Noah Holdings (NOAH) Financial Statements & Analysis

Noah Holdings (NOAH) Income Statement

Noah Holdings reported revenue of CNY 2.61B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 0.4% from CNY 2.60B a year earlier. Net income was CNY 558.86M, up 17.5% year over year, a net margin of 21.4%. Gross margin was 53.4% and operating margin 29.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 619.90M, down 1.5% from the same quarter a year earlier.

Noah Holdings Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Noah Holdings Limited income statement - 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
Revenue & Gross Profit
Revenue	2.61	2.60	3.29	3.10	4.29	3.31	3.39	3.29	2.83
Cost of Revenue	1.22	1.35	1.46	1.44	2.17	1.50	1.61	1.56	1.41
Gross Profit	1.39	1.25	1.84	1.66	2.12	1.80	1.78	1.73	1.42
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.55	0.57	0.76	0.58	0.82	0.55	0.63	0.69	0.57
Operating Expenses	0.62	0.62	0.74	0.57	0.93	0.54	0.87	0.80	0.64
Operating Income	0.78	0.63	1.10	1.09	1.20	1.26	0.91	0.93	0.78
Other Income/Expense
Interest Income	0.13	0.21	0.16	0.06	0.07	0.07	0.09	0.07	0.05
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02
Other Income/Expense	0.08	0.23	-0.05	0.00	0.03	0.00	0.17	0.09	0.09
Income
Income Before Tax	0.86	0.76	1.21	1.15	1.30	-0.49	1.08	1.01	0.87
Income Tax Expense	0.30	0.27	0.26	0.27	0.29	0.26	0.22	0.22	0.20
Net Income	0.56	0.48	1.01	0.98	1.31	-0.75	0.83	0.81	0.76
Net Income - Continuous Operations	0.56	0.49	1.00	0.97	1.31	-0.75	0.83	0.81	0.76
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	0.93	0.79	1.26	1.24	1.35	1.36	1.07	1.11	0.97
EBIT	0.78	0.63	1.10	1.09	1.20	1.26	-	-	-
Depreciation & Amortization	0.16	0.16	0.16	0.16	0.15	0.10	0.11	0.09	0.08
Earnings Per Share
Basic EPS	39.00	7.00	15.00	14.00	20.00	-12.00	68.00	70.00	67.00
Diluted EPS	38.00	7.00	15.00	14.00	19.00	-12.00	67.00	67.00	63.00
Basic Shares Outstanding	0.01	0.07	0.07	0.07	0.07	0.06	0.01	0.01	0.01
Diluted Shares Outstanding	0.01	0.07	0.07	0.07	0.07	0.06	0.01	0.01	0.01

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

Frequently Asked Questions About Noah Holdings Financial Statements

What was Noah Holdings's revenue in fiscal 2025?

Noah Holdings reported revenue of CNY 2.61B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 0.4% from CNY 2.60B a year earlier.

Is Noah Holdings profitable?

Yes. Noah Holdings earned net income of CNY 558.86M in fiscal 2025, a net margin of 21.4%. In fiscal 2024 it earned CNY 475.44M.

What is Noah Holdings's operating margin?

Noah Holdings's operating income was CNY 776.66M on revenue of CNY 2.61B in fiscal 2025, an operating margin of 29.8%, compared with 24.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition