Noah Holdings (NOAH) Operating Expenses (2016 - 2025)
Noah Holdings' (NOAH) quarterly Operating Expenses came in at -$68.0 million in Q4 2025, up 3.5% YoY from -$65.7 million in Q4 2024, and down 5.0% on a QoQ basis from -$64.8 million in Q3 2025.
Noah Holdings (NOAH) Operating Expenses (2016 - 2025) Analysis & Trends
Noah Holdings (NOAH) has 10 years of Operating Expenses data on file, last reported at -$68.0 million in Q4 2025.
- Quarterly Operating Expenses rose 3.5% year-over-year to -$68.0 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$257.2 million (up 5.79% YoY) and the FY2025 annual result came in at $262.2 million, down 2.71% from the prior year.
- Operating Expenses retreated to -$68.0 million in Q4 2025, from -$64.8 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$59.1 million in Q1 2025 to a low of -$177.0 million in Q4 2021.
- A 5-year average of -$80.8 million and a median of -$71.8 million in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2021 — Operating Expenses sank 86.93% — and 2022, when it soared 45.74%.
- Tracing NOAH's Operating Expenses over 5 years: stood at -$177.0 million in 2021, then soared by 45.74% to -$96.0 million in 2022, then advanced by 15.11% to -$81.5 million in 2023, then increased by 13.56% to -$70.5 million in 2024, then rose by 3.5% to -$68.0 million in 2025.
- The last three Operating Expenses figures came in at -$68.0 million (Q4 2025), -$64.8 million (Q3 2025), and -$65.4 million (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 179.70 Bn | 165.83 Bn | - | 4.62 Bn |
| 2 | Blackstone | 115.90 Bn | 113.40 Bn | - | 2.38 Bn |
| 3 | Kkr | 97.92 Bn | -179.15 Bn | - | 5.41 Bn |
| 4 | Brookfield | 93.87 Bn | 46.47 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 84.05 Bn | 82.55 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 79.25 Bn | 53.88 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 51.57 Bn | 51.57 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 51.53 Bn | 40.49 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 34.15 Bn | 34.15 Bn | - | 1.64 Bn |
| 10 | Noah Holdings | 616.29 Mn | -91.28 Mn | 96.70 Mn | -68.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -68.00 Mn |
| Sep 30, 2025 | -64.76 Mn |
| Jun 30, 2025 | -65.40 Mn |
| Mar 31, 2025 | -59.06 Mn |
| Dec 31, 2024 | -70.46 Mn |
| Sep 30, 2024 | -63.11 Mn |
| Jun 30, 2024 | -66.30 Mn |
| Mar 31, 2024 | -73.14 Mn |
| Dec 31, 2023 | -81.52 Mn |
| Sep 30, 2023 | -68.68 Mn |
| Jun 30, 2023 | -81.69 Mn |
| Mar 31, 2023 | -76.38 Mn |
| Dec 31, 2022 | -96.03 Mn |
| Sep 30, 2022 | -63.64 Mn |
| Jun 30, 2022 | -61.96 Mn |
| Mar 31, 2022 | -76.02 Mn |
| Dec 31, 2021 | -176.97 Mn |
| Sep 30, 2021 | -105.54 Mn |
| Jun 30, 2021 | -87.36 Mn |
| Mar 31, 2021 | -110.25 Mn |