QFIN Qfin Holdings, Inc.

Overview and Growth

In fiscal 2025, Qfin Holdings, Inc. recorded $2.75B of revenue, net income of $856.52M, and an operating cash inflow of $1.58B. The $2.75B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 16.8% from $2.35B in fiscal 2024, increasing the company’s operating scale. Diluted earnings per share were $3.15, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 11.3% increase from fiscal 2024 diluted EPS of $2.83. Asset turnover was 0.34x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $2.32B as gross profit before recognizing operating expenses and other items. Gross profit represented 84.4% of revenue, showing how much of the top line remained after direct costs. Operating income was $955.00M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 34.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $856.52M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 31.2%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $1.05B of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 38.4%, relating income before taxes directly to revenue. The company recognized $200.27M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 19.0%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 24.8%, indicating the profitability achieved on book capital. Return on period-end assets was 10.5%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

The company held $8.14B of assets against $4.69B of liabilities and $3.45B of equity, revealing how the asset base was financed. At period end, current assets of $7.08B compared with current liabilities of $2.91B, defining the company’s short-term resource position. The current ratio was 2.43x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $671.64M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 23.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Liabilities represented 57.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 8.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $6.59B in fiscal 2024, the current asset base moved 23.5% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.58B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.85x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $34.40M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 2.2% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $1.55B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 56.5% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 19.0%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.