Waterdrop (WDH) Operating Expenses (2020 - 2025)

Waterdrop's Operating Expenses history runs 6 years deep, the most recent figure standing at -$189.8 million for Q4 2025.

• In Q4 2025, Operating Expenses fell 118.58% year-over-year to -$189.8 million; the TTM figure through Dec 2025 stood at -$507.6 million (down 40.82% YoY), while the FY2025 annual figure was $515.8 million, up 45.15% from the prior year.
• Operating Expenses was -$189.8 million for Q4 2025 at Waterdrop, down from -$121.0 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of -$81.4 million in Q2 2022 to a low of -$271.8 million in Q2 2021.
• Historically, Operating Expenses has averaged -$118.2 million across 5 years, with a median of -$93.9 million in 2023.
• The sharpest annual moves came in 2021 and 2022: Operating Expenses sank 185.86% in 2021, then jumped 70.03% in 2022.
• A 5-year view of Operating Expenses shows it stood at -$106.4 million in 2021, then rose by 17.31% to -$88.0 million in 2022, then declined by 1.33% to -$89.1 million in 2023, then rose by 2.56% to -$86.8 million in 2024, then tumbled by 118.58% to -$189.8 million in 2025.
• The last three Operating Expenses figures came in at -$189.8 million (Q4 2025), -$121.0 million (Q3 2025), and -$103.4 million (Q2 2025), per Business Quant data.