Revenue growth remains in a contractionary phase at -2.7% as of 2025Q4, while thin gross margins of 10.8% highlight the difficulty of achieving pricing power in the competitive intra-city logistics sector.
| Sales/Revenue | 3.99B | 4.47B | 4.53B | 4B | 3.04B | 2.01B | 1.69B |
| Revenue Growth % | -10.66% | -1.34% | 13.14% | 31.68% | 50.9% | 19.15% | - |
| Cost of Goods Sold | 3.52B | 3.98B | 4.13B | 3.74B | 2.85B | 1.83B | 1.71B |
| COGS % of Revenue | 88.25% | 89.02% | 91.29% | 93.52% | 93.78% | 90.61% | 101% |
| Gross Profit | 469.1M | 490.56M | 394.56M | 259.26M | 189.11M | 189.22M | -16.98M |
| Gross Margin % | 11.75% | 10.98% | 8.71% | 6.48% | 6.22% | 9.39% | -1% |
| Gross Profit Growth % | -4.38% | 24.33% | 52.18% | 37.1% | -0.06% | 1214.32% | - |
| Operating Expenses | 422.8M | 516.34M | 383.91M | 461.74M | 489.62M | 404.69M | 424.31M |
| OpEx % of Revenue | 10.59% | 11.56% | 8.48% | 11.54% | 16.11% | 20.09% | 25.1% |
| Selling, General & Admin | 338.32M | 372.48M | 293.06M | 343.12M | 384.85M | 304.48M | 327.54M |
| SG&A % of Revenue | 8.47% | 8.34% | 6.47% | 8.57% | 12.66% | 15.11% | 19.37% |
| Research & Development | 84.47M | 143.86M | 90.85M | 118.62M | 104.77M | 100.21M | 96.77M |
| R&D % of Revenue | 2.12% | 3.22% | 2.01% | 2.96% | 3.45% | 4.97% | 5.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 46.3M | -25.78M | 10.65M | -202.48M | -300.51M | -215.47M | -441.3M |
| Operating Margin % | 1.16% | -0.58% | 0.24% | -5.06% | -9.89% | -10.7% | -26.1% |
| Operating Income Growth % | 279.62% | -342.06% | 105.26% | 32.62% | -39.47% | 51.17% | - |
| EBITDA | 48.08M | -22.81M | 15.54M | -197.02M | -296.23M | -212.22M | -438.72M |
| EBITDA Margin % | 1.2% | -0.51% | 0.34% | -4.92% | -9.74% | -10.53% | -25.95% |
| EBITDA Growth % | 310.82% | -246.79% | 107.89% | 33.49% | -39.59% | 51.63% | - |
| D&A (Non-Cash Add-back) | 1.78M | 2.97M | 4.89M | 5.46M | 4.28M | 3.25M | 2.57M |
| EBIT | 109.71M | -146.41M | 110.5M | -180.44M | -291M | -215.47M | -441.3M |
| Net Interest Income | 14.28M | 21.22M | 20.88M | 9.56M | 5.33M | 3.98M | 5.66M |
| Interest Income | 14.28M | 21.22M | 20.88M | 9.56M | 5.33M | 3.98M | 5.66M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 63.41M | -120.63M | 99.85M | 22.04M | 9.5M | 9.77M | 5.66M |
| Pretax Income | 109.71M | -146.41M | 110.5M | -180.44M | -291M | -205.7M | -435.63M |
| Pretax Margin % | 2.75% | -3.28% | 2.44% | -4.51% | -9.57% | -10.21% | -25.77% |
| Income Tax | 277K | 69K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.25% | -0.05% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 109.43M | -146.48M | 110.5M | -180.44M | -291M | -205.7M | -435.63M |
| Net Margin % | 2.74% | -3.28% | 2.44% | -4.51% | -9.57% | -10.21% | -25.77% |
| Net Income Growth % | 174.71% | -232.56% | 161.24% | 37.99% | -41.47% | 52.78% | - |
| Net Income (Continuing) | 109.43M | -146.48M | 110.5M | -180.44M | -291M | -205.7M | -435.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.62 | -7.53 | -1.50 | -2.55 | -5.94 | -4.14 | -6.12 |
| EPS Growth % | 161.35% | -402% | 41.18% | 57.07% | -43.48% | 32.35% | - |
| EPS (Basic) | 4.62 | -7.53 | -1.50 | -2.55 | -5.94 | -4.14 | -6.12 |
| Diluted Shares Outstanding | 23.17M | 23.71M | 23.67M | 71.02M | 71.02M | 71.02M | 71.02M |
| Basic Shares Outstanding | 23.01M | 23.71M | 23.89M | 71.02M | 71.02M | 71.02M | 71.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Regulatory gig-worker labor costs
As indicated by the most recent quarterly financial data, BingEx Limited has experienced a sustained revenue decline, with year-over-year growth rates consistently negative, reaching -2.7% in 2025Q4, which highlights the significant challenges the company faces in maintaining its market share within the competitive intra-city logistics sector.
The consistent negative revenue growth suggests that the company's core value proposition may be losing traction against larger, more diversified platforms. Investors should monitor whether this contraction reflects a strategic pivot toward higher-margin segments or a fundamental loss of competitive relevance in the Chinese market.
Based on reported figures, BingEx Limited maintains a thin gross margin profile, which hovered around 10.8% in 2025Q4, reflecting the high variable costs associated with rider compensation and the inherent difficulty of achieving pricing power in a commoditized, on-demand delivery environment where competition remains intense.
The narrow gross margins suggest that the company lacks the scale to absorb labor cost fluctuations effectively. Any further compression in these margins could severely limit the firm's ability to generate meaningful operating income, as the current cost structure leaves little room for operational inefficiencies.
According to the income statement analysis, BingEx Limited exhibits minimal operating leverage, as evidenced by an operating margin of only 0.3% in 2025Q4, which indicates that the company's overhead and administrative expenses scale almost linearly with its revenue, preventing significant bottom-line expansion during periods of activity.
The inability to scale operating income faster than gross profit suggests that the business model is heavily reliant on continuous, high-volume throughput to cover fixed costs. This lack of operating leverage warrants further investigation into whether the company can achieve sustainable profitability without significant structural changes to its cost base.
Financial statements reveal that BingEx Limited's net income is frequently bolstered by non-operating items, as seen in the 2025Q4 net margin of 2.2% exceeding the operating margin of 0.3%, which suggests that interest income or other non-core gains are currently propping up the company's reported bottom-line results.
Investors should be cautious when evaluating the quality of earnings, as the reliance on non-operating income may obscure the underlying weakness in core courier operations. The volatility in EPS, including significant swings in recent quarters, further suggests that reported net income may not be a reliable indicator of operational health.
Quick answers to the most common questions about buying FLX stock.
For fiscal year 2025, BingEx Limited (FLX) reported total revenue of $3.99B. This represents a 136.1% increase compared to $1.69B in 2019.
BingEx Limited (FLX) is profitable, generating $109.4M in net income for the fiscal year ending 2025 with a net profit margin of 2.7%.
BingEx Limited (FLX) reported an operating income of $46.3M, resulting in an operating profit margin of 1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BingEx Limited (FLX) generated $469.1M in gross profit for the year, representing a gross profit margin of 11.8%. This demonstrates the company's core pricing power and production efficiency.