NOAH Balance Sheet, Income & Cash Flow

Income Statement NOAH
Line item	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	136.43	35.16	41.84	233.75	267.79	274.20	266.42	317.71	226.65	237.08	184.55	185.41
Cost of Revenue	65.82	19.31	21.65	116.37	127.33	130.22	56.37	160.51	105.41	104.83	95.75	86.41
Gross Profit	70.61	15.85	20.19	117.38	140.46	143.98	210.06	157.20	121.24	132.26	88.80	98.99
Research & Development	–	0.00	0.00	0.00	18.00	18.26	–	–	–	–	–	–
Selling, General & Administrative	13.53	2.84	3.90	20.41	22.80	23.97	87.24	28.37	54.06	19.84	21.06	21.71
Total Operating Expenses	21.24	6.58	9.09	53.13	65.03	70.02	108.63	68.48	41.67	53.25	43.82	43.83
Operating Income	49.37	9.27	11.11	64.25	75.42	73.97	101.42	88.72	79.57	79.00	44.98	55.17
Interest Expense	3.50	0.27	0.32	2.00	0.82	0.03	138.48	44.50	11.35	–	–	–
Pre-Tax Income	54.91	10.88	12.58	71.84	82.35	87.62	-39.09	118.41	90.55	90.91	53.61	60.73
Income Tax Expense	13.50	2.15	2.63	16.46	18.10	17.79	20.83	21.75	19.53	18.88	19.06	21.15
Net Income	39.86	8.89	10.72	63.09	66.04	67.03	-60.06	97.25	71.39	72.64	33.73	39.70
EBITDA	55.70	11.37	13.55	80.61	90.68	86.81	109.36	99.57	90.97	90.38	56.09	66.31

Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

Income Statement