Phoenix New Media Ltd. Sponsored ADR Class A (FENG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 22	—	-$0.44	—	—	$194.8M	—
Q2 22	—	-$1.07	—	—	$191.6M	—
Q1 22	—	-$1.02	—	—	$175.4M	—
Q4 21	—	-$0.42	—	—	$302.9M	—
Q3 21	—	-$1.74	—	—	$244.6M	—
Q1 21	—	-$0.36	—	—	$226.1M	—
Q4 20	—	-$0.12	—	—	$362.2M	—
Q2 20	—	$0.3	—	—	$312.3M	—
Q1 20	-$7.81	-$4.08	+47.8%	—	$231.4M	—
Q4 19	-$1.55	-$6.84	-341.3%	—	$470.9M	—
Q3 19	-$1.1	-$4.2	-281.8%	—	$339.9M	—
Q2 19	-$7.17	-$5.46	+23.8%	—	$345.9M	—
Q1 19	-$6.98	-$9.24	-32.4%	—	$284.9M	—
Q4 18	-$0.36	-$0.52	-44.4%	—	$399.2M	—
Q3 18	$0.3	-$0.25	-183.3%	—	$329.3M	—
Q2 18	$0.29	$0.73	+151.7%	—	$363.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0	—	—	$765.6M	—
FY24	—	-$4.32	—	—	$703.7M	—
FY23	—	-$8.64	—	—	$692M	—
FY22	—	-$9.12	—	—	$785.7M	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.4B	$1.6B	$1.4B	$1.3B	$1.2B	$1B	$785.7M	$692M	$703.7M	$765.6M
YoY change	-10.2%	+9.01%	-12.6%	-3.52%	-8.96%	-14.8%	-23.7%	-11.9%	+1.69%	+8.79%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.4B	1.6B	1.4B	1.3B	1.2B	1B	785.7M	692M	703.7M	765.6M
Cost of revenue	726.8M	727.2M	595.8M	683.3M	559.3M	597.4M	548.5M	464.1M	435M	391.4M
Gross profit	718.1M	847.9M	780.4M	644.5M	649.6M	432.9M	237.2M	227.9M	268.7M	374.1M
Gross margin	49.7%	53.8%	56.7%	48.5%	53.7%	42%	30.2%	32.9%	38.2%	48.9%
Research & development	161.9M	192.3M	204.7M	216.7M	172M	158.6M	131.8M	82.7M	70.8M	64.6M
Selling, general & administrative	520.8M	640.6M	699.4M	783.8M	557.4M	610.4M	296.8M	270.9M	262.7M	343.9M
Operating expenses	682.7M	813.5M	904.1M	1B	729.3M	769M	428.6M	353.6M	333.4M	408.5M
Operating income	35.4M	15M	-123.7M	-356.1M	-79.8M	-336.1M	-191.4M	-125.7M	-64.7M	-34.4M
Operating margin	2.45%	0.95%	-8.99%	-26.8%	-6.6%	-32.6%	-24.4%	-18.2%	-9.2%	-4.49%
Non-operating income, net	56.9M	34.2M	44.6M	1B	587.6M	36.3M	-36.1M	-5.1M	-16M	21.9M
Pretax income	92.3M	49.2M	-45.2M	691.7M	543.2M	-252.5M	-196.1M	-96.1M	-48.3M	8.5M
Income tax	14.1M	14.8M	20.1M	21.9M	115.6M	20.6M	-70.4M	13M	4.6M	8.2M
Net income	78.2M	34.4M	-65.6M	724M	365.3M	-273.1M	-125.7M	-109.1M	-52.9M	365K
Net margin	5.41%	2.19%	-4.77%	54.5%	30.2%	-26.5%	-16%	-15.8%	-7.52%	0.05%
EBITDA	77.3M	50.6M	-103.7M	-1.3B	-571.5M	-280.6M	-100.5M	-80.7M	-28.9M	-32.5M
EPS	6.72	3.36	-5.28	60	31.2	-16.8	-9.12	-8.64	-4.32	0
Diluted EPS	6.72	2.88	-5.28	60	31.2	-16.8	-9.12	-8.64	-4.32	0

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	153.6M	211.8M	153M	168.3M	23.1M	218.1M	155.2M	187.2M	200.9M	222.3M	188.8M	216.7M
Cost of revenue	101.2M	120.5M	109M	102.9M	14.4M	121.1M	92.5M	95.1M	105.2M	98.6M	87.8M	92.6M
Gross profit	52.4M	91.3M	44M	65.4M	8.8M	97M	62.7M	92M	95.7M	123.7M	101M	124.1M
Gross margin	34.1%	43.1%	28.8%	38.9%	37.9%	44.5%	40.4%	49.2%	47.6%	55.6%	53.5%	57.3%
Research & development	18.3M	18.3M	17.6M	17.7M	2.4M	18.2M	17M	16.6M	16.3M	14.7M	15.1M	14.7M
Selling, general & administrative	72.6M	50.1M	63M	56.7M	10M	72.1M	84.1M	82.7M	92.7M	84.5M	115.8M	114.7M
Operating expenses	90.9M	68.4M	80.6M	74.3M	12.4M	90.3M	101.1M	99.2M	109M	99.2M	130.9M	129.4M
Operating income	-38.5M	22.9M	-36.5M	-8.9M	-3.7M	6.7M	-38.4M	-7.2M	-13.3M	24.5M	-29.9M	-5.3M
Operating margin	-25.1%	10.8%	-23.9%	-5.31%	-15.8%	3.08%	-24.7%	-3.85%	-6.62%	11%	-15.8%	-2.42%
Non-operating income, net	3.8M	-5.6M	-425K	-4M	263.9K	-13.4M	-54K	-4M	11.4M	14.5M	5.6M	8.4M
Pretax income	-25.2M	24.9M	-26.8M	-4.2M	-2.7M	1.8M	-33.4M	-5.1M	3M	44M	-19.6M	7.5M
Income tax	-3.7M	17.7M	208K	93K	77.6K	3.8M	-3.1M	4.6M	8M	-1.4M	-1.2M	285K
Net income	-21.5M	7.2M	-27M	-4.3M	-2.8M	-2M	-30.3M	-9.7M	-5M	45.3M	-18.4M	7.2M
Net margin	-14%	3.41%	-17.7%	-2.55%	-12%	-0.91%	-19.5%	-5.18%	-2.49%	20.4%	-9.75%	3.34%
EBITDA	-40.4M	21.4M	-36.2M	-10.7M	-4M	11.8M	-38.2M	-6.2M	-24.7M	9.5M	-35.3M	-15M
EPS	-1.92	0.48	-2.4	-0.48	-1.44	-0.48	-2.4	-0.96	-0.48	3.84	-1.44	0.48
Diluted EPS	-1.92	0.48	-2.4	-0.48	-1.44	-0.48	-2.4	-0.96	-0.48	3.84	-1.44	0.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.6B	3.4B	1.7B	1B	633.3M	453.9M	235.7M	120.6M	—	20.1M	20.1M
Enterprise value	1B	2.6B	866.2M	-460.7M	-951.5M	-998.3M	-805.2M	-896.1M	—	-938.4M	-938.4M
Shares outstanding	86.6M	86.8M	87.8M	88M	88M	88M	88M	88.7M	12M	12M	12M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	98.2	—	1.43	1.73	—	—	—	—	55	55
P/S	1.13	2.15	1.22	0.78	0.52	0.44	0.3	0.17	—	0.03	0.03
P/B	0.75	1.35	0.5	0.29	0.38	0.33	0.19	0.1	—	0.02	0.02
EV/EBITDA	13	51.6	-8.36	0.36	1.66	3.56	8.01	11.1	—	28.9	28.9
EV/Sales	0.7	1.66	0.63	-0.35	-0.79	-0.97	-1.02	-1.29	—	-1.23	-1.23
Earnings yield	4.79%	1.02%	—	70%	57.7%	—	—	—	—	1.82%	1.82%
FCF yield	10.7%	4.29%	-7.88%	-37.5%	-18.2%	-35.2%	-146.9%	-58.5%	—	-78.3%	-78.3%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	49.7%	53.8%	56.7%	48.5%	53.7%	42%	30.2%	32.9%	38.2%	48.9%	48.9%
Operating margin	2.45%	0.95%	-8.99%	-26.8%	-6.6%	-32.6%	-24.4%	-18.2%	-9.2%	-4.49%	-4.49%
Net margin	5.41%	2.19%	-4.77%	54.5%	30.2%	-26.5%	-16%	-15.8%	-7.52%	0.05%	0.05%
ROE	3.62%	1.38%	-1.94%	20.4%	22%	-19.7%	-9.94%	-9.38%	-4.76%	0.03%	0.03%
ROA	2.47%	0.96%	-1.42%	13.6%	13.2%	-11.4%	-6.19%	-6.2%	-3.09%	0.02%	0.02%
ROIC	1.95%	0.61%	-4.81%	-16.8%	-79.3%	533.5%	-85.4%	-85.6%	-48.2%	-0.98%	-0.98%
Return on tangible assets	2.48%	0.96%	-1.75%	13.8%	13.3%	-11.6%	-6.37%	-6.35%	-3.14%	0.02%	0.02%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.1	2.09	1.88	1.7	2.28	2.15	2.5	2.81	2.74	2.85	2.85
Quick ratio	2.1	2.09	1.88	1.7	2.28	2.15	2.5	2.81	2.74	2.85	2.85
Debt / equity	0.17	0.13	0.08	0.02	0.03	0.03	0.08	0.06	0.05	0.04	0.04
Debt / assets	0.11	0.09	0.06	0.02	0.02	0.02	0.05	0.04	0.03	0.03	0.03
Net debt / EBITDA	-8.09	-15.2	7.9	1.16	2.77	5.18	10.4	12.6	33.9	29.5	29.5
Interest coverage	5.01	0.67	—	—	—	—	—	—	—	—	—
Effective tax rate	15.3%	30%	0%	3.17%	21.3%	0%	0%	0%	0%	95.7%	95.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.7	18.1	15.7	15.1	13.7	11.7	8.93	7.8	58.6	63.7	63.7
EPS (basic)	6.72	3.36	-5.28	60	31.2	-16.8	-9.12	-8.64	-4.32	0	0
EPS (diluted)	6.72	2.88	-5.28	60	31.2	-16.8	-9.12	-8.64	-4.32	0	0
Book value per share	25	28.8	38.6	40.3	18.9	15.8	14.4	13.1	92.7	92.3	92.3
FCF per share	2.01	1.67	-1.51	-4.41	-1.31	-1.82	-3.94	-0.8	-4.12	-1.31	-1.31
Cash per share	11.4	12.7	12.4	18	18.6	17	13	12.2	86.2	83.4	83.4
Capex per share	0.34	0.32	0.64	0.66	0.14	0.01	0.29	0.07	0.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.03%	1.76%	4.07%	4.36%	1%	0.05%	3.23%	0.86%	0.7%	—	—
Capex / operating cash flow	19.1%	41.7%	-151.3%	9.09%	3.9%	-0.23%	-26.1%	-55.5%	-7.59%	—	—
Payout ratio	—	0%	0%	97.1%	176.6%	-1.3%	0%	0%	—	—	—
Dividend yield	—	0%	0%	68%	101.9%	0.78%	0%	0%	—	—	—

Yield

—

trailing twelve months

Frequency

Weekly

Last dividend

$8.226

ex-dividend Dec 23, 2020

Payout ratio

—

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Dec 23, 2020	$8.226
Dec 3, 2020	$8.2272
Dec 16, 2019	$8.226
Nov 27, 2019	$8.2272

Split history

Date	Ratio
May 23, 2022	1:6

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$153.6M	$211.8M	$153M	$168.3M	$23.1M	$218.1M	$155.2M	$187.2M	$200.9M	$222.3M	$188.8M	$216.7M
YoY change	-21.1%	-5.39%	+4.53%	-6.6%	-84.9%	+2.96%	+1.45%	+11.2%	+768.2%	+1.92%	+21.6%	+15.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	984M	1.1B	1.1B	1.6B	1.6B	1.5B	1.1B	1.1B	1B	1B
Receivables	405M	458.7M	484.1M	587.4M	566.8M	438.7M	428.4M	270.4M	296.8M	274.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	2.1B	2.2B	2B	2.6B	2.4B	2.1B	1.7B	1.5B	1.5B	1.4B
Property, plant & equipment	72.1M	64.5M	95.6M	181.9M	112.1M	70.4M	116.6M	75.2M	61.2M	52.7M
Goodwill & intangibles	18.9M	13.4M	871.5M	72.8M	24.8M	45M	58.3M	40.1M	27.4M	20.8M
Total assets	3.2B	3.6B	4.6B	5.3B	2.8B	2.4B	2B	1.8B	1.7B	1.6B
Accounts payable	260.9M	262.7M	264.8M	249M	221.2M	217.2M	177M	122.1M	144.7M	122.4M
Short-term debt	358.6M	330M	267.7M	37.9M	36.4M	25.8M	23.6M	19.9M	11M	14.1M
Total current liabilities	983.1M	1.1B	1.1B	1.5B	1.1B	967M	664.3M	527M	537.3M	498.3M
Long-term debt	—	—	0	49.9M	16.7M	20.1M	80.9M	49.5M	45.7M	29.2M
Total liabilities	1B	1.1B	1.2B	1.8B	1.1B	1B	765.6M	595.1M	598.5M	541.5M
Shareholders' equity	2.2B	2.5B	3.4B	3.5B	1.7B	1.4B	1.3B	1.2B	1.1B	1.1B
Total debt	358.6M	330M	267.7M	87.8M	53M	45.9M	104.6M	69.4M	56.7M	43.3M
Net debt	155.9M	-32.9M	93.6M	-223.1M	-304.8M	-143.1M	8.6M	-458M	-550.9M	-494.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1B	1.1B	1B	982.3M	136M	1B	974.8M	975.9M	993.8M	1B	952M	986.3M
Receivables	310M	270.4M	295.9M	301.2M	45.8M	296.8M	287.9M	288M	322.4M	274.3M	289.3M	269M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.4B	1.5B	1.4B	1.4B	202M	1.5B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B
Property, plant & equipment	82.8M	75.2M	62.6M	57.2M	8M	61.2M	62.3M	59.8M	56.3M	52.7M	49.1M	45.4M
Goodwill & intangibles	22M	40.1M	34.9M	32.3M	4.1M	27.4M	25.5M	24M	22.4M	20.8M	18.8M	17.7M
Total assets	1.8B	1.8B	1.7B	1.7B	237.4M	1.7B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B
Accounts payable	132.2M	122.1M	132M	129.5M	19.8M	144.7M	111.3M	106.1M	136.6M	122.4M	119M	118.9M
Short-term debt	20.9M	19.9M	17.7M	17.5M	2.7M	11M	10.6M	10.6M	14M	14.1M	13.6M	12.6M
Total current liabilities	530M	527M	488M	501.9M	73.5M	537.3M	475.3M	467.8M	515M	498.3M	468.3M	474.4M
Long-term debt	54.4M	49.5M	39.7M	35.4M	4.9M	45.7M	39.6M	38.6M	33.8M	29.2M	26.4M	25.9M
Total liabilities	604.7M	595.1M	546.3M	555.9M	81M	598.5M	530.4M	521.8M	564.4M	541.5M	508.7M	514.4M
Shareholders' equity	1.2B	1.2B	1.1B	1.1B	156.4M	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B
Total debt	75.2M	69.4M	57.5M	52.8M	7.5M	56.7M	50.2M	49.2M	47.8M	43.3M	40M	38.6M
Net debt	-17.2M	-458M	-395.8M	-334.2M	-48M	-550.9M	-586M	-685.6M	-440.5M	-494.2M	-469M	-464.2M

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	78.2M	34.4M	-65.6M	724M	365.3M	-273.1M	-125.7M	-109.1M	-52.9M	365K
Depreciation & amortization	42M	35.6M	32.2M	83.4M	78.9M	66.1M	54.7M	42.6M	34.9M	27.1M
Stock-based compensation	1.9M	20.9M	14M	11.9M	9.4M	9.6M	7.9M	3.7M	1.5M	17K
Change in working capital	49.3M	-18.1M	-18.2M	-126.7M	-193.1M	-36.7M	-36.1M	33.2M	-55.6M	1.9M
Operating cash flow	153M	66.6M	-37M	637.1M	309.6M	-239.5M	-97.4M	-10.7M	-65.2M	-2.7M
Capital expenditure	-29.3M	-27.8M	-56M	-57.9M	-12.1M	548K	-25.4M	-5.9M	-4.9M	—
Investing cash flow	-313.5M	-6.4M	-52.7M	1.9B	480.5M	-42.7M	228.5M	487.3M	127.1M	-45.9M
Dividends paid	—	0	0	-703.1M	-645.2M	-3.5M	0	0	—	—
Share repurchases	0	0	—	—	—	0	0	-655K	-825K	0
Financing cash flow	214.7M	-385.7M	-409.5M	-1.4B	-639.7M	-3.5M	0	-655K	-1.9M	-1M
Net change in cash	54.2M	-325.5M	-499.1M	1.2B	150.4M	-285.7M	131.1M	475.9M	60M	-49.6M
Free cash flow	174.4M	145.2M	-132.8M	-388.2M	-115.2M	-159.7M	-346.4M	-70.5M	-49.5M	-15.7M

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Phoenix New Media Ltd. Sponsored ADR Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement