Revenue growth remains volatile with a 2025Q3 peak of 22.3%, while operating margins continue to fluctuate, reaching a negative 24.7% as recently as 2025Q1.
| 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 | Dec'10 |
|---|
| Sales/Revenue | 765.57M | 703.7M | 692.02M | 785.71M | 1.03B | 1.21B | 1.33B | 1.38B | 1.58B | 1.44B | 1.61B | 1.64B | 1.42B | 1.11B | 950.59M | 528.7M |
| Revenue Growth % | 8.79% | 1.69% | -11.92% | -23.74% | -14.77% | -8.96% | -3.6% | -12.55% | 9.01% | -10.21% | -1.75% | 14.98% | 28.22% | 16.88% | 79.8% | - |
| Cost of Goods Sold | 391.42M | 434.99M | 464.14M | 548.5M | 597.4M | 583.82M | 683.33M | 596.55M | 727.2M | 726.81M | 829.39M | 781.63M | 696.36M | 631.3M | 554.68M | 299.42M |
| COGS % of Revenue | 51.13% | 61.81% | 67.07% | 69.81% | 57.98% | 48.3% | 51.46% | 43.31% | 46.17% | 50.3% | 51.54% | 47.72% | 48.88% | 56.82% | 58.35% | 56.63% |
| Gross Profit | 374.15M | 268.71M | 227.88M | 237.2M | 432.93M | 625.02M | 644.45M | 780.83M | 847.89M | 718.1M | 779.81M | 856.23M | 728.12M | 479.7M | 395.92M | 229.27M |
| Gross Margin % | 48.87% | 38.19% | 32.93% | 30.19% | 42.02% | 51.7% | 48.54% | 56.69% | 53.83% | 49.7% | 48.46% | 52.28% | 51.12% | 43.18% | 41.65% | 43.37% |
| Gross Profit Growth % | 39.24% | 17.92% | -3.93% | -45.21% | -30.73% | -3.01% | -17.47% | -7.91% | 18.07% | -7.91% | -8.92% | 17.59% | 51.79% | 21.16% | 72.68% | - |
| Operating Expenses | 408.53M | 333.43M | 353.57M | 428.64M | 769.03M | 727.6M | 1B | 904.85M | 832.91M | 682.73M | 700.84M | 618.59M | 479.93M | 395.07M | 310.18M | 147.12M |
| OpEx % of Revenue | 53.36% | 47.38% | 51.09% | 54.55% | 74.64% | 60.19% | 75.36% | 65.69% | 52.88% | 47.25% | 43.55% | 37.77% | 33.69% | 35.56% | 32.63% | 27.83% |
| Selling, General & Admin | 343.93M | 262.68M | 270.91M | 296.83M | 610.44M | 557.36M | 783.82M | 700.13M | 640.59M | 520.85M | 530.12M | 468.6M | 371.25M | 303.77M | 241.16M | 116.11M |
| SG&A % of Revenue | 44.92% | 37.33% | 39.15% | 37.78% | 59.25% | 46.11% | 59.03% | 50.83% | 40.67% | 36.05% | 32.94% | 28.61% | 26.06% | 27.34% | 25.37% | 21.96% |
| Research & Development | 64.6M | 70.75M | 82.66M | 131.81M | 158.59M | 171.99M | 216.74M | 204.72M | 192.32M | 161.88M | 170.71M | 150M | 108.68M | 91.29M | 69.02M | 31.01M |
| R&D % of Revenue | 8.44% | 10.05% | 11.94% | 16.78% | 15.39% | 14.23% | 16.32% | 14.86% | 12.21% | 11.2% | 10.61% | 9.16% | 7.63% | 8.22% | 7.26% | 5.87% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -34.38M | -64.72M | -125.7M | -191.44M | -336.1M | -102.58M | -356.11M | -124.02M | 14.98M | 35.37M | 78.97M | 237.64M | 248.19M | 84.64M | 85.73M | 82.15M |
| Operating Margin % | -4.49% | -9.2% | -18.16% | -24.36% | -32.62% | -8.49% | -26.82% | -9% | 0.95% | 2.45% | 4.91% | 14.51% | 17.42% | 7.62% | 9.02% | 15.54% |
| Operating Income Growth % | 46.88% | 48.51% | 34.34% | 43.04% | -227.65% | 71.2% | -187.13% | -927.75% | -57.64% | -55.21% | -66.77% | -4.25% | 193.23% | -1.28% | 4.36% | - |
| EBITDA | -7.26M | -43.19M | -83.13M | -136.69M | -270.04M | -63.65M | -306.55M | -91.55M | 50.6M | 77.32M | 124.45M | 273.96M | 279.65M | 105.77M | 98.03M | 90.27M |
| EBITDA Margin % | -0.95% | -6.14% | -12.01% | -17.4% | -26.21% | -5.27% | -23.09% | -6.65% | 3.21% | 5.35% | 7.73% | 16.73% | 19.63% | 9.52% | 10.31% | 17.07% |
| EBITDA Growth % | 83.19% | 48.05% | 39.18% | 49.38% | -324.29% | 79.24% | -234.84% | -280.93% | -34.56% | -37.87% | -54.57% | -2.04% | 164.4% | 7.9% | 8.59% | - |
| D&A (Non-Cash Add-back) | 27.12M | 21.53M | 42.56M | 54.75M | 66.05M | 38.93M | 49.56M | 32.47M | 35.62M | 41.95M | 45.47M | 36.32M | 31.46M | 21.13M | 12.29M | 8.12M |
| EBIT | 8.52M | -48.3M | -96.14M | -131.76M | -252.49M | -104.33M | -356.11M | -123.69M | 14.98M | 35.37M | 100.23M | 310.5M | 248.19M | 84.64M | 85.73M | 82.15M |
| Net Interest Income | 21.03M | 32.4M | 34.67M | 31.41M | 47.3M | 35.42M | 22.72M | 33.9M | 32.06M | 28.05M | 27.91M | 46.53M | 32.77M | 32.87M | 9.68M | 581.94K |
| Interest Income | 21.03M | 32.4M | 34.67M | 31.41M | 47.3M | 35.42M | 22.72M | 47.45M | 54.29M | 35.11M | 27.91M | 46.53M | 32.77M | 32.87M | 9.68M | 581.94K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.54M | 22.22M | 7.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 42.9M | 16.42M | 29.56M | 59.68M | 83.61M | 645.8M | 1.05B | 78.51M | 34.22M | 56.94M | 18.93M | 72.86M | 67.42M | 39.7M | 31.89M | 2.43M |
| Pretax Income | 8.52M | -48.3M | -96.14M | -131.76M | -252.49M | 543.23M | 691.71M | -45.51M | 49.21M | 92.31M | 97.9M | 310.5M | 315.61M | 124.34M | 117.62M | 84.58M |
| Pretax Margin % | 1.11% | -6.86% | -13.89% | -16.77% | -24.51% | 44.94% | 52.1% | -3.3% | 3.12% | 6.39% | 6.08% | 18.96% | 22.16% | 11.19% | 12.37% | 16% |
| Income Tax | 8.16M | 4.64M | 12.98M | -6.04M | 20.58M | 115.58M | 21.95M | 20.11M | 14.78M | 14.09M | 25.52M | 48.38M | 37.59M | 16.98M | 15.15M | 10.5M |
| Effective Tax Rate % | 95.72% | -9.62% | -13.5% | 4.58% | -8.15% | 21.28% | 3.17% | -44.18% | 30.04% | 15.26% | 26.06% | 15.58% | 11.91% | 13.65% | 12.88% | 12.41% |
| Net Income | 336K | -53.55M | -102.5M | -109.65M | -205.7M | 380.37M | 727.83M | -63.22M | 37.47M | 80.61M | 73.58M | 263.09M | 279.55M | 107.36M | 102.47M | 74.08M |
| Net Margin % | 0.04% | -7.61% | -14.81% | -13.96% | -19.96% | 31.47% | 54.82% | -4.59% | 2.38% | 5.58% | 4.57% | 16.06% | 19.63% | 9.66% | 10.78% | 14.01% |
| Net Income Growth % | 100.63% | 47.75% | 6.53% | 46.69% | -154.08% | -47.74% | 1251.23% | -268.72% | -53.52% | 9.55% | -72.03% | -5.89% | 160.39% | 4.77% | 38.32% | - |
| Net Income (Continuing) | 365K | -52.95M | -109.11M | -125.72M | -273.07M | 427.64M | 669.76M | -65.3M | 34.42M | 78.22M | 72.39M | 262.12M | 278.02M | 107.36M | 102.47M | 74.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -37.61M | 63.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -62.87M | -61.86M | -61.39M | -54.22M | -38.23M | 28.23M | 213.26M | 310.63M | -6.39M | -3.34M | -949K | 0 | 3.86M | 0 | 0 | 0 |
| EPS (Diluted) | 1.31 | -4.46 | -8.64 | -9.12 | -16.80 | 34.56 | 57.60 | -5.28 | 2.76 | 6.24 | 5.76 | 19.68 | 20.64 | 7.68 | 9.60 | 11.04 |
| EPS Growth % | 129.37% | 48.38% | 5.26% | 45.71% | -148.61% | -40% | 1190.91% | -291.3% | -55.77% | 8.33% | -70.73% | -4.65% | 168.75% | -20% | -13.04% | - |
| EPS (Basic) | 1.31 | -4.46 | -8.64 | -9.12 | -16.80 | 34.56 | 57.60 | -5.28 | 3.23 | 6.24 | 5.76 | 20.16 | 21.12 | 7.68 | 9.60 | 11.04 |
| Diluted Shares Outstanding | 250.22K | 11.92M | 12.13M | 12.13M | 12.13M | 12.13M | 12.13M | 12.11M | 12.3M | 12.02M | 12.1M | 12.8M | 12.97M | 13.41M | 10.82M | 6.81M |
| Basic Shares Outstanding | 250.22K | 11.92M | 11.86M | 12.13M | 12.13M | 12.13M | 12.13M | 11.96M | 11.97M | 11.95M | 11.9M | 12.45M | 12.62M | 13M | 10.82M | 6.81M |
| Dividend Payout Ratio | - | - | - | - | - | 169.64% | 96.61% | - | - | - | - | - | - | - | - | - |
Structural Operating Margin Deficit
According to recent financial filings, FENG's revenue growth has exhibited significant quarterly volatility, peaking at 22.3% in 2025Q3 before moderating, suggesting that the company's top-line performance remains highly sensitive to seasonal advertising cycles and the broader macroeconomic environment within the Chinese digital media landscape.
The inconsistent revenue trajectory indicates that the company lacks a reliable organic growth engine, relying instead on cyclical ad spend that fails to provide long-term visibility. Investors should monitor whether the recent revenue fluctuations represent a genuine stabilization of market share or merely temporary shifts in seasonal demand.
As reported in financial statements, FENG achieved a gross margin of 55.6% in 2025Q4, reflecting a notable improvement from the 28.8% trough observed in 2024Q1, though this recovery appears heavily dependent on content cost management rather than sustainable pricing power in a competitive digital market.
While the expansion in gross margins suggests better control over direct content licensing fees, the structural reliance on parent-company content limits the company's ability to independently optimize its cost base. This margin volatility warrants further investigation into whether these gains are sustainable or subject to future renegotiations of related-party agreements.
Based on FENG's reported figures, the company continues to struggle with operating leverage, as evidenced by the persistent negative operating margins in most quarters despite revenue growth, indicating that SG&A expenses are not scaling efficiently relative to the company's top-line expansion efforts.
The inability to consistently convert gross profit into operating income suggests that the company's fixed-cost structure, particularly regarding personnel and marketing, is too heavy for its current revenue scale. This operational inefficiency implies that the business model may require a fundamental pivot to achieve sustained profitability.
As indicated by the 2025Q4 net income of $45.3M, FENG's bottom-line results appear highly susceptible to non-operating items and quarterly fluctuations, which often mask the underlying operational challenges faced by the core advertising and paid services segments throughout the fiscal year.
The extreme variance in EPS, ranging from significant losses to positive earnings, suggests that investors should exercise caution when relying on net income as a proxy for operational health. The lack of consistent profitability highlights the risk that reported earnings may be influenced by accounting adjustments rather than core business performance.
Based on the provided data, the market's valuation of FENG appears to be anchored by its cash reserves rather than operational performance, as the company's inability to maintain positive operating margins suggests that the core business may be a long-term value trap for investors.
Short-sellers would likely focus on the persistent negative operating margins and the company's failure to pivot toward high-growth formats, arguing that the cash pile is the only thing preventing a total collapse in valuation. Investors should monitor whether management intends to deploy this capital effectively or if it will continue to be eroded by ongoing operational losses.
Quick answers to the most common questions about buying FENG stock.
For fiscal year 2025, Phoenix New Media Limited (FENG) reported total revenue of $765.6M. This represents a 44.8% increase compared to $528.7M in 2010.
Phoenix New Media Limited (FENG) is profitable, generating $0.3M in net income for the fiscal year ending 2025 with a net profit margin of 0.0%.
Phoenix New Media Limited (FENG) reported an operating income of $-34.4M, resulting in an operating profit margin of -4.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Phoenix New Media Limited (FENG) generated $374.1M in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.