$GOTU

Gaotu Techedu Inc.

CIK:0001768259|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues	¥ 6,146,772	$ 878,977	¥ 4,553,556	¥ 2,960,813
Cost of revenues (including share-based compensation expenses of RMB12,959, RMB7,003 and RMB5,641 for the years ended December 31, 2023, 2024 and 2025, respectively)	(2,001,693)	(286,238)	(1,454,917)	(790,207)
Gross profit	4,145,079	592,739	3,098,639	2,170,606
Operating expenses:
Selling expenses (including share-based compensation expenses of RMB8,603, RMB9,267 and RMB5,748 for the years ended December 31, 2023, 2024 and 2025,respectively)	(3,289,064)	(470,330)	(2,963,736)	(1,501,200)
Research and development expenses (including share-based compensation expenses of RMB17,012,RMB8,942 and RMB7,795 for the years ended December 31, 2023, 2024 and 2025, respectively)	(626,947)	(89,652)	(648,063)	(462,043)
General and administrative expenses (including share-based compensation expenses of RMB19,779,RMB28,005 and RMB20,034 for the years ended December 31, 2023, 2024 and 2025, respectively)	(732,234)	(104,708)	(668,673)	(356,369)
Total operating expenses	(4,648,245)	(664,690)	(4,280,472)	(2,319,612)
Loss from operations	(503,166)	(71,951)	(1,181,833)	(149,006)
Interest income	39,919	5,708	70,384	75,829
Realized gains from investments	34,065	4,871	25,302	31,230
Other income, net	101,764	14,552	45,825	54,471
Income/(loss) before provision for income tax and share of results of equity investees	(327,418)	(46,820)	(1,040,322)	12,524
Income tax (expenses)/benefits	4,111	588	(8,632)	(10,657)
Share of results of equity investees	0	(0)	0	(9,165)
Net loss	(323,307)	(46,232)	(1,048,954)	(7,298)
Net loss attributable to Gaotu Techedu Inc.'s ordinary shareholders	¥ (323,307)	$ (46,232)	¥ (1,048,954)	¥ (7,298)
Net loss per ordinary share
Basic \| (per share)	¥ (1.98)	$ (0.28)	¥ (6.12)	¥ (0.04)
Diluted \| (per share)	¥ (1.98)	$ (0.28)	¥ (6.12)	¥ (0.04)
Weighted average shares used in net loss per share
Basic	163,118,684	163,118,684	171,412,125	173,725,790
Diluted	163,118,684	163,118,684	171,412,125	173,725,790
ADS [Member]
Net loss per ordinary share
Basic \| (per share)	¥ (1.32)	$ (0.19)	¥ (4.08)	¥ (0.03)
Diluted \| (per share)	¥ (1.32)	$ (0.19)	¥ (4.08)	¥ (0.03)

CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

¥ (323,307)

$ (46,232)

¥ (1,048,954)

¥ (7,298)

Adjustments to reconcile net loss to net cash generated from operating activities:

Depreciation of property, equipment and software

104,076

14,883

60,985

50,732

Amortization of intangible assets and land use rights

8,770

1,254

3,986

3,510

Share of results of equity investees

9,165

Realized gains from investments

(34,065)

(4,871)

(25,302)

(31,230)

Disposal loss on assets

9,244

1,322

4,828

2,724

Share-based compensation

39,218

5,608

53,217

58,353

Fair value change of investments

(36,838)

(5,268)

(12,860)

(2,065)

Allowance for expected credit losses

1,572

225

1,800

10,807

Write-down of inventory

3,518

503

26,885

1,453

Impairment loss on long-lived assets

582

Changes in operating assets and liabilities:

Accrued expenses and other current liabilities

281,727

40,286

421,047

210,018

Operating lease right-of-use assets

166,631

23,828

128,465

41,262

Operating lease liabilities

(168,182)

(24,050)

(128,269)

(41,529)

Deferred revenue

480,049

68,646

848,272

278,288

Prepaid expenses and other current assets

(85,411)

(12,214)

(14,258)

(182,561)

Income tax payable

(443)

(63)

(3,613)

2,485

Other assets

(28,128)

(4,022)

(66,958)

(52,244)

Deferred tax assets

11,312

4,367

Deferred tax liabilities

(2,919)

(417)

(2,576)

(2,540)

Net cash generated from operating activities

416,094

59,501

258,007

353,697

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of short-term investments

(13,569,433)

(1,940,403)

(14,635,262)

(19,314,820)

Proceeds from maturity of short-term investments

13,524,555

1,933,986

15,390,281

20,035,335

Purchase of property, equipment and software

(169,499)

(24,238)

(178,219)

(40,800)

Payment for asset acquisition

(161,062)

(23,032)

(1,696)

Payment for business combination, net of cash acquired

(32,220)

(4,607)

Purchase of long-term investments

(553,108)

(79,093)

(170,860)

(1,113,179)

Short-term loans to a third party

(293,000)

(41,898)

(540,000)

(600,000)

Repayment of short-term loans from a third party

293,000

41,898

719,200

498,800

Proceeds from redemption of long-term investments

141,856

20,285

37,027

110,594

Proceeds from disposal of property, equipment and software

128

350

Net cash (used in)/generated from investing activities

(818,783)

(117,084)

620,821

(423,978)

CASH FLOWS FROM FINANCING ACTIVITIES

Capital contribution

Repurchase of ordinary shares

(343,360)

(49,100)

(205,302)

(90,492)

Proceeds from short-term loans

102,500

14,657

Proceeds from long-term loans

29,220

4,178

Repayments of short-term loans

(2,500)

(357)

Net cash used in financing activities

(214,140)

(30,622)

(205,302)

(90,480)

Effect of exchange rate changes

2,512

359

(17,139)

10,781

Net (decrease)/increase in cash, cash equivalents and restricted cash

(614,317)

(87,846)

656,387

(149,980)

Cash, cash equivalents and restricted cash at beginning of the year

1,326,340

189,664

669,953

819,933

Cash, cash equivalents and restricted cash at end of the year

712,023

101,818

1,326,340

669,953

Supplemental schedule of cash flow information

Income taxes paid

^[1]

691

3,293

1,437

Non-cash investing and financing activity

Payables for purchase of property, equipment and software

191,824

27,430

4,938

4,589

Right-of-use assets in exchange for new lease liabilities

¥ 332,428

$ 47,537

¥ 639,386

¥ 156,534

[1]	For the year ended December 31, 2025, income taxes paid amounted to RMB691 in Chinese mainland, and nil in jurisdictions outside Chinese mainland.

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 596,195	$ 85,255	¥ 1,321,118
Restricted Cash	115,828	16,563	5,222
Short-term investments (including available-for-sale debt securities of RMB985,642 and RMB2,212,717 as of December 31, 2024 and 2025, respectively)	2,708,788	387,352	1,845,242
Inventory, net	54,950	7,858	36,401
Prepaid expenses and other current assets	504,779	72,182	431,829
Total current assets	3,980,540	569,210	3,639,812
Non-current assets
Operating lease right-of-use assets	476,705	68,168	503,601
Property, equipment and software, net	1,009,132	144,304	670,237
Intangible assets	42,388	6,061	17,984
Land use rights	78,105	11,169	25,762
Long-term investments (including available-for-sale debt securities of RMB863,625 and RMB337,494 as of December 31, 2024 and 2025, respectively)	551,641	78,884	922,740
Goodwill	11,060	1,582	331	¥ 331
Rental deposit	49,199	7,035	45,834
Other non-current assets	916	131	1,776
TOTAL ASSETS	6,199,686	886,544	5,828,077
Current liabilities
Short-term borrowings of the consolidated VIEs without recourse to the Group	100,000	14,300	0
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of RMB811,879 and RMB1,313,538 as of December 31, 2024 and 2025, respectively)	1,537,477	219,856	1,245,207
Amount due to related party of the consolidated VIEs without recourse to the Group	181,757	25,991	0
Deferred revenue, current portion (including current portion of deferred revenue of the consolidated VIEs without recourse to the Group of RMB1,867,096 and RMB2,288,255 as of December 31, 2024 and December 31, 2025, respectively)	2,289,322	327,369	1,867,096
Operating lease liabilities, current portion (including current portion of operating lease liabilities of the consolidated VIEs without recourse to the Group of RMB114,471 and RMB129,258 as of December 31, 2024 and 2025, respectively)	136,709	19,549	147,635
Income tax payable (including income tax payable of the consolidated VIEs without recourse to the Group of RMB606 and RMB171 as of December 31, 2024 and December 31, 2025, respectively)	222	32	665
Total current liabilities	4,245,487	607,097	3,260,603
Non-current liabilities
Deferred revenue, non-current portion of the consolidated VIEs without recourse to the Group	276,620	39,556	218,797
Operating lease liabilities, non-current portion (including non-current portion of operating lease liabilities of the consolidated VIEs without recourse to the Group of RMB337,258 and RMB309,940 as of December 31, 2024 and 2025, respectively)	316,703	45,288	344,609
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of RMB70,316 and RMB75,248 as of December 31, 2024 and December 31, 2025, respectively)	75,248	10,760	70,604
Long-term borrowings of the consolidated VIEs without recourse to the Group	31,883	4,559	0
TOTAL LIABILITIES	4,945,941	707,260	3,894,613
SHAREHOLDERS' EQUITY
Treasury stock, at cost	(496,132)	(70,946)	(242,866)
Additional paid-in capital	7,933,515	1,134,478	7,991,421
Accumulated other comprehensive loss	(48,072)	(6,874)	(2,832)
Statutory reserves	66,042	9,444	66,042
Accumulated deficit	(6,201,724)	(886,835)	(5,878,417)
TOTAL SHAREHOLDERS' EQUITY	1,253,745	179,284	1,933,464	¥ 3,106,265	¥ 3,095,829
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,199,686	886,544	5,828,077
Common Class A [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	68	10	68
Common Class B [Member]
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 48	$ 7	¥ 48