Gaotu Techedu Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Gaotu Techedu Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	304	1,092	1,030	362	417	624	879
Cost of revenue	77	270	376	102	111	199	286
Gross profit	227	822	653	261	306	425	593
Research and development	30.5	113	197	64.5	65.1	88.8	89.7
General and administrative	15.8	86.8	113	42.1	50.2	91.6	105
Operating expenses	196	1,091	1,153	278	327	586	665
Operating income	31	-269	-499	-17.1	-21	-162	-72
Interest income	1.27	0.52	4.94	3.1	10.7	9.64	5.71
Pre-tax income	34.8	-219	-481	-0.37	1.76	-143	-46.8
Income tax	2.44	-5.31	6.43	-2.28	1.5	1.18	-0.59
Net income	32.6	-213	-487	1.91	-1.03	-144	-46.2
EBITDA	32.7	-260	-482	-7.14	-13.8	-154	-57.1
EPS, basic	0.20	-1.34	-2.85	0.01	-0.01	-0.84	-0.28
EPS, diluted	0.19	-1.34	-2.85	0.01	-0.01	-0.84	-0.28
Shares, basic (weighted)	132	160	171	172	174	171	163
Shares, diluted (weighted)	139	160	171	176	174	171	163

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.3	54.4	114	119	89.6	181	85.3
Short-term investments	212	1,124	435	424	317	253	387
Inventory		7.37	2.45	3.3	3.46	4.99	7.86
Other current assets	37.6	111	39.2	58	89.9	59.2	72.2
Total current assets	260	1,296	618	604	505	499	569
Property, plant and equipment	11.8	108	107	80	75.1	91.8	144
Lease right-of-use assets	38.1	124	55.5	12.1	26.7	69	68.2
Goodwill	0.05	6.69	0.05	0.05	0.05	0.05	1.58
Intangible assets	0.01	2.03	0.01	2.75	2.29	2.46	6.06
Long-term investments	171	81.3	0		145	126	78.9
Other non-current assets	0.1	0.19	0.45	0.32	0.23	0.24	0.13
Total assets	488	1,638	788	707	762	798	887
Accounts payable	32.9	202	109	96	113	171	220
Deferred revenue	191	418	155	131	157	256	327
Short-term debt							14.3
Total current liabilities	235	643	276	233	278	447	607
Long-term debt							4.56
Lease liabilities	27.9	98.7	43.3	6.41	19.4	47.2	45.3
Other non-current liabilities		4.07	4.17	0
Total liabilities	264	760	336	258	325	534	707
Total debt							4.56
Paid-in capital	273	1,164	1,223	1,148	1,125	1,095	1,134
Retained earnings	-40.2	-261	-755	-695	-678	-805	-887
Treasury stock	-12.5	-21.4	0		-12	-33.3	-70.9
Other comprehensive income	2.56	-9.18	-22.5	-9.29	-4.68	-0.39	-6.87
Shareholders' equity	224	878	452	449	438	265	179
Total equity	224	878	452	449	438	265	179
Total liabilities and equity	488	1,638	788	707	762	798	887
Shares outstanding	0			173	172	169

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	32.6	-213	-487	1.91	-1.03	-144	-46.2
Depreciation and amortization	1.71	8.54	17	9.98	7.15	8.36	14.9
Stock-based compensation	8.65	36.5	50.4	17.8	8.22	7.29	5.61
Cash from operations	185	92.5	-657	7.91	49.8	35.3	59.5
Capital expenditures	-8.8	-43.5	-42.7	-2.75	-5.75	-24.4	-24.2
Acquisitions	0	-5.45	0	0			-4.61
Purchases of investments	-1,254	-2,666	-7,219	-4,251	-2,720	-2,005	-1,940
Cash from investing	-360	-858	755	-23	-59.7	85.1	-117
Debt issued							4.18
Stock issued		0.01	0	0	0	0	0
Share buybacks	-12.5	-43.3	0	0	-12.7	-28.1	-49.1
Cash from financing	179	808	-15.8	0	-12.7	-28.1	-30.6
Exchange rate effect	2.03	0.34	2.48
Net change in cash	5.85	43.1	85	-11.2	-21.1	89.9	-87.8
Free cash flow	176	48.9	-700	5.16	44.1	10.9	35.3
Income taxes paid	0.05	13.2	-13.3	-2.93	0.2	0.45	0.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	67.4%	Gross profit / revenue.
Operating margin	-8.2%	Operating income / revenue.
EBITDA margin	-6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.3%	Pre-tax income / revenue.
Net margin	-5.3%	Net income / revenue.
FCF margin	4.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.8%	Cash from operations / revenue.
Return on equity (ROE)	-20.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.5%	Net income / average total assets.
Return on invested capital (ROIC)	-62.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.2%	Research and development expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.8%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	40.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	39.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-6.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	68.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	96.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-8.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	222.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	89.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-32.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-26.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-27.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.94x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.5%	Total debt / total assets.
Liabilities / assets	79.8%	Total liabilities / total assets.
Net debt	-$468.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$37.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$171.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	7.44x	Revenue / average property, plant and equipment.
Inventory turnover	44.6x	Cost of revenue / average inventory.
Days inventory	8 days	365 x average inventory / cost of revenue.
Days payables	249 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	40.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.28	Net income per basic share, as reported (split-adjusted).
Revenue per share	$5.39	Revenue / diluted weighted shares.
FCF per share	$0.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.36	Cash from operations / diluted weighted shares.
Book value per share	$1.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.05	Tangible book value / shares outstanding.
Cash per share	$2.90	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	139.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$586.6M	Share price x shares outstanding.
Enterprise value	$118.5M	Market cap + total debt - cash - short-term investments.
P/S	0.67x	Market cap / revenue.
P/B	3.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.42x	Market cap / tangible book value, when positive.
P/FCF	16.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.86x	Market cap / cash from operations, when positive.
EV/Sales	0.13x	Enterprise value / revenue.
EV/FCF	3.36x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.0%	Free cash flow / market cap.
Earnings yield	-7.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.4%	(Dividends paid + share buybacks) / market cap.

What was Gaotu Techedu Inc.'s revenue in fiscal 2025?

Gaotu Techedu Inc. reported revenue of $879.0M for fiscal 2025, 40.9% higher than the year before.

Was Gaotu Techedu Inc. profitable in fiscal 2025?

No. It reported a net loss of $46.2M.

How much free cash flow did Gaotu Techedu Inc. generate in fiscal 2025?

Cash from operations of $59.5M minus capital expenditures of $24.2M left free cash flow of $35.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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