EarningsQ2 2026 Earnings Report
MX:NOAHN Q2 2026 EPS Results
Actual EPS$8.90
Consensus EPS―
Beat/Miss―
One Year Ago EPS$6.92
MX:NOAHN Q2 2026 Revenue Results
Actual Revenue$1.58B
Expected Revenue$1.48B
Beat/MissBeat by +$107.52M
YoY Revenue Growth+4.80%
Earnings Announcement Details
QuarterQ2 2026
Date08/25/2026
TimeAfter Close
Conference CallTuesday, August 25, 2026
MX:NOAHN Upcoming Earnings
Noah Holdings's next earnings date is estimated for December 1, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NOAHN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly constructive picture: profitability and margins expanded meaningfully driven by disciplined cost reductions and operating efficiency while new AI-enabled operating models (notably the Singapore AI wealth management department) produced tangible proof points — AUM growth, monthly profitability and the ability to grow assets while materially reducing RM headcount. Performance-based income (carry) rebounded strongly in H1 and U.S. dollar-denominated assets and fundraising showed healthy growth. Offsetting these positives are declines in legacy distribution and insurance revenues, flat top-line year-to-date, the lumpy nature of carry, regulatory headwinds and remaining contingent liabilities tied to the legacy Camsing matter. Overall, the highlights around margin expansion, AI proof points and asset growth outweigh the lowlights tied to legacy revenue declines and execution/forecast uncertainty, but the company remains in an execution-sensitive transition.Company Guidance
Quarterly Operating Income and Margin Expansion
Q2 operating income of RMB 216 million, up 34% year-over-year, with an operating margin of 34.8% (up 9.2 percentage points YoY).
Strong Non-GAAP Profitability
Q2 non-GAAP net income attributable to Noah of RMB 238 million, up 25.9% year-over-year and 77.8% quarter-over-quarter; company achieved its 63rd consecutive quarter of non-GAAP profitability since IPO.
First Half Operating Improvement
H1 net revenues of RMB 1.25 billion (broadly flat YoY) with operating income of RMB 452 million, up 30.3% year-over-year and a record H1 operating margin of 36.3% (improvement of 8.4 percentage points YoY).
Material Increase in Performance-Based Income (Carry)
Net performance-based income (carry) reached RMB 238 million in the first half, up 364% year-over-year (quarter carry RMB 138 million); management emphasizes institutionalized multi-vintage investment exposure as source of recurring carry over time.
AUM Growth in U.S. Dollar-Denominated Assets
U.S. dollar-denominated AUM reached USD 6.5 billion, up 11.7% year-over-year; U.S. dollar-denominated AUA reached USD 9.78 billion, up 7.5% year-over-year; group AUM returned to sequential growth at RMB 140.9 billion as of June 30.
Fundraising and Transaction Value Growth
Total fundraising in H1 reached RMB 40.5 billion, up 22.4% year-over-year; U.S. dollar-denominated product fundraising USD 2.45 billion (up 8.4% YoY). Segment fundraising highlights include USD 410 million in U.S. dollar private equity (up 13.4% YoY) and USD 590 million in structured products & hedge funds (up 33.2% YoY).
Singapore AI Wealth Management Proof Point
Singapore AUM grew from <USD 100 million at launch to >USD 400 million by Q2 and achieved monthly profitability in July; Singapore raised USD 158 million in H1, up 126% YoY; 92% of clients covered by AI-enabled service model and 42% of new AUM came from ecosystem partners.
Decoupling Assets from RM Headcount
Total employee headcount declined ~17% YoY and overseas RM headcount declined 36.2% YoY while U.S. dollar AUM increased 11.7% YoY — early evidence of supporting larger asset base with a leaner, AI-enabled organization.
Sustained Cost and Efficiency Improvements
Operating costs and expenses declined 11.6% year-over-year in H1; personnel costs down 12.7% in H1; operating costs fell 13.7% YoY in the quarter, driving margin expansion despite flat revenues.
Strong Balance Sheet and Capital Returns
Cash, cash equivalents and short-term investments approx. RMB 5.0 billion; zero interest-bearing debt; current ratio 4.3x; shareholders' equity RMB 9.8 billion; continued dividend policy (100% net income payout maintained for multiple years) and ongoing share repurchase program (3.2 million ADSes bought for ~USD 34 million).
Progress on Legacy Camsing Matter
More than 80% of affected clients have accepted the new settlement plan; contingent liabilities related to the matter decreased from RMB 505 million on March 31 to RMB 455 million on June 30, and a partial provision reversal was recognized in Q2.
MX:NOAHN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed