Waterdrop Inc. (WDH) Revenue History
Annual and quarterly revenue from 2018 to 2024
Compound Annual Growth Rate (CAGR)
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WDH Revenue Growth
Revenue Breakdown (FY 2024)
WDH's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
WDH Revenue Analysis (2018–2024)
As of May 8, 2026, Waterdrop Inc. (WDH) generated trailing twelve-month (TTM) revenue of $2.98 billion, reflecting exceptional growth of +23.9% year-over-year. The most recent quarter (Q2 2025) recorded $838.0 million in revenue, up 11.2% sequentially.
Looking at the longer-term picture, WDH's 5-year compound annual growth rate (CAGR) stands at +12.9%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $3.21 billion in 2021.
Revenue diversification analysis shows WDH's business is primarily driven by Other Revenues (55%), and Technical Service Income (45%). With over half of revenue concentrated in Other Revenues, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including ACMR (+15.2% YoY), HUYA (-2.1% YoY), and ZH (-22.8% YoY), WDH has outperformed the peer group in terms of revenue growth. Compare WDH vs ACMR →
WDH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| WDHCurrent | $3.0B | +23.9% | +12.9% | 6.4% | |
 ACMR | $901M | +15.2% | +41.9% | 12.1% | |
 HUYA | $6.1B | -2.1% | +38.2% | -3.1% | |
 ZH | $3.6B | -22.8% | +40.4% | -13.4% | |
 COHN | $278M | - | - | 22.3% | |
 FUTU | $13.6B | - | - | 48.7% |
WDH Historical Revenue Data (2018–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $2.77B | +5.4% | $1.46B | 52.6% | $178.2M | 6.4% |
| 2023 | $2.63B | -6.1% | $1.04B | 39.7% | $-6,743,000 | -0.3% |
| 2022 | $2.80B | -12.6% | $1.47B | 52.3% | $478.0M | 17.1% |
| 2021 | $3.21B | +5.9% | $1.86B | 57.9% | $-1,862,842,000 | -58.1% |
| 2020 | $3.03B | +100.4% | $2.29B | 75.5% | $-496,246,000 | -16.4% |
| 2019 | $1.51B | +534.5% | $1.22B | 80.7% | $-194,480,000 | -12.9% |
| 2018 | $238.1M | - | $192.2M | 80.7% | $-188,164,000 | -79.0% |
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Start ComparisonWDH — Frequently Asked Questions
Quick answers to the most common questions about buying WDH stock.
Is WDH's revenue growth accelerating or slowing?
WDH revenue is accelerating at +23.9% year-over-year, exceeding the 5-year CAGR of +12.9%. TTM revenue reached $3.0B. Growth momentum has increased versus prior periods.
What is WDH's long-term revenue growth rate?
Waterdrop Inc.'s 5-year revenue CAGR of +12.9% reflects the sustained expansion pattern. Current YoY growth of +23.9% is above this long-term average.
How is WDH's revenue distributed by segment?
WDH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2024 are available for download. Segment mix reveals concentration and diversification trends.