Noah Holdings (NOAH) Operating Expenses (2016 - 2025)

Noah Holdings has reported Operating Expenses for 10 years, with the latest figure at -$68.0 million in Q4 2025.

• For the quarter ending Q4 2025, Operating Expenses rose 3.5% year-over-year to -$68.0 million; the trailing twelve-month figure through Dec 2025 stood at -$257.2 million (up 5.79% YoY), and the FY2025 full-year result was $262.2 million, down 2.71% from the prior year.
• Operating Expenses for Q4 2025 stood at -$68.0 million, down from -$64.8 million in the prior quarter.
• The five-year high for Operating Expenses was -$59.1 million in Q1 2025, with the low at -$177.0 million in Q4 2021.
• Historically, Operating Expenses has averaged -$80.8 million across 5 years, with a median of -$71.8 million in 2024.
• Annual changes were most pronounced in 2021 — Operating Expenses sank 86.93% — and 2022, when it soared 45.74%.
• Noah Holdings' Operating Expenses 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.