Youdao (DAO) Balance Sheet: Assets & Liabilities

Youdao (DAO) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Youdao reported total assets of CNY 1.98B and total liabilities of CNY 3.91B. Shareholders' equity was negative at −CNY 1.97B, meaning liabilities exceed assets. Total debt stood at CNY 1.80B against CNY 738.02M in cash and short-term investments, a net debt position of CNY 1.07B.

Youdao Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Youdao, Inc. (DAO) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	0.44	0.59	0.45	0.78	0.32	0.61	0.17	0.04	0.04
Short-Term Investments	0.30	0.06	0.07	0.23	0.50	0.59	1.45	0.39	0.00
Cash & Short-Term Investments	0.74	0.66	0.53	1.02	0.83	1.19	1.62	0.44	0.04
Accounts Receivable	0.38	0.42	0.35	0.41	0.25	0.31	0.22	0.09	0.07
Inventory	0.14	0.17	0.22	0.23	0.26	0.12	0.07	0.02	0.00
Other Current Assets	0.03	0.16	0.03	0.21	0.93	0.23	0.12	0.04	0.03
Total Current Assets	1.72	1.49	1.30	1.87	2.27	1.85	2.03	0.60	0.14
Non-Current Assets
Property, Plant & Equipment (Net)	0.09	0.12	0.16	0.17	0.20	0.15	0.05	0.02	0.01
Long-Term Investments	0.02	0.07	0.05	0.09	0.03	0.04	0.00	0.00	0.00
Goodwill	0.11	0.11	0.11	0.11	0.11	0.01	0.00	0.00	0.00
Other Non-Current Assets	0.03	0.03	0.04	0.04	0.02	0.02	0.01	0.01	0.00
Total Non-Current Assets	0.25	0.33	0.37	0.41	0.36	0.22	0.06	0.02	0.02
Total Assets	1.98	1.81	1.67	2.28	2.63	2.07	2.09	0.62	0.16
Current Liabilities
Accounts Payable	0.11	0.17	0.16	0.35	0.24	0.21	0.11	0.07	0.04
Short-Term Debt	0.88	0.88	0.88	0.91	0.88	0.91	0.88	0.88	0.88
Accrued Liabilities	0.68	0.90	0.52	0.83	0.79	-	-	-	-
Deferred Revenue	0.85	0.96	1.05	1.07	1.07	1.44	0.46	0.18	0.09
Other Current Liabilities	0.04	0.04	0.92	0.80	0.05	0.78	0.28	0.16	0.10
Total Current Liabilities	2.93	2.95	3.10	3.18	3.03	3.39	1.76	1.30	1.12
Non-Current Liabilities
Long-Term Debt	0.93	0.91	0.63	0.57	0.26	0.08	0.02	0.00	0.00
Other Non-Current Liabilities	0.03	0.02	0.02	0.01	0.00	0.00	0.01	0.46	0.00
Total Non-Current Liabilities	0.97	0.96	0.70	0.57	0.33	0.08	0.03	0.46	0.00
Total Liabilities	3.91	3.90	3.80	3.75	3.36	3.48	1.79	1.76	1.12
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-0.18	-5.86	-5.95	-5.40	-4.67	-3.67	-1.92	-1.28	-0.80
Accumulated Other Comprehensive Income	-5.75	-0.11	-0.10	-0.09	-0.05	-0.04	-0.01	0.00	0.00
Treasury Stock	0.10	0.21	0.17	0.04	-	-	-	-	-
Additional Paid-in Capital	4.06	3.83	4.03	3.95	3.91	2.31	2.23	0.14	0.08
Minority Interest	0.04	0.05	0.06	0.06	0.08	0.00	0.00	0.00	-0.24
Shares Outstanding	0.12	0.12	0.12	0.12	0.13	-	-	-	-
Total Stockholders' Equity	-1.97	-2.09	-2.19	-1.54	-0.73	-1.41	0.30	-1.14	-0.71
Total Liabilities & Equity	1.98	1.81	1.67	2.28	2.63	2.07	2.09	0.62	0.16

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Youdao Balance Sheet

How much debt does Youdao have?

Youdao had total debt of CNY 1.80B as of Dec 31, 2025, against CNY 738.02M in cash and short-term investments. Total debt was CNY 1.79B a year earlier.

What are Youdao's total assets?

Youdao reported total assets of CNY 1.98B as of Dec 31, 2025, up 8.9% from CNY 1.81B a year earlier. Total liabilities were CNY 3.91B.

What is Youdao's shareholders' equity?

Youdao's shareholders' equity was negative at −CNY 1.97B as of Dec 31, 2025, so its liabilities exceeded its assets.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition