Kingsoft Cloud Holdings Limited Earnings Recaps
Q2 2026
Aug 23, 2026
Kingsoft Cloud’s Q2 earnings drove a 5.4% stock gain, led by strong revenue growth in AI cloud and MaaS segments alongside improved profitability, which together outpaced market expectations.
Key takeaways
- Total revenue reached a record RMB 3.07 billion, up 31% year-over-year, fueled by an 82% surge in AI cloud gross billings to RMB 1.33 billion, now 56% of public cloud revenue.
- MaaS revenue increased more than 12-fold sequentially, reflecting rapid acceleration in this emerging business line.
- Adjusted gross margin improved 2.4 percentage points quarter-over-quarter to 15.4%, with adjusted operating margin turning positive at 4.0%.
- Public cloud revenue grew 45% year-over-year to RMB 2.36 billion, underpinned by strong growth in Xiaomi and Kingsoft ecosystem customers (up 28% YoY) and 51% growth from top 5 non-ecosystem customers.
- Continued technology enhancements pushed platform capabilities for AI model deployment, training, and inference efficiency, supporting future scalability and cost reduction efforts.
Q3 2025
Nov 19, 2025
Kingsoft Cloud demonstrated robust growth in Q3 2025, with total revenue reaching RMB 2.48 billion, driven primarily by significant gains in both public and intelligent computing cloud services.
Key takeaways
- Revenue growth accelerated to 31% year-over-year, up from 24% in Q2, with public cloud revenue surging 49% year-over-year.
- Intelligent computing cloud gross billings climbed 122% year-over-year, contributing to 45% of public cloud revenue.
- Revenue from the Xiaomi and Kingsoft ecosystem grew 84% year-over-year, comprising 28% of total revenue.
- Adjusted operating profit turned positive at RMB 15.36 million, reflecting improved operational efficiency and scaling advantages.
- The company recorded its first positive adjusted net profit of RMB 28.73 million.
Q2 2025
Aug 20, 2025
Kingsoft Cloud reported robust second-quarter results for 2025, with a notable 24% year-over-year revenue growth driven by strong demand in AI services and its strategic collaboration with the Xiaomi ecosystem.
Key takeaways
- Q2 revenue reached RMB 2.35 billion, an acceleration from the previous quarter's 11% growth, with public cloud revenue up 32% to RMB 1.63 billion.
- AI gross billings surged 120% year-over-year to RMB 728 million, constituting 45% of public cloud revenue.
- Revenue from the Xiaomi and Kingsoft ecosystem grew 70% year-over-year to RMB 629 million, representing 27% of total revenue.
- The enterprise cloud segment also showed resilience, with a 10% year-over-year revenue increase to RMB 724 million, bolstered by strategic partnerships in public services and healthcare.
- Kingsoft Cloud remains committed to enhancing AI capabilities and diversifying its service offerings in line with market demands.