BEIJING, March 24, 2026 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE:CMCM), a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2025.
Full Year 2025 Financial Highlights
Total revenues increased by 42.6% year over year to RMB 1,150.4 million (US$164.5 million) in 2025, driven by strong expansion across business segments.
Revenue from the Internet business increased by 19.0% year over year to RMB 615.3 million (US$88.0 million) .
Revenue from the AI and Others segment increased by 84.7% year over year to RMB 535.2 million (US$76.5 million), reflecting continued scaling of the Company's emerging initiatives. The AI and Others segment accounted for 46.5% of total revenues in 2025, compared with 35.9% in 2024.
Gross profit increased by 53.0% year over year to RMB 834.0 million (US$119.3 million). Gross margin improved to 72.5% in 2025 from 67.6% in 2024. On a non-GAAP basis, gross profit was RMB 834.0 million (US$119.3 million), and non-GAAP gross margin was 72.5%.
Operating loss decreased by 59.0% year over year to RMB 179.4 million (US$25.7 million) in 2025. On a non-GAAP basis, operating profit was RMB 14.2 million (US$2.0 million), compared with a non-GAAP operating loss of RMB 231.8 million in 2024.
The Internet business generated adjusted operating profit of approximately RMB 114.9 million in 2025, representing a 82.8% year-over-year increase and reflecting improving profitability and strong cash flow generation. Adjusted operating margin for this segment was 18.7% in 2025, compared with 12.1% in 2024.
The AI and Others segment reported an adjusted operating loss of approximately RMB 274.5 million in 2025, representing a 42.1% year-over-year reduction, as the Company continued improving operating efficiency while scaling emerging initiatives.
Cash and cash equivalents were RMB 1,506.6 million (US$215.4 million) as of December 31, 2025.
Fourth Quarter 2025 Financial Highlights
Total revenues increased by 30.3% year over year and 7.5% quarter over quarter to RMB 308.9 million (US$44.2 million) in the fourth quarter of 2025.
Revenue from the Internet business was RMB 155.9 million (US$22.3 million) in the fourth quarter of 2025. While Internet business revenue declined slightly year over year, it increased 9.5% quarter over quarter.
Revenue from the AI and Others segment reached RMB 153.0 million (US$21.9 million), representing a 98.8% year-over-year increase and a 5.5% quarter-over-quarter increase, reflecting continued growth momentum of the Company's emerging initiatives. The AI and Others segment accounted for 49.5% of total revenues in the fourth quarter of 2025, compared with 32.5% in the same period last year, representing nearly half of total revenue.
Gross profit increased by 18.9% year over year to RMB 205.4 million (US$29.4 million) in the fourth quarter of 2025. On a non-GAAP basis, gross profit increased by 19.2% year over year to RMB 205.4 million (US$29.4 million).
Operating loss decreased by 29.6% year over year to RMB 145.8 million (US$20.8 million) in the fourth quarter of 2025. On a non-GAAP basis, operating profit was RMB 15.5 million (US$2.2 million), compared with a non-GAAP operating loss of RMB 42.5 million in the fourth quarter of 2024.
The Internet business generated adjusted operating profit of approximately RMB 46.7 million in the fourth quarter of 2025, representing a 78.1% year-over-year increase, and continued to serve as a stable profit contributor to the Company.
The AI and Others segment reported an adjusted operating loss of approximately RMB 183.3 million in the fourth quarter of 2025, representing a 19.7% year-over-year reduction in operating loss.
Management Commentary
Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "2025 marked a turning point for Cheetah Mobile. We delivered revenue growth while meaningfully improving operating efficiency and achieved full-year non-GAAP operating profitability. Our robotics business, which represented approximately 18.9% of total revenue in the fourth quarter, increased 93.6% year over year and 42.9% quarter over quarter, showing strong growth momentum. We are expanding our robotic product portfolio with a consumer-facing smart wheelchair, leveraging our existing autonomous mobility technologies. Our internet business remained a stable cash-generating platform, supporting disciplined investment in AI-driven capabilities. Leveraging our long-standing utility product experience, we continued to enhance our AI agent products, with the introduction of EasyClaw, our AI coworker platform designed to help users create and deploy AI agents more easily. While monetization remains at an early stage, these initiatives are part of our long-term strategy to build sustainable growth engines."
Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "In 2025, we continued to strengthen operating discipline and improve cost efficiency across the organization. Although we reported a GAAP operating loss for the year, operating loss narrowed significantly year over year. On a non-GAAP basis, we achieved operating profitability, reflecting an improved cost structure and increasing operating leverage. Within our Internet business, internet value-added services, which contributed 74.8% of this segment's revenues in the fourth quarter of 2025, expanded by 32.0% year over year and 16.2% quarter over quarter, enhancing earnings visibility and margin stability. In our AI and Others segment, revenue contribution increased year over year and accounted for nearly half of total revenues in the fourth quarter of 2025, while operating loss narrowed as we maintained selective investment and cost control. We ended the year with a solid cash position, providing financial flexibility to support disciplined capital allocation."
Conference Call Information
The Company will hold a conference call on March 24, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:
Main Line:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: +86-4001-206115Hong Kong Toll Free: 800-963976Conference ID: 8826704
English Translation:International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: +86-4001-206115Hong Kong Toll Free: 800-963976Conference ID: 6928279
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.
Exchange Rate
This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").
About Cheetah Mobile Inc.
Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has developed and launched a diversified suite of software products for PCs and mobile devices, designed to address users' needs in document processing, system optimization, image editing and web browsing, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as robotic products to international clients. At the same time, it actively engages in research and development of advanced technologies to empower its products and services. Cheetah Mobile has been listed on the New York Stock Exchange since May 2014.
Safe Harbor Statement
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under 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" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile 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.
Use of Non-GAAP Financial Measures
This release contains non-GAAP financial measures, including but not limited to:
Non-GAAP cost of revenues excludes share-based compensation expenses;
Non-GAAP gross profit excludes share-based compensation expenses;
Non-GAAP gross margin excludes share-based compensation expenses;
Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions;
Non-GAAP selling and marketing expenses exclude share-based compensation expenses , amortization of intangible assets resulting from business acquisitions;
Non-GAAP general and administrative expenses exclude share-based compensation expenses;
Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill and intangible assets resulting from business acquisitions;
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions.
The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results".
Investor Relations Contact
Helen Jing ZhuCheetah Mobile Inc.Tel: +86 10 6292 7779Email: [email protected]
CHEETAH MOBILE INC.
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))
As of
December 31, 2024
December 31, 2025
RMB
RMB
USD
ASSETS
Current assets:
Cash and cash equivalents
1,833,031
1,506,625
215,445
Short-term investments
335
9,527
1,362
Accounts receivable, net
473,619
468,058
66,931
Prepayments and other current assets, net
1,365,761
1,154,774
165,132
Due from related parties, net
106,934
94,821
13,559
Total current assets
3,779,680
3,233,805
462,429
Non-current assets:
Property and equipment, net
51,564
40,238
5,754
Operating lease right-of-use assets
26,323
16,833
2,407
Intangible assets, net
190,665
54,069
7,732
Goodwill
424,099
460,034
65,784
Long-term investments
817,330
688,459
98,448
Deferred tax assets
128,581
112,913
16,146
Other non-current assets
86,059
77,521
11,085
Total non-current assets
1,724,621
1,450,067
207,356
Total assets
5,504,301
4,683,872
669,785
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
219,566
211,689
30,271
Accrued expenses and other current liabilities
2,756,805
2,264,659
323,842
Due to related parties
69,606
18,613
2,662
Income tax payable
35,804
54,430
7,783
Total current liabilities
3,081,781
2,549,391
364,558
Non-current liabilities:
Deferred tax liabilities
43,046
21,711
3,105
Other non-current liabilities
172,348
154,422
22,082
Total non-current liabilities
215,394
176,133
25,187
Total liabilities
3,297,175
2,725,524
389,745
Mezzanine equity:
Redeemable noncontrolling interests
189,725
197,560
28,251
Shareholders' equity:
Ordinary shares
248
254
36
Additional paid-in capital
2,722,504
2,736,117
391,260
Accumulated deficit
(1,232,577)
(1,490,947)
(213,203)
Accumulated other comprehensive income
410,423
362,245
51,800
Total Cheetah Mobile Inc. shareholders' equity
1,900,598
1,607,669
229,893
Noncontrolling interests
116,803
153,119
21,896
Total shareholders' equity
2,017,401
1,760,788
251,789
Total liabilities, mezzanine equity and shareholders' equity
5,504,301
4,683,872
669,785
CHEETAH MOBILE INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for number of shares and per share(or ADS) data)
For The Three Months Ended
For The Year Ended
December 31, 2024
December 31, 2025
December 31,2025
December 31, 2024
December 31, 2025
December 31, 2025
RMB
RMB
USD
RMB
RMB
USD
Revenues
237,089
308,851
44,165
806,877
1,150,444
164,511
Internet business
160,152
155,896
22,293
517,188
615,281
87,984
AI and others
76,937
152,955
21,872
289,689
535,163
76,527
Cost of revenues (a)
(64,317)
(103,475)
(14,797)
(261,682)
(316,411)
(45,246)
Gross profit
172,772
205,376
29,368
545,195
834,033
119,265
Operating income and expenses:
Research and development (a)
(65,506)
(149,863)
(21,430)
(243,391)
(346,152)
(49,499)
Selling and marketing (a)
(104,851)
(72,657)
(10,390)
(342,421)
(362,735)
(51,870)
General and administrative (a)
(56,281)
(87,101)
(12,455)
(244,385)
(266,522)
(38,112)
Impairment of goodwill and intangible assets
(152,890)
(41,563)
(5,943)
(152,890)
(41,563)
(5,943)
Other operating (expense)/income
(377)
31
4
637
3,496
500
Total operating income and expenses
(379,905)
(351,153)
(50,214)
(982,450)
(1,013,476)
(144,924)
