Hello Group (MOMO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was RMB 2.58 billion, down 2–2.3% year-over-year; overseas revenue surged 70–70.3% while domestic revenue fell.

• Overseas business became a key growth engine, now contributing 24% of Q4 revenue, up from 14% a year ago, driven by new products and M&A.

• Adjusted operating income for Q4 was RMB 354 million, up 26% year-over-year, with a margin of 13.7%.

• Full-year 2025 revenue was RMB 10.37 billion, down less than 2% year-over-year; overseas revenue grew 70.8% to RMB 2 billion.

• Special cash dividend of $0.28 per ADS approved, totaling $42.6 million, reflecting stable operations and shareholder commitment.

Financial highlights

• Q4 non-GAAP net income was RMB 281.3 million, up from RMB 230.5 million a year ago; full-year non-GAAP net income was RMB 993.5 million, down from RMB 1,232.9 million.

• Q4 non-GAAP gross margin was 37.8%, up from 34.7% last year; excluding one-offs, gross margin was slightly down 0.4 percentage points.

• Q4 non-GAAP operating income was RMB 354.1 million (13.7% margin), up from RMB 279.9 million (10.6% margin) in Q4 2024.

• Cash and equivalents at year-end were RMB 8.68 billion, down from RMB 14.73 billion, due to loan repayments, dividends, acquisitions, and share repurchases.

• Net cash from operating activities in Q4 was RMB 549.7 million; full-year net cash from operating activities was RMB 1,183.1 million.

Outlook and guidance

• Q1 2026 revenue expected between RMB 2.3–2.4 billion, down 4.8–8.8% year-over-year.

• Domestic revenue projected to decline by mid- to high-teens percent in 2026; overseas revenue expected to grow by high-forties percent.

• Full-year 2026 group revenue likely flat or slightly down, with domestic decline offset by overseas growth to RMB 3 billion.

• Adjusted operating margin targeted above 10%, likely in the low teens.