Earnings Summary: Dingdong Q4 Revenue Grows 5.7% Ahead of China Business Sale.

For the fourth quarter of 2025, Dingdong (Cayman) Limited generated total revenue of RMB 6.24 billion ($892.7 million), representing a 5.7% year-over-year increase from RMB 5.91 billion in the same period last year. The top-line expansion was primarily driven by a 3.4% year-over-year rise in the total number of orders, alongside increased overall transaction volume and the strategic deployment of new frontline fulfillment stations to deepen market penetration. The quarter marked the company’s eighth consecutive period of positive year-over-year revenue growth.

The company maintained its streak of profitability, though bottom-line metrics contracted compared to the prior year. Fourth-quarter GAAP net income stood at RMB 33.6 million ($4.8 million), declining from RMB 91.6 million in the fourth quarter of 2024. Adjusted non-GAAP net income was RMB 50.8 million, down from RMB 116.7 million in the prior-year period. The contraction in profitability was largely driven by a decrease in gross margin, which compressed to 29.3% from 30.2% a year ago. Management attributed this 90-basis-point margin pressure to pricing adjustments in major food categories, including pork, and the ongoing implementation of its broader operational strategies.