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Stocks · Industrials · Services-Business Services, NEC

QUHUO Ltd

QH Clue Score27
Cayman Islands Fiscal year ends December CIK 0001781193
$3.58 -2.85% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $3.58 −11.07% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 17 Jul 2026. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue1,474.5Operating income−51.9Net income−42.6EPS, diluted−2.85Fiscal year 2019Revenue2,055.8 +39.4%Operating income−12.5Net income−11.8EPS, diluted−0.79Fiscal year 2020Revenue2,580.8 +25.5%Operating income−20.6Net income3.4EPS, diluted0.07Fiscal year 2021Revenue4,025.3 +56.0%Operating income−139.8Net income−157.9 −4,703.7%EPS, diluted−3.60Fiscal year 2022Revenue3,820.4 −5.1%Operating income35.6Net income−13.1EPS, diluted−0.23Fiscal year 2023Revenue3,702.4 −3.1%Operating income−7.8Net income3.3EPS, diluted0.06Fiscal year 2024Revenue3,046.9 −17.7%Operating income−10.4Net income2.7 −18.9%EPS, diluted0.01Fiscal year 2025Revenue2,525.9 −17.1%Operating income−178.1Net income−149.5 −5,625.5%EPS, diluted−0.11
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,474.5 2,055.8 2,580.8 4,025.3 3,820.4 3,702.4 3,046.9 2,525.9
Growth +39.4% +25.5% +56.0% −5.1% −3.1% −17.7% −17.1%
Operating income −51.9 −12.5 −20.6 −139.8 35.6 −7.8 −10.4 −178.1
Net income −42.6 −11.8 3.4 −157.9 −13.1 3.3 2.7 −149.5
Growth −4,703.7% −18.9% −5,625.5%
EPS, diluted −2.85 −0.79 0.07 −3.60 −0.23 0.06 0.01 −0.11

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin7.9%Operating margin−3.5%Net margin−2.9%Free cash flow margin1.1%Fiscal year 2019Gross margin7.9%Operating margin−0.6%Net margin−0.6%Free cash flow margin−0.0%Fiscal year 2020Gross margin7.5%Operating margin−0.8%Net margin0.1%Free cash flow margin0.3%Fiscal year 2021Operating margin−3.5%Net margin−3.9%Free cash flow margin−1.0%Fiscal year 2022Gross margin6.6%Operating margin0.9%Net margin−0.3%Free cash flow margin1.8%Fiscal year 2023Gross margin4.5%Operating margin−0.2%Net margin0.1%Free cash flow margin−2.6%Fiscal year 2024Gross margin2.4%Operating margin−0.3%Net margin0.1%Free cash flow margin−0.5%Fiscal year 2025Gross margin0.5%Operating margin−7.0%Net margin−5.9%Free cash flow margin−1.6%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 7.9% 7.9% 7.5% n/a 6.6% 4.5% 2.4% 0.5%
Operating margin −3.5% −0.6% −0.8% −3.5% 0.9% −0.2% −0.3% −7.0%
Net margin −2.9% −0.6% 0.1% −3.9% −0.3% 0.1% 0.1% −5.9%
Free cash flow margin 1.1% −0.0% 0.3% −1.0% 1.8% −2.6% −0.5% −1.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow19.8Capital expenditure−3.9Free cash flow15.9Fiscal year 2019Operating cash flow17.6Capital expenditure−17.8Free cash flow−0.1 −100.8%Fiscal year 2020Operating cash flow11.1Capital expenditure−3.4Free cash flow7.7Fiscal year 2021Operating cash flow−30.9Capital expenditure−9.3Free cash flow−40.2 −622.4%Fiscal year 2022Operating cash flow74.7Capital expenditure−4.7Free cash flow70.1Fiscal year 2023Operating cash flow−97.3Capital expenditure−0.1Free cash flow−97.4 −239.1%Fiscal year 2024Operating cash flow−14.7Capital expenditure−0.9Free cash flow−15.7Fiscal year 2025Operating cash flow−37.9Capital expenditure−1.5Free cash flow−39.4
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 19.8 17.6 11.1 −30.9 74.7 −97.3 −14.7 −37.9
Capital expenditure −3.9 −17.8 −3.4 −9.3 −4.7 −0.1 −0.9 −1.5
Free cash flow 15.9 −0.1 7.7 −40.2 70.1 −97.4 −15.7 −39.4
Growth −100.8% −622.4% −239.1%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash17.3Shareholders’ equity−826.6Fiscal year 2019Cash126.8Total debt19.9Net cash (debt)106.9Shareholders’ equity−779.3Fiscal year 2020Cash97.8Total debt13.0Net cash (debt)84.8Shareholders’ equity556.3Debt to equity0.02Fiscal year 2021Cash28.6Total debt4.4Net cash (debt)24.2Shareholders’ equity470.9Debt to equity0.01Fiscal year 2022Cash95.4Total debt1.7Net cash (debt)93.7Shareholders’ equity501.2Debt to equity0.00Fiscal year 2023Cash45.2Total debt10.3Net cash (debt)34.9Shareholders’ equity506.2Debt to equity0.02Fiscal year 2024Cash63.2Total debt7.5Net cash (debt)55.7Shareholders’ equity464.7Debt to equity0.02Fiscal year 2025Cash38.4Total debt0.3Net cash (debt)38.1Shareholders’ equity354.8Debt to equity0.00
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 17.3 126.8 97.8 28.6 95.4 45.2 63.2 38.4
Total debt n/a 19.9 13.0 4.4 1.7 10.3 7.5 0.3
Net cash (debt) n/a 106.9 84.8 24.2 93.7 34.9 55.7 38.1
Shareholders’ equity −826.6 −779.3 556.3 470.9 501.2 506.2 464.7 354.8
Debt to equity n/a n/a 0.02 0.01 0.00 0.02 0.02 0.00

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
1,474.5 2,055.8 2,580.8 4,025.3 3,820.4 3,702.4 3,046.9 2,525.9
Growth +39.4% +25.5% +56.0% −5.1% −3.1% −17.7% −17.1%
1,357.8 1,893.5 2,388.3 3,849.7 3,567.7 3,535.8 2,973.2 2,513.5
116.6 162.3 192.5 n/a 252.7 166.6 73.7 12.4
Growth +39.1% +18.6% −34.1% −55.8% −83.2%
6.7 9.7 13.1 20.1 12.5 12.4 10.7 7.1
161.8 161.2 203.0 240.7 213.6 184.3 148.6 187.8
−51.9 −12.5 −20.6 −139.8 35.6 −7.8 −10.4 −178.1
Growth −121.8%
−40.3 8.1 19.8 −179.2 4.6 5.1 −16.7 −182.3
4.0 21.6 25.4 12.0 21.0 −0.9 −18.3 −31.8
−42.6 −11.8 3.4 −157.9 −13.1 3.3 2.7 −149.5
Growth −4,703.7% −18.9% −5,625.5%
Per share
−2.85 −0.79 0.08 −3.60 −0.23 0.06 0.01 −0.11
−2.85 −0.79 0.07 −3.60 −0.23 0.06 0.01 −0.11
Growth −5,242.9% −83.3% −1,200.0%
15.0 15.0 28.3 43.9 56.0 55.5 416.0 1,394
15.0 15.0 48.5 43.9 56.0 55.5 416.0 1,394
Growth +0.0% +224.0% −9.5% +27.5% −0.8% +649.1% +235.2%

† The diluted share count jumps at 2020 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 0.4% a year over five years.
  • Operating margin is down 6.3 points on five years ago, at -7.0%.
  • A net loss in 5 of 8 years on file.