Noah Holdings (NOAH) Operating Expenses (2016 - 2025)
Noah Holdings (NOAH) posted Operating Expenses of -$68.0 million for Q4 2025, down 5.0% on a QoQ basis from -$64.8 million in Q3 2025, and up 3.5% year-over-year from -$65.7 million in Q4 2024.
Noah Holdings (NOAH) Operating Expenses (2016 - 2025) Analysis & Trends
Noah Holdings' Operating Expenses history runs 10 years deep, the most recent figure standing at -$68.0 million for 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 was -$68.0 million for Q4 2025 at Noah Holdings, down from -$64.8 million in the prior quarter.
- Across five years, Operating Expenses topped out at -$59.1 million in Q1 2025 and bottomed at -$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 plunged 86.93% — and 2022, when it soared 45.74%.
- Noah Holdings' Operating Expenses stood at -$177.0 million in 2021, then surged by 45.74% to -$96.0 million in 2022, then grew by 15.11% to -$81.5 million in 2023, then gained by 13.56% to -$70.5 million in 2024, then advanced by 3.5% to -$68.0 million in 2025.
- Business Quant data shows NOAH's Operating Expenses at -$68.0 million in Q4 2025, -$64.8 million in Q3 2025, and -$65.4 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Brookfield | 1,236.60 Bn | 1,311.20 Bn | 18.56 Bn | -14.14 Bn |
| 2 | BlackRock | 161.01 Bn | 148.08 Bn | - | 3.88 Bn |
| 3 | Blackstone | 97.77 Bn | 96.72 Bn | - | 2.26 Bn |
| 4 | Apollo Global Management | 70.80 Bn | 90.38 Bn | -409.00 Mn | 4.68 Bn |
| 5 | State Street | 51.30 Bn | 51.30 Bn | - | 2.81 Bn |
| 6 | Ameriprise Financial | 48.54 Bn | 39.27 Bn | 4.57 Bn | 3.67 Bn |
| 7 | Northern Trust | 32.93 Bn | 32.93 Bn | - | 1.51 Bn |
| 8 | Raymond James Financial | 32.59 Bn | 17.67 Bn | - | 3.12 Bn |
| 9 | Price T Rowe | 24.70 Bn | 21.13 Bn | - | 1.18 Bn |
| 10 | Noah Holdings | 42.59 Mn | -642.97 Mn | 96.16 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 |