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Dingdong (Cayman) Limited

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Dingdong (Cayman) Limited • NYSE
$1.72 ▲ 0.00% (+0.00)
Market Cap $372.68 M
52w High $4.79
52w Low $1.65
Dividend Yield 0%
P/E 9.05
Volume 269.05K
Outstanding Shares 216.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.662B ▲ $1.863B ▲ $80.341M ▼ 1.206% ▼ $0.38 ▼ $87.877M ▼
Q2-2025 $5.976B ▲ $1.639B ▼ $104.711M ▲ 1.752% ▲ $0.48 ▲ $115.811M ▲
Q1-2025 $5.479B ▼ $1.658B ▼ $5.615M ▼ 0.102% ▼ $0.037 ▼ $15.539M ▼
Q4-2024 $5.905B ▼ $1.723B ▼ $89.183M ▼ 1.51% ▼ $0.41 ▼ $102.275M ▼
Q3-2024 $6.538B $1.836B $131.043M 2.004% $0.89 $146.13M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.908B ▼ $6.946B ▲ $5.789B ▲ $1.025B ▲
Q2-2025 $3.973B ▼ $6.758B ▼ $5.685B ▼ $942.761M ▲
Q1-2025 $4.29B ▼ $6.91B ▼ $5.959B ▼ $823.531M ▲
Q4-2024 $4.449B ▲ $7.118B ▲ $6.194B ▲ $798.611M ▲
Q3-2024 $4.292B $6.873B $6.122B $628.293M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $107.187M ▲ $101.401M ▲ $-46.026M ▼ $-344.39M ▼ $-289.154M ▼ $101.401M ▲
Q1-2025 $5.615M ▼ $85.234M ▼ $441.686M ▲ $-199.911M ▼ $326.778M ▲ $85.234M ▼
Q4-2024 $93.843M ▲ $190.875M ▼ $-158.85M ▲ $-49.677M ▲ $-14.227M ▲ $92.699M ▼
Q3-2024 $0 ▼ $397.639M ▲ $-352.49M ▼ $-200.107M ▲ $-157.225M ▼ $397.639M ▲
Q2-2024 $67.126M $245.738M $278.839M $-592.905M $-69.807M $245.738M

Five-Year Company Overview

Income Statement

Income Statement Dingdong has shifted from a period of rapid growth with heavy losses to a more balanced phase where revenue is growing again and the core business is finally profitable. Sales expanded quickly in the early years, dipped, and then recovered, showing the company can regain momentum after a setback. Profitability has improved markedly: operating losses have narrowed each year and have recently turned into a small operating profit, and net results have moved from very large losses to a modest profit. Overall, the trend suggests better cost control, more efficient operations, and a clearer focus on profitable growth rather than growth at any cost, though margins still appear thin for a grocery business with high competition.

Balance Sheet

Balance Sheet The balance sheet has strengthened but still looks relatively lean and somewhat leveraged. Total assets expanded as the business scaled, then leveled off, which hints at a shift from heavy expansion to optimization. Cash on hand is reasonable but not abundant, and notably lower than at its peak, which means financial flexibility exists but is not unlimited. Debt remains sizable compared with the company’s equity, although it has been reduced from earlier highs, which is a positive sign. Equity has moved from negative to positive and is gradually rebuilding, indicating that accumulated losses are being worked through, but the financial cushion is still not very thick, leaving some sensitivity to future shocks or missteps.

Cash Flow

Cash Flow Cash flow has improved even more clearly than accounting profits. A few years ago, the business was consuming large amounts of cash just to operate; more recently it has generated positive cash from its day‑to‑day activities. Free cash flow, after investment spending, has followed a similar path, swinging from deep outflows to positive territory. Capital spending has been relatively modest and has trended lower, suggesting that the heavy build‑out phase of infrastructure and fulfillment capacity is behind them for now. Together, this points to a business model that is becoming self-funding, which reduces reliance on external capital but still needs to show that this cash generation is sustainable through competitive and economic cycles.

Competitive Edge

Competitive Edge Dingdong operates in a very tough arena: on-demand grocery in China, where delivery speed, product freshness, and price all matter and where well-funded rivals are active. Its main edge comes from its self-operated fulfillment network and technology-enabled supply chain, which together support fast delivery and tighter control over quality. A clear focus on higher-quality products, direct sourcing, and stricter quality control helps Dingdong differentiate from pure price-focused platforms, potentially attracting more loyal, higher-value customers. The company’s strategy of emphasizing “good users, good products, and good service” is designed to avoid destructive price wars, but it also means Dingdong must continually justify a quality premium in a market where consumer budgets can be sensitive. Overall, the company has a defensible niche built on operations and quality, but it competes in an industry where advantages can erode quickly if execution slips.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Dingdong’s story. It uses artificial intelligence across its supply chain to forecast demand, manage inventory, reduce waste, and speed up delivery decisions, turning what is usually a low-margin, manual business into something more data-driven. Automated quality testing, personalized nutrition and recipe recommendations, and sophisticated logistics software all support a differentiated customer experience. On the product side, Dingdong invests in private label brands and in-house food development, which can raise margins and build customer loyalty if the products resonate. Its strategic framework of building blockbuster products, expanding into smaller surrounding cities, and exploring global partnerships shows ambition beyond its current footprint. The key question is whether these innovations continue to translate into sustained customer loyalty and better unit economics, not just interesting technology.

Summary

Dingdong has evolved from a fast-growing, cash-burning newcomer into a more disciplined operator that is now showing profits and positive cash flow. Financially, the direction of travel is encouraging: losses have narrowed, the business has tipped into profitability, and the balance sheet, while still thin and somewhat debt-heavy, has improved from earlier years. Operationally, the company appears to be leveraging technology and a self-run fulfillment model to carve out a quality-focused position in an intensely competitive on-demand grocery market. The main opportunities lie in scaling its tech advantages, growing higher-margin private labels, expanding into new cities and selective overseas partnerships, and continuing to improve efficiency. The main risks center on fierce competition, thin industry margins, relatively limited equity cushioning on the balance sheet, and the need to keep executing flawlessly on a complex logistics and technology model. Overall, Dingdong’s trajectory is positive but still at a stage where small changes in execution or market conditions could have an outsized impact on its financial outcomes.

NEWS

November 12, 2025 · 4:30 AM UTC

Dingdong (Cayman) Limited Announces Third Quarter 2025 Financial Results

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November 10, 2025 · 12:30 AM UTC

Dingdong to Report Third Quarter 2025 Financial Results on November 12, 2025

Read more