XNET Xunlei Ltd

Overview and Growth

In fiscal 2025, Xunlei Ltd recorded $460.43M of revenue, net income of $1.05B, and an operating cash inflow of $32.48M. At $460.43M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $323.14M in fiscal 2024, revenue recorded a 42.5% year-over-year increase. Diluted earnings per share were $3.31, translating the period’s attributable earnings into the amount reported for each diluted share. Revenue equaled 0.28x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $217.54M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 47.2% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $6.63M of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 1.4%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $1.05B for the fiscal year. The final earnings result represented 227.7% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.05B of pretax income, the profit base against which the reported tax provision can be assessed. The pretax margin was 227.3%, relating income before taxes directly to revenue. An income-tax benefit of $1.28M improved the final result relative to pretax income or loss. The effective tax-benefit relationship was 0.1% of positive pretax income. Net income equaled 76.4% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 64.2%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

At period end, the $1.63B asset base was financed through $259.41M of liabilities and $1.37B of equity. Current assets were $399.67M against $208.45M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.92x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $157.02M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 75.3%, excluding receivables and other current assets. Total debt was $75.62M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.06x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 4.6%, showing how much of the asset base was matched by borrowing. Liabilities represented 15.9% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 9.6% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 244.4% from $473.90M in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $32.48M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 0.03x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $5.35M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 16.5% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $27.13M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 5.9%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 1.7%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.