Hello Group (MOMO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was RMB 2.58 billion, down 2% year-over-year; overseas revenue surged over 70% while domestic revenue fell 14%.

• 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%.

• Net income attributable to shareholders rose to RMB 237.3 million in Q4 2025 (up from RMB 187.2 million), but declined to RMB 804.0 million for the full year.

• Special cash dividend of $0.28 per ADS approved, totaling $42.6 million, reflecting 30% of adjusted net income.

Financial highlights

• Full-year 2025 revenue was RMB 10.37 billion, down less than 2% year-over-year.

• Domestic revenue for 2025 was RMB 8.37 billion, down 11%; overseas revenue reached RMB 2 billion, up over 70%.

• Non-GAAP net income for Q4 was RMB 281.3 million, up from RMB 230.5 million a year ago.

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

• Net cash from operating activities was RMB 549.7 million in Q4 2025 and RMB 1,183.1 million for the full year.

Outlook and guidance

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

• Full-year 2026 domestic revenue projected to decline low- to mid-teens percent; overseas revenue expected to rise to RMB 3 billion.

• Group revenue for 2026 likely to be flat or slightly down versus 2025.

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