MINISO Group Holding (MNSO) Operating Expenses (2019 - 2025)
MINISO Group Holding (MNSO) posted quarterly Operating Expenses of -$290.7 million for Q4 2025, down 66.04% year-over-year from -$856.1 million in Q4 2024, and down 17.3% quarter-over-quarter from -$247.8 million in Q3 2025.
MINISO Group Holding (MNSO) Operating Expenses (2019 - 2025) Analysis & Trends
MINISO Group Holding (MNSO) has reported Operating Expenses for 7 consecutive years, with -$290.7 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Expenses fell 66.04% year-over-year to -$290.7 million; the TTM figure through Dec 2025 stood at -$908.8 million (down 83.14% YoY), while the FY2025 annual figure was -$928.2 million, down 52.21% from the prior year.
- Operating Expenses eased to -$290.7 million in Q4 2025 per MNSO's latest filing, from -$247.8 million in the prior quarter.
- Across five years, Operating Expenses topped out at $37.3 million in Q4 2021 and bottomed at -$290.7 million in Q4 2025.
- Historically, Operating Expenses has averaged -$134.7 million across 5 years, with a median of -$122.9 million in 2024.
- Annual changes were most pronounced in 2022 — Operating Expenses tumbled 318.9% — and 2024, when it soared 37.99%.
- MINISO Group Holding's Operating Expenses stood at $37.3 million in 2021, then sank by 318.9% to -$81.6 million in 2022, then slumped by 71.05% to -$139.6 million in 2023, then dropped by 25.37% to -$175.1 million in 2024, then sank by 66.04% to -$290.7 million in 2025.
- Business Quant data shows MNSO's Operating Expenses at -$290.7 million in Q4 2025, -$247.8 million in Q3 2025, and -$196.5 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Caseys General Stores | 30.70 Bn | 30.17 Bn | 1.08 Bn | 730.02 Mn |
| 2 | Williams Sonoma | 28.79 Bn | 27.77 Bn | 1.10 Bn | 627.08 Mn |
| 3 | Ulta Beauty | 23.05 Bn | 22.82 Bn | 1.27 Bn | 819.36 Mn |
| 4 | Best Buy | 18.45 Bn | 16.70 Bn | 2.10 Bn | 1.73 Bn |
| 5 | Tractor Supply | 18.36 Bn | 18.13 Bn | 1.68 Bn | 1.02 Bn |
| 6 | Dick'S Sporting Goods | 16.12 Bn | 15.12 Bn | 1.68 Bn | 1.22 Bn |
| 7 | Five Below | 13.54 Bn | 12.43 Bn | 478.64 Mn | 273.28 Mn |
| 8 | Murphy USA | 10.41 Bn | 10.23 Bn | 746.50 Mn | 6.50 Bn |
| 9 | Bath & Body Works | 4.07 Bn | 3.12 Bn | 1.24 Bn | 645.00 Mn |
| 10 | MINISO Group Holding | 3.38 Bn | 2.41 Bn | 414.86 Mn | -290.69 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -290.69 Mn |
| Sep 30, 2025 | -247.81 Mn |
| Jun 30, 2025 | -196.51 Mn |
| Mar 31, 2025 | -173.79 Mn |
| Dec 31, 2024 | -175.07 Mn |
| Sep 30, 2024 | -175.65 Mn |
| Jun 30, 2024 | -145.50 Mn |
| Mar 31, 2024 | -122.90 Mn |
| Dec 31, 2023 | -139.64 Mn |
| Sep 30, 2023 | -283.29 Mn |
| Jun 30, 2023 | -88.74 Mn |
| Mar 31, 2023 | -86.53 Mn |
| Dec 31, 2022 | -81.64 Mn |
| Sep 30, 2022 | -77.17 Mn |
| Jun 30, 2022 | -80.55 Mn |
| Dec 31, 2021 | 37.29 Mn |
| Sep 30, 2021 | -85.34 Mn |
| Jun 30, 2021 | -74.80 Mn |
| Mar 31, 2021 | -71.13 Mn |
| Dec 31, 2020 | 60.50 Mn |