Waterdrop Inc. income statement

In fiscal 2025, Waterdrop Inc. reported revenue of $553m, up 43.7% on the year before, operating income of $51.6m (a 9.3% margin) and net income of $79.2m, or $0.21 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Waterdrop Inc.: income statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	219	439	497	417	372	385	553
Research and development	31	35	59	43	42	30	32
Selling and marketing	153	309	481	93	105	97	156
General and administrative	21	59	82	58	57	51	43
Operating income	−28	−72	−289	71	−1	25	52
Income before tax	−26	−89	−278	94	23	50	76
Income tax	21	7	−34	3	0	1	−3
Net income	−47	−96	−244	90	24	51	79
Diluted EPS	—	—	−$0.90	$0.22	$0.06	$0.14	$0.21
Diluted shares (average)	120m	117m	299m	402m	388m	372m	371m
EBITDA	−27	−70	−286	75	1	26	54

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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