# Waterdrop Inc.: Form 20-F for the period ended Dec 31, 2025

- Company: [Waterdrop Inc.](/companies/wdh.md) (CIK 1823986)
- Form: 20-F
- Filed: 2026-04-28
- Accepted by EDGAR: Apr 28, 2026, 07:20 ET
- Period: 2025-12-31
- Accession: 0001104659-26-049772
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/wdh-20251231x20f.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-12-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 12 months, 2025-01-01 to 2025-12-31 | $568.8m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Research and development | 12 months, 2025-01-01 to 2025-12-31 | $33.3m | us-gaap:ResearchAndDevelopmentExpense |
| Operating income | 12 months, 2025-01-01 to 2025-12-31 | $53.0m | us-gaap:OperatingIncomeLoss |
| Income tax | 12 months, 2025-01-01 to 2025-12-31 | −$3.1m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 12 months, 2025-01-01 to 2025-12-31 | $80.8m | us-gaap:ProfitLoss |
| Diluted EPS | 12 months, 2025-01-01 to 2025-12-31 | $0.02 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 12 months, 2025-01-01 to 2025-12-31 | $0.02 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 12 months, 2025-01-01 to 2025-12-31 | 3,713,518,076 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 12 months, 2025-01-01 to 2025-12-31 | $34.9m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 12 months, 2025-01-01 to 2025-12-31 | $4.2m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 12 months, 2025-01-01 to 2025-12-31 | $18.6m | us-gaap:PaymentsOfDividends |
| Cash and equivalents | at 2025-12-31 | $69.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-12-31 | $569.2m | us-gaap:AssetsCurrent |
| Total assets | at 2025-12-31 | $1.02bn | us-gaap:Assets |
| Current liabilities | at 2025-12-31 | $270.6m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-12-31 | $278.7m | us-gaap:Liabilities |
| Short-term borrowings | at 2025-12-31 | $6.7m | us-gaap:ShortTermBorrowings |
| Shareholders' equity | at 2025-12-31 | $736.7m | us-gaap:StockholdersEquity |

## Sections

Sections are extracted only from 10-K and 10-Q reports. Read this filing’s documents on sec.gov. https://www.sec.gov/Archives/edgar/data/1823986/000110465926049772/wdh-20251231x20f.htm

Filed Apr 28, 2026.
Source: SEC EDGAR, the filing index for accession 0001104659-26-049772. Last ingested by Listed: Oct 24, 2026, 15:15 ET. No prices; not investment advice.