Dingdong (Cayman) Limited Announces Third Quarter 2025 Financial Results

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November 12, 2025 4:30 AM EST

SHANGHAI, Nov. 12, 2025 /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 September 30, 2025.

Third  Quarter 2025 Highlights:

  • GMV for the third quarter of 2025 increased by 0.1% year over year to RMB7,273.2 million (US$1,021.7 million) from RMB7,267.0 million in the same quarter of 2024, positive year-on-year growth for seven straight quarters.
  • Revenue for the third quarter of 2025 increased by 1.9% year over year to RMB6,662.4 million (US$935.9 million) from RMB6,538.2 million in the same quarter of 2024, positive year-on-year growth for seven straight quarters.
  • Total number of orders increased by 2.2% year over year in the third quarter of 2025.
  • N et income for the third quarter of 2025 was RMB82.9 million (US$11.6 million), the seventh consecutive quarter of profitability.
  • Non-GAAP net income for the third quarter of 2025 was RMB101.3 million (US$14.2 million), the twelfth consecutive quarter of non-GAAP profitability.

Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, "As of the third quarter of 2025, Dingdong has maintained profitability under non-GAAP standards for twelve consecutive quarters and under GAAP standards for seven consecutive quarters. Despite a higher baseline compared to the same period last year, revenue has achieved year-over-year growth, which marks the seventh straight quarters. This sustained expansion and steady achievement of profit targets fully demonstrate Dingdong's strategic resilience and execution excellence amid the current complex market and competitive landscape, providing strong momentum for advancing our long-term strategy. Building on the "One Big, One Small, One World" framework introduced in the third quarter, and leveraging our strengths in supply chain, product development, and IT systems bolstered by sustained profitability and solid cash reserves, Dingdong is confident in forging a unique, quality-focused, efficient, and resilient growth path through intense competition—and in maintaining last year's scale and non-GAAP profitability in the fourth quarter."

Mr. Song Wang, Chief Financial Officer of Dingdong, stated, "In the third quarter of 2025, Dingdong reported revenue of RMB6.66 billion, marking a 1.9% year-on-year growth and maintaining positive growth for seven straight quarters. Non-GAAP net profit reached RMB0.1 billion with a 1.5% net profit margin, while GAAP net profit was RMB0.08 billion with a 1.2% margin. We had net operating cash inflow of RMB0.14 billion in the third quarter of 2025, the ninth consecutive quarter of positive cash flow. By the end of the third quarter, after deducting short-term borrowings, our actual cash owned increased to RMB3.03 billion."

Third  Quarter 2025 Financial Results

Total revenues were RMB6,662.4 million (US$935.9 million) compared with total revenues of RMB6,538.2 million in the same quarter of 2024, increased by 1.9% 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. The increase was offset by the impact of the price decline in CPI for certain major categories in our business, such as pork, eggs and vegetables, in the third quarter of 2025 and suspension of operations for a number of stations in the third quarter of 2024.

  • Product Revenues were RMB6,573.1 million (US$923.3 million) compared with product revenues of RMB6,458.4 million in the same quarter of 2024, increased by 1.8% year over year.
  • Service Revenues were RMB89.3 million (US$12.5 million) compared with service revenues of RMB79.8 million in the same quarter of 2024, increased by 11.9% year over year.

Total operating costs and expenses were RMB6,621.6 million (US$930.1 million) compared with RMB6,438.5 million in the same quarter of 2024, with a detailed breakdown as below:

  • Cost of goods sold was RMB4,739.8 million (US$665.8 million), an increase of 3.2% from RMB4,591.4 million in the same quarter of 2024. Cost of goods sold as a percentage of revenues increased to 71.1% from 70.2% in the same quarter of 2024. Gross margin decreased to 28.9% from 29.8% in the same quarter of 2024. The cost implications arising from product listing and delisting due to the implementation of 4G strategy of "good users, good products, good services, and good mindshare".
  • Fulfillment expenses were RMB1,430.6 million (US$201.0 million), an increase of 2.3% from RMB1,397.8 million in the same quarter of 2024. Fulfillment expenses as a percentage of total revenues slightly increased to 21.5% from 21.4% in the same quarter of 2024.
  • Sales and marketing expenses were RMB127.7 million (US$17.9 million), a decrease of 11.9% from RMB144.9 million in the same quarter of 2024. Sales and marketing expenses as a percentage of total revenues decreased to 1.9% from 2.2% in the same quarter of 2024. The traffic and promotional effects generated by the "Good Products" and "Hero Products" Strategy have replaced some of the original marketing campaigns, thereby saving corresponding expenses.
  • General and administrative expenses were RMB120.1 million (US$16.9 million), an increase of 17.7% from RMB102.0 million in the same quarter of 2024, mainly driven by staff costs, specifically from the new "Dong Li Sheng" management trainees.
  • Product development expenses were RMB203.4 million (US$28.6 million), a slight increase of 0.5% from RMB202.4 million in the same quarter of 2024. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure such as the AI technical capability, to further enhance our competitiveness.

Net income  from operations was RMB59.3 million (US$8.3 million), compared with net income from operations of RMB110.5 million in the same quarter of 2024.

Non-GAAP  income from operations, which is a non-GAAP measure for income from operations that excludes share-based compensation expenses, was RMB77.7 million (US$10.9 million), compared with Non-GAAP income from operations of RMB138.8 million in the same quarter of 2024.

Net income was RMB82.9 million (US$11.6 million), compared with net income of RMB133.4 million in the same quarter of 2024.

Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB101.3 million (US$14.2 million), compared with non-GAAP net income of RMB161.6 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 1.5% compared with 2.5% in the same quarter of 2024.

Basic and diluted net income per share were RMB0.25 (US$0.04) and RMB0.24 (US$0.03), compared with net income per share of RMB0.40 in the same quarter of 2024. Non-GAAP net income per share, basic and diluted, were RMB0.31 (US$0.05) and RMB0.29 (US$0.04), compared with RMB0.49 in the same quarter of 2024.

Cash and cash equivalents , restricted cash  and short-term investments were RMB3,908.2 million (US$549.0 million) as of September 30, 2025, compared with RMB3,974.2 million as of June 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 RMB3.03 billion, a net increase for the ninth consecutive quarter, compared with RMB2.95 billion as of June 30, 2025.

Guidance

The Company is looking to maintain scale year-over-year and achieve non-GAAP profits in the fourth quarter of 2025.

Conference Call

The Company's management will hold an earnings conference call at 7:00 A.M. Eastern Time on Wednesday, November 12, 2025 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:

International:


1-412-317-6061

United States Toll Free:


1-888-317-6003

Mainland China Toll Free:


86-4001-206115

Hong Kong Toll Free:


800-963976

Conference ID:


0792686

The replay will be accessible through November 19, 2025 by dialing the following numbers:

International:


1-412-317-0088

United States:


1-855-669-9658

Access Code:                    


5791678

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.100.me.

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 RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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



September 30,

2025



September 30,

2025





RMB



RMB



US$








(Unaudited)


ASSETS











Current assets:











Cash and cash equivalents



887,427



832,307



116,913


Restricted cash



2,788



612



86


Short-term investments



3,561,977



3,075,305



431,986


Accounts receivable, net



125,896



177,976



25,000


Inventories, net



553,601



590,974



83,014


Advance to suppliers



62,730



143,999



20,227


Prepayments and other current assets



170,753



156,453



21,977


Total current assets



5,365,172



4,977,626



699,203













Non-current assets:











Property and equipment, net



176,290



220,367



30,955


Operating lease right-of-use assets



1,464,791



1,598,004



224,470


Other non-current assets



111,395



150,397



21,126


Total non-current assets



1,752,476



1,968,768



276,551













TOTAL ASSETS



7,117,648



6,946,394



975,754













LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY


Current liabilities:











Accounts payable



1,660,472



1,884,339



264,691


Customer advances and deferred revenue



279,276



272,048



38,214


Accrued expenses and other current
    liabilities



 

767,080



759,988



106,755


Salary and welfare payable



317,152



250,560



35,196


Operating lease liabilities, current



640,245



651,863



91,567


Short-term borrowings



1,606,253



916,154



128,691


Total current liabilities



5,270,478



4,734,952



665,114













Non-current liabilities:











Operating lease liabilities, non-current



780,036



907,421



127,465


Other non-current liabilities



143,118



146,347



20,557


Total non-current liabilities



923,154



1,053,768



148,022













TOTAL LIABILITIES



6,193,632



5,788,720



813,136


 

 

 

DINGDONG (CAYMAN) LIMITED 


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)


(Amounts in thousands of RMB and US$)







As of





December 31,

2024



September 30,

2025



September 30,

2025





RMB



RMB



US$








(Unaudited)


LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY (CONTINUED)


Mezzanine Equity:











Redeemable noncontrolling interests



125,405



132,834



18,659













TOTAL MEZZANINE EQUITY



125,405



132,834



18,659













Shareholders' equity :











Ordinary shares



4



4



1


Additional paid-in capital



14,181,030



14,242,496



2,000,632


Treasury stock



(51,176)



(51,176)



(7,189)


Accumulated deficit



(13,384,881)



(13,194,215)



(1,853,380)


Accumulated other comprehensive income



53,634



27,731



3,895













TOTAL SHAREHOLDERS' EQUITY



798,611



1,024,840



143,959













TOTAL LIABILITIES, MEZZANINE EQUITY
    AND SHAREHOLDERS' EQUITY



 

7,117,648



6,946,394



975,754













 

 

 

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

September  3 0 ,





2024



2025



2025





RMB



RMB



US$





(Unaudited)


Revenues:











Product revenues



6,458,447



6,573,085



923,316


Service revenues



79,788



89,311



12,545
























Total revenues



6,538,235



6,662,396



935,861
























Operating costs and expenses:











Cost of goods sold



(4,591,429)



(4,739,839)



(665,801)


Fulfillment expenses



(1,397,785)



(1,430,605)



(200,956)


Sales and marketing expenses



(144,868)



(127,669)



(17,934)


Product development expenses



(202,412)



(203,447)



(28,578)


General and administrative expenses



(101,988)



(120,074)



(16,867)













T otal operating costs and expenses



(6,438,482)



(6,621,634)



(930,136)
























Other operating income, net



10,796



18,540



2,605


Income  from operations



110,549



59,302



8,330


Interest income



38,446



29,694



4,171


Interest expenses



(9,650)



(3,168)



(445)


Other loss, net



(2,865)



(1,119)



(157)
























Income before income tax



136,480



84,709



11,899
























Income tax expenses



(3,074)



(1,816)



(255)
























Net income



133,406



82,893



11,644
























Accretion of redeemable noncontrolling interests



(2,363)



(2,552)



(358)
























Net income attributable to ordinary shareholders



131,043



80,341



11,286


 

 

 

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

September  3 0 ,





2024



2025



2025





RMB



RMB



US$





(Unaudited)


Net income per Class A and Class B ordinary share:











Basic



0.40



0.25



0.04


Diluted



0.40



0.24



0.03


Shares used in net income per Class A and Class B
    ordinary share computation:











Basic



324,194,950



325,019,667



325,019,667


Diluted



330,928,010



339,885,461



339,885,461


Other comprehensive loss, net of tax of nil:











Foreign currency translation adjustments



(36,009)



(16,631)



(2,336)













Comprehensive income



97,397



66,262



9,308













Accretion of redeemable noncontrolling interests



(2,363)



(2,552)



(358)













Comprehensive income attributable to ordinary
    shareholders



95,034



63,710



8,950













 

 

 

DINGDONG (CAYMAN) LIMITED


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(Amounts in thousands of RMB and US$)







For the three  months ended

September  3 0 ,





2024



2025



2025





RMB



RMB



US$





(Unaudited)













Net cash generated from operating activities



397,639



144,411



20,284













Net cash used in investing activities



(352,490)



(91,582)



(12,864)













Net cash used in financing activities



(200,107)



(145,799)



(20,480)













Effect of exchange rate changes on cash and cash
    equivalents and restricted cash



(2,267)



(1,949)



(274)


Net decrease in cash and cash equivalents and
    restricted cash



(157,225)



(94,919)



(13,334)













Cash and cash equivalents and restricted cash at the
    beginning of the period



1,061,667



927,838



130,333


Cash and  cash equivalents and restricted cash at the
    end of the period



904,442



832,919



116,999


 

 

 

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
 September  3 0 ,





2024



2025



2025





RMB  



RMB  



US$  





(Unaudited)


Income from operations



110,549



59,302



8,330


Add: share-based compensation expenses (1)



28,210



18,369



2,580













Non-GAAP income  from operations



138,759



77,671



10,910
























Operating margin



1.6 %



0.9 %



0.9 %


Add: share-based compensation expenses



0.5 %



0.3 %



0.3 %


Non-GAAP o perating margin



2.1 %



1.2 %



1.2 %













Net income



133,406



82,893



11,644


Add: share-based compensation expenses (1)



28,210



18,369



2,580













Non-GAAP net income



161,616



101,262



14,224
























Net income margin



2.0 %



1.2 %



1.2 %


Add: share-based compensation expenses



0.5 %



0.3 %



0.3 %


Non-GAAP net income margin



2.5 %



1.5 %



1.5 %













Net income attributable to ordinary shareholders



131,043



80,341



11,286













Add: share-based compensation expenses (1)



28,210



18,369



2,580













Non-GAAP net income attributable to ordinary
    shareholders



159,253



98,710



13,866













 Net income per Class A and Class B ordinary share:











Basic



0.40



0.25



0.04


Diluted



0.40



0.24



0.03


Add: share-based compensation expenses











Basic



0.09



0.06



0.01


Diluted



0.09



0.05



0.01


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






















Basic



0.49



0.31



0.05


Diluted



0.49



0.29



0.04




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






For the three months ended




September 30,





2024



2025



2025





RMB  



RMB  



US$  





(Unaudited)











 Fulfillment expenses



4,707



1,763



248


 Sales and marketing expenses



1,057



2,199



309


 Product development expenses



13,288



7,724



1,084


 General and administrative expenses



9,158



6,683



939













 Total



28,210



18,369



2,580


 

Cision View original content:https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-third-quarter-2025-financial-results-302612689.html

SOURCE Dingdong (Cayman) Limited


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