Revenue stagnation is compounded by margin erosion, with gross margins contracting from 83.7% in 2023Q3 to 72.0% by 2025Q4.
FinVolution Group (FINV) annual income statement — 11-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 | Dec'15 |
|---|
| Net Interest Income | 1.42B | 1.3B | 0 | 0 | 0 | 0 | 1.11B | 1.11B | 256.11M | 31.38M | 41.79M | 4.25M |
| NII Growth % | 0% | - | - | - | - | -100% | 0.6% | 332.11% | 716.23% | -24.92% | 883.5% | - |
| Net Interest Margin % | 5.44% | 5.11% | 0% | 0% | 0% | 0% | 7.48% | 6.05% | 1.95% | 0.36% | 1.95% | 0.58% |
| Interest Income | 1.42B | 1.3B | 0 | 0 | 0 | 0 | 1.34B | 1.34B | 316.19M | 46.98M | 59.98M | 4.41M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 228.32M | 235.62M | 60.09M | 15.6M | 18.19M | 159K |
| Loan Loss Provision | 3.1B | 2.82B | 2.7B | 2.16B | 2.18B | 1.92B | 1.1B | 972.59M | 925.49M | 958.92M | 369.96M | 99.22M |
| Non-Interest Income | 11.63B | 11.9B | 13.07B | 12.6B | 11.28B | 9.54B | 6.22B | 4.62B | 4.23B | 3.88B | 1.16B | 191.28M |
| Non-Interest Income % | 89.12% | 90.15% | 100% | 100% | 100% | 100% | 84.82% | 80.68% | 94.29% | 99.2% | 96.51% | 97.83% |
| Total Net Revenue | 13.05B | 13.2B | 13.07B | 12.6B | 11.28B | 9.54B | 7.33B | 5.73B | 4.48B | 3.91B | 1.2B | 195.53M |
| Revenue Growth % | -5.36% | 1.03% | 3.69% | 11.7% | 18.2% | 30.12% | 28.07% | 27.74% | 14.62% | 226.63% | 512.47% | - |
| Non-Interest Expense | 7.65B | 7.5B | 7.83B | 8.05B | 6.58B | 5.01B | 3.93B | 2.11B | 6.06B | 5.3B | 1.81B | 437.07M |
| Efficiency Ratio | 58.57% | 56.78% | 59.92% | 63.9% | 58.33% | 52.54% | 53.58% | 36.81% | 135.21% | 135.6% | 150.85% | 223.53% |
| Operating Income | 2.31B | 2.88B | 2.54B | 2.38B | 2.52B | 2.61B | 2.31B | 2.65B | -2.5B | -2.35B | -978.91M | -340.76M |
| Operating Margin % | 17.66% | 21.84% | 19.4% | 18.92% | 22.3% | 27.39% | 31.46% | 46.21% | -55.86% | -60.12% | -81.74% | -174.28% |
| Operating Income Growth % | - | 13.73% | 6.34% | -5.23% | -3.77% | 13.27% | -12.81% | 205.67% | -6.5% | -140.21% | -187.27% | - |
| Pretax Income | 2.33B | 3.02B | 2.85B | 2.78B | 2.74B | 2.74B | 2.42B | 2.86B | 2.62B | 1.36B | 549.76M | -67.78M |
| Pretax Margin % | 17.82% | 22.86% | 21.78% | 22.05% | 24.25% | 28.67% | 33.05% | 49.88% | 58.45% | 34.71% | 45.91% | -34.66% |
| Income Tax | 431.02M | 541.09M | 457.4M | 395.1M | 454.77M | 240.82M | 455.42M | 481.96M | 151.21M | 274.71M | 48.27M | 4.36M |
| Effective Tax Rate % | 18.53% | 17.93% | 16.08% | 14.22% | 16.62% | 8.8% | 18.79% | 16.87% | 5.77% | 20.23% | 8.78% | -6.44% |
| Net Income | 1.9B | 2.47B | 2.38B | 2.34B | 2.27B | 2.51B | 1.97B | 2.37B | 2.47B | 1.08B | 501.49M | -72.14M |
| Net Margin % | 14.53% | 18.74% | 18.24% | 18.58% | 20.09% | 26.29% | 26.9% | 41.43% | 55.07% | 27.69% | 41.88% | -36.89% |
| Net Income Growth % | -32.23% | 3.78% | 1.81% | 3.29% | -9.67% | 27.18% | -16.86% | -3.9% | 127.99% | 115.95% | 795.16% | - |
| Net Income (Continuing) | 1.89B | 2.48B | 2.39B | 2.38B | 2.28B | 2.5B | 1.97B | 2.37B | 2.47B | 1.08B | 501.49M | -72.14M |
| EPS (Diluted) | 7.57 | 9.35 | 9.05 | 8.35 | 7.80 | 8.45 | 6.60 | 7.65 | 7.70 | -12.75 | -0.20 | -0.60 |
| EPS Growth % | -31.13% | 3.31% | 8.38% | 7.05% | -7.69% | 28.03% | -13.73% | -0.65% | 160.39% | -6275% | 66.67% | - |
| EPS (Basic) | - | 9.80 | 9.25 | 8.50 | 8.00 | 8.85 | 6.70 | 7.80 | 8.25 | -12.75 | -0.20 | -0.60 |
| Diluted Shares Outstanding | 250.46M | 266.85M | 264.05M | 280.59M | 290.86M | 296.5M | 298.27M | 310.48M | 319.92M | 155.96M | 299.63M | 299.63M |
Quick answers to the most common questions about buying FINV stock.
For fiscal year 2025, FinVolution Group (FINV) reported total revenue of $13.20B. This represents a 6650.8% increase compared to $195.5M in 2015.
FinVolution Group (FINV) is profitable, generating $2.47B in net income for the fiscal year ending 2025 with a net profit margin of 18.7%.
FinVolution Group (FINV) reported an operating income of $2.88B, resulting in an operating profit margin of 21.8%. This margin reflects the operational efficiency of the business before interest and taxes.
FinVolution Group (FINV) generated $10.38B in gross profit for the year, representing a gross profit margin of 78.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory IRR Cap Compression
Revenue Stagnation Amidst Market Saturation
Based on the provided financial data, FinVolution's revenue has remained largely range-bound between $3.0 billion and $3.6 billion over the last ten quarters, suggesting that the company is struggling to achieve meaningful top-line expansion in its core Chinese market despite ongoing efforts to diversify internationally.
The lack of consistent revenue growth indicates that the platform may be reaching a ceiling in its domestic credit facilitation business. Investors should monitor whether the international expansion into Southeast Asia can eventually offset the stagnation observed in the mature Chinese consumer credit segment.
Margin Compression Reflects Competitive Pressures
As reported in the quarterly income statements, FinVolution's gross margin contracted from a peak of 83.7% in 2023Q3 to 72.0% by 2025Q4, highlighting the increasing difficulty of maintaining pricing power in a regulatory environment that favors lower-yield, higher-quality borrower segments over aggressive growth.
This structural decline in gross margins suggests that the company is being forced to accept lower take rates to remain competitive and compliant with evolving Chinese regulatory standards. The trend warrants further investigation into whether this is a permanent shift in the platform's unit economics.
Operating Leverage Strained by Costs
According to the latest financial filings, the operating margin dropped to 16.0% in 2025Q4 from a high of 25.4% in 2025Q1, demonstrating that the company is currently unable to scale its operating income faster than its gross profit due to persistent overhead and acquisition costs.
The inability to maintain operating leverage suggests that the company's cost structure is becoming less efficient as it navigates a more challenging credit environment. This may indicate that the platform requires higher levels of investment in risk management and technology just to maintain its current market position.
Earnings Volatility Driven by Provisions
Based on reported figures, net income experienced significant fluctuations, including a sharp decline to $418.9 million in 2025Q4, which appears to be influenced by non-operating items and potential adjustments related to guarantee liabilities that complicate the underlying quality of the reported earnings per share.
The volatility in net income suggests that investors should look past headline EPS to understand the impact of credit provision adjustments and guarantee-related expenses. The inconsistent nature of these charges makes it difficult to project sustainable profitability without further clarity on the company's risk-sharing arrangements.
Regulatory Risks Threaten Long-term Viability
While management has successfully navigated the transition from P2P to institutional funding, the recent contraction in net margins to 14.0% in 2025Q4 suggests that short-sellers may be correct in focusing on the potential for further regulatory tightening to permanently impair the company's core profitability.
The reliance on a single, highly regulated market for the majority of its revenue creates a binary risk profile that is not fully captured by current valuation multiples. If the 24% IRR cap is enforced more strictly, the company may face a structural decline in its addressable market.