Waterdrop Inc. WDH
Annual
Quarterly
FY2025 · ended Dec 31, 2025 · Revenue $568.81M, +49.8% YoY · Filed Apr 28, 2026
Waterdrop Inc. (WDH) files with the SEC under industry code 6411, Insurance Agents, Brokers & Service. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $568.8 million and net income of $80.8 million. Free cash flow was $30.6 million. As of Dec 31, 2025 it held $471.6 million in cash and investments and $10.1 million in total debt.
Revenue
$568.81M
+49.8% vs prior year
Net income
$80.80M
+68.1% vs prior year
Operating cash flow
$34.88M
-41.8% vs prior year
Free cash flow
$30.64M
+2.2% vs prior year
EPS
$0.02
+100.0% vs prior year
Dividend per share
None
Shares outstanding
3.61B
-0.4% vs prior year
Net cash
$461.49M
FY 2025
Operating margin
9.3%
FY 2025
Company profile
- Industry
- Insurance Agents, Brokers & Service (SIC 6411)
- Listed as
- WDH (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- Cayman Islands
- Headquarters
- Beijing
- SEC filer status
- Accelerated filer, Emerging growth company
- SEC CIK
- 1823986
Other Insurance Agents, Brokers & Service companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $568.8M | $379.7M | $370.5M | $406.2M | $503.1M |
| Operating income | $53.0M | $24.4M | -$950,000 | $69.3M | -$292.3M |
| Net income | $80.8M | $48.1M | $23.1M | $88.1M | $247.0M |
| Diluted EPS | $0.02 | $0.01 | $0.01 | $0.02 | — |
| Operating cash flow | $34.9M | $59.9M | $57.3M | $111.0M | -$172.1M |
| Free cash flow | $30.6M | $30.0M | $55.4M | $109.3M | -$177.7M |
| Total assets | $1.0B | $884.1M | $866.0M | $858.6M | $823.9M |
| Total liabilities | $278.7M | $216.5M | $207.1M | $167.6M | $200.4M |
| Stockholders' equity | $736.7M | $657.2M | $645.9M | $691.0M | $623.5M |
| Cash and investments | $471.6M | $508.7M | $507.8M | $538.8M | $439.2M |
| Total debt | $10.1M | $33.4M | $27.9M | $2.0M | $9.2M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 6-K | Current report (foreign issuer) | Sep 8, 2026 | Sep 8, 2026 |
| 6-K | Current report (foreign issuer) | Jul 24, 2026 | Jul 24, 2026 |
| 6-K | Current report (foreign issuer) | Jun 23, 2026 | Jun 23, 2026 |
| 6-K | Current report (foreign issuer) | Jun 17, 2026 | Jun 17, 2026 |
| 20-F | Annual report (foreign issuer) | Apr 28, 2026 | Dec 31, 2025 |
| 6-K | Current report (foreign issuer) | Mar 25, 2026 | Mar 25, 2026 |
All 100 Waterdrop Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.