So-Young International (SY) Operating Expenses (2018 - 2026)
So-Young International (SY) posted quarterly Operating Expenses of -$34.7 million for Q1 2026, down 33.21% year-over-year from -$52.0 million in Q1 2025, and up 25.86% quarter-over-quarter from -$46.9 million in Q4 2025.
So-Young International (SY) Operating Expenses (2018 - 2026) Analysis & Trends
So-Young International's Operating Expenses history runs 9 years deep, the most recent figure standing at -$34.7 million for Q1 2026.
- In Q1 2026, Operating Expenses fell 33.21% year-over-year to -$34.7 million; the TTM figure through Mar 2026 stood at -$151.2 million (up 25.75% YoY), while the FY2025 annual figure was $145.0 million, down 30.54% from the prior year.
- Operating Expenses for Q1 2026 stood at -$34.7 million, up from -$46.9 million in the prior quarter.
- The five-year high for Operating Expenses was -$26.1 million in Q1 2025, with the low at -$111.7 million in Q4 2024.
- The 5-year median for Operating Expenses is -$33.8 million (2024), against an average of -$39.6 million.
- The sharpest annual moves came in 2024 and 2025: Operating Expenses slumped 207.55% in 2024, then surged 58.04% in 2025.
- So-Young International's Operating Expenses stood at -$30.8 million in 2022, then decreased by 17.81% to -$36.3 million in 2023, then plunged by 207.55% to -$111.7 million in 2024, then soared by 58.04% to -$46.9 million in 2025, then advanced by 25.86% to -$34.7 million in 2026.
- Business Quant data shows SY's Operating Expenses at -$34.7 million in Q1 2026, -$46.9 million in Q4 2025, and -$35.9 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 388.91 Mn |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | 362.36 Mn |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 153.36 Mn |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 132.05 Mn |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 143.51 Mn |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 398.00 Mn |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 243.63 Mn |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 99.28 Mn |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 71.09 Mn |
| 10 | So-Young International | 37.66 Mn | -77.47 Mn | 26.35 Mn | -34.75 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -34.75 Mn |
| Dec 31, 2025 | -46.86 Mn |
| Sep 30, 2025 | -35.90 Mn |
| Jun 30, 2025 | -33.68 Mn |
| Mar 31, 2025 | -26.08 Mn |
| Dec 31, 2024 | -111.69 Mn |
| Sep 30, 2024 | -32.06 Mn |
| Jun 30, 2024 | -33.80 Mn |
| Mar 31, 2024 | -32.94 Mn |
| Dec 31, 2023 | -36.32 Mn |
| Sep 30, 2023 | -33.54 Mn |
| Jun 30, 2023 | -38.95 Mn |
| Mar 31, 2023 | -33.46 Mn |
| Dec 31, 2022 | -30.82 Mn |
| Sep 30, 2022 | -33.26 Mn |
| Jun 30, 2022 | -36.82 Mn |
| Mar 31, 2022 | -42.83 Mn |
| Dec 31, 2021 | -58.36 Mn |
| Sep 30, 2021 | -50.06 Mn |
| Jun 30, 2021 | -51.94 Mn |