Insurance Brokerage Income was Waterdrop’s largest product and service line in fiscal 2025, bringing in $2.57B of $3.98B (65%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Insurance Brokerage Income | $2.34B | $2.21B | $2.32B | $2.57B | |||
| Technical Service Income | $215.83M | $135.76M | $40.94M | $1.01B | |||
| Crowdfunding Service Fees | $155.80M | $162.68M | $267.65M | $261.64M | |||
| Management Fee Income | — | — | — | — | |||
| Digital Clinical Trial Solution Income | $59.46M | $100.50M | $91.07M | $118.30M | |||
| Other Revenues | $27.35M | $26.61M | $49.33M | $21.26M | |||
| Total | $2.80B | $2.63B | $2.77B | $3.98B |
Waterdrop brought in $3.98B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 43.5% from $2.77B in fiscal 2024. Insurance Brokerage Income was the largest at $2.57B (64.6%), ahead of Technical Service Income at $1.01B (25.3%) and Crowdfunding Service Fees at $261.64M (6.6%). The other two lines brought in $139.56M combined.
Compared with fiscal 2024, Technical Service Income grew fastest, up 2,358.0% to $1.01B, while Crowdfunding Service Fees fell the most, down 2.2% to $261.64M. From fiscal 2022 to 2025, combined revenue from these lines grew from $2.80B to $3.98B, a compound annual growth rate of 12.4%. Insurance Brokerage Income's share of the total fell from 83.6% to 64.6%.
Insurance was Waterdrop’s largest segment in fiscal 2025, bringing in $3.58B of $3.98B (90%).
| Segment | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Insurance | $2.56B | $2.34B | $2.36B | $3.58B | |
| Crowdfunding | $155.80M | $162.68M | $267.65M | $261.64M | |
| Other Segments | $86.81M | $127.11M | $140.39M | $139.56M | |
| Total | $2.80B | $2.63B | $2.77B | $3.98B |
Waterdrop brought in $3.98B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 43.5% from $2.77B in fiscal 2024. Insurance was the largest at $3.58B (89.9%), ahead of Crowdfunding at $261.64M (6.6%) and Other Segments at $139.56M (3.5%).
Compared with fiscal 2024, Insurance grew fastest, up 51.3% to $3.58B, while Crowdfunding fell the most, down 2.2% to $261.64M. From fiscal 2022 to 2025, combined revenue from these segments grew from $2.80B to $3.98B, a compound annual growth rate of 12.4%. Insurance's share of the total fell from 91.3% to 89.9%.
Vie was Waterdrop’s largest revenue line in fiscal 2021, bringing in $3.19B of $3.20B (100%).
| Consolidated Entities | FY 2021 |
|---|---|
| Vie | $3.19B |
| Waterdrop Inc | $2.28M |
| Total | $3.20B |
Waterdrop brought in $3.20B from its two revenue lines in fiscal 2021, the year ended December 31, 2021. Vie was the largest at $3.19B (99.9%), ahead of Waterdrop Inc at $2.28M (0.1%).
Waterdrop (WDH) reports its revenue by product and service, by segment and by consolidated entities. In fiscal 2025, Insurance Brokerage Income was its largest product and service line, bringing in $2.57B (64.6% of the total), followed by Technical Service Income at $1.01B (25.3%).
Insurance Brokerage Income was Waterdrop's largest product and service line in fiscal 2025, bringing in $2.57B, or 64.6% of the $3.98B total across its five product and service lines.
Insurance was Waterdrop's largest segment in fiscal 2025, bringing in $3.58B, or 89.9% of the $3.98B total across its three segments.
Vie was Waterdrop's largest revenue line in fiscal 2021, bringing in $3.19B, or 99.9% of the $3.20B total across its two revenue lines.
Among Waterdrop's product and service lines that make up at least 2% of revenue, Technical Service Income grew fastest in fiscal 2025, up 2,358.0% from $40.94M to $1.01B.
Every figure comes from Waterdrop's annual financial filings, as reported. Each line keeps the name Waterdrop gives it, and years follow its fiscal calendar.
Waterdrop's revenue by product and service goes back to fiscal 2019, 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.