Kingsoft Cloud (KC) Q4 2025 earnings summary

Executive summary

• Achieved record high quarterly revenue of RMB 2.76 billion in Q4 2025, up 24% year-over-year, driven by explosive AI demand and strong ecosystem partnerships.

• Public Cloud Services revenue rose 35% year-over-year to RMB 1.9 billion, with AI business gross billing up 95% to RMB 926 million, contributing 49% of Public Cloud Services.

• Profitability improved with adjusted EBITDA profit reaching RMB 785.2 million in Q4, margin at 28.4%, and adjusted operating profit positive for two consecutive quarters.

• Xiaomi and Kingsoft ecosystem revenue reached RMB 804 million, up 63% year-over-year, accounting for 29% of total revenue; external customers contributed around 70% of total revenue.

Financial highlights

• Q4 2025 total revenue: RMB 2,761 million, up 24% year-over-year; Public Cloud Services: RMB 1,902 million, up 35%; Enterprise Cloud Services: RMB 859 million, up 18% quarter-over-quarter.

• Adjusted gross margin for Q4: 17.1%, down from 19.2% last year; adjusted EBITDA margin: 28.4%, up from 16.1% last year.

• Adjusted operating profit was RMB 55 million, up 124% year-over-year; non-GAAP EBITDA was RMB 785 million, up 180% year-over-year.

• Full year 2025 revenue: RMB 9,759 million, up 23% year-over-year; adjusted EBITDA profit: RMB 2,336 million, up 2,066%.

• Fiscal year net loss: RMB 943.7 million, significantly narrowed from RMB 1,979.0 million in 2024.

Outlook and guidance

• 2026 CapEx and tangible assets expected to exceed RMB 10 billion, with about half covered by customer prepayments.

• Growth rate and EBITDA margin expected to accelerate and improve in 2026.

• Management expects continued strong demand for intelligent computing and AI services in 2026.

• Focus remains on AI-driven strategy, infrastructure investment, and operating efficiency.