The company's transition to a high-volume trading model has triggered a collapse in profitability, evidenced by a -49.9% gross margin and a $1.4 billion operating loss in 2025Q4.
| Sales/Revenue | 4.81B | 804.49M | 1.7B | 1.98B | 3.92B | 2.05B | 1.44B | 1.09B | 1.05B | 434.28M |
| Revenue Growth % | 498.08% | -52.73% | -14.06% | -49.5% | 91.08% | 42.52% | 31.95% | 3.73% | 142.29% | - |
| Cost of Goods Sold | 4.61B | 359.51M | 1.51B | 1.83B | 2.96B | 1.1B | 539.27M | 434.35M | 386.05M | 170.04M |
| COGS % of Revenue | 95.91% | 44.69% | 88.83% | 92.41% | 75.43% | 53.5% | 37.45% | 39.8% | 36.69% | 39.16% |
| Gross Profit | 196.79M | 444.97M | 190.06M | 150.36M | 963.71M | 954.31M | 844.32M | 657.06M | 666.15M | 264.24M |
| Gross Margin % | 4.09% | 55.31% | 11.17% | 7.59% | 24.57% | 46.5% | 58.63% | 60.2% | 63.31% | 60.84% |
| Gross Profit Growth % | -55.77% | 134.13% | 26.4% | -84.4% | 0.98% | 13.03% | 28.5% | -1.36% | 152.1% | - |
| Operating Expenses | 213.8M | 266.08M | 263.81M | 1.1B | 986.96M | 636.01M | 521.03M | 380.34M | 195.97M | 79.83M |
| OpEx % of Revenue | 4.44% | 33.07% | 15.5% | 55.42% | 25.17% | 30.99% | 36.18% | 34.85% | 18.63% | 18.38% |
| Selling, General & Admin | 28.9M | 263.26M | 195.89M | 432.32M | 713.26M | 463.85M | 463.62M | 318.32M | 215.42M | 74.83M |
| SG&A % of Revenue | 0.6% | 32.72% | 11.51% | 21.83% | 18.19% | 22.6% | 32.19% | 29.17% | 20.47% | 17.23% |
| Research & Development | 0 | 5.47M | 30.11M | 45.96M | 70.28M | 62.6M | 57.41M | 46.71M | 19.42M | 5M |
| R&D % of Revenue | - | 0.68% | 1.77% | 2.32% | 1.79% | 3.05% | 3.99% | 4.28% | 1.85% | 1.15% |
| Other Operating Expenses | 184.9M | -2.65M | 37.8M | 619.22M | 203.42M | 109.56M | 0 | 15.31M | -38.87M | 0 |
| Operating Income | -17.01M | 178.89M | -73.75M | -947.14M | -23.25M | 318.3M | 323.3M | 276.72M | 470.02M | 184.41M |
| Operating Margin % | -0.35% | 22.24% | -4.33% | -47.82% | -0.59% | 15.51% | 22.45% | 25.35% | 44.67% | 42.46% |
| Operating Income Growth % | -109.51% | 342.56% | 92.21% | -3973.8% | -107.3% | -1.55% | 16.83% | -41.13% | 154.88% | - |
| EBITDA | 798.75M | 185.56M | -55.11M | -941.66M | -14.73M | 327.45M | 333.76M | 283.91M | 472.99M | 185.91M |
| EBITDA Margin % | 16.6% | 23.07% | -3.24% | -47.55% | -0.38% | 15.95% | 23.18% | 26.01% | 44.95% | 42.81% |
| EBITDA Growth % | 330.44% | 436.74% | 94.15% | -6290.79% | -104.5% | -1.89% | 17.56% | -39.98% | 154.42% | - |
| D&A (Non-Cash Add-back) | 815.76M | 6.67M | 18.64M | 5.48M | 8.51M | 9.15M | 10.47M | 7.19M | 2.97M | 1.5M |
| EBIT | -3.02B | 176.24M | 59.68M | -647.28M | 82.37M | 320.57M | 501.28M | 415.02M | 481.45M | 185.15M |
| Net Interest Income | -125.5M | 105.66M | 75.07M | 26.92M | 11.89M | 32.14M | 38.12M | 42.45M | 3.17M | 3.65M |
| Interest Income | 14.11M | 106.32M | 79.16M | 43.73M | 26.37M | 34.9M | 51.57M | 61.47M | 16.16M | 4.1M |
| Interest Expense | 139.61M | 659.22K | 4.1M | 16.81M | 14.48M | 2.76M | 13.46M | 19.01M | 12.99M | 449.69K |
| Other Income/Expense | -3.14B | 122.24M | 129.33M | 72.63M | 35.56M | 3.42B | 164.52M | 119.29M | -1.56M | 2.09M |
| Pretax Income | -3.16B | 301.14M | 55.58M | -874.51M | 12.31M | 3.74B | 487.82M | 396.01M | 468.46M | 186.5M |
| Pretax Margin % | -65.68% | 37.43% | 3.27% | -44.16% | 0.31% | 182.38% | 33.87% | 36.28% | 44.52% | 42.94% |
| Income Tax | 5.89M | 1.32M | 93.46M | 236.7M | 20.85M | 369.85M | 82.96M | 89.08M | 119.4M | 53.01M |
| Effective Tax Rate % | -0.19% | 0.44% | 168.14% | -27.07% | 169.42% | 9.88% | 17.01% | 22.5% | 25.49% | 28.43% |
| Net Income | -3.17B | 299.82M | -37.87M | -1.11B | -8.54M | 3.37B | 390.91M | 302.69M | 341.01M | 128.91M |
| Net Margin % | -65.8% | 37.27% | -2.23% | -56.11% | -0.22% | 164.17% | 27.15% | 27.73% | 32.41% | 29.68% |
| Net Income Growth % | -1156.04% | 891.63% | 96.59% | -12905.17% | -100.25% | 761.96% | 29.15% | -11.24% | 164.54% | - |
| Net Income (Continuing) | -3.17B | 299.82M | -37.87M | -1.11B | -8.54M | 3.37B | 404.86M | 306.92M | 349.06M | 133.48M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 13.81M | 3.59M | 25.79M | 15.29M |
| EPS (Diluted) | -11.19 | 0.65 | -0.08 | -2.02 | -0.01 | 5.55 | 0.65 | 0.54 | 0.68 | 0.26 |
| EPS Growth % | -1821.54% | 966.67% | 96.29% | -13641.5% | -100.26% | 753.85% | 20.37% | -20.59% | 161.54% | - |
| EPS (Basic) | -11.19 | 0.72 | -0.08 | -2.02 | -0.01 | 5.61 | 0.65 | 0.54 | 0.68 | 0.26 |
| Diluted Shares Outstanding | 283.29M | 466.07M | 486.1M | 548.17M | 579.79M | 607.8M | 606.57M | 561.75M | 505.66M | 505.66M |
| Basic Shares Outstanding | 283.29M | 464.83M | 486.1M | 548.17M | 579.79M | 607.8M | 606.07M | 561.75M | 505.66M | 505.66M |
| Dividend Payout Ratio | - | - | - | - | - | 7.93% | 56.1% | 8.94% | - | 0.79% |
Extreme Margin Volatility
As reported in recent financial filings, Cango's revenue trajectory exhibits extreme quarterly fluctuations, with a notable 87.8% growth in 2025Q4, yet this top-line expansion appears disconnected from sustainable operational performance as the company shifts its business model toward high-volume, low-margin automotive trading in rural Chinese markets.
The erratic revenue growth suggests that the company is prioritizing market share acquisition over consistent demand generation. Investors should monitor whether this top-line volatility reflects genuine dealer adoption or merely the accounting impact of recognizing gross vehicle sales rather than service-based commissions.
Based on the latest income statement data, Cango's gross margin has collapsed to -49.9% in 2025Q4, a stark deterioration from historical levels that suggests the company is currently selling vehicles below cost to maintain inventory turnover in a highly competitive and price-sensitive automotive environment.
This negative margin profile implies that the company lacks pricing power and is likely facing significant inventory obsolescence risks. The inability to maintain positive gross margins warrants further investigation into whether the current trading model is fundamentally viable without substantial external subsidies or structural cost reductions.
According to the company's reported figures, operating income has plummeted to a loss of $1.4 billion in 2025Q4, indicating that the firm has failed to achieve any meaningful operating leverage as its cost base scales disproportionately to its revenue growth during this strategic transition period.
The lack of scalability in operating expenses suggests that the company's infrastructure is not yet optimized for its current high-volume trading model. Investors should be cautious, as the current cost structure appears to be a significant drag on potential profitability, even if revenue volumes were to stabilize.
As evidenced by the 2025Q4 net loss of $2.0 billion, the quality of Cango's earnings is currently compromised by massive non-operating items and significant stock-based compensation charges, which collectively mask the underlying operational health of the business and complicate traditional valuation metrics for institutional investors.
The wide variance between net income and operating performance suggests that non-recurring items are playing an outsized role in the bottom line. Analysts should focus on normalized metrics to determine if the core business can ever achieve sustainable profitability, as current reported figures are heavily distorted.
Based on the provided financial statements, the primary risk to the investment thesis is the potential for permanent margin erosion, as the company's pivot to a high-variable-cost trading model appears to offer no clear path to profitability in the current competitive landscape of Chinese auto retail.
Short-term revenue growth may be masking a business model that is fundamentally incapable of generating positive unit economics. The reliance on high-volume, low-margin transactions leaves the company with virtually no buffer against market downturns or further regulatory pressure on the automotive sector.
Quick answers to the most common questions about buying CANG stock.
For fiscal year 2025, Cango Inc. (CANG) reported total revenue of $4.81B. This represents a 1007.9% increase compared to $434.3M in 2016.
Cango Inc. (CANG) reported a net loss of $3.17B for the fiscal year ending 2025.
Cango Inc. (CANG) reported an operating income of $-17.0M, resulting in an operating profit margin of -0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cango Inc. (CANG) generated $196.8M in gross profit for the year, representing a gross profit margin of 4.1%. This demonstrates the company's core pricing power and production efficiency.