Kingsoft Cloud Holdings Ltd (HK:3896)
:3896
Earnings Data
Report Date
Jun 10, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.07Last Year’s EPS
>-0.01Same Quarter Last Year
Strong Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call was positive: the company reported record quarterly and annual revenues, very strong AI billing growth (95% YoY), improving profitability with two consecutive profitable quarters at the operating level and a strong cash position. However, material challenges remain, including rising infrastructure and depreciation costs, full-year adjusted operating loss (though narrowed), high revenue concentration within the Xiaomi/Kingsoft ecosystem (94% related-party exposure), and a large planned capital expenditure program that depends on prepayments and financing. These risks temper the outlook but do not outweigh the strong growth and improving margins reported in the quarter.Company Guidance
Record Quarterly and Annual Revenue
Q4 revenue reached RMB 2,761 million, up 24% year-over-year; full-year 2025 revenue was RMB 9,559 million, up 23% year-over-year.
Public Cloud and AI Billing Surge
Public cloud revenue in Q4 was RMB 1,902 million, up 35% YoY; full-year public cloud revenue was RMB 6,634 million, up 33% YoY. AI gross billing reached RMB 926 million in the quarter, up 95% YoY and accounted for 49% of public cloud services.
Ecosystem and External Customer Growth
Revenue from Xiaomi and Kingsoft ecosystem in Q4 was RMB 804 million, up 63% YoY and represented ~29% of total revenue. Top 5 non-ecosystem customers grew revenue by 44% YoY, and external customers accounted for ~70% of total revenue.
Improving Profitability Metrics
Adjusted operating profit in Q4 was RMB 55 million (2.0% margin), up 124% YoY; the company reported operating-level profitability for two consecutive quarters. Non-GAAP/adjusted EBITDA for the full year was RMB 2,336 million, up 266% YoY with an adjusted EBITDA margin of 24% (improved from 8% in prior year).
Strong Cash Position and Capital Plan
Cash and cash equivalents were RMB 6,018 million at quarter end. Management guided 2026 CapEx to exceed RMB 10 billion with about half to be covered by customer prepayments and additional financing via leases and credit facilities.
Enterprise Cloud Momentum and Vertical Wins
Enterprise cloud revenue in Q4 was RMB 859 million (an 18% quarter-over-quarter increase), with notable wins in high-end manufacturing and healthcare AI applications and expansion into public services (e.g., partnerships with telecom operators, entry into Shanghai).
Product and Platform Progress
Launched/upgraded capabilities (StarFlow platform, MCP/model context protocol, AI search, Galaxy Stack) to support LLM training, inference and model-as-a-service, and delivered large inference clusters (example: new cluster for a top video streaming platform serving 100M+ users).
HK:3896 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
HK:3896 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | HK$7.31 | HK$7.55 | +3.28% |
Nov 19, 2025 | HK$6.10 | HK$5.95 | -2.46% |
Aug 20, 2025 | HK$7.58 | HK$7.34 | -3.17% |
May 28, 2025 | HK$6.83 | HK$6.72 | -1.61% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Kingsoft Cloud Holdings Ltd (HK:3896) report earnings?
Kingsoft Cloud Holdings Ltd (HK:3896) is schdueled to report earning on Jun 10, 2026, Before Open (Confirmed).
What is Kingsoft Cloud Holdings Ltd (HK:3896) earnings time?
Kingsoft Cloud Holdings Ltd (HK:3896) earnings time is at Jun 10, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
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What is the P/E ratio of Kingsoft Cloud Holdings Ltd stock?
The P/E ratio of Kingsoft Cloud Holdings Ltd is N/A.
What is HK:3896 EPS forecast?
HK:3896 EPS forecast for the fiscal quarter 2026 (Q1) is -0.07.