Revenue growth rebounded to 42.1% in 2025Q2, while gross margins expanded to 26.5% from the 17.1% levels observed in 2020Q3.
| Sales/Revenue | 2.52B | 2.36B | 2.12B | 2.49B | 1.79B | 5.3B | 5.83B | 4.65B | 2.56B | 873.22M | 312.57M |
| Revenue Growth % | -28.55% | 11.47% | -15.02% | 39.28% | -66.25% | -8.96% | 25.35% | 81.46% | 193.31% | 179.36% | - |
| Cost of Goods Sold | 1.87B | 1.76B | 1.57B | 1.92B | 1.2B | 4.11B | 4.74B | 3.57B | 1.84B | 598.04M | 232.54M |
| COGS % of Revenue | - | 74.67% | 74.11% | 77.16% | 66.79% | 77.41% | 81.41% | 76.71% | 71.97% | 68.49% | 74.4% |
| Gross Profit | 649.24M | 598.24M | 548.71M | 569.52M | 594.5M | 1.2B | 1.08B | 1.08B | 717.8M | 275.18M | 80.03M |
| Gross Margin % | 25.79% | 25.33% | 25.89% | 22.84% | 33.21% | 22.59% | 18.59% | 23.29% | 28.03% | 31.51% | 25.6% |
| Gross Profit Growth % | - | 9.03% | -3.65% | -4.2% | -50.38% | 10.63% | 0.05% | 50.8% | 160.84% | 243.85% | - |
| Operating Expenses | 543.77M | 514.97M | 392.37M | 688.67M | 539.85M | 1.13B | 898.98M | 771.34M | 639.32M | 171.86M | 65.24M |
| OpEx % of Revenue | - | 21.8% | 18.52% | 27.62% | 30.15% | 21.37% | 15.43% | 16.6% | 24.96% | 19.68% | 20.87% |
| Selling, General & Admin | 376.2M | 363.8M | 281.98M | 483.27M | 342.8M | 848.74M | 666.09M | 602.27M | 515.09M | 111.11M | 35.31M |
| SG&A % of Revenue | - | 15.4% | 13.31% | 19.38% | 19.15% | 16% | 11.43% | 12.96% | 20.11% | 12.72% | 11.3% |
| Research & Development | 197.52M | 161.08M | 142.88M | 222.91M | 209.96M | 311.79M | 265.68M | 204.94M | 124.23M | 60.75M | 29.93M |
| R&D % of Revenue | - | 6.82% | 6.74% | 8.94% | 11.73% | 5.88% | 4.56% | 4.41% | 4.85% | 6.96% | 9.57% |
| Other Operating Expenses | -4M | -9.91M | -32.49M | -17.51M | -12.91M | -27.13M | -32.8M | -35.88M | 2.08M | 0 | -481K |
| Operating Income | 105.46M | 83.27M | 156.33M | -119.16M | 54.66M | 64.67M | 183.98M | 311.07M | 80.31M | 105.56M | 14.31M |
| Operating Margin % | 4.19% | 3.53% | 7.38% | -4.78% | 3.05% | 1.22% | 3.16% | 6.69% | 3.14% | 12.09% | 4.58% |
| Operating Income Growth % | - | -46.74% | 231.2% | -318% | -15.48% | -64.85% | -40.86% | 287.34% | -23.92% | 637.74% | - |
| EBITDA | 152.39M | 124.25M | 221.22M | -54.27M | 94.71M | 136.82M | 238.25M | 334.65M | 82.58M | 107.24M | 15.53M |
| EBITDA Margin % | 6.05% | 5.26% | 10.44% | -2.18% | 5.29% | 2.58% | 4.09% | 7.2% | 3.22% | 12.28% | 4.97% |
| EBITDA Growth % | 254.83% | -43.83% | 507.59% | -157.31% | -30.78% | -42.57% | -28.8% | 305.24% | -22.99% | 590.51% | - |
| D&A (Non-Cash Add-back) | 46.93M | 40.98M | 64.88M | 64.88M | 40.05M | 72.15M | 54.27M | 23.58M | 2.27M | 1.68M | 1.22M |
| EBIT | 137.59M | 150.38M | 161.6M | -87.6M | 67.65M | 94.63M | 183.98M | 311.07M | 89.74M | 109.23M | 15.5M |
| Net Interest Income | 0 | 25.81M | 5.27M | 29.89M | 10.37M | 28.59M | 31.97M | 26.11M | -333K | -1.27M | -1.49M |
| Interest Income | 0 | 25.81M | 5.27M | 29.89M | 10.37M | 28.59M | 31.97M | 26.11M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 333K | 1.27M | 1.49M |
| Other Income/Expense | 32.12M | 67.1M | 5.26M | 31.56M | 12.99M | 29.96M | 33.79M | 27.95M | 9.1M | 2.4M | -296K |
| Pretax Income | 137.59M | 150.38M | 161.6M | -87.6M | 67.65M | 94.63M | 217.77M | 339.02M | 89.41M | 107.96M | 14.01M |
| Pretax Margin % | 5.46% | 6.37% | 7.63% | -3.51% | 3.78% | 1.78% | 3.74% | 7.29% | 3.49% | 12.36% | 4.48% |
| Income Tax | 11.49M | 12.31M | 16.91M | 1.74M | -447K | 5.74M | 43.32M | 45.19M | 24.06M | 14.72M | -2.25M |
| Effective Tax Rate % | 8.35% | 8.19% | 10.47% | -1.98% | -0.66% | 6.06% | 19.89% | 13.33% | 26.91% | 13.63% | -16.04% |
| Net Income | 126.38M | 137.78M | 63.41M | -84.67M | -275.51M | 88.61M | 173.32M | 292.17M | 65.36M | 93.24M | 16.26M |
| Net Margin % | 5.02% | 5.83% | 2.99% | -3.4% | -15.39% | 1.67% | 2.98% | 6.29% | 2.55% | 10.68% | 5.2% |
| Net Income Growth % | 170.96% | 117.28% | 174.89% | 69.27% | -410.95% | -48.88% | -40.68% | 347.03% | -29.9% | 473.47% | - |
| Net Income (Continuing) | 126.1M | 138.06M | 144.69M | -89.33M | 68.1M | 88.89M | 174.45M | 293.83M | 65.35M | 93.24M | 16.26M |
| Discontinued Operations | 0 | 0 | -82.34M | 0 | -350.73M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.45M | 5.6M | 5.32M | -4.25M | -3.59M | 3.52M | 3.24M | 5.65M | 2.99M | 0 | 0 |
| EPS (Diluted) | 1.84 | 1.95 | 2.13 | -1.23 | -3.96 | 1.20 | 2.40 | 4.05 | 2.46 | 0.93 | 2.25 |
| EPS Growth % | 169.73% | -8.45% | 273.17% | 68.94% | -430% | -50% | -40.74% | 64.63% | 164.52% | -58.67% | - |
| EPS (Basic) | - | 2.04 | 2.13 | -1.23 | -3.96 | 1.26 | 2.49 | 4.20 | 2.48 | 1.17 | 2.52 |
| Diluted Shares Outstanding | 68.62M | 70.31M | 68.91M | 68.79M | 69.28M | 73.58M | 71.87M | 71.95M | 26.53M | 8.64M | 7.19M |
| Basic Shares Outstanding | 69.19M | 68M | 29.84M | 68.79M | 69.28M | 73.58M | 69.6M | 69.39M | 26.33M | 6.87M | 6.47M |
| Dividend Payout Ratio | - | 30.45% | - | - | - | - | 0.71% | 2.31% | - | - | - |
Xiaomi ecosystem dependency concentration
According to the most recent financial data, Viomi reported a 42.1% year-over-year revenue growth in 2025Q2, signaling a potential stabilization in demand for its smart home appliances following a period of significant contraction that saw top-line figures decline by as much as 34.7% in 2023Q4.
The recent growth surge suggests that the company may be successfully navigating the cyclical headwinds of the Chinese property market. However, investors should monitor whether this trajectory is sustainable or merely a reflection of easier year-over-year comparisons following previous periods of sharp revenue decay.
As reported in recent income statements, Viomi achieved a gross margin of 26.5% in 2025Q2, representing a notable improvement from the 17.1% levels observed in 2020Q3, which suggests that the company is gaining better control over its supply chain and product mix within the Xiaomi ecosystem.
This margin expansion appears to indicate a shift toward higher-value IoT products or improved cost management with contract manufacturers. Despite this progress, the company remains vulnerable to raw material price fluctuations, which could quickly compress these gains given the competitive pricing environment for smart home hardware.
Based on the provided financial figures, Viomi's operating margin reached 8.0% in 2025Q2, a significant turnaround from the negative 14.2% operating margin recorded in 2022Q3, indicating that the company is finally beginning to scale its operating income faster than its gross profit growth.
While the return to positive operating income is encouraging, the reliance on high SG&A spending to maintain market relevance suggests that operating leverage is not yet fully entrenched. Any reduction in marketing efficacy or a slowdown in the Xiaomi-driven sales channel could easily revert the company to an operating loss position.
Analysis of historical filings reveals that Viomi's net income volatility, characterized by a swing from a $106.3M loss in 2022Q4 to a $60.2M profit in 2025Q2, warrants caution regarding the underlying quality of earnings and the potential for future margin compression in a highly competitive sector.
Short-sellers may focus on the fact that the company's profitability is heavily tied to its relationship with Xiaomi, which may not reflect arm's-length market conditions. The lack of consistent, organic bottom-line growth suggests that the current profitability profile may be more sensitive to accounting adjustments and ecosystem-specific dynamics than to independent brand strength.
Quick answers to the most common questions about buying VIOT stock.
For fiscal year 2025, Viomi Technology Co., Ltd (VIOT) reported total revenue of $2.36B. This represents a 655.7% increase compared to $312.6M in 2016.
Viomi Technology Co., Ltd (VIOT) is profitable, generating $137.8M in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Viomi Technology Co., Ltd (VIOT) reported an operating income of $83.3M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Viomi Technology Co., Ltd (VIOT) generated $598.2M in gross profit for the year, representing a gross profit margin of 25.3%. This demonstrates the company's core pricing power and production efficiency.