EH revenueFY2025CN¥417.98M
- FY YoY
- -8.4%
- 5Y CAGR
- +18.3%
EH revenue was CN¥417.98M for fiscal 2025 (ended Dec 31, 2025), down 8.4% from fiscal 2024. Compound annual growth was +18.3% over 5 years. It rose in 5 of the last 8 fiscal years.
Financials · EH
EHang Holdings Limited (EH) financials
For fiscal 2025 (ended Dec 31, 2025), EHang Holdings Limited reported CN¥417.98M of revenue and -CN¥275.98M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥417.98M
- Revenue growth, YoY
- -8.4%
- Net income, FY2025
- -CN¥275.98M
- Net margin
- -66.0%
- Free cash flow, FY2025
- -CN¥327.41M
- EPS, diluted, FY2025
- -CN¥1.88
- Cash
- CN¥256.40M
- Total debt
- CN¥82.70M
FY2017FY2025
FY2017FY2025
FY2017FY2025
EH revenue and earnings growth
EH net incomeFY2025-CN¥275.98M
EH net income was -CN¥275.98M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥229.78M in fiscal 2024.
EH EPSFY2025-CN¥1.88
EH diluted EPS was -CN¥1.88 for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥1.71 in fiscal 2024.
EH free cash flowFY2025-CN¥327.41M
EH free cash flow was -CN¥327.41M for fiscal 2025 (ended Dec 31, 2025), compared with CN¥118.99M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥417.98M | CN¥456.15M | CN¥117.43M | CN¥44.32M | CN¥56.81M | CN¥180.09M | CN¥121.81M | CN¥66.49M | CN¥31.70M |
| Cost of revenue | CN¥160.83M | CN¥176.21M | CN¥42.12M | CN¥15.10M | CN¥20.78M | CN¥73.91M | CN¥50.60M | CN¥32.74M | CN¥27.51M |
| Gross profit | CN¥257.15M | CN¥279.95M | CN¥75.31M | CN¥29.22M | CN¥36.03M | CN¥106.18M | CN¥71.22M | CN¥33.75M | CN¥4.18M |
| Research and development | CN¥194.58M | CN¥199.47M | CN¥167.31M | CN¥135.08M | CN¥137.15M | CN¥105.25M | CN¥57.17M | CN¥60.28M | CN¥68.67M |
| Selling, general and admin | CN¥269.65M | CN¥233.40M | CN¥150.09M | CN¥151.06M | CN¥187.39M | CN¥61.61M | CN¥36.95M | CN¥35.94M | CN¥35.39M |
| Operating income | -CN¥316.71M | -CN¥254.07M | -CN¥296.25M | -CN¥303.95M | -CN¥320.54M | -CN¥91.30M | -CN¥46.34M | -CN¥74.35M | -CN¥125.92M |
| Interest expense | CN¥5.98M | CN¥3.38M | CN¥2.93M | CN¥2.15M | CN¥1.80M | CN¥2.34M | CN¥837.0K | CN¥564.0K | - |
| Pre-tax income | -CN¥275.57M | CN¥229.65M | CN¥302.13M | -CN¥329.25M | -CN¥313.76M | -CN¥91.83M | -CN¥47.24M | -CN¥80.39M | -CN¥81.39M |
| Income tax | -CN¥4.41M | CN¥386.0K | CN¥206.0K | CN¥79.0K | CN¥134.0K | CN¥206.0K | CN¥754.0K | CN¥76.0K | CN¥5.18M |
| Net income | -CN¥275.98M | -CN¥229.78M | -CN¥301.70M | -CN¥328.22M | -CN¥313.96M | -CN¥87.62M | -CN¥48.55M | -CN¥79.11M | -CN¥87.43M |
| EPS, basic | -CN¥1.88 | -CN¥1.71 | -CN¥2.48 | -CN¥2.86 | -CN¥2.78 | -CN¥0.80 | -CN¥1.24 | -CN¥1.39 | -CN¥1.67 |
| EPS, diluted | -CN¥1.88 | -CN¥1.71 | -CN¥2.48 | -CN¥2.86 | -CN¥2.78 | -CN¥0.80 | -CN¥1.24 | -CN¥1.39 | -CN¥1.67 |
| Diluted shares | 146,665 | 134,367 | 121,494 | 114,695 | 112,985 | 109,563 | 61,136 | 56.8M | 56.8M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥256.40M | CN¥610.88M | CN¥228.25M | CN¥249.31M | CN¥247.02M | CN¥140.17M | CN¥321.66M | CN¥61.52M | CN¥61.45M |
| Short-term investments | CN¥843.23M | CN¥513.68M | CN¥57.49M | CN¥0 | CN¥65.11M | CN¥49.27M | CN¥7.67M | - | - |
| Receivables | CN¥111.67M | CN¥58.18M | CN¥34.79M | CN¥20.30M | CN¥56.19M | CN¥163.15M | CN¥41.10M | CN¥2.54M | - |
| Inventory | CN¥101.63M | CN¥75.69M | CN¥59.49M | CN¥72.36M | CN¥78.08M | CN¥47.09M | CN¥18.49M | CN¥3.92M | - |
| Current assets | CN¥1.48B | CN¥1.36B | CN¥453.05M | CN¥387.15M | CN¥477.15M | CN¥424.46M | CN¥428.51M | CN¥101.75M | - |
| Total assets | CN¥1.99B | CN¥1.58B | CN¥598.64M | CN¥530.87M | CN¥535.43M | CN¥484.55M | CN¥449.41M | CN¥124.67M | - |
| Current liabilities | CN¥715.80M | CN¥470.34M | CN¥250.07M | CN¥282.34M | CN¥136.45M | CN¥158.05M | CN¥95.60M | CN¥56.84M | - |
| Short-term debt | - | - | - | - | - | CN¥30.00M | - | - | - |
| Long-term debt | CN¥82.70M | CN¥20.50M | CN¥9.31M | CN¥3.85M | CN¥17.00M | - | CN¥32.53M | - | - |
| Total debt | CN¥82.70M | CN¥20.50M | CN¥9.31M | CN¥3.85M | CN¥17.00M | - | CN¥32.53M | - | - |
| Total liabilities | CN¥923.19M | CN¥628.68M | CN¥384.43M | CN¥406.19M | CN¥201.39M | CN¥206.85M | CN¥134.06M | CN¥62.25M | - |
| Shareholders' equity | CN¥1.07B | CN¥955.64M | CN¥214.22M | CN¥124.68M | CN¥334.05M | CN¥277.70M | CN¥315.36M | -CN¥542.32M | -CN¥489.88M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥179.51M | CN¥157.96M | -CN¥88.41M | -CN¥173.46M | -CN¥121.63M | -CN¥151.70M | -CN¥55.52M | -CN¥42.98M | -CN¥38.43M |
| Capital expenditures | CN¥147.90M | CN¥38.97M | CN¥7.83M | CN¥12.17M | CN¥15.64M | CN¥8.74M | CN¥2.74M | CN¥4.93M | CN¥11.81M |
| Free cash flow | -CN¥327.41M | CN¥118.99M | -CN¥96.24M | -CN¥185.62M | -CN¥137.27M | -CN¥160.44M | -CN¥58.26M | -CN¥47.91M | -CN¥50.24M |
| Investing cash flow | -CN¥507.14M | -CN¥482.51M | -CN¥128.69M | CN¥56.40M | -CN¥33.40M | -CN¥66.21M | -CN¥10.99M | CN¥25.33M | -CN¥51.07M |
| Financing cash flow | CN¥337.43M | CN¥701.36M | CN¥195.48M | CN¥106.74M | CN¥266.95M | CN¥42.68M | CN¥325.30M | CN¥16.00M | CN¥34.30M |
| Stock-based compensation | CN¥246.16M | CN¥273.12M | CN¥151.49M | CN¥96.90M | CN¥121.13M | CN¥54.86M | CN¥14.75M | CN¥22.30M | CN¥32.16M |
| Depreciation and amortization | - | - | - | - | CN¥7.77M | CN¥6.19M | CN¥5.67M | CN¥5.60M | CN¥4.44M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -8.4% | 288.5% | 165.0% | -22.0% | -68.5% | 47.8% | 83.2% | 109.8% | - |
| Gross margin | 61.5% | 61.4% | 64.1% | 65.9% | 63.4% | 59.0% | 58.5% | 50.8% | 13.2% |
| Operating margin | -75.8% | -55.7% | -252.3% | -685.9% | -564.3% | -50.7% | -38.0% | -111.8% | -397.3% |
| Net margin | -66.0% | -50.4% | -256.9% | -740.6% | -552.7% | -48.7% | -39.9% | -119.0% | -275.9% |
| Free cash flow margin | -78.3% | 26.1% | -82.0% | -418.9% | -241.6% | -89.1% | -47.8% | -72.1% | -158.5% |
| Return on equity | -25.8% | -24.0% | -140.8% | -263.3% | -94.0% | -31.6% | -15.4% | - | - |
| Return on assets | -13.9% | -14.5% | -50.4% | -61.8% | -58.6% | -18.1% | -10.8% | -63.5% | - |
| Current ratio | 2.07 | 2.89 | 1.81 | 1.37 | 3.50 | 2.69 | 4.48 | 1.79 | - |
| Debt to equity | 0.08 | 0.02 | 0.04 | 0.03 | 0.05 | - | 0.10 | - | - |
Source: XBRL data EHang Holdings Limited files with the SEC, latest filing dated May 15, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
EH peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| EH | CN¥417.98M | -8.4% | -CN¥275.98M | -66.0% | $312.5M |
| JOBY | $148.81M | +557.2% | -$688.76M | -462.8% | $6.28B |
| ACHR | $12.00M | - | -$944.30M | -7869.2% | $3.75B |
| EVEX | - | - | -$225.01M | - | $679.6M |
| EVTL | - | - | £232.93M | - | $65.1M |
| AVAV | $2.00B | +84.4% | -$202.82M | -10.1% | $6.45B |
EH FAQ
9 questionsWhat is EH revenue?
EHang Holdings Limited (EH) reported CN¥417.98M of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 8.4% from the year before.Is EH profitable?
No. EHang Holdings Limited reported a net loss of CN¥275.98M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does EH have?
EHang Holdings Limited reported CN¥256.40M in cash and cash equivalents and CN¥82.70M of debt on its most recent balance sheet in SEC filings.How fast is EH revenue growing?
EHang Holdings Limited's revenue changed -8.4% in fiscal 2025, to CN¥417.98M. Its compound annual growth rate was +18.3% over 5 years.What is EH gross margin?
EHang Holdings Limited's gross profit was CN¥257.15M on CN¥417.98M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 61.5%.What is EH free cash flow?
EHang Holdings Limited generated -CN¥327.41M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -CN¥179.51M less capital expenditures.What is EH earnings per share?
Diluted earnings per share were -CN¥1.88 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did EH last report financial results?
The latest statements here come from EHang Holdings Limited's 20-F filed on May 15, 2026, covering the period ended Dec 31, 2025.Where does this EH financial data come from?
Quantisnow builds these statements from the structured XBRL data EHang Holdings Limited files with the SEC. It is provided for information only and is not investment advice.