 2025 delivered measurable efficiency gains and a more optimized cost structure. R&D expenses increased in the fourth quarter compared to the third quarter due to increased investment in senior AI R&D talent to support the execution of the 2026 AI roadmap.

General and administrative expenses in the fourth quarter of 2025 were RMB44.3 million (US$6.3 million), representing a modest increase of 5%, compared to RMB42.2 million in the same period of 2024 and a decrease of 58% from RMB104.4 million in the third quarter of 2025. As Yiren Digital continues to invest in talent and implement organizational restructuring to strengthen its operational capabilities, these expenses may have some seasonal fluctuation.

Allowance for contract assets, receivables and others in the fourth quarter of 2025 was RMB295.8 million (US$42.3 million), compared to RMB203.1 million in the same period of 2024. The increase was driven by higher receivables from guarantee services and financing services, fueled by rising expected loss rates amid an industry-level higher risk profile of assets.

Provision for contingent liabilities in the fourth quarter of 2025 was RMB1,110.1 million (US$158.7 million), compared to RMB250.7 million in the same period of 2024. The increase was primarily driven by the overall growth in loan volume originated under the risk-taking model^[2], coupled with a higher-risk asset profile.

Fair value adjustments gain/(loss) in the fourth quarter of 2025 was a loss of RMB84.9 million (US$12.1 million), compared to a gain of RMB16.9 million in the same period of 2024, and a gain of RMB161.3 million in the third quarter of 2025. The decrease primarily resulted from fair value changes in crypto assets, reflecting the overall decline in digital asset prices during the fourth quarter of 2025.

Income tax benefit in the fourth quarter of 2025 was RMB245.3 million (US$35.1 million).

Net loss for the fourth quarter of 2025 was RMB882.2 million (US$126.1 million), compared to a net income of RMB331.4 million in the same period in 2024. The loss primarily resulted from substantial upfront provisions recognized in the quarter for risk-taking model assets in the credit solution business — required by accounting standards for the expanding loan volume under the risk-taking model — along with a higher-risk asset profile and lower fee rates in the loan facilitation business under the new regulations. The short-term impact of accounting standards on earnings should normalize as the risk-taking loan balance stabilizes.

Adjusted EBITDA^[3] (non-GAAP) in the fourth quarter of 2025 was a loss of RMB1,022.8 million (US$146.3 million), compared to a gain of RMB319.5 million in the same period of 2024 and a gain of RMB236.8 million in the third quarter of 2025.

Basic and diluted loss per ADS in the fourth quarter of 2025 were RMB10.1230 (US$1.4476) and RMB10.0650 (US$1.4392), respectively, compared to basic and diluted income per ADS of RMB3.8378 and RMB3.8156, respectively, in the same period of 2024.

Net cash used in operating activities in the fourth quarter of 2025 was RMB197.6 million (US$28.3 million), compared to RMB373.0 million generated from operating activities in the same period of 2024.

Net cash provided by investing activities in the fourth quarter of 2025 was RMB50.8 million (US$7.3 million), compared to RMB32.9 million used in investing activities in the same period of 2024.

Net cash used in financing activities in the fourth quarter of 2025 was RMB234.1 million (US$33.5 million), compared to RMB114.3 million in the same period of 2024.

As of December 31, 2025, cash and cash equivalents were RMB3,348.1 million (US$478.8 million), compared to RMB3,841.3 million as of December 31, 2024. As of December 31, 2025, the balance of financial investments was RMB483.7 million (US$69.2 million), compared to RMB437.2 million as of December 31, 2024.

Delinquency rates^[4]. As of December 31, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 3.4%, 3.0% and 2.8%, respectively, compared to 2.7%, 1.7% and 1.4%, respectively, as of September 30, 2025.

Fiscal Year 2025 Financial Results

Total net revenue in 2025 was RMB5,719.2 million (US$817.8 million), representing a decrease of 1% from RMB5,805.9 million in 2024.

By segment, revenue from credit solution business was RMB5,040.0 million (US$720.7 million), representing an increase of 45% from RMB3,473.1 million in 2024. The increase was primarily attributable to increased guarantee services revenue from overall growth in loan volume originated under the risk-taking model in 2025, as well as to increased revenue from marketing services and technical support services.

Revenue from insurance brokerage business was RMB297.6 million (US$42.6 million) in 2025, representing a decrease of 27% from RMB408.4 million in 2024. The decline reflects structural compression in brokerage commission rates and tightened market conditions under enhanced regulatory oversight in recent years. However, the internet distribution channel has demonstrated strong growth momentum in 2025 and accounted for 14% of revenue in this segment for the whole year result.

Revenue from other business was RMB381.6 million (US$54.6 million), compared with the revenue of RMB1,924.4 million in 2024. The decrease was mainly attributable to a continued decline in sales from the e-commerce business.

Sales and marketing expenses in 2025 were RMB1,159.9 million (US$165.9 million), a 3% decrease compared to RMB1,196.4 million in 2024, while total loan facilitation increased by 26% in 2025, reflecting improved customer acquisition efficiency. The decline in sales and marketing expenses was mainly attributable to a higher contribution from repeat borrowers through the Yixianghua platform, which increased to 76% in 2025, compared with 59% in 2024. The increasing application of Artificial Intelligence Generated Content ("AIGC") and AI agents in tele-sales also contributed to the decrease in this expense.

Origination, servicing and other operating costs in 2025 were RMB786.4 million (US$112.5 million), representing an 11% decrease from RMB883.0 million in 2024. This decrease was primarily driven by cost savings from decreased insurance brokerage business along with the broader use of AI agents to automate customer service, and enhanced cost discipline in overall operations. 

Research and development expenses in 2025 were RMB406.6 million (US$58.1 million), representing a decrease of 1% compared to RMB411.9 million in 2024. R&D expenses were well-balanced in 2025 as the AI credit system completed a major upgrade at the end of 2024, which created cost savings, offset by an increase in AI talent for future AI initiatives.

General and administrative expenses in 2025 were RMB323.4 million (US$46.2 million), representing an increase of 18% compared to RMB274.7 million in 2024, primarily driven by the continuous investment in professionals and specialized talent to support business diversification and strengthen risk management, alongside organizational restructuring initiatives.

Allowance for contract assets, receivables and others in 2025 was RMB892.7 million (US$127.6 million), compared to RMB523.6 million in 2024. The increase was driven by increased loan facilitation volume in 2025 compared to the prior year, which resulted in higher receivables and a corresponding increase in the allowance.

Provision for contingent liabilities in 2025 was RMB2,366.3 million (US$338.4 million), compared to RMB869.3 million in 2024. The increase was primarily driven by the overall growth in loan volume originated under the risk-taking model in 2025, coupled with a higher-risk asset profile.

Fair value adjustments gain in 2025 was RMB46.1 million (US$6.6 million) compared to RMB107.5 million in 2024. The decrease was mainly attributable to fair value changes in crypto assets, reflecting weaker digital asset prices in the fourth quarter of 2025.

Income tax benefit in 2025 was RMB99.0 million (US$14.2 million), compared to an income tax expense of RMB279.2 million in 2024.

Net income in 2025 was RMB40.5 million (US$5.8 million), compared to RMB1,582.3 million in 2024. The decrease primarily resulted from increasing allowance of contract assets and receivables due to more loan facilitation volume during the period, plus substantial upfront provisions recognized for the risk-taking model assets in the fourth quarter of 2025 required by accounting standards, along with a higher-risk asset profile and lower fee rates in the loan facilitation business under new regulations. The short-term impact of accounting standards on earnings should normalize as the risk-taking loan balance stabilizes.

Adjusted EBITDA (non-GAAP) in 2025 was a loss of RMB109.6 million (US$15.7 million), compared to a gain of RMB1,776.2 million in 2024.

Basic and diluted income per ADS in 2025 were RMB0.4670 (US$0.0668) and RMB0.4640 (US$0.0664), respectively, compared to RMB18.2654 and RMB18.1132, respectively, in 2024.

Net cash generated from operating activities in 2025 was RMB686.7 million (US$98.2 million), compared to RMB1,424.1 million in 2024.

Net cash used in investing activities in 2025 was RMB1,554.6 million (US$222.3 million), compared to RMB3,113.1 million in 2024.

Net cash provided by financing activities in 2025 was RMB662.6 million (US$94.8 million), compared to RMB277.2 million used in financing activities in 2024.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board has determined to temporarily suspend the Company's cash dividend for the second half of 2025. This decision reflects the Company's current capital priorities, including maintaining appropriate reserves to support potential credit fluctuations in its lending business and funding investments in technology development. The Board periodically reviews the Company's capital requirements, financial condition and results of operations when considering future dividend declarations.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates 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$1.00, the effective noon buying rate on December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on March 19, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10207200/1036f9b7260.

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital's control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital's ability to meet the standards necessary to maintain the listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. With the successful filing of the in-house developed Large Language Model Zhiyu, the substantial upgrade of its Magicube Agent platform, Yiren Digital is establishing a new growth engine to position itself as an AI-powered next-generation fintech leader. For more information, please visit https://ir.yiren.com.

 

[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.

[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

 

Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
	For the Three Months Ended								For the Year Ended
	December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		RMB		USD		RMB		RMB		USD
Net revenue:
Loan facilitation services	748,663		611,859		5,734		820		2,721,389		2,234,571		319,539
Post-origination services	1,474		2,617		(7,569)		(1,082)		5,957		7,255		1,038
Guarantee services	206,766		458,363		612,283		87,555		429,299		1,705,985		243,953
Financing services	31,551		67,850		67,541		9,658		93,239		243,099		34,763
Insurance brokerage services	106,387		84,228		83,768		11,979		408,369		297,593		42,555
Electronic commerce services	292,678		32,555		14,405		2,060		1,865,621		324,996		46,474
Network and marketing services*	61,804		222,032		151,619		21,681		241,114		636,277		90,986
Technology services*	1,470		70,646		26,555		3,797		33,570		256,323		36,654
Others*	1,400		4,814		3,294		471		7,343		13,121		1,876
Total net revenue	1,452,193		1,554,964		957,630		136,939		5,805,901		5,719,220		817,838
Operating costs and expenses:
Sales and marketing	298,458		331,758		206,058		29,466		1,196,429		1,159,934		165,868
Origination,servicing and other operating costs	197,232		149,911		250,878		35,875		882,957		786,386		112,452
Research and development	164,703		91,514		121,406		17,361		411,876		406,567		58,138
General and administrative	42,232		104,420		44,250		6,328		274,673		323,369		46,241
Allowance for contract assets, receivables and others	203,090		229,355		295,798		42,298		523,622		892,656		127,648
Provision for contingent liabilities	250,691		459,783		1,110,124		158,746		869,280		2,366,344		338,383
Total operating costs and expenses	1,156,406		1,366,741		2,028,514		290,074		4,158,837		5,935,256		848,730
Other income/(loss):
Investment income	7,356		3,791		1,047		150		19,168		9,055		1,295
Interest income	23,863		19,704		14,473		2,070		86,309		78,764		11,263
Fair value adjustments gain/(loss)	16,935		161,328		(84,917)		(12,143)		107,532		46,053		6,585
Others, net	(1,353)		644		12,821		1,833		1,848		28,223		4,036
Total other income/(loss)	46,801		185,467		(56,576)		(8,090)		214,857		162,095		23,179
Income/(loss) before provision for income taxes	342,588		373,690		(1,127,460)		(161,225)		1,861,921		(53,941)		(7,713)
Share of results of equity investees	(440)		-		-		-		(440)		(4,560)		(652)
Income tax expense/(benefit)	10,702		56,053		(245,303)		(35,078)		279,182		(99,027)		(14,160)
Net income/(loss)	331,446		317,637		(882,157)		(126,147)		1,582,299		40,526		5,795
Weighted average number of ordinary shares outstanding, basic	172,723,644		174,179,898		174,286,897		174,286,897		173,256,348		173,575,410		173,575,410
Basic income/(loss) per share	1.9189		1.8236		(5.0615)		(0.7238)		9.1327		0.2335		0.0334
Basic income/(loss) per ADS	3.8378		3.6472		(10.1230)		(1.4476)		18.2654		0.4670		0.0668
Weighted average number of ordinary shares outstanding, diluted	173,727,886		175,153,288		175,292,459		175,292,459		174,711,569		174,684,691		174,684,691
Diluted income/(loss) per share	1.9078		1.8135		(5.0325)		(0.7196)		9.0566		0.2320		0.0332
Diluted income/(loss) per ADS	3.8156		3.6270		(10.0650)		(1.4392)		18.1132		0.4640		0.0664
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from/(used in) operating activities	373,038		(5,484)		(197,645)		(28,263)		1,424,082		686,745		98,203
Net cash (used in)/provided by investing activities	(32,948)		(707,599)		50,800		7,264		(3,113,115)		(1,554,589)		(222,303)
Net cash (used in)/provided by financing activities	(114,341)		529,732		(234,140)		(33,482)		(277,226)		662,604		94,751
Effect of foreign exchange rate changes	15,020		(10,449)		(7,989)		(1,142)		9,212		(25,483)		(3,644)
Net increase/(decrease) in cash, cash equivalents and restricted cash	240,769		(193,800)		(388,974)		(55,623)		(1,957,047)		(230,723)		(32,993)
Cash, cash equivalents and restricted cash, beginning of period	3,860,788		4,453,608		4,259,808		609,145		6,058,604		4,101,557		586,515
Cash, cash equivalents and restricted cash, end of period	4,101,557		4,259,808		3,870,834		553,522		4,101,557		3,870,834		553,522
* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now separately presented from Other revenue, with the remaining balance classified as Others. Comparative figures for the prior period have been restated.

 

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)
	As of
		December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025
		RMB		RMB		RMB		USD
Cash and cash equivalents		3,841,284		3,864,891		3,348,126		478,776
Restricted cash		260,273		394,917		522,708		74,746
Accounts receivable		566,541		796,551		753,463		107,744
Guarantee receivable		474,132		715,996		832,905		119,104
Contract assets, net		1,008,920		1,227,236		619,291		88,557
Contract cost		294		6,936		4,287		613
Prepaid expenses and other assets		2,361,585		2,672,111		1,848,697		264,360
Loans at fair value		421,922		473,570		342,895		49,033
Financing receivables		17,515		1,061,080		909,182		130,011
Amounts due from related parties		3,387,952		3,101,835		2,974,080		425,288
Financial investments		437,203		498,766		483,700		69,168
Equity investments		9,239		4,633		11,528		1,649
Property, equipment and software, net		78,678		84,867		50,403		7,208
Crypto assets		-		333,530		391,267		55,950
Deferred tax assets		77,463		173,182		325,094		46,488
Right-of-use assets		39,695		40,257		37,329		5,338
Total assets		12,982,696		15,450,358		13,454,955		1,924,033
Accounts payable		43,167		50,401		79,630		11,387
Amounts due to related parties		129,629		51,826		44,179		6,317
Guarantee liabilities-stand ready		606,886		929,970		989,701		141,525
Guarantee liabilities-contingent		578,797		874,717		1,300,097		185,911
Deferred revenue		9,479		335		227		33
Payable to investors at fair value		368,022		1,392,631		1,294,792		185,153
Accrued expenses and other liabilities		1,622,050		1,656,601		404,680		57,869
Deferred tax liabilities		41,471		108,404		30,619		4,379
Lease liabilities		40,765		42,596		39,758		5,685
Total liabilities		3,440,266		5,107,481		4,183,683		598,259
Ordinary shares		132		133		133		19
Additional paid-in capital		5,198,457		5,229,667		5,239,550		749,246
Treasury stock		(170,463)		(170,686)		(170,686)		(24,408)
Accumulated other comprehensive income		79,268		70,603		10,722		1,533
Retained earnings		4,435,036		5,213,160		4,191,553		599,384
Total equity		9,542,430		10,342,877		9,271,272		1,325,774
Total liabilities and equity		12,982,696		15,450,358		13,454,955		1,924,033

 

 

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients and percentages)
		For the Three Months Ended								For the Year Ended
		December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
		RMB		RMB		RMB		USD		RMB		RMB		USD
Operating Highlights
Amount of loans facilitated		15,352,533		20,166,545		12,038,386		1,721,466		53,591,593		67,790,653		9,693,935
Number of borrowers		1,560,789		1,335,978		742,444		742,444		4,187,502		3,513,192		3,513,192
Remaining principal of performing loans		24,755,199		34,235,130		28,574,962		4,086,165		24,755,199		28,574,962		4,086,165
Cumulative number of insurance clients		1,532,119		1,853,435		2,035,550		2,035,550		1,532,119		2,035,550		2,035,550
Number of insurance clients		83,786		229,353		267,730		267,730		296,842		589,756		589,756
Gross written premiums		1,100,262		1,147,966		860,106		122,994		4,424,889		3,659,950		523,366
First year premium		475,285		443,189		469,498		67,138		2,078,190		1,765,537		252,469
Renewal premium		624,977		704,777		390,608		55,856		2,346,699		1,894,413		270,897
Segment Information
Credit solution business:
Revenue		1,047,768		1,423,231		832,728		119,078		3,473,109		5,040,026		720,714
Sales and marketing expenses		290,253		322,184		156,400		22,365		1,102,737		1,071,892		153,279
Origination, servicing and other operating costs		123,585		87,322		182,160		26,049		442,312		515,722		73,747
Allowance for contract assets, receivables and others		200,755		226,267		296,962		42,465		519,895		891,601		127,497
Provision for contingent liabilities		250,691		459,783		1,110,124		158,746		869,280		2,366,344		338,383
Insurance brokerage business:
Revenue		106,387		84,228		83,768		11,979		408,369		297,593		42,555
Sales and marketing expenses		2,333		2,077		1,639		234		13,706		9,242		1,321
Origination, servicing and other operating costs		69,518		61,142		65,651		9,388		407,225		260,916		37,311
Allowance for contract assets, receivables and others		241		677		(1,242)		(178)		(663)		(579)		(83)
Others:
Revenue		298,038		47,505		41,134		5,882		1,924,423		381,601		54,569
Sales and marketing expenses		5,872		7,497		48,019		6,867		79,986		78,800		11,268
Origination, servicing and other operating costs		4,129		1,447		3,067		438		33,420		9,748		1,394
Allowance for contract assets, receivables and others		(756)		34		(1)		-		908		(1,916)		(274)
Reconciliation of Adjusted EBITDA
Net income/(loss)		331,446		317,637		(882,157)		(126,147)		1,582,299		40,526		5,795
Interest income and investment income, net		(31,219)		(23,495)		(15,520)		(2,220)		(105,477)		(87,819)		(12,558)
Income tax expense/(benefit)		10,702		56,053		(245,303)		(35,078)		279,182		(99,027)		(14,160)
Depreciation and amortization		2,574		3,252		4,758		681		8,893		12,950		1,852
Share-based compensation		350		14,439		6,662		953		16,928		30,220		4,321
Fair value adjustments related to crypto assets and financial investment		5,663		(131,101)		108,777		15,555		(5,623)		(6,479)		(927)
Adjusted EBITDA		319,516		236,785		(1,022,783)		(146,256)		1,776,202		(109,629)		(15,677)
Adjusted EBITDA margin		22.0 %		15.2 %		-106.8 %		-106.8 %		30.6 %		-1.9 %		-1.9 %

 

 

Delinquency Rates
		1-30 days		31-60 days		61-90 days
December 31, 2022		1.7 %		1.2 %		1.1 %
December 31, 2023		2.0 %		1.4 %		1.2 %
December 31, 2024		1.6 %		1.2 %		1.1 %
March 31, 2025		1.6 %		1.2 %		1.2 %
June 30, 2025		1.7 %		1.1 %		1.0 %
September 30, 2025		2.7 %		1.7 %		1.4 %
December 31, 2025		3.4 %		3.0 %		2.8 %

 

 

		90+ Days Delinquency Rates by Vintage*
Loan Issued Period		Month on Book
		4	6	8	10	12	14	16	18	20	22	24
2022Q1		0.6 %	2.0 %	3.1 %	3.9 %	4.5 %	4.7 %	4.6 %	4.6 %	4.5 %	4.5 %	4.4 %
2022Q2		0.5 %	1.7 %	2.9 %	3.7 %	4.2 %	4.4 %	4.3 %	4.3 %	4.2 %	4.2 %	4.1 %
2022Q3		0.5 %	2.1 %	3.4 %	4.2 %	4.7 %	5.0 %	4.9 %	4.9 %	4.8 %	4.7 %	4.7 %
2022Q4		0.7 %	2.5 %	3.8 %	4.8 %	5.5 %	5.8 %	5.8 %	5.7 %	5.6 %	5.5 %	5.4 %
2023Q1		0.5 %	2.3 %	3.9 %	5.0 %	5.8 %	6.1 %	6.0 %	5.9 %	5.8 %	5.7 %	5.6 %
2023Q2		0.6 %	2.8 %	4.7 %	6.1 %	6.8 %	7.1 %	7.0 %	6.9 %	6.8 %	6.7 %	6.6 %
2023Q3		0.8 %	3.5 %	5.6 %	7.0 %	7.7 %	7.9 %	7.9 %	7.7 %	7.6 %	7.5 %	7.5 %
2023Q4		0.7 %	3.4 %	5.6 %	6.8 %	7.4 %	7.6 %	7.6 %	7.4 %	7.3 %	7.3 %	7.2 %
2024Q1		0.6 %	3.0 %	4.8 %	5.9 %	6.6 %	6.8 %	6.8 %	6.7 %	6.6 %	6.7 %
2024Q2		0.6 %	2.4 %	4.0 %	5.1 %	5.8 %	6.1 %	6.1 %	6.0 %	6.1 %
2024Q3		0.5 %	2.2 %	3.7 %	4.7 %	5.4 %	5.8 %	5.7 %
2024Q4		0.6 %	2.2 %	3.8 %	4.9 %	5.9 %	6.1 %
2025Q1		0.6 %	2.3 %	4.2 %	5.5 %
2025Q2		0.8 %	3.5 %	5.5 %
2025Q3		1.0 %
*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

 

View original content:https://www.prnewswire.com/news-releases/yiren-digital-reports-fourth-quarter-and-fiscal-year-2025-financial-results-302718638.html

SOURCE Yiren Digital

FAQ

What did YRD report for Q4 2025 revenue and net income/loss?

YRD reported Q4 2025 net revenue of RMB957.6 million and a Q4 net loss of RMB882.2 million. According to the company, higher provisions and lower fee rates drove the quarterly loss.

How did YRD's total loans facilitated change in 2025 and Q4 2025?

YRD facilitated RMB67.8 billion in loans for full-year 2025, up 26% YoY, while Q4 2025 loans were RMB12.0 billion (down 40% QoQ). According to the company, credit tightening reduced Q4 origination.

What caused the large provisions and contingent liabilities in YRD's 2025 results?

The company cites increased loan volume originated under its risk-taking model and a higher-risk asset profile, leading to elevated provisions. According to YRD, accounting standards required upfront provisioning for these risk-taking assets.

How did YRD's insurance brokerage business perform in Q4 and full-year 2025?

Insurance brokerage revenue was RMB83.8 million in Q4 2025 (down 21% YoY) and RMB297.6 million for 2025 (down 27% YoY). According to YRD, internet distribution grew strongly and boosted client and policy counts.

What is YRD's cash position and liquidity as of December 31, 2025?

YRD held RMB3,348.1 million in cash and cash equivalents as of December 31, 2025. According to the company, this balance supported disciplined balance-sheet stewardship amid elevated industry credit risk.

Did YRD report improvement in customer retention or repeat business in 2025?

Yes. Repeat borrowers accounted for 76% of 2025 loan volume and 77% in Q4, indicating improved retention. According to YRD, AI-driven precision marketing and platform effects increased repeat business share.