Xunlei Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Xunlei Ltd 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	140	201	231	181	187	240	343	365	324	462
Cost of revenue	79.9	118	116	99.9	92.6	119	200	201	156	243
Gross profit	60.3	82.7	115	80.8	93.7	120	141	163	168	218
Research and development	61.2	66.9	76.8	68.6	55.5	61.9	67.7	74.2	71.6	80
Selling and marketing	14.6	19.9	35.3	31.8	18.1	24.6	24.8	43.5	44.8	86.3
General and administrative	26	36.5	40.8	38.9	33.9	36.9	39.7	46.9	45.8	44.9
Operating expenses	102	137	159	137	113	125	131	165	183	211
Operating income	-41.5	-54.2	-44.3	-56.4	-18.8	-4.32	10.1	-1.61	-15.7	6.63
Interest expense	0.24	0.24	0.24	0.08	0.41	0.1	0.09	1.51	0.73	1.7
Interest income	2.16	1.97	1.18	1.9	1.47	1.89	2.54	2.97	2.17	3.26
Other non-operating income	6.5	7.88	2.81	5.86	4.74	4.68	13.5	16.9	9.18	1,038
Pre-tax income	-33.3	-46.5	-40.9	-48.7	-13	0.98	25.4	18.4	-2.36	1,046
Income tax	-2.47	-2.25	-0.09	4.68	1.15	-0.13	4.07	4.13	-3.02	-1.29
Income from continuing operations	-30.8	-44.2	-40.8	-53.4	-14.1
Net income to minority interests	-0.07	0.01	-0.21	-0.25	-0.3	-0.08	-0.12	0.04	-0.55	-0.66
Net income	-24.1	-37.8	-39.3	-53.2	-13.8	1.19	21.5	14.2	1.22	1,048
EBITDA	-35.3	-46.3	-38.7	-50.6	-9.52	2	12.7	2.82	-11	11.6
EPS, basic	-0.07	-0.11	-0.12	-0.16	-0.04	0.00	0.06	0.04	0.00	3.37
EPS, diluted	-0.07	-0.11	-0.12	-0.16	-0.04	0.00	0.06	0.04	0.00	3.31
Shares, basic (weighted)	334	332	335	338	337	335	336	326	319	311
Shares, diluted (weighted)	334	332	335	338	337	336	336	327	319	316
Dividend per share	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	200	233	123	162	137	123	177	171	177	157
Short-term investments	182	139	197	103	118	116	83.6	101	110	148
Receivables	14.5	40.6	19.4	27.5	23	26.1	29.8	31.2	32.7	68.4
Inventory	0.37	3.88	12.7	5.54	1.73	1.36	0.46	2.22	1.26	0.4
Other current assets	13.6	6.87	10.2	16.5	11.5	11.8	8.27	9.42	10.1	12.9
Total current assets	412	431	363	317	302	294	332	327	363	400
Property, plant and equipment	21	24.7	21.9	38.8	50.7	57.7	61.7	60	55.4	54.8
Lease right-of-use assets			11.8	8.75	1.95	0.03	0.87	0.58	0.45	1.94
Goodwill	20.5	21.8	20.7	20.4	22.6	23.1	21.2	20.8		39.2
Intangible assets	10.7	5.51	9.99	9.43	8.86	8.3	6.55	5.7	8.31	32.7
Long-term investments	40.8	42.7	33.6	26.4	26.7	31.5	30.8	32.1	30.6	1,071
Total assets	510	533	455	425	416	441	463	469	474	1,632
Accounts payable	33.4	49.8	22.6	24.2	20.6	26.4	25.4	24.4	23	42
Accrued liabilities	11.6	15.2	18.7	15	12.9	18.6	23.3	24.7	24.8	27
Deferred revenue	23.2	16.8	0	32	34	36.9	39	36.4	39.9	43.1
Short-term debt								6.91	2.09	37.2
Total current liabilities	93.4	142	108	111	103	120	128	128	127	208
Long-term debt								15.5	27.1	38.4
Lease liabilities				4.13	0.03	0.01	0.3	0.23	0.16	1.25
Total liabilities	104	151	111	129	125	139	155	145	156	259
Total debt				11.3	19.9			22.4	27.8	42
Paid-in capital	453	461	467	472	470	476	477	482	477	480
Retained earnings	-36.7	-74.5	-114	-167	-181	-181	-160	-147	-146	901
Treasury stock	0.01	0.01	0.01
Other comprehensive income	-13.6	-7.03	-12.7	-13.4	-2.14	1.99	-14.7	-18.9	-21.7	-17.4
Shareholders' equity	408	385	345	297	292	304	310	325	318	1,373
Minority interests	-1.99	-2.16	-1.12	-1.34	-1.78	-1.88	-1.47	-1.39	-0.27	-0.97
Total equity	406	383	344	296	290	302	308	323	318	1,373
Total liabilities and equity	510	533	455	425	416	441	463	469	474	1,632
Shares outstanding	331	334	337	339	334	337	325	324	307	314

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-24.2	-37.8	-39.5	-53.4	-14.1	1.11	21.3	14.3	0.66	1,048
Depreciation and amortization	6.17	7.95	5.6	5.82	9.28	6.32	2.67	4.43	4.69	4.97
Stock-based compensation	9.35	8.33	5.29	5.43	2.31	6.17	8.18	9.68	2.45	3.84
Deferred income tax	-2.54	-2.21	0.38	4.36	0.97	-0.18	-0.38	-0.43	-10.1	-2.88
Change in receivables	-5.17	-20	13.3	-8.74	5.05	-2.17	-5.98	-2	-2.04	-27.4
Change in inventory	0.06	-2.93	-10.2	3.44	0.64	-0.04	0.85	-1.8	0.93	0.39
Change in payables	15.9	9.04	-27.7	2.09	-4.94	5.24	1.06	-0.6	-1.52	15.6
Cash from operations	17	-14.2	-35.6	-45.6	-13.9	19.5	51.1	25.7	31	32.5
Capital expenditures	-13.8	-5.32	-1.42	-3.08	-13.6	-13.2	-15	-3.99	-8.03	-5.35
Acquisitions									-2.13	-52.1
Purchases of investments	-209	-245	-288	-355	-177	-338	-517	-378	-479	-602
Cash from investing	-158	35.2	-69.4	79.3	-20.8	-32.6	11.8	-23.9	-21.9	-99.1
Stock issued	0.06	0.01
Share buybacks	0.71
Cash from financing	-11	2.56	0.93	12.2	2.68	-0.22	6.64	-13.5	-0.93	45.5
Exchange rate effect		10.4	-6.51	-3.27	5.33	2.01	-12.1	-2.3	-1.39	1.42
Net change in cash	-152	23.6	-104	45.8	-32	-13.4	69.5	-11.7	8.14	-21.1
Free cash flow	3.21	-19.5	-37	-48.7	-27.5	6.28	36.1	21.7	23	27.1
Interest paid								1.38	0.58	1.18
Income taxes paid				0.14	0.36	0.07	1.18	2.53	4.2	4.22

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.0%	Gross profit / revenue.
Operating margin	1.4%	Operating income / revenue.
EBITDA margin	2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	226.3%	Pre-tax income / revenue.
Net margin	226.7%	Net income / revenue.
FCF margin	5.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.0%	Cash from operations / revenue.
Effective tax rate	-0.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	123.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	99.6%	Net income / average total assets.
Return on invested capital (ROIC)	0.7%	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	17.3%	Research and development expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	42.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	29.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.4%	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	18.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-13.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-3.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	86,177.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	265.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	87,071.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	273.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	18.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-9.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	331.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	64.3%	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	36.3%	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	244.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	52.2%	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	31.5%	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	-0.8%	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	-2.0%	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	-1.3%	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	1.92x	Current assets / current liabilities.
Quick ratio	1.79x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.46x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.6%	Total debt / total assets.
Liabilities / assets	15.9%	Total liabilities / total assets.
Net debt	-$263.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-22.7x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.90x	Operating income / interest expense.
Working capital	$191.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.30B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	8.39x	Revenue / average property, plant and equipment.
Inventory turnover	293x	Cost of revenue / average inventory.
Days inventory	1 days	365 x average inventory / cost of revenue.
Receivables turnover	9.15x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	2.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.31	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	$3.37	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.46	Revenue / diluted weighted shares.
FCF per share	$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.10	Cash from operations / diluted weighted shares.
Book value per share	$4.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.14	Tangible book value / shares outstanding.
Cash per share	$0.97	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.00	Dividend declared per common share (paid, when declared is not tagged).

Valuation

Metric	Value	How it is calculated
Market cap	$1.59B	Share price x shares outstanding.
Enterprise value	$1.33B	Market cap + total debt - cash - short-term investments.
P/E	1.52x	Market cap / net income. Only when net income is positive.
P/S	3.45x	Market cap / revenue.
P/B	1.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.23x	Market cap / tangible book value, when positive.
P/FCF	58.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	49.1x	Market cap / cash from operations, when positive.
EV/Sales	2.88x	Enterprise value / revenue.
EV/EBIT	201x	Enterprise value / operating income, when both are positive.
EV/EBITDA	115x	Enterprise value / EBITDA, when both are positive.
EV/FCF	49.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.7%	Free cash flow / market cap.
Earnings yield	65.7%	Net income / market cap (the inverse of P/E).
PEG	0.01x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Xunlei Ltd's revenue in fiscal 2025?

Xunlei Ltd reported revenue of $462.4M for fiscal 2025, 42.5% higher than the year before.

Was Xunlei Ltd profitable in fiscal 2025?

Yes. Net income was $1.05B, a net margin of 226.7%.

How much free cash flow did Xunlei Ltd generate in fiscal 2025?

Cash from operations of $32.5M minus capital expenditures of $5.3M left free cash flow of $27.1M.

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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