Youdao, Inc. balance sheet

At the end of fiscal 2025, Youdao, Inc. had total assets of $282m, total liabilities of $559m and shareholders' equity of −$277m. It held $62.9m in cash against $0 of debt: net cash of $62.9m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Youdao, Inc.: balance sheet, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	6	6	25	93	51	114	64	81	63
Receivables	—	12	29	41	39	59	50	57	55
Inventory	—	3	11	18	40	34	31	24	20
Total current assets	—	87	292	284	356	271	183	204	246
Goodwill	—	—	0	1	17	16	15	15	16
Total assets	—	90	300	317	413	330	235	249	282
Accounts payable	—	5	9	22	25	41	22	20	16
Deferred revenue (current)	—	26	66	137	167	155	148	132	121
Total current liabilities	—	189	253	520	476	461	437	404	420
Total debt	0	0	0	0	0	0	0	0	0
Total liabilities	—	189	256	533	528	544	535	535	559
Shareholders' equity	−147	−166	43	−216	−127	−224	−305	−286	−277
Non-controlling interests and other (assets − liabilities − equity)	—	67	—	—	12	9	5	—	—
Net debt (negative = net cash)	−6	−6	−25	−93	−51	−114	−64	−81	−63
Shares outstanding	—	92m	112m	115m	123m	123m	119m	118m	119m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

Compare with peers

Head to head: DAO vs PRDO DAO vs UTI AFYA vs DAO

More: Education Services stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Youdao, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Youdao, Inc.