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Waterdrop Inc. (WDH)

Waterdrop Inc. reported revenue of $568.8M in fiscal 2025, up 49.8% from a year earlier. Net income was $81.4M, a net margin of 14.3%. Operating cash flow minus capital spending left $30.6M of free cash flow in fiscal 2025. At December 31, 2025 it held $69.1M in cash. Its latest periodic report to the SEC is the annual report (foreign issuer) (20-F) filed on April 28, 2026.

Revenue (FY2025)
$568.8M
+49.8% year on year
Net margin
14.3%

What Waterdrop Inc. does

Waterdrop Inc. is registered with the SEC under industry code SIC 6411 (Insurance Agents, Brokers & Service). Its shares trade on NYSE under the ticker WDH.

Revenue and profit by year

Revenue
FY21: $503.1M $503.1M FY21FY22: $406.2M $406.2M FY22FY23: $370.5M $370.5M FY23FY24: $379.7M $379.7M FY24FY25: $568.8M $568.8M FY25
Net income
FY21: -$247M -$247M FY21FY22: $88.1M $88.1M FY22FY23: $23.6M $23.6M FY23FY24: $50.3M $50.3M FY24FY25: $81.4M $81.4M FY25

Fiscal years as reported in annual reports. Amounts in USD.

Key figures

Fiscal yearRevenueOperating incomeNet incomeDiluted EPSFree cash flow
2025$568.8M$53M$81.4M$0.02$30.6M
2024$379.7M$24.4M$50.3M$0.01$30M
2023$370.5M-$950K$23.6M$0.01$55.4M
2022$406.2M$69.3M$88.1M$0.02$109.3M
2021$503.1M-$292.3M-$247M-$0.09-$177.7M

Latest SEC filings

What Waterdrop Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.

  1. September 8, 2026
    Foreign issuer update 6-K
  2. July 24, 2026
    Foreign issuer update 6-K
  3. June 23, 2026
    Foreign issuer update 6-K
  4. June 17, 2026
    Foreign issuer update 6-K
  5. April 28, 2026
    Annual report (foreign issuer) 20-F · period to December 31, 2025
  6. March 25, 2026
    Foreign issuer update 6-K
  7. February 13, 2026
    Passive stake changed SCHEDULE 13G/A
  8. December 3, 2025
    Foreign issuer update 6-K
  9. December 3, 2025
    Foreign issuer update 6-K
  10. September 4, 2025
    Foreign issuer update 6-K

Recent insider filings (Forms 3, 4 and 144): 10, the latest on July 1, 2026. Insider transactions on SEC

All filings on SEC EDGAR

Questions about WDH

What does Waterdrop Inc. do?

Waterdrop Inc. is registered with the SEC under industry code SIC 6411 (Insurance Agents, Brokers & Service). Its shares trade on NYSE under the ticker WDH.

Is Waterdrop Inc. profitable?

Yes. In fiscal 2025 it reported net income of $81.4M on revenue of $568.8M, a net margin of 14.3%.

How much revenue does Waterdrop Inc. make?

In fiscal 2025 Waterdrop Inc. reported revenue of $568.8M. That is 49.8% more than a year earlier.

When did Waterdrop Inc. last report?

Its most recent periodic report is the annual report (foreign issuer) (20-F) filed on April 28, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the foreign issuer update from September 8, 2026.

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Where the numbers come from

Financial figures are the values Waterdrop Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.

Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.