Revenue growth remains stagnant while structural gross margins exhibit extreme volatility, swinging from a negative 43.7% in 2024Q4 to 97.0% in 2025Q4.
Noah Holdings Limited (NOAH) annual income statement — 19-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Net Interest Income | 143.83M | 127.55M | 155.75M | 161.93M | 61.42M | 71.87M | 67.32M | 88.67M | 59.81M | 20.89M | 20.25M | 23.65M | 38.9M | 20.27M | 15.3M | 12.28M | 1.19M | 393.44K | 308.15K | 39.59K |
| NII Growth % | 3.24% | -18.11% | -3.81% | 163.65% | -14.54% | 6.76% | -24.08% | 48.24% | 186.3% | 3.17% | -14.37% | -39.21% | 91.9% | 32.47% | 24.63% | 933.81% | 201.87% | 27.68% | 678.43% | - |
| Net Interest Margin % | 1.24% | 1.09% | 1.32% | 1.28% | 0.52% | 0.66% | 0.72% | 0.9% | 0.75% | 0.32% | 0.34% | 0.58% | 1.45% | 1.1% | 1.19% | 1.08% | 0.12% | 0.35% | 0.5% | 0.09% |
| Interest Income | 143.83M | 127.55M | 155.75M | 161.93M | 61.42M | 71.87M | 67.32M | 89.1M | 69.84M | 45.02M | 39.54M | 39.7M | 38.9M | 20.27M | 15.3M | 12.28M | 1.19M | 393.44K | 308.15K | 39.59K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 430K | 10.03M | 24.13M | 19.29M | 16.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 707.43M | 1.22B | 1.35B | 1.46B | 1.44B | 2.17B | 699.41M | 1.61B | 1.55B | 1.38B | 1.28B | 1.15B | 737.46M | 448.74M | 264.5M | 93.05M | 43.58M | 17.13M | 8.39M | 1.86M |
| Non-Interest Income | 2.47B | 2.48B | 2.45B | 3.13B | 3.04B | 4.22B | 3.24B | 3.3B | 3.22B | 2.78B | 2.47B | 2.08B | 1.49B | 985.7M | 525.83M | 441.27M | 249.95M | 99.05M | 56.86M | 23.41M |
| Non-Interest Income % | 94.49% | 95.11% | 94.01% | 95.09% | 98.02% | 98.33% | 97.96% | 97.39% | 98.18% | 99.25% | 99.19% | 98.88% | 97.45% | 97.98% | 97.17% | 97.29% | 99.53% | 99.6% | 99.46% | 99.83% |
| Total Net Revenue | 2.61B | 2.61B | 2.6B | 3.29B | 3.1B | 4.29B | 3.31B | 3.39B | 3.28B | 2.8B | 2.49B | 2.1B | 1.53B | 1.01B | 541.14M | 453.55M | 251.13M | 99.44M | 57.17M | 23.45M |
| Revenue Growth % | 1.68% | 0.36% | -21.06% | 6.27% | -27.78% | 29.86% | -2.52% | 3.41% | 17.01% | 12.37% | 18.56% | 37.64% | 51.94% | 85.9% | 19.31% | 80.6% | 152.54% | 73.95% | 143.84% | - |
| Non-Interest Expense | 1.1B | 617.02M | 617.64M | 740.03M | 570.04M | 925.32M | 1.35B | 866.08M | 798.89M | 642.5M | 545.88M | 396.66M | 237.92M | 185.02M | 115.32M | 202.73M | 103.52M | 50.34M | 37.99M | 15.34M |
| Efficiency Ratio | 42.22% | 23.64% | 23.75% | 22.46% | 18.39% | 21.55% | 40.77% | 25.54% | 24.36% | 22.92% | 21.89% | 18.85% | 15.57% | 18.39% | 21.31% | 44.7% | 41.22% | 50.62% | 66.44% | 65.44% |
| Operating Income | 800.25M | 776.66M | 633.89M | 1.1B | 1.09B | 1.2B | 1.26B | 914.97M | 926.52M | 777.03M | 667.29M | 558.78M | 553.1M | 372.22M | 161.32M | 157.76M | 104.03M | 31.97M | 10.8M | 6.24M |
| Operating Margin % | 30.67% | 29.75% | 24.37% | 33.32% | 35.11% | 27.93% | 38.07% | 26.98% | 28.25% | 27.72% | 26.75% | 26.56% | 36.19% | 37% | 29.81% | 34.78% | 41.42% | 32.15% | 18.88% | 26.63% |
| Operating Income Growth % | - | 22.52% | -42.26% | 0.87% | -9.21% | -4.73% | 37.54% | -1.25% | 19.24% | 16.45% | 19.42% | 1.03% | 48.6% | 130.73% | 2.25% | 51.65% | 225.39% | 196.16% | 72.88% | - |
| Pretax Income | 969.81M | 855.03M | 755.6M | 1.26B | 1.24B | 1.6B | -485.06M | 1.08B | 1.01B | 868.81M | 755.89M | 656.19M | 615.18M | 425.83M | 199.04M | 199.68M | 108.25M | 29.27M | 1.64M | 6.73M |
| Pretax Margin % | 37.17% | 32.76% | 29.05% | 38.35% | 39.95% | 37.27% | -14.67% | 31.96% | 30.85% | 31% | 30.3% | 31.19% | 40.25% | 42.33% | 36.78% | 44.03% | 43.1% | 29.44% | 2.86% | 28.69% |
| Income Tax | 325.69M | 297.81M | 268.59M | 262.36M | 267.11M | 293.94M | 258.46M | 220.03M | 222.32M | 199.09M | 158M | 129.89M | 151.29M | 100.08M | 56.05M | 48.89M | 31.77M | 4.36M | 4.38M | 4.2M |
| Effective Tax Rate % | 33.58% | 34.83% | 35.55% | 20.77% | 21.56% | 18.37% | -53.28% | 20.3% | 21.98% | 22.91% | 20.9% | 19.79% | 24.59% | 23.5% | 28.16% | 24.49% | 29.35% | 14.9% | 267.58% | 62.42% |
| Net Income | 641.9M | 558.86M | 475.44M | 1.01B | 976.57M | 1.31B | -745.23M | 829.15M | 811.3M | 762.92M | 643.83M | 535.83M | 446.55M | 315.93M | 142.48M | 150.65M | 76.48M | 24.91M | -2.74M | 2.53M |
| Net Margin % | 24.6% | 21.41% | 18.28% | 30.64% | 31.5% | 30.61% | -22.54% | 24.45% | 24.74% | 27.22% | 25.81% | 25.47% | 29.22% | 31.41% | 26.33% | 33.22% | 30.45% | 25.05% | -4.8% | 10.78% |
| Net Income Growth % | 30.22% | 17.54% | -52.9% | 3.37% | -25.69% | 276.34% | -189.88% | 2.2% | 6.34% | 18.5% | 20.16% | 19.99% | 41.35% | 121.74% | -5.42% | 96.99% | 207% | 1007.92% | -208.54% | - |
| Net Income (Continuing) | 644.13M | 557.22M | 487M | 1B | 971.59M | 1.31B | -743.52M | 863.76M | 803.75M | 761.86M | 597.89M | 526.3M | 463.89M | 325.75M | 142.99M | 150.65M | 76.48M | 24.91M | -2.74M | 2.53M |
| EPS (Diluted) | 46.65 | 38.45 | 33.75 | 72.65 | 71.40 | 97.25 | -60.05 | 67.05 | 66.67 | 63.09 | 53.60 | 45.75 | 28.55 | 28.50 | 12.80 | 13.20 | 7.65 | 1.10 | -0.30 | 0.11 |
| EPS Growth % | 31.62% | 13.93% | -53.54% | 1.75% | -26.58% | 261.95% | -189.56% | 0.57% | 5.67% | 17.71% | 17.16% | 60.25% | 0.18% | 122.66% | -3.03% | 72.55% | 595.45% | 466.67% | -372.73% | - |
| EPS (Basic) | - | 38.80 | 34.00 | 72.65 | 71.45 | 97.80 | -60.05 | 67.80 | 69.91 | 67.45 | 57.20 | 47.70 | 29.15 | 28.50 | 12.80 | 13.50 | 8.80 | 1.70 | -0.40 | 0.14 |
| Diluted Shares Outstanding | 13.76M | 14.08M | 14.09M | 13.9M | 13.68M | 13.51M | 12.41M | 12.37M | 12.28M | 12.09M | 12.01M | 12.06M | 11.2M | 11.2M | 11.23M | 11.41M | 7.61M | 6.73M | 9.09M | 9.09M |
Quick answers to the most common questions about buying NOAH stock.
For fiscal year 2025, Noah Holdings Limited (NOAH) reported total revenue of $2.61B. This represents a 11033.0% increase compared to $23.4M in 2007.
Noah Holdings Limited (NOAH) is profitable, generating $558.9M in net income for the fiscal year ending 2025 with a net profit margin of 21.4%.
Noah Holdings Limited (NOAH) reported an operating income of $776.7M, resulting in an operating profit margin of 29.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Noah Holdings Limited (NOAH) generated $1.39B in gross profit for the year, representing a gross profit margin of 53.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and asset quality exposure
Revenue Stagnation Amid Market Transition
According to the provided financial data, Noah Holdings has experienced a period of revenue stagnation, with quarterly figures fluctuating between $614.6M and $799.5M over the last ten quarters, reflecting the challenging domestic fundraising environment and a strategic shift away from high-commission legacy credit products.
The lack of consistent top-line growth suggests that the transition toward a recurring AUM-based model is not yet offsetting the decline in transactional commissions. Investors should monitor whether the firm's international expansion into Hong Kong and Singapore can successfully capture enough offshore capital to reignite growth in the face of domestic headwinds.
Volatility in Structural Gross Margins
As reported in the income statement history, Noah's gross margins have exhibited significant volatility, ranging from a negative 43.7% in 2024Q4 to a high of 97.0% in 2025Q4, indicating that the firm's product mix and fee recognition policies remain highly sensitive to underlying asset performance.
This extreme variance suggests that the company's profitability is heavily influenced by lumpy performance fees and potential impairments within its proprietary funds. The inconsistency in margin performance warrants further investigation into the sustainability of the current fee structure and the impact of shifting toward standardized mutual fund products.
Operating Leverage Constrained by Overhead
Based on the reported figures, Noah's operating income has struggled to scale proportionally with gross profit, as evidenced by operating margins that fluctuated between 18.7% and 35.2% over the observed period, highlighting the heavy administrative and compliance burden required to navigate the evolving Chinese regulatory landscape.
The firm's reliance on a high-touch relationship manager model creates a rigid cost structure that limits operating leverage during periods of revenue contraction. It appears that management's efforts to maintain service quality are currently preventing the realization of meaningful economies of scale in the operating expense line.
Earnings Quality Impacted by Volatility
Analysis of the income statement reveals that net income has been subject to extreme swings, with EPS dropping from 16.80 in 2023Q3 to 0.90 in 2025Q4, a trend that suggests the reported bottom line is heavily impacted by non-operating items and periodic adjustments to investment valuations.
The significant variance in net margins, which reached as low as 1.7% in recent quarters, indicates that the quality of earnings is currently compromised by the cyclical nature of performance-based carry. Investors should be cautious of relying on headline EPS figures, as they may not accurately reflect the underlying recurring profitability of the wealth management business.