Waterdrop Inc. Q2 2026 Earnings Recap

Waterdrop’s shares were flat after earnings, signaling a broadly balanced result. Revenue grew 72.8% year over year and profitability continued, although the company’s full-year targets imply a slower pace than the second-quarter top-line growth.

Key Takeaways

• Second-quarter revenue was ¥1.45 billion, up 72.8% year over year; net profit attributable to ordinary shareholders was ¥130 million, marking the 10th consecutive profitable quarter.
• Insurance-related income increased 80.5% year over year to ¥1.33 billion, while insurance operating profit rose 20% sequentially to ¥180 million.
• Insurance customer acquisition rose 32.3% sequentially, and first-year premiums from long-term insurance increased 33.4% sequentially.
• Digital claims and trial solutions enrolled more than 1,500 patients during the quarter, up 54% year over year, with cumulative patients served exceeding 17,000.
• Management targets more than 40% full-year 2026 revenue growth and over 10% operating-profit growth; the board also approved a $0.03-per-ADS dividend and a share-repurchase program of up to $50 million over 12 months.