Operating margins remain volatile, fluctuating between a low of -17.0% in 2024Q4 and a modest 1.4% in 2025Q2, as the company struggles to scale amidst intense industry competition.
| Sales/Revenue | 4.2B | 3.82B | 4.27B | 5.53B | 7.11B | 9.17B | 9.6B | 7.28B | 3.65B | 1.89B | 786.84M |
| Revenue Growth % | -11.14% | -10.58% | -22.78% | -22.2% | -22.44% | -4.55% | 31.84% | 99.3% | 93.79% | 139.66% | - |
| Cost of Goods Sold | 3.81B | 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 | 386.06M | 489.53M | 323.83M | 684.03M | 990.11M | 1.09B | 1.56B | 1.2B | 151.03M | -4.65M | -368.24M |
| Gross Margin % | 9.19% | 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 | 685.04M | 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 | 481.86M | 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 | 137.75M | 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 | -2M | -14.53M | 190.81M | -18.35M | -122.21M | -80.33M | -74.3M | -100.9M | -20.18M | -259.81K | 49.48K |
| Operating Income | -298.98M | 10.86M | -564.22M | -164.04M | -198.88M | -648.66M | 262.06M | -131.67M | -859.12M | -618.39M | -776.39M |
| Operating Margin % | -7.12% | 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 | -243.46M | 42.43M | -467.38M | -67.2M | -111.39M | -559.93M | 372.98M | -41.55M | -813.57M | -592.34M | -769.32M |
| EBITDA Margin % | -5.8% | 1.11% | -10.94% | -1.21% | -1.57% | -6.11% | 3.88% | -0.57% | -22.26% | -31.41% | -97.77% |
| EBITDA Growth % | 22.52% | 109.08% | -595.55% | 39.67% | 80.11% | -250.12% | 997.7% | 94.89% | -37.35% | 23% | - |
| D&A (Non-Cash Add-back) | 55.51M | 31.57M | 96.84M | 96.84M | 87.49M | 88.73M | 110.92M | 90.12M | 45.55M | 26.04M | 7.06M |
| EBIT | -289.61M | 10.86M | -564.22M | -150.07M | -197.37M | -648.66M | 262.06M | -131.67M | -859.12M | -618.39M | -771.73M |
| Net Interest Income | 135.33M | 62.58M | 263.05M | 284.98M | 129.86M | 77.39M | 145.24M | 159.1M | 85.84M | 6.88M | -5.02M |
| Interest Income | 135.33M | 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 | 123.06M | -11.53M | 282.18M | 200.62M | 111.95M | 43.54M | 141.37M | 0 | -17.16M | 6.62M | -4.25M |
| Pretax Income | -175.92M | -673.36K | -282.04M | 36.59M | -86.93M | -605.12M | 403.43M | 36.59M | -869.07M | -611.77M | -780.64M |
| Pretax Margin % | -4.19% | -0.02% | -6.6% | 0.66% | -1.22% | -6.6% | 4.2% | 0.5% | -23.78% | -32.44% | -99.21% |
| Income Tax | 26.18M | 28.41M | 15.41M | 1.07M | 3.49M | 15.13M | -1.31M | -284.43M | 9.95M | -5.75M | 11.21M |
| Effective Tax Rate % | -14.88% | -4218.96% | -5.46% | 2.92% | -4.01% | -2.5% | -0.32% | -777.33% | -1.14% | 0.94% | -1.44% |
| Net Income | -202.1M | -29.08M | -297.44M | 35.52M | -75.42M | -581.88M | 485.5M | 33.35M | -876.28M | -612.9M | -782.89M |
| Net Margin % | -4.81% | -0.76% | -6.96% | 0.64% | -1.06% | -6.35% | 5.06% | 0.46% | -23.98% | -32.5% | -99.5% |
| Net Income Growth % | -64.35% | 90.22% | -937.45% | 147.09% | 87.04% | -219.85% | 1355.85% | 103.81% | -42.97% | 21.71% | - |
| Net Income (Continuing) | -202.1M | -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) | -6.70 | -0.91 | -9.65 | 1.11 | -2.36 | -17.88 | 14.71 | 10.21 | -107.98 | -74.85 | -90.87 |
| EPS Growth % | -71.61% | 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 | 32M | 31.96M | 32.54M | 33M | 30.32M | 8.12M | 8.19M | 8.62M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and competitive erosion
As reported in recent financial statements, DouYu's revenue trajectory has faced significant headwinds, with year-over-year growth figures consistently negative throughout 2024 before a modest 2.1% uptick in 2025Q2, suggesting that the platform is struggling to maintain its monetization scale in a highly competitive environment.
The persistent revenue decline over the last ten quarters indicates that the company's core live-streaming model is losing traction against broader short-video platforms. This trend suggests that the platform's reliance on a concentrated base of paying users may be reaching a structural ceiling, limiting future growth prospects.
Based on the provided income statement data, DouYu's gross margins have fluctuated between 5.7% and 14.2% over the last ten quarters, reflecting the high variable costs associated with revenue-sharing arrangements and the intense competitive pressure to retain top-tier streaming talent within the ecosystem.
The thin gross margin profile leaves the company with minimal operational flexibility to absorb fluctuations in content costs or regulatory compliance expenses. Investors should monitor whether the recent stabilization in margins is sustainable or merely a temporary result of aggressive cost-cutting measures rather than improved pricing power.
According to the company's quarterly filings, DouYu has struggled to achieve consistent operating leverage, with operating margins frequently dipping into negative territory, reaching as low as -17.0% in 2024Q4, which highlights the difficulty of scaling the business model amidst declining top-line revenue.
The inability to consistently scale operating income faster than gross profit suggests that the company's fixed cost base, particularly in SG&A, remains disproportionately high relative to its current revenue generation. This lack of operating leverage implies that the business model may be fundamentally challenged by its high variable cost structure.
Based on reported figures, DouYu has demonstrated a concerted effort to reduce R&D and SG&A expenses, with R&D costs falling from $74.5M in 2023Q3 to $27.6M in 2025Q2, indicating a strategic pivot toward preserving cash in the face of a shrinking revenue base.
While the reduction in operating expenses appears to be a necessary response to declining revenue, it may also signal a reduced capacity for innovation or platform development. Analysts should investigate whether these cost-cutting measures are impacting the platform's long-term ability to retain its core user base.
As indicated by the company's financial data, the market appears to be pricing DouYu as a melting ice cube, with the valuation potentially ignoring the resilience of its hardcore gaming community and the significant cash reserves that provide a theoretical floor for the company's equity value.
Short-sellers may focus on the persistent revenue decline and the risk of further regulatory intervention in the Chinese live-streaming sector. However, the company's zero-debt balance sheet and substantial cash position warrant further investigation into whether the current market valuation accurately reflects the potential for future capital returns.
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.