Operating margins have compressed to 6.3% in 2025Q4, reflecting the difficulty of maintaining profitability amid an 18.0% year-over-year revenue decline.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 6.28B | 7.04B | 7.18B | 6.94B | 7.24B | 8.66B | 8.42B | 7.23B | 6.21B | 5.96B | 3.46B | 2.13B | 1.22B | 732.52M | 433.19M |
| Revenue Growth % | -10.84% | -2.01% | 3.51% | -4.09% | -16.42% | 2.82% | 16.42% | 16.47% | 4.17% | 72.1% | 62.4% | 75.33% | 66.08% | 69.1% | - |
| Cost of Goods Sold | 1.74B | 1.48B | 1.41B | 1.24B | 1.05B | 961.17M | 960.29M | 820.29M | 1.36B | 2.39B | 669.12M | 381.5M | 252.24M | 178.24M | 130.56M |
| COGS % of Revenue | 27.65% | 21.07% | 19.65% | 17.8% | 14.48% | 11.1% | 11.4% | 11.34% | 21.88% | 40.14% | 19.32% | 17.89% | 20.73% | 24.33% | 30.14% |
| Gross Profit | 4.54B | 5.56B | 5.77B | 5.71B | 6.19B | 7.7B | 7.46B | 6.41B | 4.85B | 3.57B | 2.79B | 1.75B | 964.31M | 554.28M | 302.62M |
| Gross Margin % | 72.35% | 78.93% | 80.35% | 82.2% | 85.52% | 88.9% | 88.6% | 88.66% | 78.12% | 59.86% | 80.68% | 82.11% | 79.27% | 75.67% | 69.86% |
| Gross Profit Growth % | -18.27% | -3.74% | 1.17% | -7.81% | -19.59% | 3.18% | 16.34% | 32.18% | 35.95% | 27.68% | 59.57% | 81.63% | 73.98% | 83.16% | - |
| Operating Expenses | 3.99B | 4.55B | 4.63B | 4.46B | 4.41B | 4.55B | 4.22B | 3.54B | 2.8B | 2.4B | 1.58B | 844.67M | 395.86M | 250.41M | 130.51M |
| OpEx % of Revenue | 63.55% | 64.68% | 64.51% | 64.23% | 60.9% | 52.54% | 50.17% | 49% | 45.08% | 40.28% | 45.67% | 39.6% | 32.54% | 34.18% | 30.13% |
| Selling, General & Admin | 3B | 3.52B | 3.57B | 3.36B | 3.3B | 3.63B | 3.41B | 2.75B | 1.93B | 1.84B | 1.32B | 688.82M | 327.76M | 212.95M | 114.05M |
| SG&A % of Revenue | 47.86% | 50.05% | 49.76% | 48.41% | 45.65% | 41.9% | 40.51% | 38.02% | 31.07% | 30.93% | 38.14% | 32.29% | 26.94% | 29.07% | 26.33% |
| Research & Development | 1.03B | 1.32B | 1.35B | 1.42B | 1.4B | 1.36B | 1.29B | 1.14B | 878.77M | 571.35M | 273.91M | 158.4M | 81.65M | 42.87M | 16.46M |
| R&D % of Revenue | 16.49% | 18.73% | 18.77% | 20.42% | 19.32% | 15.76% | 15.33% | 15.7% | 14.15% | 9.58% | 7.91% | 7.43% | 6.71% | 5.85% | 3.8% |
| Other Operating Expenses | -50.07M | -288.55M | -288.46M | -318.68M | -294.24M | -443.21M | -477.7M | -11.02M | -8.58M | 0 | 0 | -2.54M | -13.55M | -5.4M | 509K |
| Operating Income | 552.3M | 1B | 1.14B | 1.25B | 1.78B | 3.15B | 3.24B | 2.87B | 2.04B | 1.15B | 1.2B | 904.24M | 554.9M | 298.47M | 172.12M |
| Operating Margin % | 8.8% | 14.26% | 15.83% | 17.97% | 24.62% | 36.36% | 38.43% | 39.66% | 32.9% | 19.35% | 34.64% | 42.39% | 45.61% | 40.75% | 39.73% |
| Operating Income Growth % | -44.96% | -11.77% | -8.83% | -29.98% | -43.41% | -2.71% | 12.79% | 40.41% | 77.16% | -3.87% | 32.69% | 62.95% | 85.92% | 73.41% | - |
| EBITDA | 732.11M | 1.25B | 1.49B | 1.67B | 2.21B | 3.32B | 3.35B | 2.97B | 2.13B | 1.22B | 1.26B | 945.37M | 586.7M | 322.97M | 207.8M |
| EBITDA Margin % | 11.66% | 17.73% | 20.74% | 24.08% | 30.58% | 38.32% | 39.83% | 41.07% | 34.33% | 20.52% | 36.27% | 44.32% | 48.23% | 44.09% | 47.97% |
| EBITDA Growth % | -41.34% | -16.24% | -10.86% | -24.46% | -33.32% | -1.08% | 12.91% | 39.34% | 74.31% | -2.64% | 32.9% | 61.13% | 81.66% | 55.42% | - |
| D&A (Non-Cash Add-back) | 179.81M | 244.46M | 352.57M | 424.02M | 431.16M | 170.27M | 118.6M | 101.89M | 88.84M | 69.8M | 56.58M | 41.14M | 31.8M | 24.5M | 35.68M |
| EBIT | 1.49B | 1.69B | 2B | 1.76B | 2.18B | 3.15B | 3.24B | 2.87B | 2.05B | 1.17B | 1.2B | 904.24M | 568.87M | 303.87M | 173.79M |
| Net Interest Income | 641.83M | 791.9M | 831.01M | 565.09M | 395.25M | 392.16M | 464.53M | 358.81M | 220.28M | 88.17M | 63.22M | 34.68M | 10.67M | 5.09M | 1.17M |
| Interest Income | 641.83M | 791.9M | 831.01M | 565.09M | 395.25M | 392.16M | 464.53M | 358.81M | 220.28M | 88.17M | 63.22M | 34.68M | 11.08M | 5.09M | 1.17M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 414K | 0 | 0 |
| Other Income/Expense | 937.83M | 682.81M | 860.14M | 515.32M | 395.55M | 390.91M | 465.21M | 372.5M | 218.29M | 95.48M | 76.38M | 37.23M | 13.55M | 5.4M | 1.68M |
| Pretax Income | 1.49B | 1.69B | 2B | 1.76B | 2.18B | 3.54B | 3.7B | 3.24B | 2.26B | 1.25B | 1.28B | 941.46M | 568.46M | 303.87M | 173.79M |
| Pretax Margin % | 23.74% | 23.95% | 27.81% | 25.4% | 30.08% | 40.87% | 43.95% | 44.81% | 36.42% | 20.95% | 36.84% | 44.14% | 46.73% | 41.48% | 40.12% |
| Income Tax | 137.88M | 62.96M | 72.16M | -61.78M | 34.01M | 260.94M | 500.36M | 377.89M | 267.08M | 32.63M | 285.54M | 192.78M | 112.29M | 90.99M | 38.35M |
| Effective Tax Rate % | 9.25% | 3.73% | 3.61% | -3.5% | 1.56% | 7.37% | 13.52% | 11.66% | 11.81% | 2.61% | 22.37% | 20.48% | 19.75% | 29.94% | 22.07% |
| Net Income | 1.4B | 1.79B | 2.03B | 1.94B | 2.56B | 3.28B | 3.2B | 2.87B | 2B | 1.23B | 990.65M | 748.68M | 456.16M | 212.88M | 131.26M |
| Net Margin % | 22.36% | 25.46% | 28.3% | 28.02% | 35.38% | 37.83% | 38% | 39.69% | 32.23% | 20.6% | 28.6% | 35.1% | 37.5% | 29.06% | 30.3% |
| Net Income Growth % | -21.69% | -11.86% | 4.56% | -24.04% | -21.84% | 2.37% | 11.46% | 43.43% | 63.01% | 23.95% | 32.32% | 64.13% | 114.28% | 62.18% | - |
| Net Income (Continuing) | 1.35B | 1.62B | 1.93B | 1.82B | 2.14B | 3.28B | 3.2B | 2.86B | 1.99B | 1.22B | 990.65M | 748.68M | 456.16M | 212.88M | 135.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.25B | 1.25B | 1.25B | 1.2B | 1.18B | 180.9M | -3.32M | -23.84M | -16.35M | -9.19M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 45.60 | 13.31 | 61.28 | 57.92 | 68.64 | 27.32 | 26.76 | 24.08 | 16.95 | 10.58 | 8.57 | 6.64 | 4.37 | 2.05 | 1.26 |
| EPS Growth % | 242.6% | -78.28% | 5.8% | -15.62% | 151.24% | 2.09% | 11.13% | 42.06% | 60.21% | 23.45% | 29.07% | 51.95% | 113.17% | 62.7% | - |
| EPS (Basic) | 45.88 | 13.36 | 61.44 | 57.92 | 68.80 | 27.44 | 27.00 | 24.40 | 17.20 | 10.75 | 8.83 | 7.01 | 4.57 | 2.05 | 1.26 |
| Diluted Shares Outstanding | 118.02M | 121.64M | 122.81M | 124.92M | 125.12M | 119.92M | 119.52M | 119.24M | 118.06M | 116.04M | 115.65M | 112.83M | 104.33M | 103.96M | 103.96M |
| Basic Shares Outstanding | 117.55M | 121.24M | 126.33M | 124.79M | 124.97M | 119.37M | 118.58M | 117.67M | 116.38M | 114.24M | 112.23M | 106.74M | 99.9M | 100.42M | 103.96M |
| Dividend Payout Ratio | 105.54% | 82.62% | 24.15% | 21.68% | 26.3% | 19.88% | - | 20.75% | - | - | - | - | 48.43% | 21.1% | 71.66% |
Competitive traffic acquisition costs
As indicated by the most recent quarterly financial data, Autohome experienced a significant revenue decline of -18.0% year-over-year, signaling that the company's pivot toward new energy vehicle services is currently failing to offset the rapid erosion of its traditional internal combustion engine advertising business model.
The consistent downward trend in top-line performance suggests that the company is struggling to maintain its relevance in a shifting Chinese automotive landscape. Investors should monitor whether this contraction represents a structural loss of market share to video-first platforms or merely a temporary cyclical adjustment in OEM marketing budgets.
Based on reported figures, Autohome's operating margin has compressed to a narrow 6.3% in 2025Q4, a stark departure from the double-digit levels observed in previous periods, highlighting the rising cost of maintaining user engagement in an increasingly fragmented and highly competitive digital advertising environment.
The volatility in gross margins, which dipped to 63.7% in 2025Q3 before recovering, suggests that the company is facing unpredictable traffic acquisition costs. This margin instability implies that the platform's pricing power may be weakening as advertisers demand more performance-based results rather than traditional display impressions.
According to the provided income statements, the company's net margin of 18.8% significantly outpaces its operating margin of 6.3%, suggesting that a substantial portion of reported profitability is derived from interest income on its cash reserves rather than core automotive content and lead generation operations.
The reliance on non-operating items to bolster the bottom line warrants further investigation into the sustainability of earnings. While the cash-rich balance sheet provides a safety net, it may also be masking a deterioration in the underlying profitability of the core business segments.
Financial statements reveal that Autohome's SG&A expenses remain elevated at $820.9 million, which, when juxtaposed with the -18.0% revenue decline, suggests that the company is spending aggressively to defend a shrinking market position against more agile, video-centric competitors in the Chinese automotive information space.
Short-sellers may focus on the disconnect between high operating expenditures and declining top-line growth as evidence of diminishing returns on marketing spend. This trend implies that the company may be trapped in a cycle of over-investing to maintain traffic levels that no longer convert at historical rates.
Quick answers to the most common questions about buying ATHM stock.
For fiscal year 2025, Autohome Inc. (ATHM) reported total revenue of $6.28B. This represents a 1348.8% increase compared to $433.2M in 2011.
Autohome Inc. (ATHM) is profitable, generating $1.40B in net income for the fiscal year ending 2025 with a net profit margin of 22.4%.
Autohome Inc. (ATHM) reported an operating income of $552.3M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Autohome Inc. (ATHM) generated $4.54B in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.