Dingdong (Cayman) Limited Announces Fourth Quarter 2025 Financial Results

SHANGHAI, March 4, 2026 /PRNewswire/ -- Dingdong (Cayman) Limited ("Dingdong" or the "Company") (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended December 31, 2025.

Fourth Quarter 2025 Highlights:

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "As of the fourth quarter of 2025, Dingdong has maintained profitability under non-GAAP standards for thirteen consecutive quarters and under GAAP standards for eight consecutive quarters. Also the Company has delivered year-over-year revenue growth for the eighth consecutive quarter. This consistent top-line expansion, together with the steady delivery of profitability objectives, fully underscores Dingdong's strategic resilience and strong execution capabilities amid the complex and competitive market environment. It also provides solid fundamentals and strong momentum to advance our long-term strategic initiatives."

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the fourth quarter of 2025, Dingdong reported revenue of RMB6.24 billion, marking a 5.7% year-on-year growth and maintaining positive growth for eight straight quarters. Non-GAAP net profit reached RMB50.8 million with a 0.8% net profit margin, while GAAP net profit was RMB33.6 million with a 0.5% margin. We had net operating cash inflow of RMB0.20 billion in the fourth quarter of 2025, the tenth consecutive quarter of positive cash flow. By the end of the fourth quarter, after deducting short-term borrowings, our actual cash owned increased to RMB3.14 billion, the tenth consecutive quarter of sustained growth."

Fourth Quarter 2025 Financial Results

Total revenues were RMB6,242.6 million (US$892.7 million) compared with total revenues of RMB5,905.0 million in the same quarter of 2024, increased by 5.7% year over year, primarily due to the rise of number of orders resulting from rise in the average monthly number of transacting users and higher monthly order frequency, and new opened frontline fulfillment stations with density and market penetration improved in East China. Additionally, our B2B revenue achieved year-over-year growth, with the revenue contribution from overseas B2B operations continuing to increase and posting rapid quarter-over-quarter growth. The increase was offset by the impact of the price decline in CPI for certain major categories in our business, such as pork, in the fourth quarter of 2025.

Total operating costs and expenses were RMB6,252.5 million (US$894.1 million) compared with RMB5,848.0 million in the same quarter of 2024, with a detailed breakdown as below:

Net income from operations was RMB12.0 million (US$1.7 million), compared with net income from operations of RMB61.5 million in the same quarter of 2024.

Non-GAAP income from operations, which is a non-GAAP measure for loss from operations that excludes share-based compensation expenses, was RMB29.1 million (US$4.2 million), compared with Non-GAAP income from operations of RMB86.6 million in the same quarter of 2024.

Net income was RMB33.6 million (US$4.8 million), compared with net income of RMB91.6 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB50.8 million (US$7.3 million), compared with non-GAAP net income of RMB116.7 million in the same quarter of 2024. In addition, non-GAAP net income margin, which is the Company's non-GAAP net income as a percentage of total revenues, was 0.8% compared with 2.0% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.10 (US$0.01) and RMB0.09 (US$0.01), compared with net income per share of RMB0.27 and RMB0.26 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.15 (US$0.02) and RMB0.14 (US$0.02), compared with RMB0.35 and RMB0.33 in the same quarter of 2024.

Cash and cash equivalents, restricted cash and short-term investments were RMB3,976.8 million (US$568.7 million) as of December 31, 2025, compared with RMB3,908.2 million as of September 30, 2025. We have been working diligently to optimize our capital usage and financing structure. The cash and cash equivalents, restricted cash, short-term investments and long-term deposits as included in the other non-current assets deducting the balance of short-term borrowings, is RMB3.14 billion, a net increase for the tenth consecutive quarter, compared with RMB3.03 billion as of September 30, 2025.

The Definitive Agreement with Meituan

On February 5, 2026, the Company announced the entry into a definitive agreement to sell its China business to Meituan. On February 10, 2026, the Company further announced its intention to utilize a substantial majority of the proceeds from the sale of its China operations for share repurchase plans and/or dividends upon the closing of the transaction, as well as other material terms of the transaction. For details, please refer to the Company's previous press releases.

About Dingdong (Cayman) Limited

We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers' evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.

For more information, please visit: https://ir.100.me.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company's definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue," or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong's strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong's goals and strategies; Dingdong's future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong's expectations regarding demand for and market acceptance of its products and services; Dingdong's expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong's industry; and relevant government policies and regulations relating to Dingdong's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of RMB and US$)

As of

December 31,

2024

December 31,

2025

December 31,

2025

RMB

US$

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

887,427

1,106,795

158,270

Restricted cash

2,788

340

Short-term investments

3,561,977

2,869,681

410,359

Accounts receivable, net

125,896

191,939

27,447

Inventories, net

553,601

570,485

81,578

Advance to suppliers

62,730

114,105

16,317

Prepayments and other current assets

170,753

186,744

26,704

Total current assets

5,365,172

5,040,089

720,724

Non-current assets:

Property and equipment, net

176,290

232,757

33,284

Operating lease right-of-use assets

1,464,791

1,580,099

225,951

Other non-current assets

111,395

163,223

23,341

Total non-current assets

1,752,476

1,976,079

282,576

TOTAL ASSETS

7,117,648

7,016,168

1,003,300

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

1,660,472

1,920,341

274,605

Customer advances and deferred revenue

279,276

273,260

39,076

Accrued expenses and other current

liabilities

767,080

760,613

108,766

Salary and welfare payable

317,152

304,531

43,547

Operating lease liabilities, current

640,245

664,304

94,994

Short-term borrowings

1,606,253

871,520

124,626

Total current liabilities

5,270,478

4,794,569

685,614

Non-current liabilities:

Operating lease liabilities, non-current

780,036

897,811

128,385

Other non-current liabilities

143,118

147,573

21,103

Total non-current liabilities

923,154

1,045,384

149,488

TOTAL LIABILITIES

6,193,632

5,839,953

835,102

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands of RMB and US$)

As of

December 31,

2024

December 31,

2025

December 31,

2025

RMB

US$

(Unaudited)

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY (CONTINUED)

Mezzanine Equity:

Redeemable noncontrolling interests

125,405

135,435

19,367

TOTAL MEZZANINE EQUITY

125,405

135,435

19,367

Shareholders' equity:

Ordinary shares

Additional paid-in capital

14,181,030

14,260,014

2,039,155

Treasury stock

(51,176)

(59,969)

(8,575)

Accumulated deficit

(13,384,881)

(13,163,217)

(1,882,315)

Accumulated other comprehensive income

53,634

3,948

565

TOTAL SHAREHOLDERS' EQUITY

798,611

1,040,780

148,831

TOTAL LIABILITIES, MEZZANINE EQUITY

AND SHAREHOLDERS' EQUITY

7,117,648

7,016,168

1,003,300

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

December 31,

2024

2025

RMB

US$

(Unaudited)

Revenues:

Product revenues

5,822,527

6,164,574

881,522

Service revenues

82,495

78,010

11,155

Total revenues

5,905,022

6,242,584

892,677

Operating costs and expenses:

Cost of goods sold

(4,120,793)

(4,415,876)

(631,462)

Fulfillment expenses

(1,278,904)

(1,350,900)

(193,176)

Sales and marketing expenses

(137,513)

(136,662)

(19,542)

Product development expenses

(201,632)

(218,731)

(31,278)

General and administrative expenses

(109,195)

(130,303)

(18,633)

Total operating costs and expenses

(5,848,037)

(6,252,472)

(894,091)

Other operating income, net

4,534

21,873

3,128

Income from operations

61,519

11,985

1,714

Interest income

37,879

27,345

3,910

Interest expenses

(6,852)

(2,836)

(406)

Other income/(expenses), net

2,875

(913)

(131)

Income before income tax

95,421

35,581

5,087

Income tax expenses

(3,830)

(1,980)

(283)

Net income

91,591

33,601

4,804

Accretion of redeemable noncontrolling interests

(2,409)

(2,602)

(372)

Net income attributable to ordinary shareholders

89,182

30,999

4,432

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

December 31,

2024

2025

RMB

US$

(Unaudited)

Net income per Class A and Class B ordinary share:

Basic

0.27

0.10

0.01

Diluted

0.26

0.09

0.01

Shares used in net income per Class A and Class B

ordinary share computation:

Basic

324,500,919

324,832,508

Diluted

337,933,639

336,937,358

Other comprehensive loss, net of tax of nil:

Foreign currency translation adjustments

55,517

(23,784)

(3,401)

Comprehensive income

147,108

9,817

1,403

Accretion of redeemable noncontrolling interests

(2,409)

(2,602)

(372)

Comprehensive income attributable to ordinary

shareholders

144,699

7,215

1,031

DINGDONG (CAYMAN) LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of RMB and US$)

For the three months ended

December 31,

2024

2025

RMB

US$

(Unaudited)

Net cash generated from operating activities

190,878

204,469

29,239

Net cash (used in)/generated from investing activities

(158,850)

125,524

17,950

Net cash used in financing activities

(49,678)

(53,242)

(7,614)

Effect of exchange rate changes on cash and cash

equivalents and restricted cash

3,425

(2,535)

(362)

Net (decrease)/increase in cash and cash equivalents

and restricted cash

(14,225)

274,216

39,213

Cash and cash equivalents and restricted cash at the

beginning of the period

904,440

832,919

119,106

Cash and cash equivalents and restricted cash at the

end of the period

890,215

1,107,135

158,319

DINGDONG (CAYMAN) LIMITED

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands of RMB and US$, except for number of shares and per share data)

For the three months ended

December 31,

2024

2025

RMB

US$

(Unaudited)

Income from operations

61,519

11,985

1,714

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP income from operations

86,592

29,142

4,168

Operating margin

1.1 %

0.2 %

Add: share-based compensation expenses

0.4 %

0.3 %

Non-GAAP operating margin

1.5 %

0.5 %

Net income

91,591

33,601

4,804

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP net income

116,664

50,758

7,258

Net income margin

1.6 %

0.5 %

Add: share-based compensation expenses

0.4 %

0.3 %

Non-GAAP net income margin

2.0 %

0.8 %

Net income attributable to ordinary shareholders

89,182

30,999

4,432

Add: share-based compensation expenses (1)

25,073

17,157

2,454

Non-GAAP net income attributable to ordinary

shareholders

114,255

48,156

6,886

Net income per Class A and Class B ordinary share:

Basic

0.27

0.10

0.01

Diluted

0.26

0.09

0.01

Add: share-based compensation expenses

Basic

0.08

0.05

0.01

Diluted

0.07

0.05

0.01

Non-GAAP net income per Class A and Class B ordinary

Basic

0.35

0.15

0.02

Diluted

0.33

0.14

0.02

(1) Share-based compensation expenses are recognized as follows:

For the three months ended

December 31,

2024

2025

RMB

US$

(Unaudited)

Fulfillment expenses

4,148

2,416

345

Sales and marketing expenses

1,520

2,376

340

Product development expenses

12,468

5,746

822

General and administrative expenses

6,937

6,619

947

Total

25,073

17,157

2,454

SOURCE Dingdong (Cayman) Limited