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Sep 30, 2025
Noah Q3 2025 Earnings Report
Noah posted its Q3 2025 results with stronger profitability despite a revenue dip, driven by higher investment income and improved margin.
Key Takeaways
Noah Holdings reported net income of $30.7 million for Q3 2025, with non-GAAP EPS of $0.46. Revenue declined to $88.9 million, mainly due to lower one-time commissions and overseas performance-based income, but profit surged thanks to affiliate investment gains and margin improvement.
Net income rose 58.9% YoY to $30.7 million, supported by higher investment income and fair value gains in affiliates:contentReference[oaicite:0]{index=0}.
Revenue decreased 7.4% YoY to $88.9 million, mainly due to weaker performance-based income from overseas and lower one-time commissions:contentReference[oaicite:1]{index=1}.
Non-GAAP net income grew 52.2% YoY to $32.2 million, with a net margin improvement to 36.2%:contentReference[oaicite:2]{index=2}.
Operating margin decreased to 27.2% from 35.2% YoY, reflecting higher compensation and general expenses:contentReference[oaicite:3]{index=3}.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Noah expects future growth to be supported by its strengthened global presence, digital initiatives, and strategic focus on high-quality services and asset management.
Positive Outlook
- Secured U.S. broker-dealer license to boost global expansion
- Strong balance sheet to support future investments
- Increased integration of AI to drive efficiency and reduce costs
- Growth in overseas AUM and client base
- Continued development of multi-asset management offerings
Challenges Ahead
- Decline in net revenue due to lower one-time commissions
- Decrease in performance-based income from overseas operations
- Operating margin declined due to rising expenses
- Challenges in insurance distribution both domestically and overseas
Historical Earnings Impact
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Avg. Return Before/After Earnings
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