Waterdrop Inc.WDH
What Waterdrop Inc. does.
We provide various health and life insurance products to meet the growing protection demand of our consumers. As a portal for both insurance consumers and insurance carriers, our insurance business integrates data, systems and services, and facilitates smooth execution flow and consumer experience leveraging our technology capabilities.
Our insurance business aims to serve consumers with growing awareness in insurance protection who are yet underserved by insurance carriers or brokers in a traditional manner. As of December 31, 2025, the cumulative number of insurance consumers we served, including those we served through Shenlanbao Insurance Marketplace following our acquisition of Shenlanbao, was approximately 123.4 million, 38.9 million of which were paying insurance consumers.
Our insurance users include bread winners from lower-tier cities who are not fully covered by insurance carriers or agents, the younger generation of internet users who are new to insurance, and consumers who otherwise cannot afford or are not aware of insurance products without affordable insurance products and consumer education that we offer.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.2B | $2.8B | $2.6B | $2.8B | $4.0B |
| Net income | -$663.9M | -$1.6B | $607.7M | $167.2M | $367.5M | $568.9M |
| Free cash flow | -$803.8M | -$1.1B | $753.8M | $393.0M | $218.8M | $214.3M |
More on WDH.
- Waterdrop Inc. summary
- Waterdrop Inc. financial statements
- Waterdrop Inc. key metrics
- Waterdrop Inc. health scores and style box
- Waterdrop Inc. earnings
- Waterdrop Inc. dividends
- Waterdrop Inc. valuation
- Waterdrop Inc. ownership and insiders
- Waterdrop Inc. peers
Figures from Waterdrop Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.