Waterdrop (WDH) Q2 2026 Earnings Call: Revenue Rises 72.8% on Insurance Growth
Source Tradingkey
Key Takeaways
- Waterdrop Inc. (WDH) reported Q2 2026 net operating revenue of CNY 1.448 billion, up 72.8% year over year, led by an 80.5% increase in insurance revenue.
- Operating profit rose 14.3% year over year and 39.2% quarter over quarter to approximately CNY 111 million. Net profit attributable to shareholders fell 10.3% year over year but increased 27.9% sequentially to around CNY 126 million.
- Insurance-related income reached CNY 1.33 billion. Newly acquired customers increased 32.3% quarter over quarter, while first-year premiums from long-term insurance rose 33.4%.
- AI-supported user interactions generated nearly CNY 100 million in first-year premiums. Management said AI is intended to contribute through revenue growth and operating efficiency rather than as a standalone business.
- Management targets more than 40% year-over-year total revenue growth and over 10% operating profit growth for full-year 2026.
- The board approved a dividend of $0.03 per ADS and a new share repurchase program of up to $50 million over the next 12 months.
Core Financial Data
| Metric | Q2 2026 | Change | Commentary |
|---|---|---|---|
| Net operating revenue | CNY 1.448 billion | +72.8% YoY | Growth was primarily driven by insurance |
| Insurance revenue | CNY 1.333 billion | +80.5% YoY | Represented the majority of total revenue |
| Operating profit | CNY 111 million | +14.3% YoY; +39.2% QoQ | Insurance operating profit reached CNY 180 million |
| Net profit attributable to shareholders | CNY 126 million | -10.3% YoY; +27.9% QoQ | Affected by tax items and nonrecurring gains and losses |
| Total operating costs and expenses | CNY 1.337 billion | +80.5% YoY | Reflected business expansion and higher customer-acquisition spending |
| Sales and marketing expenses | CNY 638 million | Versus CNY 199 million in Q2 2025 | Third-party traffic-channel spending increased by approximately CNY 450 million |
| R&D expenses | CNY 68.8 million | +32.4% YoY | Cloud servers, token usage and other IT support costs increased |
| Cash and related positions | CNY 2.653 billion | As of June 30, 2026 | Includes cash, cash equivalents, short-term investments and other cash positions |
Business and Operating Performance
Insurance
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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