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SAN JOSE, Calif.--(BUSINESS WIRE)--Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), a media and entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced first quarter 2026 financial results for the period ended March 31, 2026.

“We are beginning to see the inflection in our monetization strategy as our Media Platform revenue grew 45% when compared to the first quarter of 2025. During the quarter, we made significant improvements to our ad products by enhancing targeting and measurement, further growing the TiVo One ad platform footprint, and expanding partnerships that, collectively, are expected to accelerate advertising monetization,” said Jon Kirchner, chief executive officer of Xperi. “The results of the quarter clearly demonstrate the progress we are making on our strategic growth plan. We remain on track for our 2026 goals and reaffirm our financial guidance for the year.”

Financial Highlights

GAAP ($ millions, except per share data)

Q1 FY26

Q1 FY25

Revenue

$114.2

$114.0

GAAP operating income (loss)

$2.2

($16.4)

GAAP net loss

($7.8)

($18.4)

GAAP diluted net loss per share

($0.17)

($0.41)

Non-GAAP* ($ millions, except per share data)

Q1 FY26

Q1 FY25

Revenue

$114.2

$114.0

Non-GAAP operating income

$19.1

$10.0

Non-GAAP net income

$11.0

$7.4

Non-GAAP diluted earnings per share

$0.23

$0.16

Non-GAAP adjusted EBITDA

$25.3

$16.4

Non-GAAP adjusted EBITDA Margin

22.1%

14.4%

Recent Key Operating Achievements

Media Platform

Continued growth in footprint, product enhancements, and expanded advertising partnerships are expected to accelerate advertising monetization revenue

Media Platform revenue grew 45 percent on a year-over-year basis. TiVo One Monthly Active Users more than doubled year-over-year to 5.5 million. Completed integrations with U.S. and European advertising partners to improve data signals while enabling Connected TV inventory for targeted advertising and measurement. These integrations validate TiVo One’s unique audience and incremental reach in the programmatic marketplace. Signed a multi-year partnership agreement with Samba TV, adding industry-leading intelligence and measurement capabilities to enhance the value of TiVo One’s Connected TV inventory for ad buyers. Average Revenue Per User (ARPU) for TiVo One for the trailing 12 months ending March 31, 2026 was $7.10. Connected Car

Continued growth in the Connected Car platform footprint as well as new automotive OEM programs are expected to accelerate monetization

AutoStage footprint expanded by over 45 percent year-over-year, reaching over 16 million vehicles across 13 automotive brands. Launched the AutoStage Broadcast Portal, a subscription service that we believe delivers unprecedented visibility and insights into audience behavior and listening metrics across 300 U.S. radio markets. Signed multi-year HD Radio renewal agreements with two major Asian Tier 1 suppliers and launched HD Radio in new models, including from Audi, Honda, Mercedes, and Toyota. Pay TV

Continued double-digit subscriber growth in video-over-broadband along with key design wins demonstrate partner commitment to the TiVo platform

IPTV subscriber households increased by 19% year-over-year, reaching 3.28 million at quarter end. Introduced new IPTV service offerings designed to drive long-term ARPU growth including a Programmatic Dynamic Ad Insertion solution and our native Digital Rights Management (DRM) solution. Delivered an innovative 4K sports experience with multi-view capability to IPTV households for the Winter Olympics and Super Bowl. Expanded our set-top box partnership with Kaon and executed a multi-year discovery agreement with DirecTV. Consumer Electronics

Continued trend of securing long-term renewals with commitments to our technology

Renewed DTS decoder and post-processing contracts with leading TV brands, including Vizio, Xiaomi, TCL, and a major U.S. retailer. Entered into multi-year partnership with Tencent Music for DTS:X encoding of its music catalog, offering immersive audio as a premium feature to Tencent/QQ Music subscribers. Financial Outlook

The Company reiterates its outlook for 2026 as follows:

Category Outlook

Revenue

$440M to $470M

Adjusted EBITDA Margin1,2

17% to 19%

Operating Cash Flow

$15M to $25M

Capital Expenditures3

$15M to $20M

Non-GAAP Tax Expense2

~$20M

Basic and Fully Diluted Share Count

48M to 49M

Stock-based Compensation

~$31M

Conference Call Information

The Company will hold its first quarter 2026 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, May 6, 2026. To access the call toll-free, please dial 1-888-596-4144, otherwise dial 1-646-968-2525. The conference ID is 5483252. All participants should dial in 15 minutes prior to the start of the call using the conference ID listed above. Alternatively, the call can be accessed via the following webcast link: Xperi Q1 2026 Earnings Call.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding: expectations regarding our future results of operations and financial position, margin expansion and overall growth, including, without limitation, 2026 goals, expectations regarding cash flow, revenue growth and Adjusted EBITDA Margin growth, improved profitability, long term shareholder value, objectives for future operations, and ongoing strategies and operating initiatives, including, without limitation, our cost management focus and monetization goals, timing, and expectations, including, without limitation, expectations regarding monetization revenue, growth in the Media Platform business, including through product enhancements and advertising partnership expectations, monetization in Connected Car, AutoStage footprint growth and strategy, ARPU growth, and other objectives. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “target,” “goal,” and similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, as updated in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 to be filed with the Securities and Exchange Commission (the “SEC”), and our other filings with the SEC from time to time. Any forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company does not assume any obligation to, and does not intend to, publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Xperi Inc.

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS®, HD Radio™, TiVo®) are integrated into consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers, driving increased value for partners, customers and consumers.

©2026 Xperi Inc. All Rights Reserved. Xperi, TiVo, DTS, HD Radio and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in the United States and other countries. IMAX is a registered trademark of IMAX Corporation. All other trademarks and content are the property of their respective owners.

Definition for TiVo One Monthly Active User

Xperi defines a “TiVo One Monthly Active User” as a unique device that has connected to the TiVo video service, which includes the TiVo One advertising platform, at least once within the last 30 days. The TiVo One advertising platform integrates with the device’s operating system on certain “Powered by TiVo” devices, including smart TVs and video-over-broadband products.

Calculation of Average Revenue Per User for TiVo One

Average Revenue Per User (ARPU) for TiVo One is calculated by dividing monetization revenue within Media Platform for the trailing four quarters by the average number of TiVo One Monthly Active Users during that same period. Monetization revenue includes all advertising and data monetization revenue from the TiVo One platform and from other parts of our Media Platform business. This metric helps investors and management measure how effectively the Company monetizes its user base through advertising and data on its platforms.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s press release contains non-GAAP financial measures, including Non-GAAP Operating Income/(Loss), Non-GAAP Net Income/(Loss), Non-GAAP Net Income/(Loss) Per Share, Non-GAAP Adjusted EBITDA, Non-GAAP Adjusted EBITDA Margin, Free Cash Flow, and Non-GAAP Tax Expense.

Non-GAAP Operating Income/(Loss) is defined as GAAP Operating Income/(Loss), less the impact of stock-based compensation; amortization of intangible assets; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance.

Non-GAAP Net Income/(Loss) is defined as GAAP Net Income/(Loss) excluding the impact of stock-based compensation; amortization of intangible assets; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance; and related tax effects for each adjustment.

Non-GAAP Net Income/(Loss) Per Share is defined as Non-GAAP Income/(Loss) divided by Non-GAAP weighted average shares outstanding - diluted.

Non-GAAP Adjusted EBITDA is defined as GAAP Net Income/(Loss), less the impact of interest expense; provision for income taxes; stock-based compensation; depreciation expense; amortization of intangible assets; amortization of capitalized cloud computing costs; transaction, integration and restructuring costs; severance and retention costs; and other items not indicative of our ongoing operating performance.

Non-GAAP Adjusted EBITDA Margin is defined as Non-GAAP Adjusted EBITDA divided by total revenue.

Free Cash Flow is defined as net cash from operating activities, less cash investments for capitalized internal-use software and purchases of property and equipment.

Non-GAAP Tax Expense is defined as the GAAP provision for income taxes, adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.

Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company’s ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.

Set forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial measures.

XPER-E

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

  Three Months Ended March 31,

2026

2025

Revenue

$

114,206

$

114,033

Operating expenses:

Cost of revenue, excluding depreciation and amortization of intangible assets

30,880

29,599

Research and development

27,083

39,549

Selling, general and administrative

41,787

48,698

Depreciation expense

4,261

2,905

Amortization expense

8,044

9,722

Total operating expenses

112,055

130,473

Operating income (loss)

2,151

(16,440

)

Interest and other income, net

819

2,295

Interest expense - debt

(678

)

(732

)

Income (loss) before taxes

2,292

(14,877

)

Provision for income taxes

10,118

3,489

Net loss

(7,826

)

(18,366

)

Net loss per share - basic and diluted

$

(0.17

)

$

(0.41

)

Weighted-average number of shares used in computing net loss per share - basic and diluted

47,352

44,773

XPERI INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

  March 31, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

70,422

$

96,824

Accounts receivable, net

59,898

56,838

Unbilled contracts receivable, net

89,909

78,320

Prepaid expenses and other current assets

28,685

23,631

Deferred consideration from divestiture

11,999

11,880

Total current assets

260,913

267,493

Note receivable, noncurrent

32,474

31,928

Deferred consideration from divestiture, noncurrent

8,351

8,015

Unbilled contracts receivable, noncurrent

73,578

67,417

Property and equipment, net

51,471

51,926

Operating lease right-of-use assets

24,459

27,557

Intangible assets, net

120,838

128,882

Deferred tax assets

6,591

5,281

Other noncurrent assets

28,271

27,330

Total assets

$

606,946

$

615,829

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

12,604

$

12,352

Accrued liabilities

82,355

82,160

Deferred revenue

15,404

16,137

Total current liabilities

110,363

110,649

Long-term debt

40,000

40,000

Deferred revenue, noncurrent

13,665

15,072

Operating lease liabilities, noncurrent

19,586

21,487

Deferred tax liabilities

1,428

1,428

Other noncurrent liabilities

13,895

13,118

Total liabilities

198,937

201,754

Stockholders' equity:

Common stock

48

47

Additional paid-in capital

1,317,836

1,314,249

Accumulated other comprehensive loss

(6,266

)

(4,438

)

Accumulated deficit

(903,609

)

(895,783

)

Total stockholders' equity

408,009

414,075

Total liabilities and stockholders' equity

$

606,946

$

615,829

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

  Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net loss

$

(7,826

)

$

(18,366

)

Adjustments to reconcile net loss to net cash used in operating activities:

Amortization of intangible assets

8,044

9,722

Stock-based compensation expense

7,836

12,102

Depreciation of property and equipment

4,261

2,905

Accrued interest income from note receivable

(546

)

(569

)

Accretion of discount from deferred consideration from divestitures

(455

)

(400

)

Deferred income taxes

(1,310

)

(99

)

Other

148

830

Changes in operating assets and liabilities:

Accounts receivable

(2,908

)

233

Unbilled contracts receivable

(17,750

)

(7,366

)

Prepaid expenses and other assets

(6,098

)

(4,197

)

Accounts payable

1,023

(2,653

)

Accrued and other liabilities

(294

)

(12,417

)

Deferred revenue

(2,140

)

(1,983

)

Net cash used in operating activities

(18,015

)

(22,258

)

Cash flows from investing activities:

Purchases of property and equipment

(1,105

)

(1,066

)

Capitalized internal-use software

(3,729

)

(3,127

)

Purchases of intangible assets

—

(14

)

Net cash used in investing activities

(4,834

)

(4,207

)

Cash flows from financing activities:

Repayment of short-term debt

—

(50,000

)

Withholding taxes related to net share settlement of equity awards

(3,553

)

(5,288

)

Payment of debt issuance costs

—

(823

)

Proceeds from long-term debt

—

40,000

Net cash used in financing activities

(3,553

)

(16,111

)

Net decrease in cash and cash equivalents

(26,402

)

(42,576

)

Cash and cash equivalents at beginning of period

96,824

130,564

Cash and cash equivalents at end of period

$

70,422

$

87,988

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share amounts)

(unaudited)

  Three Months Ended March 31,

2026

2025

Reconciliation of net (loss) income:

GAAP net loss

$

(7,826

)

$

(18,366

)

Adjustments to GAAP net loss:

Stock-based compensation(1)

7,836

12,102

Amortization of intangible assets

8,044

9,722

Transaction, integration and restructuring related costs:

Transaction, integration and restructuring costs(2)

285

(54

)

Severance and retention(3)

780

4,644

Income tax adjustment(4)

1,912

(623

)

Non-GAAP net income

$

11,031

$

7,425

(1) Stock-based compensation included in above line items:

Cost of revenue, excluding depreciation and amortization of intangible assets

$

656

$

1,044

Research and development

$

2,263

$

4,423

Selling, general and administrative

$

4,917

$

6,635

(2) Transaction, integration and restructuring costs included in above line items:

Selling, general and administrative

$

285

$

(63

)

Interest and other income, net

$

—

$

9

(3) Severance and retention included in above line items:

Cost of revenue, excluding depreciation and amortization of intangible assets

$

154

$

225

Research and development

$

592

$

2,716

Selling, general and administrative

$

34

$

1,703

(4) The provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments.

Reconciliation of net (loss) income per share:

GAAP diluted net loss per share

$

(0.17

)

$

(0.41

)

Adjustments to GAAP net loss per share:

Stock-based compensation

0.17

0.27

Amortization of intangible assets

0.17

0.22

Transaction, integration and restructuring related costs

0.02

0.10

Income tax adjustment

0.04

(0.01

)

Difference in shares used in calculation

—

(0.01

)

Non-GAAP diluted net income per share

$

0.23

$

0.16

GAAP weighted-average number of shares - basic and diluted

47,352

44,773

Non-GAAP weighted-average number of shares - diluted

47,894

45,719

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

  Three Months Ended March 31,

2026

2025

GAAP operating income (loss)

$

2,151

$

(16,440

)

Adjustments to GAAP operating loss:

Stock-based compensation

7,836

12,102

Amortization of intangible assets

8,044

9,722

Transaction, integration and restructuring related costs:

Transaction, integration and restructuring costs

285

(63

)

Severance and retention

780

4,644

Non-GAAP operating income

$

19,096

$

9,965

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

  Three Months Ended March 31,

2026

2025

GAAP net loss

$

(7,826

)

$

(18,366

)

Adjustments to GAAP net loss:

Interest expense

856

897

Provision for income taxes

10,118

3,489

Stock-based compensation

7,836

12,102

Depreciation expense

4,261

2,905

Amortization of intangible assets

8,044

9,722

Amortization of capitalized cloud computing costs

908

1,084

Transaction, integration and restructuring related costs:

Transaction, integration and restructuring costs

285

(54

)

Severance and retention

780

4,644

Non-GAAP Adjusted EBITDA

$

25,262

$

16,423

Non-GAAP Adjusted EBITDA Margin(1)

22.1

%

14.4

%

Computation of free cash flow:

Net cash used in operating activities

$

(18,015

)

$

(22,258

)

Adjustments:

Capitalized internal-use software

(3,729

)

(3,127

)

Purchases of property and equipment

(1,105

)

(1,066

)

Non-GAAP free cash flow

$

(22,849

)

$

(26,451

)

Xperi Inc. (XPER) Q1 2026 Earnings Call Transcript

Households returned to 10+ video services while daily viewing surpassed five hours, marking the highest engagement levels since 2021

SAN JOSE, Calif.--(BUSINESS WIRE)--TiVo, a wholly owned subsidiary of Xperi Inc. (NYSE: XPER), today released its Q4 2025 Video Trends Report, which reinforces that video serves as a historically resilient, high-priority category, even as the entertainment landscape grows increasingly fragmented and competitive.

The report finds that even amid economic pressures that could impact discretionary entertainment spending, consumers continue to prioritize home entertainment, watching more video daily than at any time since 2021. In Q4 2025, engagement continued to climb, with households returning to more than 10 video services on average following a brief decline last year, daily viewing surpassing five hours and monthly entertainment spending rising to $161, reflecting year-over-year growth after a post-pandemic dip. The findings reinforce that video serves as a historically resilient, high-priority category, even as the entertainment landscape grows increasingly fragmented and competitive.

As entertainment ecosystems continue to expand, viewing preferences themselves remain relatively stable. About half of respondents prefer streaming services to release an entire season at once, compared to roughly 20% who favor a weekly episode rollout, emphasizing a continued demand for convenience and flexible viewing experiences.

“Consumers are watching more video than ever before, but they’re enjoying that content across an increasingly fragmented mix of platforms and services,” said Geir Skaaden, chief products and services officer at Xperi. “As the entertainment ecosystem continues to expand, helping viewers easily discover and access the content they want has become more important than ever. For advertisers and platforms alike, delivering simple, seamless viewing experiences will be critical to reaching audiences and keeping them engaged.”

As viewing time rises, discovery friction grows

While viewing continues to expand across platforms, content discovery remains a growing challenge. As households manage more services, viewers are navigating a complex content ecosystem, with 40% of consumers checking two to three different apps before deciding what to watch. Additionally, discovery is shifting beyond the platforms themselves with word of mouth (49%) and social media (40%) most often influencing viewers. This reliance on external inputs, combined with increased fragmentation, is making content discovery less efficient and more frustrating for viewers.

Local content stays on top

Looking at consumed content, local programming accounts for nearly 30% of total viewing time, an increase of approximately five percentage points year-over-year. Sports also remain a key driver of engagement, with nearly 60% of sports viewers relying on pay TV as their primary source. Live and local content continue to anchor viewing behavior in a notably fragmented environment.

“The number of viewing options available to consumers continues to grow, but what is most notable is how audiences are responding to that expansion,” said TVREV’s co-founder and lead analyst, Alan Wolk. “Consumers are becoming more selective about where they spend their time and money, and entertainment services remain a priority. Live sports and local programming serve as important anchors, while the broader market is shifting toward simpler, more value-conscious viewing choices. The industry is entering a phase where effective curation and discovery matter just as much as scale.”

While viewing expands, simplicity becomes essential

The report reflects a video ecosystem defined by expanding choice, stronger engagement and increased complexity. Consumers are watching more content across more services, but they are also placing greater value on simplicity, convenience and efficient discovery. For content providers, distributors and advertisers, the findings underscore a growing opportunity to improve how viewers navigate and connect with content in an increasingly crowded marketplace.

Additional TiVo Video Trends Report highlights:

Ad-supported growth: More than half of consumers (54%) now use ad-supported subscription tiers, while AVOD/FAST adoption rose to 70% in Q4 2025, up five percentage points year-over-year. AVOD and FAST services now account for 13% of total viewing time. FAST audiences are watching more: The average FAST user now watches 7.5 channels, up more than two channels year-over-year. Pluto TV, Tubi, Roku Channel and Amazon Prime Video remain the leading FAST destinations. Discovery extends beyond apps: Smart TV home screens are becoming increasingly important gateways for content discovery and advertising, with owners spending 57% of their non-viewing time on the home screen. Consumers are prioritizing value: More than 35% of consumers routinely reassess subscriptions and viewing choices to balance cost, access and content availability. Fragmentation fuels discovery challenges: As the number of services grows, 40% of consumers report checking multiple apps before deciding what to watch. Find more information from the latest Q4 2025 Video Trends Report here.

Methodology

Since 2012, TiVo has surveyed consumers to uncover key trends relevant to TV providers, digital publishers, advertisers and consumer electronics manufacturers. The latest TiVo Video Trends Report surveyed 4,493 adults 18 and older living in the U.S. and Canada during the fourth quarter of 2025. In addition to identifying and analyzing key trends in viewing habits, the TiVo Video Trends Report provides insight into consumer opinions regarding subscription video on demand (SVOD), transactional video on demand (TVOD) and advertising-based video on demand (AVOD) providers, emerging technologies, connected devices, over-the-top (OTT) apps and content discovery features, including personalized recommendations and search.

About TiVo

TiVo brings entertainment together, making it easy to find, watch and enjoy. We serve up the best movies, shows and videos from across live TV, on-demand, streaming services and countless apps, helping people watch on their terms. For studios, networks and advertisers, TiVo targets passionate viewers to increase engagement across all screens. TiVo is a wholly owned subsidiary of Xperi Inc. Learn more at tivo.com.

About Xperi Inc.

Xperi invents, develops and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands (DTS®, HD Radio™, TiVo®), are integrated into consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers, driving increased value for partners, customers and consumers.

©2026 Xperi Inc. All Rights Reserved. Xperi, TiVo, DTS, HD Radio and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in the United States and other countries. IMAX is a registered trademark of IMAX Corporation. All other trademarks and content are the property of their respective owners.

XPER – P

-Full Year 2025 Revenue reached RMB13.6 billion, up 3.8% year-over-year-

-Full Year 2025 International Transaction Volume reached RMB14.0 billion, up 38.6% year-over-year-

- Full Year International Revenues reached RMB3.3 billion, up 32.0% year-over-year and representing 24.6% of total net revenues-

, /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform across China and international markets, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

For the Three Months
Ended/As of

YoY

Change

For the Full
Year Ended /
As of December
31,

YoY

Change

December 31, 
2024

December
31, 2025

2024

2025

Total Transaction Volume (RMB in
billions)1          

56.9

42.8

-24.8 %

206.2

200.3

-2.9 %

Transaction Volume (China's Mainland)2

54.0

38.7

-28.3 %

196.1

186.3

-5.0 %

Transaction Volume (International)3

2.9

4.1

41.4 %

10.1

14.0

38.6 %

Total Outstanding Loan Balance (RMB in
billions)

71.5

70.9

-0.8 %

71.5

70.9

-0.8 %

Outstanding Loan Balance (China's Mainland)4  

69.8

68.3

-2.1 %

69.8

68.3

-2.1 %

Outstanding Loan Balance (International)5

1.7

2.6

52.9 %

1.7

2.6

52.9 %

Fourth Quarter 2025 China Market Operational Highlights

Cumulative registered users6 reached 187.4 million as of December 31, 2025, an increase of 8.6% compared with December 31, 2024. Cumulative borrowers7 reached 29.0 million as of December 31, 2025, an increase of 8.2% compared with December 31, 2024. Number of unique borrowers8 for the fourth quarter of 2025 was 1.5 million, a decrease of 28.6% compared with the same period of 2024. Transaction volume2 was RMB38.7 billion for the fourth quarter of 2025, a decrease of 28.3% compared with the same period of 2024. Transaction volume facilitated for repeat individual borrowers9 for the fourth quarter of 2025 was RMB30.8 billion, a decrease of 34.0% compared with the same period of 2024. Outstanding loan balance4 was RMB68.3 billion as of December 31, 2025, a decrease of 2.1% compared with December 31, 2024. Average loan size10 was RMB12,877 for the fourth quarter of 2025, compared with RMB11,466 for the same period of 2024. Average loan tenure11 was 8.2 months for the fourth quarter of 2025, compared with 8.0 months for the same period of 2024. 90 day+ delinquency ratio12 was 2.85% as of December 31, 2025. Fourth Quarter 2025 International Market Operational Highlights

Cumulative registered users13 reached 52.1 million as of December 31, 2025, an increase of 45.9% compared with December 31, 2024. Cumulative borrowers14 for the international markets reached 11.7 million as of December 31, 2025, an increase of 67.1% compared with December 31, 2024. Number of unique borrowers15 for the fourth quarter of 2025 was 3.8 million, an increase of 133.8% compared with the same period of 2024. Number of new borrowers16 for the fourth quarter of 2025 was 1.6 million, an increase of 117.3% compared with the same period of 2024. Transaction volume3 reached RMB4.1 billion for the fourth quarter of 2025, an increase of 41.4% compared with the same period of 2024. Outstanding loan balance5 reached RMB2.6 billion as of December 31, 2025, an increase of 52.9% compared with December 31, 2024. International business revenue was RMB950.9 million (US$136.0 million) for the fourth quarter of 2025, an increase of 28.6% compared with the same period of 2024, representing 31.4% of total revenue for the fourth quarter of 2025. Fourth Quarter 2025 Financial Highlights

Net revenue was RMB3,023.9 million (US$432.4 million) for the fourth quarter of 2025, compared with RMB3,456.7 million for the same period of 2024. Net profit was RMB415.5 million (US$59.4 million) for the fourth quarter of 2025, compared with RMB680.8 million for the same period of 2024. Non-GAAP adjusted operating income,17 which excludes share-based compensation expenses before tax, was RMB519.8 million (US$74.3 million) for the fourth quarter of 2025, compared with RMB822.0 million for the same period of 2024. Diluted net profit per American depositary share ("ADS") was RMB1.63 (US$0.23) and diluted net profit per share was RMB0.33 (US$0.05) for the fourth quarter of 2025, compared with RMB2.61 and RMB0.52 for the same period of 2024, respectively. Non-GAAP diluted net profit per ADS was RMB1.77 (US$0.25) and non-GAAP diluted net profit per share was RMB0.35 (US$0.05) for the fourth quarter of 2025, compared with RMB2.74 and RMB0.55 for the same period of 2024, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company. ________________________________________________________________

1 Represents the total transaction volume facilitated in China's Mainland and the international markets on the Company's platforms during the period presented.

2 Represents our transaction volume facilitated in China's Mainland during the period presented. During the fourth quarter, RMB19.0 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in markets outside China's Mainland during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

4 Outstanding loan balance (China's Mainland) as of any date refers to the balance of outstanding loans in China's Mainland market excluding loans delinquent for more than 180 days from such date. As of December 31, 2025, RMB37.8 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance (international) as of any date refers to the balance of outstanding loans in the international markets excluding loans delinquent for more than 30 days from such date. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

6 On a cumulative basis, the total number of users in China's Mainland market registered on the Company's platform as of December 31, 2025.

7 On a cumulative basis, the total number of borrowers in China's Mainland market registered on the Company's platform as of December 31, 2025.

8 Represents the total number of borrowers in China's Mainland who successfully borrowed on the Company's platform during the period presented.

9 Represents the transaction volume facilitated for repeat borrowers in China's Mainland who successfully completed a transaction on the Company's platform during the period presented.

10 Represents the average loan size on the Company's platform in China's Mainland during the period presented.

11 Represents the average loan tenor on the Company's platform in China's Mainland during the period presented.

12 "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside China's Mainland are not included in the calculation.

13 On a cumulative basis, the total number of users registered on the Company's platforms outside China's Mainland market, as of December 31, 2025. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

14 On a cumulative basis, the total number of borrowers on the Company's platforms outside China's Mainland market, as of December 31, 2025. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, as of December 31, 2025, covering both pre- and post-acquisition periods.

15 Represents the total number of borrowers outside China's Mainland who successfully borrowed on the Company platforms during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

16 Represents the total number of new borrowers outside China's Mainland whose transactions were facilitated on the Company's platforms during the period presented. These operating data include those of Fundo Loans Pty Ltd, an Australian company acquired in October 2025, for the period after its acquisition.

17 Please refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating income.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, "In 2025, we proudly celebrated FinVolution's 18th anniversary, marking a milestone in our evolution from a passionate Chinese fintech pioneer to a regional platform expanding responsible credit access across Asia and beyond. Despite a challenging macro and regulatory environment in China, we delivered resilient full-year results, with Group revenue of RMB13.6 billion, up 3.8% year over year, and net profit rising 6.6% to RMB2.5 billion. Our effective 'Local Excellence, Global Outlook' strategy drove international revenue to a record 31.4% contribution in the fourth quarter, highlighted by full-year profitability in Indonesia and the Philippines.

"We also made a strategic entry into our first developed market, Australia, employing the regulatory maturity and consumer-first mindset we have developed in China alongside our successful experience scaling in Southeast Asia. Going forward, our resilient risk management, ongoing AI innovation investments, and responsible growth will ensure prudent management of our China business while continue to accelerate sustainable international expansion. As we build on our international momentum, we remain committed to delivering growth and enduring value for our users, partners, and shareholders through disciplined execution," concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, "In the fourth quarter, we navigated a complex environment, prioritizing portfolio quality in China while sustaining strong growth internationally. Group net revenue was RMB3.0 billion and net income was RMB415.5 million, reflecting the near-term impact of tighter underwriting in China, offset by a 28.6% year-over-year increase in international revenues. We also recorded robust international transaction volume growth of 41.4% year over year to RMB4.1 billion and unique borrowers up 133.8% to 3.8 million, underscoring the resilience of our diversified model and our ability to adapt quickly in a dynamic landscape.

"Meanwhile, we continued to deliver meaningful shareholder returns, executing US$107.2 million in full-year buybacks, including a record US$40.7 million in the fourth quarter, and increasing our dividend per ADS by 10.5% to US$0.306, totaling approximately US$74.5 million for 2025. Our Chairman and senior management team recently invested an additional US$1.9 million of their own capital, reflecting strong internal confidence in our valuation and long-term prospects. We will continue to advance our strategy with a clear emphasis on execution quality and portfolio resilience, balancing growth and risk management to drive sustainable returns and value creation," concluded Mr. Xu.

Fourth Quarter 2025 Financial Results

Net revenue for the fourth quarter of 2025 was RMB3,023.9 million (US$432.4 million), compared with RMB3,456.7 million for the same period of 2024. This decrease was primarily due to decreases in loan facilitation service fees, post-facilitation service fees and guarantee income, partially offset by increases in net interest income and other revenue.

Loan facilitation service fees were RMB848.9 million (US$121.4 million) for the fourth quarter of 2025, compared with RMB1,344.8 million for the same period of 2024. The decrease was primarily due to decreases in the transaction volume and average rate of transaction service fees in the China market, partially offset by the increase in transaction volume in international markets.

Post-facilitation service fees were RMB392.8 million (US$56.2 million) for the fourth quarter of 2025, compared with RMB460.5 million for the same period of 2024. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB948.5 million (US$135.6 million) for the fourth quarter of 2025, compared with RMB1,205.5 million for the same period of 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB471.9 million (US$67.5 million) for the fourth quarter of 2025, compared with RMB217.9 million for the same period of 2024. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both China and the international markets, partially offset by the decrease in interest yield in the China market.

Other revenue was RMB361.8 million (US$51.7 million) for the fourth quarter of 2025, compared with RMB228.0 million for the same period of 2024. This increase was primarily due to the increase in the contributions from other revenue streams including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB847.3 million (US$121.2 million) for the fourth quarter of 2025, compared with RMB664.0 million for the same period of 2024. This increase was primarily driven by the increase in employee expenditures and higher loan collection expenses in both China and the international markets.

Sales and marketing expenses were RMB512.4 million (US$73.3 million) for the fourth quarter of 2025, compared with RMB531.5 million for the same period of 2024. This decrease was primarily due to improved efficiency and decreased investment in marketing activities in China.

Research and development expenses were RMB142.6 million (US$20.4 million) for the fourth quarter of 2025, compared with RMB126.3 million for the same period of 2024. This increase was primarily due to increased investments in technology development.        

General and administrative expenses were RMB124.5 million (US$17.8 million) for the fourth quarter of 2025, compared with RMB112.6 million for the same period of 2024, primarily due to higher professional service fees in the international market.

Provision for accounts receivable and contract assets was RMB106.4 million (US$15.2 million) for the fourth quarter of 2025, compared with RMB95.1 million for the same period of 2024. The increase was primarily due to increased transaction volume of off-balance sheet loans in the international market, partially offset by decrease in volume of off-balance sheet loans in the China market. 

Provision for loans receivable was RMB261.7 million (US$37.4 million) for the fourth quarter of 2025, compared with RMB64.3 million for the same period of 2024. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in both China and the international markets.

Credit losses for quality assurance commitment were RMB546.4 million (US$78.1 million) for the fourth quarter of 2025, compared with RMB1,075.0 million for the same period of 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market.

Operating profit was RMB482.7 million (US$69.0 million) for the fourth quarter of 2025, compared with RMB787.9 million for the same period of 2024.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB519.8 million (US$74.3 million) for the fourth quarter of 2025, compared with RMB822.0 million for the same period of 2024.

Other income was RMB20.8 million (US$3.0 million) for the fourth quarter of 2025, compared with RMB25.9 million for the same period of 2024. The decrease was mainly due to lower gains from a reduction in investment products.

Income tax expense was RMB87.9 million (US$12.6 million) for the fourth quarter of 2025, compared with RMB133.1 million for the same period of 2024. This decrease was mainly due to the decrease in pre-tax profit.

Net profit was RMB415.5 million (US$59.4 million) for the fourth quarter of 2025, compared with RMB680.8 million for the same period of 2024.

Net profit attributable to ordinary shareholders of the Company was RMB424.7 million (US$60.7 million) for the fourth quarter of 2025, compared with RMB680.7 million for the same period of 2024.

Diluted net profit per ADS was RMB1.63 (US$0.23) and diluted net profit per share was RMB0.33 (US$0.05) for the fourth quarter of 2025, compared with RMB2.61 and RMB0.52 for the same period of 2024, respectively.

Non-GAAP diluted net profit per ADS was RMB1.77 (US$0.25) and non-GAAP diluted net profit per share was RMB0.35 (US$0.05) for the fourth quarter of 2025, compared with RMB2.74 and RMB0.55 for the same period of 2024, respectively. Each ADS represents five Class A ordinary shares of the Company.

As of December 31, 2025, the Company had cash and cash equivalents of RMB 4,285.1 million (US$612.8 million) and short-term investments, mainly in wealth management products and term deposits, of RMB3,015.2 million (US$431.2 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in China's Mainland as of December 31, 2025. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

Click here to view the chart.

Fiscal Year 2025 Financial Results

Net revenue for 2025 was RMB13,569.5 million (US$ 1,940.4 million), compared with RMB13,065.8 million in 2024. This increase was primarily due to increases in loan facilitation service fees, net interest income and other revenue, partially offset by decreases in guarantee income and post-facilitation service fees.

Loan facilitation service fees were RMB5,176.5 million (US$740.2 million) for 2025, compared with RMB4,694.4 million in 2024. The increase was primarily due to increases in transaction volume and average rate of transaction service fees in the international markets, partially offset by the decreases in transaction volume and average rate of transaction service fees in the China market.

Post-facilitation service fees were RMB1,629.8 million (US$233.1 million) for 2025, compared with RMB1,740.2 million in 2024. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB4,124.9 million (US$589.9 million) for 2025, compared with RMB5,085.3 million in 2024. This decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by an increase in such loans in international markets, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB1,336.5 million (US$191.1 million) for 2025, compared with RMB853.8 million in 2024. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both China and the international markets.

Other revenue was RMB1,301.9 million (US$186.2 million) for 2025, compared with RMB692.1 million in 2024. This increase was primarily due to the increase in the contributions from other revenue streams including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB2,900.1 million (US$414.7 million) for 2025, compared with RMB2,381.8 million in 2024. This increase was primarily driven by higher facilitation costs in both China and international markets.

Sales and marketing expenses were RMB2,200.5 million (US$314.7 million) for 2025, compared with RMB2,014.3 million in 2024 as a result of our more proactive customer acquisition efforts focusing on quality borrowers in both China and the international markets.

Research and development expenses were RMB536.6 million (US$76.7 million) for 2025, compared with RMB496.7 million in 2024. This increase was primarily due to increased investments in technology development.

General and administrative expenses were RMB442.1 million (US$63.2 million) for 2025, compared with RMB413.5 million in 2024, primarily due to increases in rents and renovation expenses, professional service fees and miscellaneous administrative expenses.

Provision for accounts receivable and contract assets was RMB426.0 million (US$60.9 million) for 2025, compared with RMB317.0 million in 2024. The increase was primarily due to increased transaction volume of off-balance sheet loans in the international market. 

Provision for loans receivable was RMB637.7 million (US$91.2 million) for 2025, compared with RMB320.0 million in 2024. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in both China and the international markets.

Credit losses for quality assurance commitment were RMB3,462.4 million (US$495.1 million) for 2025, compared with RMB4,587.3 million in 2024. The decrease was primarily due to the decrease in risk-bearing loans in the China market, partially offset by the increase in risk-bearing loans in the international markets.

Impairment of goodwill and intangible assets was RMB50.7 million (US$7.2 million) for 2025, compared with nil for the same period of 2024. The increase was primarily due to an impairment of goodwill related to a certain micro-lending company acquired by the Group in 2017, following a performance review during the year.

Operating profit was RMB2,913.3 million (US$416.6 million) for 2025, compared with RMB2,535.1 million in 2024.

Non-GAAP adjusted operating income, which excludes share-based compensation expenses before tax, was RMB3,062.3 million (US$437.9 million) for 2025, compared with RMB2,679.2 million in 2024.

Other income was RMB188.1 million (US$26.9 million) for 2025, compared with RMB310.1 million in 2024. The decrease was mainly due to lower gains from a reduction in investment products, reduced income from investments, and the reduction in government subsidies.

Income tax expense was RMB556.2 million (US$79.5 million) for 2025, compared with RMB457.4 million in 2024. This increase was mainly due to the increase in pre-tax profit and the increase in effective tax rate.

Net profit was RMB2,545.2 million (US$364.0 million) for 2025, compared with RMB2,387.8 million in 2024.

Net profit attributable to ordinary shareholders of the Company was RMB2,542.4 million (US$363.6 million) for 2025, compared with RMB2,383.1 million in 2024.

Shares Repurchase Update and Management Purchase

For the full year of 2025, the Company deployed approximately US$107.2 million to repurchase its own Class A ordinary shares in the form of ADSs. These repurchases included US$60.7 million worth of ADSs that were repurchased concurrently with the offering of convertible senior notes in June. As of December 31, 2025, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$477.3 million since 2018.

In December 2025, Chairman of the Board Mr. Shaofeng Gu and other senior management of the Company, purchased in their personal capacity approximately 0.37 million of the Company's ADS, with a total aggregate value of approximately US$1.9 million, independently of the Company's share repurchase programs. The share purchases by senior management reflect strong conviction in the Company's resilient business model, solid fundamentals, and accelerating international expansion. We believe these strengths, supported by the current valuation, position the Company well to execute its "Local Excellence, Global Outlook" strategy and deliver sustainable value to all stakeholders.

Business Outlook

Through prudent navigation of a complex environment, the Company delivered solid results in 2025. As a result of the near-term uncertainties introduced by recent regulatory changes in China, the Company expects its full-year 2026 total revenue guidance to be in the range of approximately RMB11.5 billion to RMB12.9 billion, representing a year-over-year decline of approximately 5% to 15%.

The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on March 16, 2026 (8:30 AM Beijing/Hong Kong Time on March 17, 2026).

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-346-8982

Canada (toll free):

+1-855-669-9657

International:

+1-412-902-4272

Hong Kong, China (toll free):

800-905-945

Mainland, China:

400-120-1203

Participants should dial in at least five minutes before the scheduled start time and ask to be connected to the call for "FinVolution Group".

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until March 23, 2026, by dialing the following telephone numbers:

United States / Canada (toll free):                

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

9046716

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating income, non-GAAP operating margin, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the rate in effect as of December 31, 2025 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of December 31,

2024

2025

RMB

RMB

USD

Assets

Cash and cash equivalents

4,672,772

4,285,121

612,764

Restricted cash

2,074,300

1,912,850

273,534

Short-term investments

2,832,382

3,015,226

431,172

Investments

1,173,003

1,141,816

163,278

Quality assurance receivable, net of credit loss allowance for
quality assurance receivable of RMB426,949 and RMB
581,475 as of December 31, 2024 and December 31, 2025,
respectively

1,639,591

1,315,184

188,069

Intangible assets

137,298

270,246

38,645

Property, equipment and software, net

623,792

641,316

91,707

Loans receivable, net of credit loss allowance for loans
receivable of RMB226,467 and RMB 544,905 as of
December 31, 2024 and December 31, 2025,
respectively

4,157,621

6,471,619

925,429

Accounts receivable and contract assets, net of credit loss
allowance for accounts receivable and contract assets of
RMB290,267 and RMB 340,816 as of December 31, 2024
and December 31, 2025, respectively

2,405,880

2,028,585

290,084

Deferred tax assets

2,513,865

2,992,071

427,860

Right of use assets

36,826

52,020

7,439

Prepaid expenses and other assets

1,289,380

1,207,791

172,712

Goodwill

50,411

79,759

11,405

Total assets

23,607,121

25,413,604

3,634,098

Liabilities and Shareholders' Equity

Deferred guarantee income

1,515,950

1,119,004

160,015

Liability from quality assurance commitment

2,964,116

2,574,842

368,198

Payroll and welfare payable

290,389

361,188

51,649

Taxes payable

705,928

177,064

25,320

Short-term borrowings

5,594

170,408

24,368

Funds payable to investors of consolidated trusts

796,122

778,531

111,328

Contract liability

10,185

226

32

Deferred tax liabilities

491,213

786,556

112,476

Accrued expenses and other liabilities

1,245,184

1,448,231

207,094

Leasing liabilities

28,765

44,711

6,394

Convertible senior notes

-

1,019,266

145,753

Long-term borrowings

-

89,590

12,811

Total liabilities

8,053,446

8,569,617

1,225,438

Commitments and contingencies

FinVolution Group Shareholders' equity

Ordinary shares

103

103

15

Additional paid-in capital

5,815,437

5,908,586

844,917

Treasury stock

(1,765,542)

(2,465,259)

(352,527)

Statutory reserves

852,723

1,042,312

149,049

Accumulated other comprehensive income

92,626

13,027

1,863

Retained Earnings

10,208,717

12,051,332

1,723,318

Total FinVolution Group shareholders' equity

15,204,064

16,550,101

2,366,635

Non-controlling interest

349,611

293,886

42,025

Total shareholders' equity

15,553,675

16,843,987

2,408,660

Total liabilities and shareholders' equity

23,607,121

25,413,604

3,634,098

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

1,344,799

848,943

121,397

4,694,380

5,176,457

740,224

Post-facilitation service fees

460,465

392,756

56,163

1,740,241

1,629,777

233,055

Guarantee income

1,205,502

948,461

135,628

5,085,296

4,124,934

589,858

        Net interest income

217,927

471,922

67,484

853,779

1,336,459

191,111

Other Revenue

227,999

361,802

51,737

692,128

1,301,856

186,163

Net revenue

3,456,692

3,023,884

432,409

13,065,824

13,569,483

1,940,411

Operating expenses:

       Origination, servicing expenses and other cost of
revenue

(663,982)

(847,318)

(121,165)

(2,381,839)

(2,900,149)

(414,716)

Sales and marketing expenses

(531,530)

(512,448)

(73,279)

(2,014,254)

(2,200,543)

(314,673)

Research and development expenses

(126,257)

(142,573)

(20,388)

(496,740)

(536,617)

(76,735)

General and administrative expenses

(112,570)

(124,454)

(17,797)

(413,548)

(442,148)

(63,226)

Provision for accounts receivable and contract
assets

(95,132)

(106,405)

(15,216)

(317,049)

(425,966)

(60,912)

Provision for loans receivable

(64,346)

(261,657)

(37,416)

(320,013)

(637,700)

(91,190)

Credit losses for quality assurance commitment

(1,074,955)

(546,374)

(78,130)

(4,587,254)

(3,462,384)

(495,114)

Impairment of goodwill and intangible assets

-

-

-

-

(50,676)

(7,247)

Total operating expenses

(2,668,772)

(2,541,229)

(363,391)

(10,530,697)

(10,656,183)

(1,523,813)

Operating profit

787,920

482,655

69,018

2,535,127

2,913,300

416,598

Other income, net

25,945

20,776

2,971

310,123

188,145

26,904

Profit before income tax expense

813,865

503,431

71,989

2,845,250

3,101,445

443,502

Income tax expenses

(133,110)

(87,904)

(12,570)

(457,405)

(556,243)

(79,542)

Net profit

680,755

415,527

59,419

2,387,845

2,545,202

363,960

          Less: Net profit/(loss) attributable to non-
controlling interest shareholders

50

(9,186)

(1,314)

4,699

2,797

400

Net profit attributable to FinVolution Group

680,705

424,713

60,733

2,383,146

2,542,405

363,560

          Foreign currency translation adjustment, net of
nil tax

28,205

(18,371)

(2,627)

12,620

(79,599)

(11,383)

Total comprehensive income attributable

to FinVolution Group

708,910

406,342

58,106

2,395,766

2,462,806

352,177

Weighted average number of ordinary shares used
      in computing net income per share

Basic

1,266,235,809

1,240,449,252

1,240,449,252

1,287,853,207

1,259,849,521

1,259,849,521

Diluted

1,303,393,465

1,328,365,218

1,328,365,218

1,320,229,492

1,334,237,985

1,334,237,985

Net profit per share attributable to FinVolution
      Group's ordinary shareholders

Basic

0.54

0.34

0.05

1.85

2.02

0.29

Diluted

0.52

0.33

0.05

1.81

1.92

0.27

Net profit per ADS attributable to FinVolution
      Group's ordinary shareholders (one ADS
      equal five ordinary shares)

Basic

2.69

1.71

0.24

9.25

10.09

1.44

Diluted

2.61

1.63

0.23

9.03

9.59

1.37

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (All amounts in thousands, except share data, or otherwise noted)

Three Months Ended December 31,

Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net cash provided by operating
activities

419,707

464,913

66,482

2,893,160

1,867,600

267,064

Net cash used in investing
activities

(737,991)

(330,241)

(47,222)

(2,295,816)

(2,183,697)

(312,263)

Net cash provided by/(used in)
financing activities

127,539

(530,864)

(75,912)

(622,715)

(194,696)

(27,841)

Effect of exchange rate changes
on cash and cash equivalents

5,407

(13,185)

(1,888)

3,053

(38,308)

(5,480)

Net decrease in cash, cash
equivalent and restricted cash

(185,338)

(409,377)

(58,540)

(22,318)

(549,101)

(78,520)

Cash, cash equivalent and
restricted cash at beginning of
period

6,932,410

6,607,348

944,838

6,769,390

6,747,072

964,818

Cash, cash equivalent and
restricted cash at end of period

6,747,072

6,197,971

886,298

6,747,072

6,197,971

886,298

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

 (All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended December 31,

For the Year Ended December 31,

2024

2025

2024

2025

RMB

RMB

USD

RMB

RMB

USD

Net Revenues

3,456,692

3,023,884

432,409

13,065,824

13,569,483

1,940,411

Less: total operating expenses

(2,668,772)

(2,541,229)

(363,391)

(10,530,697)

(10,656,183)

(1,523,813)

Operating Income

787,920

482,655

69,018

2,535,127

2,913,300

416,598

Add: share-based compensation expenses

34,064

37,183

5,317

144,052

149,045

21,313

Non-GAAP adjusted operating income

821,984

519,838

74,335

2,679,179

3,062,345

437,911

Operating Margin

22.8 %

16.0 %

16.0 %

19.4 %

21.5 %

21.5 %

Non-GAAP operating margin

23.8 %

17.2 %

17.2 %

20.5 %

22.6 %

22.6 %

Non-GAAP adjusted operating income

821,984

519,838

74,335

2,679,179

3,062,345

437,911

Add: other income, net

25,945

20,776

2,971

310,123

188,145

26,904

Less: income tax expenses

(133,110)

(87,904)

(12,570)

(457,405)

(556,243)

(79,542)

Non-GAAP net profit

714,819

452,710

64,736

2,531,897

2,694,247

385,273

Net profit/(loss) attributable to non-controlling interest

shareholders

50

(9,186)

(1,314)

4,699

2,797

400

Non-GAAP net profit attributable to FinVolution Group

714,769

461,896

66,050

2,527,198

2,691,450

384,873

Weighted average number of ordinary
shares used in computing net income
per share

Basic

1,266,235,809

1,240,449,252

1,240,449,252

1,287,853,207

1,259,849,521

1,259,849,521

Diluted

1,303,393,465

1,328,365,218

1,328,365,218

1,320,229,492

1,334,237,985

1,334,237,985

Non-GAAP net profit per share
attributable to FinVolution Group's
ordinary shareholders

Basic

0.56

0.37

0.05

1.96

2.14

0.31

Diluted

0.55

0.35

0.05

1.91

2.03

0.29

Non-GAAP net profit per ADS
attributable to    FinVolution Group's
ordinary shareholders (one ADS equal
five ordinary shares)

Basic

2.82

1.86

0.27

9.81

10.68

1.53

Diluted

2.74

1.77

0.25

9.57

10.15

1.44

SOURCE FinVolution Group

FinVolution Group (FINV) Q4 2025 Earnings Call Transcript

Shares of PPDAI Group Inc. Sponsored ADR (NYSE: FINV - Get Free Report) hit a new 52-week low on Thursday. The stock traded as low as $4.59 and last traded at $4.6210, with a volume of 141343 shares. The stock had previously closed at $4.74. Wall Street Analyst Weigh In Separately, Weiss Ratings reiterated a

, /PRNewswire/ -- FinVolution Group ("FinVolution," or the "Company") (NYSE: FINV), a leading fintech platform across China and international markets, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission (the "SEC") on April 29, 2026.

The annual report on Form 20-F can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at http://ir.finvgroup.com. The Company will also provide a hard copy of the annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit: http://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected] 

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

SOURCE FinVolution Group

-Earnings Call Scheduled for 8:30 p.m. ET on May 25, 2026-

, /PRNewswire/ -- FinVolution Group ("FinVolution", or the "Company") (NYSE: FINV), a leading fintech platform across China and international markets, today announced that it will report its first quarter 2026 unaudited financial results, on Monday, May 25, 2026.

The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 25, 2026 (8:30 AM Beijing/Hong Kong Time on May 26, 2026).

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BIf9feb90f9176441083910b143e67c48d

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

About FinVolution Group

FinVolution Group is a leading fintech platform with strong brand recognition across China and international markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of December 31, 2025, the Company had 239.6 million cumulative registered users across China and international markets.

For more information, please visit https://ir.finvgroup.com.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]  

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

SOURCE FinVolution Group

, /PRNewswire/ -- FinVolution Group ("FinVolution" or the "Company") (NYSE: FINV), a leading fintech platform across China and overseas markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

For the Three Months Ended/As of

YoY

Change

March 31, 2025

March 31, 2026

Total Transaction Volume (RMB in billions)1

52.1

42.6

-18.2 %

- Chinese Mainland2

49.1

38.5

-21.6 %

- Overseas Markets3

3.0

4.1

36.7 %

Total Outstanding Loan Balance (RMB in billions)

74.1

67.7

-8.6 %

- Chinese Mainland4

72.2

65.1

-9.8 %

- Overseas Markets5

1.9

2.6

36.8 %

First Quarter 2026 Highlights

Chinese Mainland Market

Cumulative registered users reached 190.0 million as of March 31, 2026, an increase of 7.2% compared with March 31, 2025. Cumulative borrowers reached 29.6 million as of March 31, 2026, an increase of 8.4% compared with March 31, 2025. Number of unique borrowers6 for the first quarter of 2026 was 1.7 million, a decrease of 22.7% compared with the same period of 2025. Transaction volume2 was RMB38.5 billion for the first quarter of 2026, a decrease of 21.6% compared with the same period of 2025. Transaction volume facilitated for repeat individual borrowers7 for the first quarter of 2026 was RMB31.4 billion, a decrease of 26.3% compared with the same period of 2025. Outstanding loan balance4 was RMB65.1 billion as of March 31, 2026, a decrease of 9.8% compared with March 31, 2025. Average loan size was RMB12,098 for the first quarter of 2026, compared with RMB10,494 for the same period of 2025. Average loan tenure was 8.5 months for the first quarter of 2026, compared with 8.2 months for the same period of 2025. 90 day+ delinquency ratio8 was 3.11% as of March 31, 2026. Net revenue9 was RMB2,216.1 million (US$321.3 million) for the first quarter of 2026, compared with RMB2,770.2 million for the same period of 2025. U.S. GAAP operating profit10 was RMB598.7 million (US$86.8 million) for the first quarter of 2026, compared with RMB913.1 million for the same period of 2025. Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB614.9 million (US$89.1 million) for the first quarter of 2026, compared with RMB930.1 million for the same period of 2025. Overseas Markets

Cumulative registered users reached 56.5 million as of March 31, 2026, an increase of 45.2% compared with March 31, 2025. Cumulative borrowers reached 13.4 million as of March 31, 2026, an increase of 76.3% compared with March 31, 2025. Number of unique borrowers12 for the first quarter of 2026 was 4.5 million, an increase of 155.4% compared with the same period of 2025. Number of new borrowers13 for the first quarter of 2026 was 1.7 million, an increase of 160.0% compared with the same period of 2025. Transaction volume3 reached RMB4.1 billion for the first quarter of 2026, an increase of 36.7% compared with the same period of 2025. Outstanding loan balance5 reached RMB2.6 billion as of March 31, 2026, an increase of 36.8% compared with March 31, 2025. Net revenue14 was RMB948.9 million (US$137.6 million) for the first quarter of 2026, an increase of 34.5% compared with the same period of 2025, representing 29.6% of total revenue for the first quarter of 2026. U.S. GAAP operating profit10 was RMB45.8 million (US$6.6 million) for the first quarter of 2026, compared with RMB24.4 million for the same period of 2025. Non-GAAP adjusted EBITDA11, which excludes depreciation and amortization and share-based compensation expenses from operating profit, was RMB47.5 million (US$6.9 million) for the first quarter of 2026, compared with RMB25.5 million for the same period of 2025. Group Financial Highlights

Net revenue was RMB3,210.1 million (US$465.4 million) for the first quarter of 2026, compared with RMB3,481.0 million for the same period of 2025. Net profit was RMB421.1 million (US$61.0 million) for the first quarter of 2026, compared with RMB737.6 million for the same period of 2025. U.S. GAAP operating profit was RMB546.8 million (US$79.3 million) for the first quarter of 2026, compared with RMB883.2 million for the same period of 2025. Non-GAAP adjusted operating profit15, which excludes share-based compensation expenses before tax, was RMB585.0 million (US$84.8 million) for the first quarter of 2026, compared with RMB917.9 million for the same period of 2025. Diluted net profit per American depositary share ("ADS") was RMB1.65 (US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same period of 2025, respectively. Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP diluted net profit per share was RMB0.36 (US$0.05) for the first quarter of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025, respectively. Each ADS of the Company represents five Class A ordinary shares of the Company. ________________________________________________________________

1 Represents the total transaction volume facilitated in the Chinese Mainland and overseas markets on the Company's platform during the period presented.

2 Represents our transaction volume facilitated in the Chinese Mainland during the period presented. During the first quarter, RMB15.5 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

3 Represents our transaction volume facilitated in Indonesia, the Philippines and Australia during the period presented.

4 Outstanding loan balance as of any date refers to the balance of outstanding loans in the Chinese Mainland market excluding loans delinquent for more than 180 days from such date. As of March 31, 2026, RMB35.0 billion was facilitated under the capital-light model, for which the Company does not bear principal risk.

5 Outstanding loan balance as of any date refers to the balance of outstanding loans in Indonesia, the Philippines and Australia excluding loans delinquent for more than 30 days from such date. 

6 Represents the total number of borrowers in the Chinese Mainland who successfully borrowed on the Company's platform during the period presented.

7 Represents the transaction volume facilitated for borrowers who had historically completed a transaction on the Company's platform in the Chinese Mainland during the period presented.

8 "90 day+ delinquency ratio" refers to the outstanding principal balance of loans, excluding loans facilitated under the capital-light model, that were 90 to 179 calendar days past due as a percentage of the total outstanding principal balance of loans, excluding loans facilitated under the capital-light model on the Company's platform as of a specific date. Loans that originated outside the Chinese Mainland are not included in the calculation.

9 Represents revenue from the Chinese Mainland. Prior period segment results from the Chinese Mainland have been recast to conform to the current period presentation. Please refer to the "Selected Segment Information" tables at the end of this release for a breakdown by segment for the periods presented.

10 Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between Operating Segment Profit/(Loss) and GAAP operating profit.

11 Please refer to the "Selected Segment Information" tables at the end of this release for reconciliation between GAAP operating profit and Non-GAAP adjusted EBITDA.

12 Represents the total number of borrowers in Indonesia, the Philippines and Australia who successfully borrowed on the Company's platforms during the period presented.

13 Represents the total number of new borrowers in Indonesia, the Philippines and Australia whose transactions were facilitated on the Company's platforms during the period presented.

14 Represents revenue from overseas markets outside the Chinese Mainland, namely Indonesia, the Philippines, and Australia. Prior period segment results from overseas markets have been recast to conform to the current period presentation. Please refer to "Selected Segment Information" for a breakdown by segment for the periods presented.

15 Please refer to "UNAUDITED Reconciliation of GAAP and Non-GAAP Results" for reconciliation between GAAP and Non-GAAP adjusted operating profit.

Mr. Tiezheng Li, Vice Chairman and Chief Executive Officer of FinVolution, commented, "In the first quarter, we delivered continued growth in our overseas business and a resilient performance in the Chinese Mainland segment against an evolving regulatory backdrop, demonstrating the strength of our two-engine model. Beginning this quarter, we are reporting our overseas business as a separate reportable segment, reflecting our strategic trajectory and the earnings power of our diversified business.

"In our Chinese Mainland segment, we executed with discipline, acquiring approximately 0.6 million new borrowers while prioritizing asset quality, customer quality and unit economics. The segment remained stable and profitable, reinforcing its role as the anchor of our operating cash flow.

"Our Overseas Markets segment delivered robust year-over-year revenue growth, contributing 29.6% of our total first quarter revenue. Our 'Local Excellence, Global Outlook+' strategy of transferring proven risk management and operational capabilities across regions drove strong year-over-year loan volume growth and more than doubled our unique overseas borrowers, underscoring our accelerating global traction.

"Looking ahead, we will continue to manage our China business prudently while expanding our overseas platform with deeper integration into the local ecosystems. Supported by strong technology advantages and a healthy balance sheet, we are well-positioned to continue creating durable value for customers and delivering sustainable financial returns for our stakeholders," concluded Mr. Li.

Mr. Jiayuan Xu, Chief Financial Officer of FinVolution, continued, "Total net revenues for the first quarter were RMB3.2 billion, up 6.2% sequentially. Early signs of credit recovery in our Chinese Mainland business supported a recovery in loan origination volume to RMB38.5 billion, driving a 6.9% sequential increase in Chinese Mainland net revenue to RMB2.2 billion. In our overseas markets, revenue grew 34.5% year over year to RMB948.9 million, and operating profit reached RMB45.8 million, up 87.7% year over year, highlighting our overseas platform's scalability and growing operating leverage.

"Meanwhile, we continued to return capital to our shareholders, executing share repurchases totaling US$39.4 million in the first quarter alongside our 8th annual dividend of US$0.306 per ADS in May, a 10.5% increase year over year. We reiterate our full-year 2026 revenue guidance of approximately RMB11.5 billion to RMB12.9 billion, which reflects the expected near-term impact of China's regulatory environment. We remain confident in the resilience of our model and committed to long-term value creation," concluded Mr. Xu.

First Quarter 2026 Financial Results

Net revenue for the first quarter of 2026 was RMB3,210.1 million (US$465.4 million), compared with RMB3,481.0 million for the same period of 2025. This decrease was primarily due to decreases in loan facilitation service fees, post-facilitation service fees and guarantee income, partially offset by increases in net interest income and other revenue.

Loan facilitation service fees were RMB1,181.3 million (US$171.3 million) for the first quarter of 2026, compared with RMB1,477.8 million for the same period of 2025. The decrease was primarily due to decreases in the transaction volume and average rate of transaction service fees in the Chinese Mainland market, partially offset by the increase in transaction volume in overseas markets.

Post-facilitation service fees were RMB348.3 million (US$50.5 million) for the first quarter of 2026, compared with RMB380.6 million for the same period of 2025. This decrease was primarily due to the rolling impact of deferred transaction fees. 

Guarantee income was RMB886.1 million (US$128.5 million) for the first quarter of 2026, compared with RMB1,099.5 million for the same period of 2025. This decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market, as well as the rolling impact of deferred guarantee income. The fair value of quality assurance commitment upon loan origination is released as guarantee income systematically over the term of the loans subject to quality assurance commitment. 

Net interest income was RMB484.7 million (US$70.3 million) for the first quarter of 2026, compared with RMB241.6 million for the same period of 2025. This increase mainly resulted from the increase in the average outstanding loan balances of on-balance sheet loans in both the Chinese Mainland and overseas markets, partially offset by the decrease in interest yield in the Chinese Mainland market.

Other revenue was RMB309.7 million (US$44.9 million) for the first quarter of 2026, compared with RMB281.5 million for the same period of 2025. This increase was primarily due to the increase in the contributions from other revenue streams, including other value-added services.

Origination, servicing expenses and other costs of revenue were RMB745.2 million (US$108.0 million) for the first quarter of 2026, compared with RMB620.5 million for the same period of 2025. This increase was primarily driven by the increase in employee expenditures and higher loan collection expenses in both the Chinese Mainland and overseas markets.

Sales and marketing expenses were RMB492.4 million (US$71.4 million) for the first quarter of 2026, compared with RMB529.7 million for the same period of 2025. This decrease was primarily due to improved efficiency and decreased investment in marketing activities in the Chinese Mainland market.

Research and development expenses were RMB125.5 million (US$18.2 million) for the first quarter of 2026, compared with RMB126.0 million for the same period of 2025. This decrease was primarily due to efficiency improvements in technology development.

General and administrative expenses were RMB113.8 million (US$16.5 million) for the first quarter of 2026, compared with RMB106.9 million for the same period of 2025, primarily due to an increase in office expenses.

Provision for accounts receivable and contract assets was RMB111.5 million (US$16.2 million) for the first quarter of 2026, compared with RMB117.7 million for the same period of 2025. The decrease was primarily due to decreased transaction volume of off-balance sheet loans in the Chinese Mainland market, partially offset by the increase in volume of off-balance sheet loans in overseas markets. 

Provision for loans receivable was RMB218.1 million (US$31.6 million) for the first quarter of 2026, compared with RMB85.4 million for the same period of 2025. This increase was primarily due to the increase in the outstanding loan balance of on-balance sheet loans in the Chinese Mainland and overseas markets.

Credit losses for quality assurance commitment were RMB856.6 million (US$124.2 million) for the first quarter of 2026, compared with RMB1,011.6 million for the same period of 2025. The decrease was primarily due to the decrease in risk-bearing loans in the Chinese Mainland market.

Operating profit was RMB546.8 million (US$79.3 million) for the first quarter of 2026, compared with RMB883.2 million for the same period of 2025.

Non-GAAP adjusted operating profit, which excludes share-based compensation expenses before tax, was RMB585.0 million (US$84.8 million) for the first quarter of 2026, compared with RMB917.9 million for the same period of 2025.

Other income/(expenses) was an expense of RMB15.5 million (US$2.3 million) for the first quarter of 2026, compared with income of RMB9.0 million for the same period of 2025. The decrease was mainly due to foreign exchange losses.

Income tax expense was RMB93.1 million (US$13.5 million) for the first quarter of 2026, compared with RMB153.9 million for the same period of 2025. This decrease was mainly due to the decrease in pre-tax profit.

Net profit was RMB421.1 million (US$61.0 million) for the first quarter of 2026, compared with RMB737.6 million for the same period of 2025.

Net profit attributable to ordinary shareholders of the Company was RMB415.1 million (US$60.2 million) for the first quarter of 2026, compared with RMB746.4 million for the same period of 2025.

Diluted net profit per ADS was RMB1.65 (US$0.24) and diluted net profit per share was RMB0.33 (US$0.05) for the first quarter of 2026, compared with RMB2.84 and RMB0.57 for the same period of 2025, respectively.

Non-GAAP diluted net profit per ADS was RMB1.80 (US$0.26) and non-GAAP diluted net profit per share was RMB0.36 (US$0.05) for the first quarter of 2026, compared with RMB2.97 and RMB0.59 for the same period of 2025, respectively. Each ADS represents five Class A ordinary shares of the Company.

As of March 31, 2026, the Company had cash and cash equivalents of RMB4,687.8 million (US$679.6 million) and short-term investments, mainly in wealth management products and term deposits, of RMB2,643.8 million (US$383.3 million).

The following chart shows the historical cumulative 30-day plus past due delinquency rates by loan origination vintage for loan products facilitated through the Company's platform in the Chinese Mainland as of March 31, 2026. Loans facilitated under the capital-light model, for which the Company does not bear principal risk, are excluded from the chart.

 Click here to view the chart.

Shares Repurchase Update

For the first quarter of 2026, the Company deployed approximately US$39.4 million to repurchase its own Class A ordinary shares in the form of ADSs. As of March 31, 2026, in combination with the Company's historical and existing share repurchase programs, the Company had cumulatively repurchased its own Class A ordinary shares in the form of ADSs with a total aggregate value of approximately US$516.7 million since 2018.

Business Outlook

Strong execution of the Company's 'Local Excellence, Global Outlook+' Strategy drove a resilient first quarter performance despite domestic macro headwinds and seasonal softness. The Company reiterates its full-year 2026 total revenue guidance to be in the range of approximately RMB11.5 billion to RMB12.9 billion.

The above forecast is based on the current market conditions and reflects the Company's current preliminary views and expectations on market and operational conditions and the regulatory and operating environment, as well as customers' and institutional partners' demands, all of which are subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:30 PM U.S. Eastern Time on May 25, 2026 (8:30 AM Beijing/Hong Kong Time on May 26, 2026).

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BIf9feb90f9176441083910b143e67c48d

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.finvgroup.com.

About FinVolution Group 

FinVolution Group is a leading fintech platform with strong brand recognition across China and overseas markets, connecting borrowers of the young generation with financial institutions. Established in 2007, the Company is a pioneer in China's online consumer finance industry and has developed innovative technologies and has accumulated in-depth experience in the core areas of credit risk assessment, fraud detection, big data and artificial intelligence. The Company's platforms, empowered by proprietary cutting-edge technologies, features a highly automated loan transaction process, which enables a superior user experience. As of March 31, 2026, the Company had 246.5 million cumulative registered users across China and overseas markets.

For more information, please visit https://ir.finvgroup.com

Use of Non-GAAP Financial Measures

We use non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. We believe that these non-GAAP financial measures help identify underlying trends in our business by excluding the impact of share-based compensation expenses and expected discretionary measures. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP adjusted operating profit, non-GAAP operating margin, non-GAAP adjusted EBITDA, non-GAAP net profit, non-GAAP net profit attributable to FinVolution Group, and non-GAAP basic and diluted net profit per share and per ADS are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on this non-GAAP financial measure, please see the table captioned "Reconciliations of GAAP and Non-GAAP results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the rate in effect as of March 31, 2026 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability to attract and retain borrowers and investors on its marketplace, its ability to increase volume of loans facilitated through the Company's marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, laws, regulations and governmental policies relating to the online consumer finance industry in China, general economic conditions in China, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and FinVolution does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
FinVolution Group
Head of Capital Markets
Yam Cheng
Tel: +86 (21) 8030-3200 Ext. 8601
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]   

In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share data, or otherwise noted)

As of December 31,

As of March 31,

2025

2026

RMB

RMB

USD

Assets

Cash and cash equivalents

4,285,121

4,687,773

679,584

Restricted cash

1,912,850

1,862,880

270,061

Short-term investments

3,015,226

2,643,817

383,273

Investments

1,141,816

1,142,087

165,568

Quality assurance receivable, net of credit loss allowance for
  quality assurance receivable of RMB581,475 and RMB616,214
  as of December 31, 2025 and March 31, 2026, respectively  

1,315,184

1,376,678

199,576

Intangible assets

270,246

270,246

39,177

Property, equipment and software, net

641,316

625,456

90,672

Loans receivable, net of credit loss allowance for loans receivable
  of RMB544,905 and RMB572,937 as of December 31, 2025 and
  March 31, 2026, respectively

6,471,619

6,963,186

1,009,450

Accounts receivable and contract assets, net of credit loss
  allowance for accounts receivable and contract assets of
  RMB340,816 and RMB349,157 as of December 31, 2025 and
  March 31, 2026, respectively 

2,028,585

1,599,215

231,838

Deferred tax assets

2,992,071

3,219,281

466,698

Right of use assets

52,020

50,340

7,298

Prepaid expenses and other assets

1,207,791

1,168,487

169,395

Goodwill

79,759

79,759

11,563

Total assets

25,413,604

25,689,205

3,724,153

Deferred guarantee income

1,119,004

1,130,264

163,854

Liability from quality assurance commitment

2,574,842

2,374,176

344,183

Payroll and welfare payable

361,188

186,742

27,072

Taxes payable

177,064

428,808

62,164

Short-term borrowings

170,408

192,101

27,849

Funds payable to investors of consolidated trusts

778,531

974,768

141,312

Contract liability

226

-

-

Deferred tax liabilities

786,556

787,615

114,180

Accrued expenses and other liabilities

1,448,231

1,380,470

200,126

Leasing liabilities

44,711

44,760

6,489

Dividends payable

-

506,708

73,457

Convertible senior notes

1,019,266

1,005,162

145,718

Long-term borrowings

89,590

132,118

19,153

Total liabilities

8,569,617

9,143,692

1,325,557

Commitments and contingencies

FinVolution Group Shareholders' equity

Ordinary shares

103

103

15

Additional paid-in capital

5,908,586

5,942,443

861,473

Treasury stock

(2,465,259)

(2,736,995)

(396,781)

Statutory reserves

1,042,312

1,042,312

151,104

Accumulated other comprehensive income

13,027

38,083

5,521

Retained Earnings

12,051,332

11,959,686

1,733,790

Total FinVolution Group shareholders' equity

16,550,101

16,245,632

2,355,122

Non-controlling interest

293,886

299,881

43,474

Total shareholders' equity

16,843,987

16,545,513

2,398,596

Total liabilities and shareholders' equity

25,413,604

25,689,205

3,724,153

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Operating revenue:

Loan facilitation service fees

1,477,798

1,181,314

171,255

Post-facilitation service fees

380,614

348,343

50,499

Guarantee income

1,099,514

886,069

128,453

        Net interest income

241,614

484,681

70,264

Other revenue

281,501

309,655

44,890

Net revenue

3,481,041

3,210,062

465,361

Operating expenses:

       Origination, servicing expenses and other costs of revenue

(620,465)

(745,172)

(108,027)

Sales and marketing expenses

(529,703)

(492,447)

(71,390)

Research and development expenses

(126,041)

(125,459)

(18,188)

General and administrative expenses

(106,894)

(113,843)

(16,504)

Provision for accounts receivable and contract assets

(117,718)

(111,514)

(16,166)

Provision for loans receivable

(85,414)

(218,148)

(31,625)

Credit losses for quality assurance commitment

(1,011,615)

(856,637)

(124,186)

Total operating expenses

(2,597,850)

(2,663,220)

(386,086)

Operating profit

883,191

546,842

79,275

Interest expenses

(652)

(17,147)

(2,486)

Other income/(expenses), net

9,033

(15,521)

(2,250)

Profit before income tax expense

891,572

514,174

74,539

Income tax expenses

(153,931)

(93,117)

(13,499)

Net profit

737,641

421,057

61,040

Less: Net (loss)/profit attributable to non-controlling interest shareholders

(8,765)

5,995

869

Net profit attributable to FinVolution Group

746,406

415,062

60,171

Foreign currency translation adjustment, net of nil tax

(16,273)

25,056

3,632

Total comprehensive income attributable to FinVolution Group

730,133

440,118

63,803

Weighted average number of ordinary shares used in computing net profit per share

Basic

1,265,759,932

1,194,294,986

1,194,294,986

Diluted

1,315,948,116

1,283,838,301

1,283,838,301

Net profit per share attributable to FinVolution Group's ordinary shareholders

Basic

0.59

0.35

0.05

Diluted

0.57

0.33

0.05

Net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equals five ordinary shares)

Basic

2.95

1.74

0.25

Diluted

2.84

1.65

0.24

FinVolution Group

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data, or otherwise noted)

Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Net cash provided by operating activities

522,335

225,990

32,760

Net cash provided by investing activities

365,196

146,022

21,168

Net cash (used in)/provided by financing activities

(198,331)

9,418

1,366

Effect of exchange rate changes on cash and cash equivalents

(11,265)

(28,748)

(4,166)

Net increase in cash, cash equivalents and restricted cash

677,935

352,682

51,128

Cash, cash equivalents and restricted cash at beginning of period

6,747,072

6,197,971

898,517

Cash, cash equivalents and restricted cash at end of period

7,425,007

6,550,653

949,645

FinVolution Group

UNAUDITED Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31,

2025

2026

RMB

RMB

USD

Net Revenue

3,481,041

3,210,062

465,361

Less: total operating expenses

(2,597,850)

(2,663,220)

(386,086)

Operating Profit

883,191

546,842

79,275

Add: share-based compensation expenses

34,679

38,173

5,534

Non-GAAP adjusted operating profit

917,870

585,015

84,809

Operating Margin

25.4 %

17.0 %

17.0 %

Non-GAAP operating margin

26.4 %

18.2 %

18.2 %

Non-GAAP adjusted operating profit

917,870

585,015

84,809

Less: interest expenses

(652)

(17,147)

(2,486)

Add: other income/(expenses), net

9,033

(15,521)

(2,250)

Less: income tax expenses

(153,931)

(93,117)

(13,499)

Non-GAAP net profit

772,320

459,230

66,574

Less: Net (loss)/profit attributable to non-controlling interest shareholders

(8,765)

5,995

869

Non-GAAP net profit attributable to FinVolution Group

781,085

453,235

65,705

Weighted average number of ordinary shares used in computing net profit per share

Basic

1,265,759,932

1,194,294,986

1,194,294,986

Diluted

1,315,948,116

1,283,838,301

1,283,838,301

Non-GAAP net profit per share attributable to FinVolution Group's ordinary shareholders

Basic

0.62

0.38

0.06

Diluted

0.59

0.36

0.05

Non-GAAP net profit per ADS attributable to FinVolution Group's ordinary shareholders (one ADS equals
five ordinary shares)

Basic

3.09

1.90

0.28

Diluted

2.97

1.80

0.26

FinVolution Group

Selected Segment Information 

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31, 2026

Chinese Mainland

Overseas Markets(1)

Others(2)

Elimination

Total

RMB

RMB

RMB

RMB

RMB

Net Revenue

2,216,096

948,946

50,148

(5,128)

3,210,062

Less(3): Operating Expenses (4)

(1,617,349)

(903,196)

(88,761)

5,128

(2,604,178)

Operating Segment Profit/(Loss)

598,747

45,750

(38,613)

-

605,884

Less: Unallocated expenses(5)

(59,042)

Operating profit

546,842

For the Three Months Ended March 31, 2025

Chinese Mainland

Overseas Markets(1)

Others(2)

Elimination

Total

RMB

RMB

RMB

RMB

RMB

Net Revenue

2,770,160

705,343

8,250

(2,712)

3,481,041

Less(3): Operating Expenses (4)

(1,857,018)

(680,964)

(27,901)

2,712

(2,563,171)

Operating Segment Profit/(Loss)

913,142

24,379

(19,651)

-

917,870

Less: Unallocated expenses(5)

(34,679)

Operating profit

883,191

Notes:

(1): "Overseas Markets" includes Indonesia, the Philippines and Australia.

(2): "Others" includes a combination of multiple business activities that each does not meet the quantitative thresholds to qualify as reportable segments.

(3): The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(4): "Operating Expenses" includes Origination, servicing expenses and other costs of revenue, Sales and marketing expenses, General and
administrative expenses, Research and development expenses, Credit losses for quality assurance commitment, Provision for loans receivable and Provision
for accounts receivable and contract assets.

(5): Unallocated expenses are mainly related to share-based compensation, impairment of goodwill of prior acquisitions, and other miscellaneous items that
are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the CODM as part of segment performance.

FinVolution Group

Selected Segment Information

(All amounts in thousands, except share data, or otherwise noted)

For the Three Months Ended March 31, 2026

Chinese Mainland

Overseas Markets

Others

Unallocated expenses

Total

RMB

RMB

RMB

RMB

RMB

Operating profit

598,747

45,750

(38,613)

(59,042)

546,842

Add: Depreciation and amortization

16,180

1,785

116

-

18,081

Add: Share-based compensation expenses

-

-

-

38,173

38,173

Non-GAAP Adjusted EBITDA

614,927

47,535

(38,497)

(20,869)

603,096

For the Three Months Ended March 31, 2025

Chinese Mainland

Overseas Markets

Others

Unallocated expenses

Total

RMB

RMB

RMB

RMB

RMB

Operating profit

913,142

24,379

(19,651)

(34,679)

883,191

Add: Depreciation and amortization

16,919

1,104

11

-

18,034

Add: Share-based compensation expenses

-

-

-

34,679

34,679

Non-GAAP Adjusted EBITDA

930,061

25,483

(19,640)

-

935,904

Note:

"Non-GAAP Adjusted EBITDA" represents operating profit (loss) plus (a) depreciation and amortization expenses and (b) share-based compensation expenses.

SOURCE FinVolution Group

Chinese Fintech FinVolution: Buy, Sell, or Hold?PPDAI Group NYSE: FINV, referred to on the call as FinVolution Group, reported a steady first quarter of 2026 as management highlighted improving credit trends in China, continued overseas growth and a new reporting structure designed to give investors more visibility into its international operations.

Chief Executive Officer Tiezheng “Tim” Li said the company entered the year with “clarity, not certainty,” and that early results showed the impact of disciplined decisions made in 2025. Despite normal first-quarter seasonal softness, total transaction volume was RMB 42.6 billion, roughly in line with the prior quarter. Group net revenue reached RMB 3.2 billion, up 6% sequentially, while net profit was RMB 421 million, up 1% sequentially. Li said foreign exchange fluctuations affected bottom-line growth.

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Management said overseas markets accounted for 30% of group revenue during the quarter and have become “a second profitable engine” for the business. For the first time, the company disclosed overseas operations as a separate reportable segment.

China Business Shows Early Risk Improvement Li described the first quarter in mainland China as a period of “patience,” with early signs of recovery but continued regulatory uncertainty. China transaction volume was RMB 38.5 billion, roughly flat sequentially, despite the Chinese New Year holiday period.

Chief Financial Officer Jiayuan “Alexis” Xu said China net revenue was RMB 2.2 billion, up 7% sequentially. The take rate rose from 3.0% to 3.2%, supported by better risk performance.

Management pointed to several indicators showing improved credit conditions in China:

Vintage delinquency eased from 3.0% to 2.7%. Day-one delinquency improved from 5.5% to 5.2%. The 30-day collection rate rose from 85.9% to 86.8%. The M2 default rate declined from 0.77% to 0.68%. Li said actions taken in the second half of 2025 were helping credit risk return to a healthier baseline. Xu added that the company selectively broadened credit appetite as asset quality improved, while maintaining stable funding partnerships with financial institutions.

FinVolution added about 0.6 million new borrowers in China during the quarter, up 7% sequentially. Management said this occurred even as sales and marketing spending in China was reduced, helped by improved targeting, higher conversion and lower customer acquisition costs.

Overseas Segment Gains Scale and Profitability The newly disclosed overseas segment includes Indonesia, the Philippines and Australia. Xu said the segment had reached a point where separate reporting better reflects its scale, profitability and growth trajectory.

Overseas revenue was RMB 949 million in the first quarter, up 35% year over year. Operating profit reached RMB 46 million, up 88% year over year, while adjusted EBITDA was RMB 47.5 million, up 87% year over year. Management said all three overseas markets contributed to profitability.

Overseas transaction volume was RMB 4.1 billion, broadly flat sequentially, with management noting that the first quarter is also seasonally slow in international markets. On a year-over-year basis, overseas loan volume rose 35%, loan balance increased 38% and unique borrowers more than doubled to 4.5 million.

In Indonesia, Xu said offline buy now, pay later remained the primary growth engine despite Ramadan, with both transaction volume and loan balance up 5% sequentially. Unique borrowers in Indonesia reached 3.2 million, nearly five times the level from a year earlier.

In the Philippines, management said it deliberately moderated origination ahead of a new interest rate regime taking effect in the second quarter. Xu said the company had previously navigated pricing transitions in Indonesia and China and was applying a similar approach in the Philippines.

In Australia, Li said the company is expanding customer acquisition channels, migrating the platform to proprietary risk infrastructure and deploying credit models tailored to Australian consumers. Xu said credit trends in Australia moved lower from the prior quarter’s seasonal peak, and transaction volume still grew sequentially despite first-quarter softness.

AI and Technology Remain Central to Operations Li said artificial intelligence is now “how we run the business,” rather than merely a supporting capability. The company has nearly 120 active AI-related initiatives across the business, with more than half embedded directly in frontline operations.

Management cited AI collection agents as one example. Li said they are the default touchpoint for pre-due reminders in some overseas businesses and are handling 50% of early-stage collections at recovery efficiency levels in line with historical benchmarks.

Xu also said large language models are being used in China to refine risk analysis, fraud detection and intelligent post-loan collections. In response to an analyst question, Xu said asset quality continued to improve into the second quarter, with day-one delinquency falling below 5% by the end of April, returning to levels seen in July and August of the prior year.

Buybacks, Dividend and Regulatory Outlook During the question-and-answer session, UBS analyst Xiaoxiong Ye asked about the company’s buyback plans and regulatory developments. Xu said the company repurchased about $14 million of shares in the fourth quarter of 2025, another $39 million in the first quarter of 2026 and an additional $15 million by the end of April, for about $54 million deployed this year. He said about $20 million remained under the current program, and the board had approved a new $150 million buyback program lasting two years.

Xu said capital allocation will balance business expansion, particularly overseas, with share repurchases when the stock trades at what management views as a dislocated price.

On regulation, Li addressed new rules related to online marketing of financial products. He said the regulation continues a trend toward consumer protection, licensed participation in financial products and clearer boundaries between technology and finance. Li said marketing rules are tightening, user traffic flows from third-party platforms may require workflow changes, and core financial decisions such as credit approval and risk assessment must remain with licensed financial institutions.

“This has always been our model,” Li said, adding that FinVolution provides technology and data tools while partners make final decisions. He said the company views the higher regulatory bar as a medium- to long-term positive, though near-term adjustments will be required.

The company reiterated full-year 2026 revenue guidance of RMB 11.5 billion to RMB 12.9 billion. Xu said China remains a resilient foundation while overseas operations are scaling profitability alongside it.

About PPDAI Group NYSE: FINVPPDAI Group Inc operates an online consumer finance marketplace that connects individual and institutional investors with personal and small-business borrowers. Through its digital platform, the company facilitates unsecured consumer loans, auto refinancing loans and small-business financing by leveraging proprietary credit assessment tools and big data analytics. Investors gain exposure to a diversified portfolio of retail credit assets, while borrowers benefit from streamlined application processes and competitive financing rates.

At the core of PPDAI's offering is a multi-layered risk management framework that combines automated credit scoring, manual underwriting oversight and third-party data verification.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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FinVolution remains a Buy as I see multiple tailwinds despite recent underperformance versus the benchmark. FINV trades at a low single-digit forward P/E, with a $150 million share repurchase program supporting bottom-line growth. Management reiterated full-year guidance, signaling confidence despite temporary margin impacts from Chinese regulatory restrictions.

Posted by Defense World Staff on Apr 29th, 2026

Concurrent Investment Advisors LLC acquired a new position in State Street Corporation (NYSE:STT – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 15,187 shares of the asset manager’s stock, valued at approximately $1,959,000.

A number of other hedge funds have also recently made changes to their positions in STT. Chicago Partners Investment Group LLC lifted its position in shares of State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares in the last quarter. Quent Long Short Global Small Cap Fund LP purchased a new stake in shares of State Street in the fourth quarter worth about $268,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the fourth quarter worth about $219,000. Davis Capital Management lifted its position in shares of State Street by 42,766.7% in the fourth quarter. Davis Capital Management now owns 1,286 shares of the asset manager’s stock worth $166,000 after buying an additional 1,283 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in shares of State Street by 34.7% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 31,018 shares of the asset manager’s stock worth $4,002,000 after buying an additional 7,989 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street In other news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 1.0% Shares of STT stock opened at $152.52 on Wednesday. State Street Corporation has a 1 year low of $85.68 and a 1 year high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $131.82 and its two-hundred day simple moving average is $126.84. The company has a market cap of $42.25 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 0.85 and a beta of 1.37.

State Street (NYSE:STT – Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business posted $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts predict that State Street Corporation will post 12.26 earnings per share for the current year.

State Street Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were given a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Wall Street Analysts Forecast Growth STT has been the topic of a number of research analyst reports. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Bank of America upgraded State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a research report on Monday, April 6th. The Goldman Sachs Group upped their price objective on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Finally, Truist Financial upped their price objective on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.00.

View Our Latest Research Report on State Street

State Street Profile (Free Report)

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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Investors interested in stocks from the Banks - Major Regional sector have probably already heard of State Street Corporation (STT) and The Bank of New York Mellon Corporation (BK). But which of these two companies is the best option for those looking for undervalued stocks?

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It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: State Street Corporation (STT - Free Report) Incorporated in 1832 and headquartered in Boston, MA, State Street Corporation is a financial holding company. It provides a range of products and services for institutional investors worldwide through its subsidiaries.

STT is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Finance stock. STT has a Momentum Style Score of B, and shares are up 7.2% over the past four weeks.

Eight analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.66 to $12.31 per share. STT boasts an average earnings surprise of +7%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, STT should be on investors' short list.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

State Street Corporation (STT - Free Report) is headquartered in Boston, and is in the Finance sector. The stock has seen a price change of 17.5% since the start of the year. Currently paying a dividend of $0.84 per share, the company has a dividend yield of 2.22%. In comparison, the Banks - Major Regional industry's yield is 2.83%, while the S&P 500's yield is 1.45%.

Looking at dividend growth, the company's current annualized dividend of $3.36 is up 7.7% from last year. Over the last 5 years, State Street Corporation has increased its dividend 4 times on a year-over-year basis for an average annual increase of 9.16%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. State Street's current payout ratio is 30%, meaning it paid out 30% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, STT expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $12.35 per share, with earnings expected to increase 19.90% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. It's important to keep in mind that not all companies provide a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, STT presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced a quarterly cash dividend of $0.84 per share of common stock, payable on July 13, 2026 to common shareholders of record at the close of business on July 1, 2026.

Additionally, State Street Corporation announced a cash dividend on each of the below outstanding series of non-cumulative perpetual preferred stock:

Series G (represented by depositary shares, each representing a 1/4000th interest in a share of Series G preferred stock). The cash dividend is in the amount of $1,367.22 per share of Series G preferred stock (resulting in a distribution of approximately $0.341805 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series G preferred stock at the close of business on June 1, 2026. Series I (represented by depositary shares, each representing a 1/100th interest in a share of Series I preferred stock). The cash dividend is in the amount of $1,675.00 per share of Series I preferred stock (resulting in a distribution of approximately $16.750000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series I preferred stock at the close of business on June 1, 2026. Series J (represented by depositary shares, each representing a 1/100th interest in a share of Series J preferred stock). The cash dividend is in the amount of $1,675.00 per share of Series J preferred stock (resulting in a distribution of approximately $16.750000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series J preferred stock at the close of business on June 1, 2026. Series K (represented by depositary shares, each representing a 1/100th interest in a share of Series K preferred stock). The cash dividend is in the amount of $1,612.50 per share of Series K preferred stock (resulting in a distribution of approximately $16.125000 per depositary share) and is payable on June 15, 2026 to the holders of record of the Series K preferred stock at the close of business on June 1, 2026. About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $54.5 trillion in assets under custody and/or administration and $5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately $184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

More News From State Street Corporation

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BOSTON--(BUSINESS WIRE)--State Street Investment Management today announced plans to close and liquidate the State Street® DoubleLine® Emerging Markets Fixed Income ETF (Ticker: EMTL) based on State Street Investment Management’s review of its ETF offerings.

The final day for creations and redemptions in EMTL will be July 21, 2026. Trading of all shares will be suspended on its principal U.S. listing exchange, Cboe BZX Exchange, Inc., at the open of market on July 22, 2026. The ETF will cease operations, liquidate its assets, and prepare to distribute proceeds to shareholders of record on or about July 27, 2026 (the “Liquidation Date”). Proceeds of the liquidation are scheduled to be sent to shareholders remaining on the Liquidation Date on or about July 28, 2026.

About State Street Investment Management

At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in 60 countries, and a global network of strategic partners, we use our scale to deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go. State Street Investment Management is the asset management arm of State Street Corporation (NYSE: STT).

*This figure is presented as of March 31, 2026 and includes ETF AUM of $1,940.32 billion USD of which approximately $184.18 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.

Important Risk Information

Investing involves risk including the risk of loss of principal.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF’s net asset value. Brokerage commissions and ETF expenses will reduce returns.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

Intellectual Property Information: The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully.

Not FDIC Insured - No Bank Guarantee - May Lose Value

State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information.

© 2026 State Street Corporation. All Rights Reserved.

State Street Global Advisors Funds Distributors, LLC, One Congress Street, Boston, MA 02114

8947693.1.1.AM.RTL

Exp. Date 5/31/2027

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) announced today that its Chief Financial Officer, John Woods, will present at the Morgan Stanley U.S. Financials Conference in New York, NY on Wednesday, June 10, 2026 at approximately 1:45 pm ET.

An audio webcast of the event will be accessible on the home page of State Street’s Investor Relations website, https://investors.statestreet.com/. A recorded replay will be available on the Investor Relations website later that day, for approximately ninety days following the presentation.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $54.5 trillion in assets under custody and/or administration and $5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately $184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

More News From State Street Corporation

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BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced that it has been selected by Principal Financial Group®, a global financial services company specializing in retirement solutions, asset management and insurance, to provide custody, fund accounting and administration services for Principal Funds.

By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products. - Joerg Ambrosius

Share Under the expanded mandate, Principal® will leverage State Street’s integrated investment servicing platform and global operating scale to support the continued evolution of its mutual fund business. The appointment reflects the focus of Principal on aligning operating strategy with scalable infrastructure as it continues to broaden its investment offerings.

The mandate builds on a relationship between State Street and Principal that spans more than a decade, during which State Street has supported Principal across a range of investment vehicles, including exchange-traded funds (ETFs) and collective investment trusts (CITs), as the firm has grown and diversified its product suite.

“Principal has a strong track record of innovation and client focus, and we are pleased to expand our relationship in support of their next phase of growth,” said Joerg Ambrosius, president of Investment Services at State Street. “By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products.”

This engagement reinforces State Street’s position as a leading provider of integrated investment servicing solutions and underscores the firm’s ability to execute complex client conversions at scale, while maintaining continuity, resilience and high‑quality service.

“Partnering with State Street gives us access to a scalable operational structure and speed to market as we continue to transform our U.S. wealth and retirement business,” said Kamal Bhatia, president & CEO, Principal Asset Management.® “This transition reflects our focus on strategic partnering and outsourcing that accelerates our business for long‑term profitable growth.”

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$54.5 trillion in assets under custody and/or administration and US$5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately US$184 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

About Principal Asset Management®

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.1 Principal Asset Management is the global investment solutions business for Principal Financial Group® (Nasdaq: PFG), managing $593.9 billion in assets and recognized as a “Best Places to Work in Money Management”2 for 14 consecutive years.
Learn more at www.PrincipalAM.com

[1] As of December 31, 2025
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2025.

8961469.1.1.GBL.RTL

© 2026 State Street Corporation

State Street Corporation (STT) Presents at Morgan Stanley US Financials Conference 2026 Transcript

Freeport-McMoRan Inc. (FCX) Presents at Bank of America Global Metals, Mining & Steel Conference 2026 Transcript

On May 26, 2026, Freeport-McMoRan Inc FCX shares rose 3.8% today, bringing the current price to $64.36. Over the past year, the stock has seen an impressive 66.9% increase, with a 52-week range between $35.15 and $70.97.

GF Value™ verdict: The current price is $64.36, which is 36.0% above the GF Value™ estimate of $47.32, indicating that the stock is overvalued.GF Score™: 87/100, which is considered strong and suggests potential for higher long-term returns.Most notable signal: There have been no insider transactions in the last three months, indicating a lack of insider trading activity. Is FCX Overvalued or Undervalued? According to the GF Value™, Freeport-McMoRan Inc FCX is currently trading at a price of $64.36, which is significantly above its calculated intrinsic value of $47.32. This represents a 36.0% margin of overvaluation, suggesting that investors may be paying a premium for the stock compared to its intrinsic value. The GF Valuation label categorizes FCX as significantly overvalued, which raises concerns about the sustainability of its current price level. Such overvaluation could expose investors to potential risks should the market correct this disparity.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current market conditions and the significant gap between the market price and the GF Value™, potential investors should exercise caution when considering an investment in FCX at this time.

How Does FCX's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 34.2x 28.0x Forward P/E 24.6x N/A The current P/E ratio of 34.2x is notably above its 5-year median P/E of 28.0x, indicating that the stock is trading at a premium compared to its historical valuation. Additionally, the forward P/E of 24.6x suggests expected earnings growth but still reflects a higher valuation compared to historical trends. This P/E analysis aligns with the GF Value™ verdict of being overvalued, as it indicates that FCX's stock price exceeds historical norms, further validating the concerns raised about its current market price.

What Does FCX's GF Score™ Tell Us? Metric Rating GF Score™ 87 Financial Strength 6/10 Profitability 8/10 Growth 9/10 Valuation 5/10 Momentum 6/10 The GF Score™ of 87/100 indicates that Freeport-McMoRan Inc FCX possesses strong potential for long-term returns. Notably, the strongest areas are in Growth (9/10) and Profitability (8/10), suggesting that the company has solid earnings and growth prospects. However, the Valuation rank of 5/10 indicates that the stock's current valuation is a concern, and the Financial Strength score of 6/10 suggests moderate stability. Overall, while FCX shows promise in growth and profitability, the valuation metrics warrant caution.

What Are Insiders Doing with FCX Stock? In the last three months, there have been no insider transactions reported for Freeport-McMoRan Inc FCX . This lack of insider activity may suggest that company executives are not making significant moves regarding their holdings, which could indicate a neutral outlook on the stock's future performance from those most knowledgeable about the company's operations.

What This Means for Investors Based on the GF Value™ assessment, Freeport-McMoRan Inc FCX is currently considered overvalued. With its market price significantly exceeding the estimated intrinsic value, potential investors may want to approach with caution, as the risks associated with overvaluation could lead to price corrections in the future.

For the complete analysis, visit the Freeport-McMoRan Inc FCX stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is FCX's GF Score™?

FCX's GF Score™ is 87/100, which reflects a strong potential for long-term returns based on key financial metrics.

Is FCX overvalued or undervalued?

FCX is currently considered overvalued, with its market price of $64.36 being 36.0% higher than the GF Value™ estimate of $47.32.

What is FCX's P/E ratio?

FCX's P/E ratio is 34.2x, which is above its 5-year median of 28.0x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Freeport-McMoRan is rated Buy, supported by resilient U.S. operations, a robust expansion pipeline, and discounted valuation at 7.6x EV/EBITDA FWD. Despite a 9% copper and 7% gold production cut at Grasberg, U.S. mines sustain results, with unit net cash costs at $1.91/lb and strong operating margins. FCX's growth pipeline—Bagdad, El Abra, Lone Star, and innovative leach—offers low execution risk and profitability even at conservative copper prices.

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Freeport-McMoRan (FCX - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Freeport-McMoRan currently has an average brokerage recommendation (ABR) of 1.42, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms. An ABR of 1.42 approximates between Strong Buy and Buy.

Of the 24 recommendations that derive the current ABR, 18 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 75% and 8.3% of all recommendations.

Brokerage Recommendation Trends for FCX

Check price target & stock forecast for Freeport-McMoRan here>>>

The ABR suggests buying Freeport-McMoRan, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Is FCX a Good Investment?Looking at the earnings estimate revisions for Freeport-McMoRan, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $2.56.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Freeport-McMoRan.

In the latest close session, Freeport-McMoRan (FCX - Free Report) was up +2.02% at $67.04. The stock outperformed the S&P 500, which registered a daily gain of 0.26%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, added 0.42%.

Prior to today's trading, shares of the mining company had gained 16.2% outpaced the Basic Materials sector's gain of 4.93% and the S&P 500's gain of 6.32%.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.6 per share. This would mark year-over-year growth of 11.11%. Our most recent consensus estimate is calling for quarterly revenue of $6.37 billion, down 15.99% from the year-ago period.

FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.56 per share and revenue of $27.24 billion. These results would represent year-over-year changes of +44.63% and +5.12%, respectively.

Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 25.62. Its industry sports an average Forward P/E of 26.63, so one might conclude that Freeport-McMoRan is trading at a discount comparatively.

Meanwhile, FCX's PEG ratio is currently 0.79. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.67.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.