The sharp YoY declines in revenue, net income, and loan volume, combined with guidance for another ~50% earnings drop, signal sustained regulatory and macro pressure. Monitor Q2 2026 actuals for delinquency trends and any stabilization in loan volumes; the convertible note repurchase provides some balance sheet support but does not offset fundamental deterioration.
Price Chart
Executive Summary
Qfin Holdings reported Q1 2026 GAAP EPS of RMB7.16 (US$1.04) on total net revenue of RMB3,909.3M (US$566.7M), down 16.7% YoY. Revenue and net income both declined sharply YoY, with loan facilitation volume falling 26.8%. The company guided Q2 2026 non-GAAP net income of RMB900-980M, representing a 47-51% YoY decline, reflecting persistent regulatory and macro headwinds.
Key Financial Metrics
Key Facts
- Total net revenue RMB3,909.3M, down 16.7% YoY from RMB4,690.7M
- GAAP net income RMB879.8M, down 51.0% YoY from RMB1,796.6M
- Non-GAAP net income RMB945.9M, down 50.9% YoY from RMB1,926.2M
- Loan facilitation volume RMB65,034M, down 26.8% YoY
- Q2 2026 guidance: non-GAAP net income RMB900-980M, implying 47-51% YoY decline
- Provision for loans receivable surged 50% YoY to RMB1,234.7M
- Company repurchased ~US$577M of convertible notes for US$502M, reducing debt
- 90 day+ delinquency rate stable at 3.50% as of March 31, 2026
Financial Impact
Revenue declined 16.7% YoY; net income halved; guidance implies continued 50%+ earnings decline in Q2 2026
Risk Factors
- Continued regulatory tightening in China's consumer credit market
- Further loan volume contraction and asset quality deterioration
- Potential for additional provision charges if delinquency rates rise
- Macroeconomic weakness in China reducing consumer credit demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301561 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 28d ago | 144 | $7.05 $6.76 | ▲ +4.11% | ▲ +3.93% | $5.57 (+20.99%) |
Sep 24, 2026 4w ago | 144 | $7.48 $7.30 | ▼ −2.41% | ▼ −2.95% | $5.57 (−25.53%) |
Sep 21, 2026 5w ago | 6-K | $7.93 $7.87 | ▼ −0.76% | ▼ −0.74% | $5.57 (−29.76%) |
Aug 25, 2026 8w ago | Press Release | $9.35 $9.17 | ▲ +1.93% | ▲ +2.58% | $5.57 (+40.43%) |
Aug 25, 2026 8w ago | 6-K | $9.35 $9.17 | ▲ +1.93% | ▲ +2.58% | $5.57 (+40.43%) |
Aug 13, 2026 10w ago | 6-K | $12.49 $12.27 | ▼ −1.76% | ▼ −1.56% | $5.57 (−55.40%) |
Aug 13, 2026 10w ago | Press Release | $12.49 $12.27 | ▼ −1.76% | ▼ −1.56% | $5.57 (−55.40%) |
Jun 30, 2026 16w ago | 6-K | $15.81 $16.37 | ▲ +3.54% | ▲ +3.68% | $5.57 (−64.77%) |
Jun 30, 2026 16w ago | Press Release | $15.81 $16.37 | ▲ +3.54% | ▲ +3.68% | $5.57 (−64.77%) |
Jun 10, 2026 19w ago | Insider Buy | $14.83 $15.00 | ▲ +1.15% | ▼ −0.55% | $5.57 (−62.44%) |
US Market Status
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