Domestic Asset Management was Noah Holdings’s largest segment in fiscal 2025, bringing in $693.14M of $2.63B (26%).
| Segment | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wealth Management | $2.21B | $2.50B | — | — | ||||||||||
| Wealth Management Business | — | — | — | — | ||||||||||
| Domestic Asset Management | — | — | $773.21M | $693.14M | ||||||||||
| Overseas Wealth Management | — | — | $674.70M | $547.54M | ||||||||||
| Asset Management Business | $839.10M | $768.55M | — | — | ||||||||||
| Domestic Public Securities | — | — | $493.77M | $570.28M | ||||||||||
| Overseas Asset Management | — | — | $438.51M | $553.94M | ||||||||||
| Overseas Insurance & Comprehensive Services | — | — | $138.87M | $178.79M | ||||||||||
| Other Businesses | $79.34M | $48.66M | — | — | ||||||||||
| Other Financial Service Business | — | — | — | — | ||||||||||
| Lending & Other Businesses | — | — | — | — | ||||||||||
| Headquarters | — | — | $59.08M | $67.33M | ||||||||||
| Domestic Insurance | — | — | $43.20M | $18.77M | ||||||||||
| Internet Financial Service Business | — | — | — | — | ||||||||||
| Total | $3.13B | $3.32B | $2.62B | $2.63B |
Noah Holdings brought in $2.63B from its seven segments in fiscal 2025, the year ended December 31, 2025. That was up 0.3% from $2.62B in fiscal 2024. Domestic Asset Management was the largest at $693.14M (26.4%), ahead of Domestic Public Securities at $570.28M (21.7%) and Overseas Asset Management at $553.94M (21.1%). The other four segments brought in $812.43M combined.
Compared with fiscal 2024, Overseas Insurance & Comprehensive Services grew fastest, up 28.8% to $178.79M, while Overseas Wealth Management fell the most, down 18.8% to $547.54M.
Noah Holdings began breaking out Domestic Asset Management in fiscal 2024, Overseas Wealth Management in fiscal 2024, Domestic Public Securities in fiscal 2024 and Overseas Asset Management in fiscal 2024. Noah Holdings stopped reporting Wealth Management ($2.50B in fiscal 2023), Asset Management Business ($768.55M in fiscal 2023) and Other Businesses ($48.66M in fiscal 2023) as separate segments.
Recurring Service Fees was Noah Holdings’s largest product and service line in fiscal 2025, bringing in $1.62B of $2.63B (61%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Recurring Service Fees | $1.93B | $1.84B | $1.65B | $1.62B | |||||
| One-Time Commissions | $617.64M | $1.09B | $635.55M | $581.54M | |||||
| One Time Commissions | — | — | — | — | |||||
| Performance-Based Income | $309.58M | $137.61M | $152.74M | $271.85M | |||||
| Performance Based Income | — | — | — | — | |||||
| Other Service Fees | $223.44M | $270.58M | $186.11M | $161.30M | |||||
| Lending Services | — | — | — | — | |||||
| Other Comprehensive Services | — | — | — | — | |||||
| Other Services | — | — | — | — | |||||
| Investor Education Services | — | — | — | — | |||||
| Total | $3.08B | $3.33B | $2.63B | $2.63B |
Noah Holdings brought in $2.63B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 0.1% from $2.63B in fiscal 2024. Recurring Service Fees was the largest at $1.62B (61.4%), ahead of One-Time Commissions at $581.54M (22.1%) and Performance-Based Income at $271.85M (10.3%). The remaining line, Other Service Fees, brought in $161.30M.
Compared with fiscal 2024, Performance-Based Income grew fastest, up 78.0% to $271.85M, while Other Service Fees fell the most, down 13.3% to $161.30M. From fiscal 2022 to 2025, combined revenue from these lines fell from $3.08B to $2.63B, a compound annual decline of 5.2%. Recurring Service Fees' share of the total fell from 62.7% to 61.4%.
China was Noah Holdings’s largest region in fiscal 2025, bringing in $1.35B of $2.63B (51%).
| Geography | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| China | $2.30B | $1.88B | $1.37B | $1.35B | ||||||
| Mainland China | — | — | — | — | ||||||
| Mainland Of China | — | — | — | — | ||||||
| Hong Kong | $591.94M | $1.11B | $925.85M | $986.36M | ||||||
| Others | $236.42M | $318.75M | $326.23M | $293.91M | ||||||
| Other Countries | — | — | — | — | ||||||
| Total | $3.13B | $3.32B | $2.62B | $2.63B |
Noah Holdings brought in $2.63B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 0.3% from $2.62B in fiscal 2024. China was the largest at $1.35B (51.3%), ahead of Hong Kong at $986.36M (37.5%) and Others at $293.91M (11.2%).
Compared with fiscal 2024, Hong Kong grew fastest, up 6.5% to $986.36M, while Others fell the most, down 9.9% to $293.91M. From fiscal 2022 to 2025, combined revenue from these regions fell from $3.13B to $2.63B, a compound annual decline of 5.6%. China's share of the total fell from 73.5% to 51.3%.
Noah Holdings (NOAH) reports its revenue by segment, by product and service and by geography. In fiscal 2025, Domestic Asset Management was its largest segment, bringing in $693.14M (26.4% of the total), followed by Domestic Public Securities at $570.28M (21.7%).
Domestic Asset Management was Noah Holdings' largest segment in fiscal 2025, bringing in $693.14M, or 26.4% of the $2.63B total across its seven segments.
Recurring Service Fees was Noah Holdings' largest product and service line in fiscal 2025, bringing in $1.62B, or 61.4% of the $2.63B total across its four product and service lines.
China was Noah Holdings' largest region in fiscal 2025, bringing in $1.35B, or 51.3% of the $2.63B total across its three regions.
Among Noah Holdings' segments that make up at least 2% of revenue, Overseas Insurance & Comprehensive Services grew fastest in fiscal 2025, up 28.8% from $138.87M to $178.79M.
Every figure comes from Noah Holdings' annual financial filings, as reported. Each line keeps the name Noah Holdings gives it, and years follow its fiscal calendar.
Noah Holdings' revenue by segment goes back to fiscal 2012, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.