Revenue fell from about $1.1B in early 2024 to $978.3M in 2026Q2 while gross margin recovered to 16.2% from a 5.7% low, yet operating margin turned negative at -2.6% as SG&A climbed to $156.7M.
DouYu International Holdings Limited (DOYU) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 3.62B | 3.82B | 4.27B | 5.53B | 7.11B | 9.17B | 9.6B | 7.28B | 3.65B | 1.89B | 786.84M |
| Revenue Growth % | -13.86% | -10.58% | -22.78% | -22.2% | -22.44% | -4.55% | 31.84% | 99.3% | 93.79% | 139.66% | - |
| Cost of Goods Sold | 3.1B | 3.33B | 3.95B | 4.85B | 6.12B | 8.08B | 8.04B | 6.09B | 3.5B | 1.89B | 1.16B |
| COGS % of Revenue | - | 87.18% | 92.42% | 87.63% | 86.07% | 88.11% | 83.75% | 83.58% | 95.87% | 100.25% | 146.8% |
| Gross Profit | 522.03M | 489.53M | 323.83M | 684.03M | 990.11M | 1.09B | 1.56B | 1.2B | 151.03M | -4.65M | -368.24M |
| Gross Margin % | 14.43% | 12.82% | 7.58% | 12.37% | 13.93% | 11.89% | 16.25% | 16.42% | 4.13% | -0.25% | -46.8% |
| Gross Profit Growth % | - | 51.17% | -52.66% | -30.91% | -9.16% | -30.15% | 30.45% | 692.02% | 3346.65% | 98.74% | - |
| Operating Expenses | 502.23M | 478.67M | 888.05M | 848.07M | 1.19B | 1.74B | 1.3B | 1.33B | 1.04B | 613.74M | 409.32M |
| OpEx % of Revenue | - | 12.53% | 20.79% | 15.33% | 16.73% | 18.97% | 13.52% | 18.23% | 28.39% | 32.55% | 52.02% |
| Selling, General & Admin | 403.94M | 372.14M | 515.57M | 589.48M | 928.11M | 1.33B | 956.31M | 1.04B | 735.72M | 410.92M | 318.49M |
| SG&A % of Revenue | - | 9.74% | 12.07% | 10.66% | 13.06% | 14.5% | 9.96% | 14.35% | 20.13% | 21.79% | 40.48% |
| Research & Development | 114.69M | 121.06M | 181.68M | 276.94M | 383.09M | 490.02M | 416.27M | 383.89M | 329.33M | 212.11M | 93.45M |
| R&D % of Revenue | - | 3.17% | 4.25% | 5.01% | 5.39% | 5.35% | 4.34% | 5.27% | 9.01% | 11.25% | 11.88% |
| Other Operating Expenses | -3M | -14.53M | 190.81M | -18.35M | -122.21M | -80.33M | -74.3M | -100.9M | -20.18M | -259.81K | 49.48K |
| Operating Income | 19.8M | 10.86M | -564.22M | -164.04M | -198.88M | -648.66M | 262.06M | -131.67M | -859.12M | -618.39M | -776.39M |
| Operating Margin % | 0.55% | 0.28% | -13.21% | -2.97% | -2.8% | -7.08% | 2.73% | -1.81% | -23.51% | -32.79% | -98.67% |
| Operating Income Growth % | - | 101.92% | -243.96% | 17.52% | 69.34% | -347.52% | 299.03% | 84.67% | -38.93% | 20.35% | - |
| EBITDA | 35.45M | 42.43M | -501.61M | -67.2M | -113.88M | -559.93M | 372.98M | -41.55M | -813.57M | -592.34M | -769.32M |
| EBITDA Margin % | 0.98% | 1.11% | -11.75% | -1.21% | -1.6% | -6.11% | 3.88% | -0.57% | -22.26% | -31.41% | -97.77% |
| EBITDA Growth % | 114.56% | 108.46% | -646.5% | 41% | 79.66% | -250.12% | 997.7% | 94.89% | -37.35% | 23% | - |
| D&A (Non-Cash Add-back) | 15.65M | 31.57M | 62.61M | 96.84M | 85M | 88.73M | 110.92M | 90.12M | 45.55M | 26.04M | 7.06M |
| EBIT | 19.8M | 10.86M | -564.22M | -150.07M | -197.37M | -648.66M | 262.06M | -131.67M | -859.12M | -618.39M | -771.73M |
| Net Interest Income | 49.67M | 62.58M | 263.05M | 284.98M | 129.86M | 77.39M | 145.24M | 159.1M | 85.84M | 6.88M | -5.02M |
| Interest Income | 49.67M | 62.58M | 263.05M | 284.98M | 129.86M | 77.39M | 145.24M | 159.1M | 85.84M | 6.88M | 3.89M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.9M |
| Other Income/Expense | -24.41M | -11.53M | 282.18M | 200.62M | 111.95M | 43.54M | 141.37M | 0 | -17.16M | 6.62M | -4.25M |
| Pretax Income | -4.61M | -673.36K | -282.04M | 36.59M | -86.93M | -605.12M | 403.43M | 36.59M | -869.07M | -611.77M | -780.64M |
| Pretax Margin % | -0.13% | -0.02% | -6.6% | 0.66% | -1.22% | -6.6% | 4.2% | 0.5% | -23.78% | -32.44% | -99.21% |
| Income Tax | 27.43M | 28.41M | 15.41M | 1.07M | 3.49M | 15.13M | -1.31M | -284.43M | 9.95M | -5.75M | 11.21M |
| Effective Tax Rate % | -594.98% | -4218.96% | -5.46% | 2.92% | -4.01% | -2.5% | -0.32% | -777.33% | -1.14% | 0.94% | -1.44% |
| Net Income | -32.04M | -29.08M | -297.44M | 35.52M | -75.42M | -581.88M | 485.5M | 33.35M | -876.28M | -612.9M | -782.89M |
| Net Margin % | -0.89% | -0.76% | -6.96% | 0.64% | -1.06% | -6.35% | 5.06% | 0.46% | -23.98% | -32.5% | -99.5% |
| Net Income Growth % | 84.15% | 90.22% | -937.45% | 147.09% | 87.04% | -219.85% | 1355.85% | 103.81% | -42.97% | 21.71% | - |
| Net Income (Continuing) | -32.04M | -29.08M | -297.44M | 35.52M | -90.41M | -620.25M | 404.74M | 33.35M | -876.28M | -612.9M | -782.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 1K | -75.25M | 38.37M | 21.45M | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -0.91 | -9.65 | 1.11 | -2.36 | -17.88 | 14.71 | 10.21 | -107.98 | -74.85 | -90.87 |
| EPS Growth % | 84.27% | 90.57% | -969.37% | 147.03% | 86.8% | -221.55% | 44.07% | 109.46% | -44.26% | 17.63% | - |
| EPS (Basic) | - | -0.91 | -9.65 | 1.11 | -2.36 | -17.88 | 15.19 | 10.59 | -107.98 | -74.85 | -90.87 |
| Diluted Shares Outstanding | 30.18M | 30.18M | 30.83M | 31.98M | 31.97M | 32.54M | 33.01M | 31.44M | 8.12M | 8.19M | 8.62M |
| Basic Shares Outstanding | 30.18M | 30.18M | 30.82M | 31.98M | 31.96M | 32.54M | 33M | 30.32M | 8.12M | 8.19M | 8.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying DOYU stock.
For fiscal year 2025, DouYu International Holdings Limited (DOYU) reported total revenue of $3.82B. This represents a 385.3% increase compared to $786.8M in 2016.
DouYu International Holdings Limited (DOYU) reported a net loss of $29.1M for the fiscal year ending 2025.
DouYu International Holdings Limited (DOYU) reported an operating income of $10.9M, resulting in an operating profit margin of 0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
DouYu International Holdings Limited (DOYU) generated $489.5M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained revenue contraction
Revenue Contraction Persisting Across Quarters
Based on DouYu's reported income statement, quarterly revenue fell from roughly $1.1B in early 2024 to $978.3M in 2026Q2, with year-over-year declines of 7.2% in the latest quarter, indicating the top line has not yet stabilized.
The reported revenue series shows a deceleration from double-digit declines through 2024 and 2025 toward a narrower but still negative 2026Q2 decline. The data does not isolate volume versus pricing or organic versus inorganic drivers, so the durability of any recovery cannot be assessed from these figures alone and warrants further investigation. Investors should monitor whether the sequential improvement in early 2026 holds through subsequent quarters.
Gross Margin Recovery Remains Fragile
As reported in the income statement, DouYu's gross margin rebounded from a 5.7% trough in 2024Q3 to 16.2% in 2026Q2, though this level remains well below the 37.8% gross margin reported for peer MOMO.
The gross margin recovery appears to reflect a narrowing of cost of revenue relative to a stabilizing revenue base rather than a clear structural shift in pricing power. The gap versus MOMO suggests DouYu has materially weaker unit economics than its closest comparable. Whether the recovery is cyclical or durable cannot be determined from the supplied quarters.
Operating Losses Reemerge Despite Cost Control
Based on DouYu's reported figures, operating income swung from a $22.2M profit in 2026Q1 to a $25.1M loss in 2026Q2, while SG&A rose from $85.2M to $156.7M in the same period, signaling negative operating leverage.
The sharp SG&A increase in 2026Q2 absorbed the gross profit gains, pushing operating margin back to -2.6%. This pattern suggests the company has not yet achieved consistent operating leverage, as overhead expansion outpaced gross profit growth. Investors should monitor whether this SG&A step-up is recurring or one-time in nature.
Net Income Volatility Obscures Underlying Trend
According to reported EPS figures, DouYu posted diluted EPS of -2.38 in 2026Q2 after a positive $0.91 in 2026Q1, and net income moved between losses and profits across the ten-quarter window, making the earnings trajectory difficult to read.
Net income in several quarters diverges materially from operating income, which may indicate non-operating items, tax effects, or other below-the-line movements, though the supplied data does not disclose their composition. Stock-based compensation is reported as zero across all periods, so no dilution-related adjustment can be assessed. The reliability of reported EPS as a signal of core profitability is therefore uncertain.
Margin Recovery May Not Withstand Scrutiny
Short-seller scrutiny would likely focus on DouYu's net margin of -7.4% in 2026Q2 and its 2025Q4 net margin of only 0.1%, both of which suggest the recent profitability inflection is thin and reversible.
The most sizable quarterly profit was modest relative to revenue, and the latest quarter returned to a substantial loss even as gross margin improved. A bearish reading would argue that the gross margin recovery is being consumed by rising operating expenses, leaving the business with no durable earnings base. Investors should monitor whether SG&A normalizes; if it does not, the reported margin improvement may prove insufficient to sustain profitability.