Structural margin erosion remains persistent, with the company reporting a -32.6% operating margin in 2025Q2 as revenue continues to contract significantly.
| Sales/Revenue | 136.53M | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 10.6M | 15.4M | -33.78M | 194.4M | 1.36B | 2.83B | 7.94B | 4.96B | 3.89B | 1.17B | 86.59M | 17.94M |
| Gross Margin % | 7.76% | 7.12% | -26.73% | 33.66% | 81.94% | 76.62% | 89.8% | 64.44% | 81.55% | 81.44% | 36.85% | 55.74% |
| Gross Profit Growth % | - | 145.61% | -117.37% | -85.66% | -52.03% | -64.41% | 60.15% | 27.28% | 231.45% | 1256.94% | 382.77% | - |
| Operating Expenses | 368.2M | 323.55M | 297.23M | 523.9M | 432.62M | 1.96B | 4.09B | 2.27B | 1.47B | 461.91M | 317.67M | 72.31M |
| OpEx % of Revenue | - | 149.5% | 235.27% | 90.72% | 26.16% | 53.15% | 46.26% | 29.48% | 30.85% | 32.01% | 135.17% | 224.73% |
| Selling, General & Admin | 293.16M | 282.43M | 277.39M | 559.07M | 570.65M | 579.19M | 566.67M | 796.42M | 615.42M | 291.24M | 235.03M | 68.63M |
| SG&A % of Revenue | - | 130.5% | 219.56% | 96.81% | 34.5% | 15.7% | 6.41% | 10.35% | 12.89% | 20.19% | 100.01% | 213.3% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -357.6M | -308.15M | -331.01M | -329.5M | 922.7M | 865.6M | 3.85B | 2.69B | 2.42B | 713.07M | -231.08M | -54.37M |
| Operating Margin % | -261.92% | -142.38% | -262% | -57.06% | 55.78% | 23.47% | 43.54% | 34.96% | 50.7% | 49.42% | -98.33% | -168.97% |
| Operating Income Growth % | - | 6.91% | -0.46% | -135.71% | 6.6% | -77.51% | 43.11% | 11.07% | 239.55% | 408.59% | -325% | - |
| EBITDA | -308.19M | -252.68M | -289.74M | -265.17M | 1.02B | 909.55M | 3.89B | 2.7B | 2.43B | 714.58M | -230.4M | -54.29M |
| EBITDA Margin % | -225.73% | -116.75% | -229.33% | -45.92% | 61.8% | 24.66% | 44.06% | 35.12% | 50.82% | 49.53% | -98.04% | -168.73% |
| EBITDA Growth % | -2.71% | 12.79% | -9.26% | -125.94% | 12.38% | -76.65% | 44.18% | 11.31% | 239.64% | 410.15% | -324.34% | - |
| D&A (Non-Cash Add-back) | 9.11M | 55.47M | 41.27M | 64.33M | 99.47M | 43.95M | 46.2M | 12.07M | 5.79M | 1.5M | 681K | 75.81K |
| EBIT | 147.65M | 157.54M | 101.47M | -266.18M | 862.39M | 1.25B | 3.91B | 2.65B | 2.42B | 713.07M | -231.08M | -54.37M |
| Net Interest Income | 607.89M | 145.62M | 110.75M | 61.38M | 23.7M | 622.41M | 20.18M | 35.78M | 21.36M | 3.26M | 2.12M | 0 |
| Interest Income | 834.36M | 145.62M | 110.75M | 64.82M | 39.68M | 649.51M | 20.87M | 35.78M | 21.36M | 3.26M | 2.12M | 10.86K |
| Interest Expense | 226.47M | 0 | 0 | 3.44M | 15.98M | 27.11M | 23.93M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 611.3M | 157.54M | 101.47M | -269.62M | 846.41M | 1.22B | 3.89B | 2.65B | 2.42B | 703.49M | -233.16M | -54.37M |
| Pretax Margin % | 447.74% | 72.79% | 80.32% | -46.69% | 51.17% | 33.1% | 44.01% | 34.44% | 50.68% | 48.76% | -99.22% | -168.96% |
| Income Tax | 83.88M | 65.81M | 62.34M | 92.43M | 260.48M | 261.98M | 626.23M | 157.73M | 255.55M | 126.84M | 0 | 0 |
| Effective Tax Rate % | 13.72% | 41.77% | 61.43% | -34.28% | 30.77% | 21.46% | 16.1% | 5.95% | 10.56% | 18.03% | 0% | 0% |
| Net Income | 527.42M | 91.73M | 39.13M | -361.96M | 589.07M | 958.82M | 3.26B | 2.49B | 2.16B | 576.65M | -233.16M | -54.37M |
| Net Margin % | 386.3% | 42.38% | 30.98% | -62.68% | 35.61% | 26% | 36.93% | 32.39% | 45.33% | 39.97% | -99.22% | -168.96% |
| Net Income Growth % | 293.82% | 134.41% | 110.81% | -161.45% | -38.56% | -70.63% | 31.03% | 15.1% | 275.35% | 347.32% | -328.87% | - |
| Net Income (Continuing) | 527.42M | 91.73M | 39.13M | -362.05M | 585.93M | 958.82M | 3.26B | 2.49B | 2.16B | 576.65M | -233.16M | -54.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 6.85M | 10M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.15 | 0.49 | 0.18 | -1.47 | 2.27 | 3.59 | 10.86 | 7.74 | 7.09 | 1.75 | -2.94 | -0.69 |
| EPS Growth % | 343.55% | 172.22% | 112.24% | -164.76% | -36.77% | -66.94% | 40.31% | 9.17% | 305.14% | 159.52% | -326.09% | - |
| EPS (Basic) | - | 0.50 | 0.18 | -1.47 | 2.32 | 3.78 | 11.72 | 7.82 | 7.12 | 1.75 | -2.94 | -0.69 |
| Diluted Shares Outstanding | 167.46M | 187.78M | 220.46M | 246.04M | 266.29M | 274.33M | 300.46M | 321.96M | 305.22M | 329.86M | 79.31M | 79.31M |
| Basic Shares Outstanding | 162.65M | 182.86M | 217.28M | 246.04M | 253.44M | 266.79M | 298.38M | 318.69M | 304.16M | 329.86M | 79.31M | 79.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 145.4% | - | - |
Strategic Pivot Execution Failure
As evidenced by the quarterly financial data, Qudian's revenue has fluctuated significantly, dropping from $63.8 million in 2023Q4 to $3.5 million by 2025Q2, highlighting the inherent instability of the company's pivot-heavy business model and the lack of a durable, repeatable revenue stream in its current operations.
The sharp decline in top-line performance suggests that the company's transition away from legacy credit services has not yet yielded a viable replacement. Investors should monitor whether this contraction represents a permanent loss of market relevance or merely a temporary lull while management attempts to identify a new, scalable business segment.
Based on reported figures, the company's gross margin has frequently dipped into negative territory, including a -56.4% reading in 2023Q3, which underscores the extreme difficulty of achieving profitability in the highly competitive and low-margin ready-to-cook meal sector compared to its historical fintech operations.
The inability to maintain positive gross margins suggests that the company's current operational model is fundamentally flawed, with costs of goods sold often outpacing revenue generation. This margin profile indicates that the business lacks the pricing power necessary to offset the high logistics and commodity costs inherent in its current strategy.
According to the income statement, Qudian consistently reports negative operating margins, such as the -168.1% observed in 2023Q4, indicating that the company is unable to scale its operations efficiently and that SG&A expenses continue to overwhelm any potential gross profit generated by its volatile business lines.
The persistent operating losses suggest that management has failed to achieve the necessary economies of scale to justify its current overhead structure. This lack of operating leverage implies that the company's cost base is too rigid for the erratic revenue levels it currently produces.
Financial statements reveal a stark disconnect between operating performance and net income, as seen in 2025Q2 where a $113.9 million operating loss was offset by significant non-operating gains, resulting in a reported net income of $311.8 million, which is entirely decoupled from the company's core business activities.
The reliance on non-operating items, likely interest income from its substantial cash reserves, suggests that the company's reported net income is not a reflection of operational success. Analysts should treat these earnings with extreme caution, as they do not represent the sustainability of the underlying business model.
While the company maintains a fortress-like balance sheet with massive cash reserves, the persistent operating losses, such as the -142.38% operating margin noted in recent periods, suggest that the firm is effectively a failing operating entity that is slowly eroding its capital base through unsuccessful pivots.
Short-sellers would likely focus on the fact that the company's core business is essentially a value-destroying machine that relies on interest income to survive. The primary risk remains that management may continue to deploy this capital into further high-burn, low-moat ventures, ultimately exhausting the cash pile.
Quick answers to the most common questions about buying QD stock.
Qudian Inc. (QD) is profitable, generating $91.7M in net income for the fiscal year ending 2024 with a net profit margin of 42.4%.
Qudian Inc. (QD) reported an operating income of $-308.1M, resulting in an operating profit margin of -142.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Qudian Inc. (QD) generated $15.4M in gross profit for the year, representing a gross profit margin of 7.1%. This demonstrates the company's core pricing power and production efficiency.