Yiren Digital Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Yiren Digital (NYSE: YRD) reported unaudited results for Q3 2025, with total net revenue RMB1,555.0M (+5% YoY) and financial services revenue RMB1,423.2M (+70% YoY).

Operationally, total loans facilitated RMB20.2B (+51% YoY), outstanding performing loans RMB34.2B (+50% YoY) and cumulative borrowers 14,006,873 (+21% YoY). Q3 net income was RMB317.6M vs RMB355.4M a year earlier; adjusted EBITDA was RMB236.8M.

Key balance metrics: cash, cash equivalents and restricted cash ~RMB4.3B; delinquency rates rose to 2.7% (1–30 days). The company forecasts Q4 2025 revenue of RMB1.4–1.6B.

Positive

• Total loans facilitated RMB20.2B (+51% YoY)
• Financial services revenue RMB1,423.2M (+70% YoY)
• Outstanding performing loans RMB34.2B (+50% YoY)
• Cumulative borrowers 14,006,873 (+21% YoY)
• Cash, cash equivalents and restricted cash ~RMB4.3B

Negative

• Net income down to RMB317.6M from RMB355.4M
• Adjusted EBITDA declined to RMB236.8M from RMB380.9M
• Allowance for receivables increased to RMB229.4M from RMB94.9M
• Provision for contingent liabilities rose to RMB459.8M from RMB272.4M
• Delinquency 1–30 days up to 2.7% from 1.7%

Insights

Corporate finance analyst

Mixed quarter: revenue growth in core lending but higher provisions and lower adjusted EBITDA suggest neutral near-term impact.

Revenue rose to RMB1,555.0 million driven by a 70% increase in financial services revenue to RMB1,423.2 million, while the company reduced certain legacy segments and grew performing loan balance to RMB34.2 billion. These moves support scale and higher fee-bearing balances, which underlie the revenue gain.

The company recorded materially higher provisions and allowance items — including a RMB229.4 million allowance and RMB459.8 million provision for contingent liabilities — and adjusted EBITDA declined to RMB236.8 million. Those items materially compress reported profitability despite top-line growth and thus raise short-term earnings risk.

Watch near-term metrics: delinquency trends (1–90 days rose to 2.7%, 1.7%, 1.4%), adjusted EBITDA trajectory, and the company's stated Q4 revenue range of RMB1.4–1.6 billion through Q4 2025. Time horizon: monitor next two quarters for stabilization of asset quality and provisions before revising longer-term views.

Risk and operations specialist

Operational shifts tightened credit and increased reserves; risk profile remains mixed.

Borrower counts fell due to a strategic credit tightening while outstanding performing loan balances increased to RMB34.2 billion, indicating selective origination and higher share of larger or repeat borrowers. Internet insurance premium momentum (annualized RMB196.2 million) provides diversification away from pure loan facilitation.

However, credit-cost indicators increased: 1–30 day delinquency rose to 2.7% and self-funded financing receivables grew to RMB1.1 billion, which coincides with a notable rise in allowance and contingent provisions. These facts point to elevated near-term credit monitoring needs and higher funding or capital use to cover provisions.

Key operational items to monitor over the next 2–4 quarters: quarterly changes in delinquency buckets, the proportion of self-funded loans versus facilitated loans, and the impact of agentic AI cost savings on origination and servicing costs. Improvements in those items would be required to convert the mixed performance into a clearly positive signal.

BEIJING, Nov. 25, 2025 /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 Southeast Asia, today announced its unaudited financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Operational Highlights

Financial Services Business

• Total loans facilitated in the third quarter of 2025 reached RMB20.2 billion (US$2.8 billion), representing an increase of 51% compared to RMB13.4 billion in the same period of 2024 and remaining stable compared to RMB20.3 billion in the second quarter of 2025.
• Cumulative number of borrowers served reached 14,006,873 as of September 30, 2025, representing an increase of 3% from 13,536,838 as of June 30, 2025, and increase of 21% compared to 11,611,899 as of September 30, 2024.
• Number of borrowers served in the third quarter of 2025 was 1,335,978, representing a decrease of 18% compared to 1,637,912 in the second quarter of 2025 and a decrease of 11% compared to 1,498,020 in the same period of 2024. The decrease was due to our strategic tightening of our credit policy amid industry-wide credit risk fluctuations.
• Outstanding balance of performing loans facilitated reached RMB34.2 billion (US$4.8 billion) as of September 30, 2025, representing an increase of 10% from RMB31.2 billion as of June 30, 2025 and an increase of 50% compared to RMB22.8 billion as of September 30, 2024.

Insurance Brokerage Business

• Gross written premiums in the third quarter of 2025 were RMB1,148.0 million (US$161.3 million), representing an increase of 35% from RMB850.1 million in the second quarter of 2025 and 15% decrease compared to RMB1,351.3 million in the same period of 2024. The increase was attributed to the accelerating growth of our internet insurance business as well as the strong performance of renewal premiums.
• Annualized insurance premiums of internet insurance products were RMB196.2 million (US$27.6 million), representing an increase of 204% from RMB64.5 million in the second quarter of 2025.

"We delivered a stable and resilient quarter amid industry-wide challenges," said Mr. Ning Tang, Chairman and Chief Executive Officer. "Through adaptive risk management measures and business diversification — including the growth of our high-potential online insurance business — we have demonstrated our ability to manage risk in a challenging environment."   

"As part of our ongoing transformation, we advanced our agentic AI capabilities to improve process efficiency and unit economics. These innovations are now helping to mitigate the margin pressure associated with the current credit cycle."

"We maintain a healthy and ample cash position and are driving the turnaround of the insurance business with the new internet insurance strategy. Our balance sheet remained robust with total cash, cash equivalents, and restricted cash of RMB4.3 billion. This provides us with the financial flexibility to invest in our next generation of fintech." Mr. William Hui, Chief Financial Officer commented.

Third Quarter 2025 Financial Results

Total net revenue in the third quarter of 2025 was RMB1,555.0 million (US$218.4 million), representing an increase of 5% from RMB1,479.1 million in the third quarter of 2024. Particularly, in the third quarter of 2025, revenue from financial services business was RMB1,423.2 million (US$199.9 million), representing an increase of 70% from RMB836.2 million in the same period of 2024. The increase was attributed to persistent demand for our small revolving loan products, as well as a growing repeat borrowing rate among existing borrowers. The financial service revenue accounts for 92% of the total net revenue. Revenue from insurance brokerage business was RMB84.2 million (US$11.8 million), representing a decrease of 2% from RMB85.5 million in the third quarter of 2024. The decrease was attributable to lower overall commission rates from the traditional line. Net revenue from other business was RMB47.5 million (US$6.7 million), compared with the revenue of RMB557.4 million in the third quarter of 2024. The decrease was mainly attributed to our strategic decision to wind down the historical "consumption and lifestyle" segment announced in the fourth quarter of 2024.

Sales and marketing expenses in the third quarter of 2025 were RMB331.8 million (US$46.6 million), compared to RMB335.6 million in the same period of 2024.

Origination, servicing and other operating costs in the third quarter of 2025 were RMB149.9 million (US$21.1 million), compared to RMB205.9 million in the same period of 2024. This decrease was primarily due to 27% decrease in origination and service expense from the financial services and lower commission costs from our insurance brokerage business.

Research and development expenses in the third quarter of 2025 were RMB91.5 million (US$12.9 million), compared to RMB150.8 million in the same period of 2024. The decrease in R&D expenses was due to the one-off system development project from 2024.

General and administrative expenses in the third quarter of 2025 were RMB104.4 million (US$14.7 million), compared to RMB80.1 million in the same period of 2024. The increase was primarily due to increase in personnel related costs to strengthen our risk management and fund the plan for new business initiatives.

Allowance for contract assets, receivables and others in the third quarter of 2025 was RMB229.4 million (US$32.2 million), compared to RMB94.9 million in the same period of 2024. The increase was driven by higher receivables from loan facilitation services and guarantee services, fueled by growing loan volume.  Additionally, due to the increase in self-funded loan balance in the third quarter of 2025, the balance of financing receivables increased from RMB 17.5 million to RMB 1.1 billion.

Provision for contingent liabilities in the third quarter of 2025 was RMB459.8 million (US$64.6 million), compared to RMB272.4 million in the same period of 2024. The increase was attributable to increase in loan volume facilitated under risk-taking model. ^[1]

Fair value adjustments gain in the third quarter of 2025 was a gain of RMB161.3 million (US$22.7 million) compared to a gain of RMB36.4 million in the same period of 2024. The increase was mainly due to the fair value change in crypto assets, driven by an increase in the price of Ethereum.

Income tax expense in the third quarter of 2025 was RMB56.1 million (US$7.9 million).

Net income in the third quarter of 2025 was RMB317.6 million (US$44.6 million), as compared to RMB355.4 million in the same period in 2024. The decrease was primarily due to substantial upfront provisions — required by accounting principles for our growing loan volume under the "risk-taking model" — coupled with a declining fee rate of loan-facilitation business following the new regulations as well as a decreasing commission rate in our insurance brokerage business. The industry-wide fluctuations in asset quality and our conservative risk assumptions are also attributed to the overall declined profitability.

Adjusted EBITDA^[2] (non-GAAP) in the third quarter of 2025 was RMB236.8 million (US$33.3 million), compared to RMB380.9 million in the same period of 2024 and RMB351.4 million in the second quarter of 2025.

Basic and diluted income per ADS in the third quarter of 2025 were RMB3.6472 (US$0.5124) and RMB3.6270 (US$0.5094) respectively, compared to a basic income per ADS of RMB4.0618 and a diluted income per ADS of RMB4.0384 in the same period of 2024.

Net cash used in operating activities in the third quarter of 2025 was RMB5.5 million (US$0.8 million), compared to RMB50.4 million generated from operating activities in the same period of 2024.

Net cash used in investing activities in the third quarter of 2025 was RMB707.6 million (US$99.4 million), compared to RMB1,859.6 million in the same period of 2024.

Net cash provided by financing activities in the third quarter of 2025 was RMB529.7 million (US$74.4 million), compared to RMB22.2 million used in financing activities in the same period of 2024.

As of September 30, 2025, cash and cash equivalents were RMB3,864.9 million (US$542.9 million), compared to RMB4,098.9 million as of June 30, 2025. As of September 30, 2025, the balance of financial investment was RMB498.8 million (US$70.1 million), compared to RMB418.9 million as of June 30, 2025.

Delinquency rates^[3]. As of September 30, 2025, the delinquency rates for loans that are past due for 1-30 days, 31-60 days and 61-90 days were 2.7%, 1.7% and 1.4%, respectively, compared to 1.7%, 1.1% and 1.0%, respectively, as of June 30, 2025.

Business Outlook

Based on the Company's preliminary assessment of business and market conditions, the Company projects the total revenue in the fourth quarter of 2025 to be between RMB1.4 billion and RMB1.6 billion, driven by loan growth from domestic market and international markets, and further market penetration into new customer segment.

This is the Company's current and preliminary view, which is subject to changes and uncertainties.

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 RMB7.1190 to US$1.00, the effective noon buying rate on September 30, 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 7:00 a.m. U.S. Eastern Time on November 25, 2025 (or 8:00 p.m. Beijing/Hong Kong Time on November 25, 2025).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10204584/1005e60b0b0

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://event.choruscall.com/mediaframe/webcast.html?webcastid=yBd8FS50

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 Southeast Asia. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. With the recent launch of its Magicube Agent Platform and its strategic entry into digital asset business, Yiren Digital is building a new growth engine to become an AI-powered and blockchain-enabled global fintech leader. For more information, please visit https://ir.yiren.com.

 

1. The risk-taking model refers to the framework in which we assume the credit risk for the loans facilitated on our platform.

2. "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.

3. "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 Nine Months Ended
	September 30, 2024		June 30, 2025		September 30, 2025		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2025
	RMB		RMB		RMB		USD		RMB		RMB		USD
Net revenue:
Loan facilitation services	600,899		874,584		611,859		85,947		1,972,726		2,228,837		313,083
Post-origination services	1,421		10,463		2,617		368		4,483		14,824		2,082
Guarantee services	136,746		316,942		458,363		64,386		222,533		1,093,702		153,631
Financing services	31,448		65,821		67,850		9,531		61,688		175,558		24,661
Insurance brokerage services	85,530		58,137		84,228		11,831		301,982		213,825		30,036
Electronic commerce services	546,366		93,962		32,555		4,573		1,572,943		310,590		43,629
Others	76,678		232,191		297,492		41,788		217,353		724,253		101,735
Total net revenue	1,479,088		1,652,100		1,554,964		218,424		4,353,708		4,761,589		668,857
Operating costs and expenses:
Sales and marketing	335,647		345,166		331,758		46,602		897,971		953,876		133,990
Origination,servicing and other operating costs	205,913		160,859		149,911		21,058		685,725		535,508		75,223
Research and development	150,840		107,693		91,514		12,855		247,173		285,161		40,056
General and administrative	80,097		78,862		104,420		14,668		232,441		279,119		39,208
Allowance for contract assets, receivables and others	94,913		214,698		229,355		32,217		320,532		596,858		83,840
Provision for contingent liabilities	272,406		385,674		459,783		64,585		618,589		1,256,220		176,460
Total operating costs and expenses	1,139,816		1,292,952		1,366,741		191,985		3,002,431		3,906,742		548,777
Other income:
Investment income *	1,101		2,245		3,791		532		11,812		8,008		1,125
Interest income	20,776		22,353		19,704		2,768		62,446		64,291		9,031
Fair value adjustments gain	36,423		28,018		161,328		22,662		90,597		130,970		18,397
Others, net	2,535		14,084		644		91		3,201		15,403		2,163
Total other income	60,835		66,700		185,467		26,053		168,056		218,672		30,716
Income before provision for income taxes	400,107		425,848		373,690		52,492		1,519,333		1,073,519		150,796
Share of results of equity investees	-		(4,431)		-		-		-		(4,560)		(641)
Income tax expense	44,665		63,877		56,053		7,874		268,480		146,276		20,547
Net income	355,442		357,540		317,637		44,618		1,250,853		922,683		129,608
Weighted average number of ordinary shares outstanding, basic	175,018,644		172,907,793		174,179,898		174,179,898		173,557,082		173,301,042		173,301,042
Basic income per share	2.0309		2.0678		1.8236		0.2562		7.2072		5.3242		0.7479
Basic income per ADS	4.0618		4.1356		3.6472		0.5124		14.4144		10.6484		1.4958
Weighted average number of ordinary shares outstanding, diluted	176,035,324		174,102,643		175,153,288		175,153,288		175,457,062		174,402,280		174,402,280
Diluted income per share	2.0192		2.0536		1.8135		0.2547		7.1291		5.2905		0.7432
Diluted income per ADS	4.0384		4.1072		3.6270		0.5094		14.2582		10.5810		1.4864
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from/(used in) operating activities	50,393		411,224		(5,484)		(770)		1,051,044		884,390		124,229
Net cash used in investing activities	(1,859,587)		(752,200)		(707,599)		(99,396)		(3,080,167)		(1,605,389)		(225,508)
Net cash (used in)/provided by financing activities	(22,227)		447,588		529,732		74,411		(162,885)		896,744		125,965
Effect of foreign exchange rate changes	(6,252)		(9,412)		(10,449)		(1,468)		(5,808)		(17,494)		(2,457)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(1,837,673)		97,200		(193,800)		(27,223)		(2,197,816)		158,251		22,229
Cash, cash equivalents and restricted cash, beginning of period	5,698,461		4,356,408		4,453,608		625,595		6,058,604		4,101,557		576,142
Cash, cash equivalents and restricted cash, end of period	3,860,788		4,453,608		4,259,808		598,372		3,860,788		4,259,808		598,371
* Due to the expansion in the types of the Company's investments, investment income has been separately presented, split out from the original interest income, to reflect the realized gains from the Company's financial investments, and historical periods have been restated to enhance investors' comprehension of the Company's financial statements.

 

 

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)
	As of
		December 31, 2024		June 30, 2025		September 30, 2025		September 30, 2025
		RMB		RMB		RMB		USD
Cash and cash equivalents		3,841,284		4,098,851		3,864,891		542,898
Restricted cash		260,273		354,757		394,917		55,474
Accounts receivable		566,541		553,660		796,551		111,891
Guarantee receivable		474,132		656,019		715,996		100,575
Contract assets, net		1,008,920		1,319,246		1,227,236		172,389
Contract cost		294		4,880		6,936		974
Prepaid expenses and other assets		2,361,585		2,486,393		2,672,111		375,349
Loans at fair value		421,922		480,915		473,570		66,522
Financing receivables		17,515		484,733		1,061,080		149,049
Amounts due from related parties		3,387,952		3,131,581		3,101,835		435,712
Financial investments		437,203		418,856		498,766		70,061
Equity investments		9,239		4,633		4,633		651
Property, equipment and software, net		78,678		85,155		84,867		11,921
Crypto assets		-		203,541		333,530		46,851
Deferred tax assets		77,463		128,989		173,182		24,327
Right-of-use assets		39,695		37,190		40,257		5,655
Total assets		12,982,696		14,449,399		15,450,358		2,170,299
Accounts payable		43,167		61,580		50,401		7,080
Amounts due to related parties		129,629		81,688		51,826		7,280
Guarantee liabilities-stand ready		606,886		889,343		929,970		130,632
Guarantee liabilities-contingent		578,797		848,704		874,717		122,871
Deferred revenue		9,479		515		335		47
Payable to investors at fair value		368,022		872,250		1,392,631		195,622
Accrued expenses and other liabilities		1,622,050		1,582,978		1,647,346		231,401
Borrowings		-		-		9,255		1,300
Deferred tax liabilities		41,471		91,666		108,404		15,228
Lease liabilities		40,765		38,281		42,596		5,983
Total liabilities		3,440,266		4,467,005		5,107,481		717,444
Ordinary shares		132		132		133		19
Additional paid-in capital		5,198,457		5,210,508		5,229,667		734,607
Treasury stock		(170,463)		(170,686)		(170,686)		(23,976)
Accumulated other comprehensive income		79,268		42,195		70,603		9,917
Retained earnings		4,435,036		4,900,245		5,213,160		732,288
Total equity		9,542,430		9,982,394		10,342,877		1,452,855
Total liabilities and equity		12,982,696		14,449,399		15,450,358		2,170,299

 

 

 

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 Nine Months Ended
		September 30, 2024		June 30, 2025		September 30, 2025		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2025
		RMB		RMB		RMB		USD		RMB		RMB		USD
Operating Highlights
Amount of loans facilitated		13,392,676		20,347,799		20,166,545		2,832,778		38,239,060		55,752,267		7,831,474
Number of borrowers		1,498,020		1,637,912		1,335,978		1,335,978		3,365,960		3,145,904		3,145,904
Remaining principal of performing loans		22,768,555		31,220,078		34,235,130		4,808,980		22,768,555		34,235,130		4,808,980
Cumulative number of insurance clients		1,470,738		1,681,888		1,853,435		1,853,435		1,470,738		1,853,435		1,853,435
Number of insurance clients		82,291		118,747		229,353		229,353		226,191		387,130		387,130
Gross written premiums		1,351,311		850,080		1,147,966		161,254		3,324,627		2,799,844		393,292
First year premium		511,377		440,353		443,189		62,255		1,602,905		1,296,039		182,054
Renewal premium		839,934		409,727		704,777		98,999		1,721,722		1,503,805		211,238
Segment Information
Financial services business:
Revenue		836,193		1,489,587		1,423,231		199,920		2,425,341		4,207,298		590,996
Sales and marketing expenses		307,459		332,405		322,184		45,257		812,484		915,492		128,598
Origination, servicing and other operating costs		119,706		105,617		87,322		12,266		318,727		333,562		46,855
Allowance for contract assets, receivables and others		93,248		216,260		226,267		31,784		319,140		594,639		83,528
Provision for contingent liabilities		272,406		385,674		459,783		64,585		618,589		1,256,220		176,460
Insurance brokerage business:
Revenue		85,530		58,137		84,228		11,831		301,982		213,825		30,036
Sales and marketing expenses		3,545		2,731		2,077		292		11,373		7,603		1,068
Origination, servicing and other operating costs		78,466		52,683		61,142		8,589		337,707		195,265		27,429
Allowance for contract assets, receivables and others		(414)		564		677		95		(904)		663		93
Others:
Revenue		557,365		104,376		47,505		6,673		1,626,385		340,466		47,825
Sales and marketing expenses		24,643		10,030		7,497		1,053		74,114		30,781		4,324
Origination, servicing and other operating costs		7,741		2,559		1,447		203		29,291		6,681		939
Allowance for contract assets, receivables and others		1,666		45		34		5		1,664		(1,915)		(269)
Reconciliation of Adjusted EBITDA
Net income		355,442		357,540		317,637		44,618		1,250,853		922,683		129,608
Interest income and investment income, net		(21,877)		(24,598)		(23,495)		(3,300)		(74,258)		(72,299)		(10,156)
Income tax expense		44,665		63,877		56,053		7,874		268,480		146,276		20,547
Depreciation and amortization		2,401		2,643		3,252		457		6,319		8,192		1,151
Share-based compensation		13,235		6,932		14,439		2,028		16,578		23,558		3,310
Fair value adjustments related to crypto assets and financial investment		(12,954)		(54,979)		(131,101)		(18,416)		(11,286)		(115,256)		(16,190)
Adjusted EBITDA		380,912		351,415		236,785		33,261		1,456,686		913,154		128,270
Adjusted EBITDA margin		25.8 %		21.3 %		15.2 %		15.2 %		33.5 %		19.2 %		19.2 %

 

 

Delinquency Rates
		1-30 days		31-60 days		61-90 days
December 31, 2020		1.3 %		0.7 %		0.6 %
December 31, 2021		2.0 %		1.5 %		1.2 %
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 %

 

 

		30+ Days Delinquency Rates By Vintage*
Loan Issued Period		Month on Book
		2	4	6	8	10	12	14	16	18	20	22	24
2020Q1		0.8 %	2.0 %	3.4 %	4.5 %	5.4 %	5.9 %	6.5 %	6.8 %	7.1 %	7.5 %	8.1 %	8.5 %
2020Q2		0.6 %	2.0 %	3.3 %	4.5 %	5.3 %	6.0 %	6.4 %	6.9 %	7.4 %	8.0 %	8.6 %	8.8 %
2020Q3		1.3 %	2.8 %	4.3 %	5.4 %	6.3 %	6.9 %	7.5 %	8.2 %	8.9 %	9.3 %	9.5 %	9.5 %
2020Q4		0.3 %	1.4 %	2.4 %	3.4 %	4.3 %	5.4 %	6.4 %	7.3 %	7.7 %	8.0 %	8.2 %	8.3 %
2021Q1		0.5 %	1.8 %	3.0 %	4.2 %	5.3 %	6.3 %	7.1 %	7.3 %	7.5 %	7.7 %	7.8 %	7.9 %
2021Q2		0.5 %	2.1 %	3.8 %	5.5 %	6.8 %	7.5 %	7.7 %	7.9 %	8.1 %	8.3 %	8.2 %	8.2 %
2021Q3		0.6 %	2.5 %	4.2 %	5.4 %	6.1 %	6.5 %	6.7 %	6.9 %	6.9 %	6.9 %	6.9 %	6.8 %
2021Q4		0.8 %	2.7 %	4.1 %	4.9 %	5.4 %	5.8 %	5.8 %	5.8 %	5.7 %	5.6 %	5.6 %	5.5 %
2022Q1		0.7 %	2.1 %	3.2 %	4.0 %	4.6 %	4.8 %	4.7 %	4.6 %	4.6 %	4.5 %	4.5 %	4.4 %
2022Q2		0.5 %	1.8 %	2.9 %	3.8 %	4.3 %	4.5 %	4.4 %	4.3 %	4.3 %	4.2 %	4.2 %	4.1 %
2022Q3		0.6 %	2.2 %	3.5 %	4.3 %	4.8 %	5.0 %	5.0 %	4.9 %	4.9 %	4.8 %	4.7 %	4.7 %
2022Q4		0.7 %	2.5 %	3.9 %	4.9 %	5.6 %	5.9 %	5.8 %	5.8 %	5.7 %	5.6 %	5.5 %	5.4 %
2023Q1		0.6 %	2.4 %	4.0 %	5.2 %	5.9 %	6.2 %	6.1 %	6.0 %	5.9 %	5.8 %	5.7 %	5.6 %
2023Q2		0.7 %	3.0 %	4.9 %	6.3 %	7.0 %	7.3 %	7.2 %	7.0 %	6.9 %	6.8 %	6.7 %	6.6 %
2023Q3		0.9 %	3.7 %	5.8 %	7.1 %	7.9 %	8.1 %	8.0 %	7.9 %	7.7 %	7.6 %	7.5 %	7.5 %
2023Q4		0.8 %	3.6 %	5.8 %	7.0 %	7.6 %	7.8 %	7.7 %	7.5 %	7.4 %	7.3 %	7.3 %
2024Q1		0.7 %	3.2 %	5.0 %	6.1 %	6.7 %	7.0 %	6.9 %	6.8 %	6.7 %	6.9 %
2024Q2		0.6 %	2.5 %	4.2 %	5.3 %	6.0 %	6.2 %	6.2 %	6.2 %
2024Q3		0.6 %	2.3 %	3.8 %	4.9 %	5.6 %	5.9 %	5.7 %
2024Q4		0.7 %	2.4 %	3.9 %	5.1 %	5.9 %
2025Q1		0.6 %	2.4 %	4.3 %	5.2 %
2025Q2		0.8 %	3.3 %
2025Q3		1.0 %
*The 30+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 30 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-third-quarter-2025-financial-results-302625531.html

SOURCE Yiren Digital

FAQ

What were YRD Q3 2025 total net revenue and year-over-year change?

YRD reported Q3 2025 total net revenue RMB1,555.0M, representing a +5% increase year-over-year.

How much did YRD facilitate in loans in Q3 2025 and how did it change YoY?

YRD facilitated RMB20.2B in loans in Q3 2025, a +51% increase versus Q3 2024.

What is YRD's Q3 2025 adjusted EBITDA and how did it compare to Q3 2024?

Adjusted EBITDA was RMB236.8M in Q3 2025, down from RMB380.9M in Q3 2024.

What were YRD's delinquency trends reported for September 30, 2025?

As of September 30, 2025, delinquency rates were 2.7% (1–30 days), 1.7% (31–60 days), and 1.4% (61–90 days).

How much cash did YRD report at quarter end and what liquidity was highlighted?

YRD reported cash, cash equivalents and restricted cash of ~RMB4.3B providing financial flexibility.

What revenue guidance did YRD give for Q4 2025?

YRD projected Q4 2025 total revenue between RMB1.4B and RMB1.6B, subject to change.