Revenue contraction of 30.2% in 2025Q2 combined with razor-thin gross margins of 0.4% suggests a fundamental inability to maintain profitable scale.
| Sales/Revenue | 2.56B | 2.53B | 3.05B | 3.7B | 3.82B | 4.03B | 2.58B | 2.06B | 1.47B | 654.8M |
| Revenue Growth % | -28.66% | -17.1% | -17.71% | -3.09% | -5.09% | 55.97% | 25.54% | 39.43% | 125.18% | - |
| Cost of Goods Sold | 2.51B | 2.51B | 2.97B | 3.54B | 3.57B | 3.85B | 2.39B | 1.89B | 1.36B | 626.19M |
| COGS % of Revenue | - | 99.51% | 97.58% | 95.5% | 93.39% | 95.64% | 92.54% | 92.11% | 92.09% | 95.63% |
| Gross Profit | 53.03M | 12.37M | 73.71M | 166.61M | 252.69M | 175.6M | 192.51M | 162.28M | 116.64M | 28.61M |
| Gross Margin % | 2.07% | 0.49% | 2.42% | 4.5% | 6.61% | 4.36% | 7.46% | 7.89% | 7.91% | 4.37% |
| Gross Profit Growth % | - | -83.21% | -55.76% | -34.07% | 43.9% | -8.79% | 18.63% | 39.13% | 307.7% | - |
| Operating Expenses | 89.48M | 194.89M | 84.1M | 174.4M | 217.04M | 260.87M | 213.15M | 170.89M | 168.54M | 50.04M |
| OpEx % of Revenue | - | 7.72% | 2.76% | 4.71% | 5.68% | 6.48% | 8.26% | 8.31% | 11.43% | 7.64% |
| Selling, General & Admin | 154.08M | 187.78M | 148.63M | 184.34M | 213.59M | 240.75M | 203.3M | 161.16M | 161.84M | 46.82M |
| SG&A % of Revenue | - | 7.43% | 4.88% | 4.98% | 5.59% | 5.98% | 7.88% | 7.84% | 10.98% | 7.15% |
| Research & Development | 9.34M | 7.11M | 10.69M | 12.38M | 12.54M | 20.12M | 13.1M | 9.73M | 6.7M | 3.22M |
| R&D % of Revenue | - | 0.28% | 0.35% | 0.33% | 0.33% | 0.5% | 0.51% | 0.47% | 0.45% | 0.49% |
| Other Operating Expenses | -4M | 0 | -75.22M | -22.32M | -9.09M | 0 | -3.24M | 0 | 0 | 0 |
| Operating Income | -36.45M | -182.52M | -10.38M | -7.79M | 35.65M | -85.27M | -20.64M | 19.55M | -51.9M | -21.43M |
| Operating Margin % | -1.42% | -7.23% | -0.34% | -0.21% | 0.93% | -2.12% | -0.8% | 0.95% | -3.52% | -3.27% |
| Operating Income Growth % | - | -1657.67% | -33.33% | -121.85% | 141.81% | -313.15% | -205.56% | 137.67% | -142.21% | - |
| EBITDA | -18.28M | -166.81M | 11.32M | 17.96M | 64.26M | -54.76M | -634K | 33.66M | -41.77M | -18.96M |
| EBITDA Margin % | -0.71% | -6.6% | 0.37% | 0.48% | 1.68% | -1.36% | -0.02% | 1.64% | -2.83% | -2.9% |
| EBITDA Growth % | -25.76% | -1574.12% | -36.99% | -72.05% | 217.33% | -8537.7% | -101.88% | 180.59% | -120.31% | - |
| D&A (Non-Cash Add-back) | 18.17M | 15.71M | 21.7M | 25.75M | 28.61M | 30.51M | 20.01M | 14.11M | 10.13M | 2.47M |
| EBIT | -110.39M | -178.11M | -12.63M | -30.11M | 26.56M | -81.03M | -23.55M | 14.22M | -36.4M | -12.2M |
| Net Interest Income | -3.46M | -4M | -3.72M | -3.83M | -4.99M | -6.38M | -7.24M | -5.82M | -3.87M | -1.26M |
| Interest Income | 0 | 193K | 385K | 1.05M | 690K | 644K | 824K | 275K | 44K | 104K |
| Interest Expense | 3.46M | 4.2M | 4.11M | 4.88M | 5.68M | 7.03M | 8.07M | 6.09M | 3.91M | 1.36M |
| Other Income/Expense | -2.03M | 208K | -6.35M | 12.87M | -31.06M | -39.39M | 40.46M | 0 | 11.59M | 7.87M |
| Pretax Income | -38.49M | -182.31M | -16.73M | 5.08M | 4.59M | -179.2M | 19.82M | 8.13M | -40.32M | -13.56M |
| Pretax Margin % | -1.5% | -7.22% | -0.55% | 0.14% | 0.12% | -4.45% | 0.77% | 0.4% | -2.73% | -2.07% |
| Income Tax | 33.62M | -31.8M | -18.34M | -927K | 21M | 12.03M | 25.43M | 21.58M | 3.98M | 405K |
| Effective Tax Rate % | -87.36% | 17.44% | 109.63% | -18.24% | 457.76% | -6.71% | 128.27% | 265.4% | -9.87% | -2.99% |
| Net Income | 2.14M | -149.46M | 2.71M | 3.33M | -13.13M | -157.91M | 3.43M | -13.45M | -42.61M | -13.97M |
| Net Margin % | 0.08% | -5.92% | 0.09% | 0.09% | -0.34% | -3.92% | 0.13% | -0.65% | -2.89% | -2.13% |
| Net Income Growth % | 105.41% | -5625.47% | -18.87% | 125.39% | 91.69% | -4703.7% | 125.5% | 68.44% | -205.06% | - |
| Net Income (Continuing) | -72.11M | -150.51M | 1.61M | 6.01M | -16.41M | -191.23M | -5.6M | -13.45M | -44.3M | -13.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -4M | -5.15M | -4.11M | -911K | -3.58M | 12.49M | 46.54M | 2.87M | 4.55M | 0 |
| EPS (Diluted) | 2.15 | -99.00 | 0.07 | 54.00 | -0.26 | -4.00 | 0.05 | -0.87 | -3.20 | -0.39 |
| EPS Growth % | 1420% | -152407.69% | -99.88% | 20869.23% | 93.5% | -7507.41% | 106.21% | 72.81% | -720.51% | - |
| EPS (Basic) | - | -99.00 | 0.07 | 54.00 | -0.26 | -4.00 | 0.05 | -0.88 | -3.20 | -0.39 |
| Diluted Shares Outstanding | 996.61K | 1.55M | 832.05K | 999.63K | 1.01M | 790.45K | 873.32K | 269.51K | 269.51K | 718.91K |
| Basic Shares Outstanding | 996.61K | 1.55M | 832.05K | 999.63K | 1.01M | 789.53K | 873.32K | 268.06K | 269.14K | 718.91K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Regulatory labor classification risk
As reported in recent financial filings, Quhuo Limited has experienced a significant 30.2% year-over-year revenue decline as of 2025Q2, signaling a sharp deterioration in the company's ability to maintain its footprint within the highly competitive Chinese on-demand delivery and platform services market.
The consistent downward trajectory in top-line performance suggests that the company is struggling to retain volume in its core delivery segment. This contraction appears to reflect either a strategic retreat from unprofitable contracts or a broader loss of market share to more efficient, vertically integrated competitors.
Based on the company's latest income statement data, gross margins have compressed to a razor-thin 0.4% in 2025Q2, leaving virtually no buffer to absorb operational volatility or rising labor costs within the firm's highly variable cost structure.
The inability to maintain gross margins above 1% indicates a lack of pricing power and suggests that the company is essentially acting as a low-margin pass-through entity for labor. Investors should monitor whether this margin profile is sustainable or if it necessitates a fundamental shift in the business model.
According to the provided financial statements, Quhuo Limited's operating margin has deteriorated to -6.2% in 2025Q2, demonstrating that the company has failed to achieve the necessary scale to amortize its fixed administrative overhead against its declining revenue base.
The persistent negative operating income suggests that the company's cost structure is not sufficiently flexible to match the rapid decline in top-line revenue. This lack of operating leverage implies that the business model may be fundamentally misaligned with the current competitive environment in China.
Analysis of the income statement reveals that Quhuo Limited's reliance on a high-volume, low-margin labor brokerage model creates a precarious situation, as evidenced by the -4.7% net margin reported in 2025Q2, which challenges the long-term viability of the current operational strategy.
Short-sellers would likely focus on the company's inability to generate positive net income despite its massive revenue scale, which suggests that the business may be structurally unprofitable. The reliance on external platform demand makes the company highly vulnerable to any regulatory changes that might force clients to internalize their labor force.
Quick answers to the most common questions about buying QH stock.
For fiscal year 2025, Quhuo Limited (QH) reported total revenue of $2.53B. This represents a 285.7% increase compared to $654.8M in 2017.
Quhuo Limited (QH) reported a net loss of $149.5M for the fiscal year ending 2025.
Quhuo Limited (QH) reported an operating income of $-182.5M, resulting in an operating profit margin of -7.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Quhuo Limited (QH) generated $12.4M in gross profit for the year, representing a gross profit margin of 0.5%. This demonstrates the company's core pricing power and production efficiency.