Phoenix New Media : Q1 2026 Phoenix New Media Limited Financial Results

Published: 2026-05-12 17:05:21 ET FENG

Published on 05/12/2026 at 05:05 pm EDT

Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on May 12, 2026

BEIJING, China, May 13, 2026 - Phoenix New Media Limited (NYSE: FENG) ("Phoenix New Media", "ifeng" or the "Company"), a leading new media company in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

Mr. Yusheng Sun, CEO of Phoenix New Media, stated, "In the first quarter, we continued to capitalize on major domestic and international events to expand our audience reach, deepen content impact, and further strengthen our brand influence and long-term user engagement. Looking ahead, we will continue to prioritize content quality, strengthen our IP portfolio, enhance operational efficiency, and maintain a measured, disciplined approach to sustainable growth."

REVENUES

Total revenues in the first quarter of 2026 increased by 21.6% to RMB188.8 million (US$27.4 million) from RMB155.2 million in the same period of 2025, primarily due to the year-over-year increase in the Company's paid services revenues.

Net advertising revenues in the first quarter of 2026 increased by 4.0% to RMB125.3 million (US$18.2 million) from RMB120.5 million in the same period of 2025.

Paid services revenues in the first quarter of 2026 increased by 83.0% to RMB63.5 million (US$9.2 million) from RMB34.7 million in the same period of 2025. Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others. Revenues from paid contents in the first quarter of 2026 increased by 92.0% to RMB59.9 million (US$8.7 million) from RMB31.2 million in the same period of 2025, driven by revenues generated from the Company's digital reading services offered through mini-programs on third-party applications in the first quarter of 2026. Revenues from E-commerce and others in the first quarter of 2026 increased by 2.9% to RMB3.6 million (US$0.5 million) from RMB3.5 million in the same period of 2025.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues in the first quarter of 2026 decreased by 5.1% to RMB87.8 million (US$12.7 million) from RMB92.5 million in the same period of 2025, as a result of the Company's strict cost control measures.

Gross profit in the first quarter of 2026 increased by 61.1% to RMB101.0 million (US$14.7 million) from RMB62.7 million in the same period of 2025. Gross margin in the first quarter of 2026 increased to 53.5% from 40.4% in the same period of 2025. The increase in gross margin was mainly attributable to higher gross margin of the digital reading services offered through mini-programs and significant increase in revenues from such services.

To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of

certain reconciling items as stated in the "Use of Non-GAAP Financial Measures" section below. The related reconciliations to GAAP financial measures are presented in the accompanying "Unaudited Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures."

Non-GAAP gross margin in the first quarter of 2026, which excluded share-based compensation, increased to 53.5% from 40.4% in the same period of 2025.

OPERATING EXPENSES AND LOSS FROM OPERATIONS

Total operating expenses in the first quarter of 2026 increased by 29.5% to RMB130.9 million (US$19.0 million) from RMB101.1 million in the same period of 2025, primarily attributable to higher sales and marketing expenses incurred for the digital reading services offered through mini-programs.

Loss from operations in the first quarter of 2026 was RMB29.9 million (US$4.3 million), compared to loss from operations of RMB38.4 million in the same period of 2025. Operating margin in the first quarter of 2026 was negative 15.8%, compared to negative 24.7% in the same period of 2025.

Non-GAAP loss from operations in the first quarter of 2026, which excluded share-based compensation, was RMB29.9 million (US$4.3 million), compared to non-GAAP loss from operations of RMB38.4 million in the same period of 2025. Non-GAAP operating margin in the first quarter of 2026, which excluded share-based compensation, was negative 15.8%, compared to negative 24.7%, in the same period of 2025.

OTHER INCOME OR LOSS

Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity investments, including impairment, fair value changes in investments, net, and others, net. Total net other income in the first quarter of 2026 was RMB10.3 million (US$1.5 million), compared to total net other income of RMB5.0 million recorded in the same period of 2025, which mainly consisted of the following items:

Net interest income in the first quarter of 2026 was RMB4.8 million (US$0.7 million), compared to RMB5.1 million in the same period of 2025.

Fair value changes in investments, net in the first quarter of 2026 was a gain of RMB5.5 million (US$0.8

million), compared to a loss of RMB0.1 million in the same period of 2025, which were mainly attributable to the changes in estimated fair value of the underlying investments held by the Company through a private equity fund accounted using NAV as a practical expedient under ASC 820.

NET LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net loss attributable to Phoenix New Media Limited in the first quarter of 2026 was RMB16.8 million (US$2.4 million), compared to net loss attributable to Phoenix New Media Limited of RMB29.7 million in the same period of 2025. Net margin in the first quarter of 2026 was negative 8.9%, compared to negative 19.2% in the same period of 2025. Net loss per basic and diluted ordinary share in the first quarter of 2026 was RMB0.03 (US$0.00), compared to net loss per basic and diluted ordinary share of RMB0.05 in the same period of 2025.

Non-GAAP net loss attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, was RMB22.2 million (US$3.2 million) in the first quarter of 2026, compared to non-GAAP net loss attributable to Phoenix New Media Limited of RMB29.5 million in the same period of 2025. Non-GAAP net margin in the first quarter of 2026 was negative 11.7%, compared to negative 19.0% in the same period of 2025. Non-GAAP net loss per basic and diluted ADS in the first quarter of 2026 was RMB1.85 (US$0.27), compared to non-GAAP net loss per basic and diluted ADS of RMB2.45 in the same period of 2025. "ADS(s)" refers to the Company's American Depositary Share(s), each representing 48 Class A ordinary shares of the Company.

In the first quarter of 2026, the Company's weighted average number of ADSs used in the computation of basic and diluted net loss per ADS was 12,010,776. As of March 31, 2026, the Company had a total of 576,517,237 ordinary shares outstanding, or the equivalent of 12,010,776 ADSs.

CERTAIN BALANCE SHEET ITEMS

As of March 31 2026, the Company's cash and cash equivalents, term deposits and short term investments and restricted cash were RMB955.8 million (US$138.6 million).

For the second quarter of 2026, the Company expects its total revenues to be between RMB195.7 million and RMB210.7 million; net advertising revenues are expected to be between RMB141.8 million and RMB151.8 million; and paid services revenues are expected to be between RMB53.9 million and RMB58.9 million.

All of the above forecasts reflect the current and preliminary view of the Company's management, which are subject to changes and substantial uncertainty, particularly in view of the uncertainty of macroeconomic environment.

The Company will hold a conference call at 9:30 p.m. U.S. Eastern Time on May 12, 2026 (May 13, 2026 at 9:30 a.m. Beijing/Hong Kong time) to discuss its first quarter 2026 unaudited financial results and operating performance.

To participate in the call, please register in advance of the conference by clicking here (https://register-conf.media-server.com/register/BI8cbc6d462dec45f9ba80e94b350b456a). Upon registering, each participant will receive the participant dial-in numbers and a unique access PIN, which will be used to join the conference call. Please dial in 10 minutes before the call is scheduled to begin.

A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://http://ir.ifeng.com.

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles ("GAAP"), Phoenix New Media Limited uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP income or loss from operations, non-GAAP operating margin, non-GAAP net income or loss attributable to Phoenix New Media Limited, non-GAAP net margin and non-GAAP net income or loss per diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP gross profit is gross profit excluding share-based compensation. Non-GAAP gross margin is non-GAAP gross profit divided by total revenues. Non-GAAP income or loss from operations is income or loss from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income or loss from operations divided by total revenues. Non-GAAP net income or loss attributable to Phoenix New Media Limited is net income or loss attributable to Phoenix New Media Limited excluding share-based compensation, income or loss from equity investments, including impairment and fair value changes in investments, net. Non-GAAP net margin is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income or loss per diluted ADS is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the aforementioned non-GAAP to GAAP reconciling items add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with the related GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that using these non-GAAP financial measures to evaluate its business allows both management and investors to assess the Company's performance against its competitors and ultimately monitor its capacity to generate returns for investors. The Company also believes that these non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of items like share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, which have been and will continue to be significant recurring items. However, the use of these non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using these non-GAAP financial measures is that they do not include all items that impact the Company's gross profit, income or loss from operations and net income or loss attributable to Phoenix New Media Limited for the period. In addition, because these non-GAAP financial measures are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider these non-GAAP financial measures in isolation from, or as an alternative to, the financial measures prepared in accordance with GAAP.

This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentations, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information on the Internet through their PCs and mobile devices. Phoenix New Media's platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application, digital reading applications and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will,"

"expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Phoenix New Media's strategic and operational plans, contain forward-looking statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties.

Statements that are not historical facts, including statements about Phoenix New Media's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the

expected growth of online and mobile advertising, online video and mobile paid services markets in China; the Company's reliance on online and mobile advertising for a majority of its total revenues; the Company's expectations regarding demand for and market

acceptance of its services; the Company's expectations regarding maintaining and strengthening its relationships with advertisers, partners and customers; the Company's investment plans and strategies; fluctuations in the Company's quarterly operating results; the Company's plans to enhance its user experience, infrastructure and services offerings; competition in its industry in China; and relevant government policies and regulations relating to the Company. Further information regarding these and other risks is included in the Company's filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Phoenix New Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Phoenix New Media Limited Muzi Guo

Email: [email protected]

December 31,

March 31,

2025

2026

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

537,549

509,041

73,795

Term deposits and short term investments

464,226

442,944

64,213

Restricted cash

16,102

3,791

550

Accounts receivable, net

293,119

289,317

41,942

Amounts due from related parties

74,392

77,022

11,166

Prepayment and other current assets

32,905

41,555

6,025

Total current assets

1,418,293

1,363,670

197,691

Non-current assets:

Property and equipment, net

10,728

9,895

1,434

Intangible assets, net

10,415

9,409

1,364

Available-for-sale debt investments

306

302

Equity investments, net

104,124

109,516

15,876

Deferred tax assets

53,331

55,869

8,099

Operating lease right-of-use assets, net

41,957

39,216

5,685

Other non-current assets

10,635

9,063

1,314

Total non-current assets

231,496

233,270

33,816

Total assets

1,649,789

1,596,940

231,507

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

122,420

118,996

17,251

Amounts due to related parties

29,144

30,431

4,412

Advances from customers

26,203

26,073

3,780

Taxes payable

176,404

168,322

24,402

Salary and welfare payable

73,203

54,114

7,845

Accrued expenses and other current liabilities

56,782

56,760

8,228

Operating lease liabilities

14,098

13,586

1,970

Total current liabilities

498,254

468,282

67,888

Non-current liabilities:

Long-term liabilities

13,996

2,029

Operating lease liabilities

29,224

26,406

3,827

Total non-current liabilities

43,220

40,402

5,856

Total liabilities

541,474

508,684

73,744

Shareholders' equity:

Phoenix New Media Limited shareholders' equity:

Class A ordinary shares

17,499

2,537

Class B ordinary shares

22,053

3,197

Additional paid-in capital

1,642,094

238,053

Treasury stock

(1,480

)

(1,480

)

(215

)

Statutory reserves

100,214

14,528

Accumulated deficit

(567,455

)

(584,246

)

(84,698

)

Accumulated other comprehensive loss

(41,782

)

(43,437

)

(6,297

)

Total Phoenix New Media Limited shareholders' equity

1,171,143

1,152,697

167,105

Noncontrolling interests

(62,828

)

(64,441

)

(9,342

)

Total shareholders' equity

1,108,315

1,088,256

157,763

Total liabilities and shareholders' equity

1,649,789

1,596,940

231,507

Three Months Ended

March 31,

December 31,

March 31,

2025

2026

RMB

US$

Revenues:

Net advertising revenues

120,547

181,129

125,350

18,172

Paid service revenues

34,665

41,169

63,462

9,200

Total revenues

155,212

222,298

188,812

27,372

Cost of revenues

(92,481

)

(98,590

)

(87,827

)

(12,732

)

Gross profit

62,731

123,708

100,985

14,640

Operating expenses:

Sales and marketing expenses

(63,038

)

(67,323

)

(90,597

)

(13,134

)

General and administrative expenses

(21,033

)

(17,174

)

(25,245

)

(3,660

)

Technology and product development expenses

(17,025

)

(14,713

)

(15,063

)

(2,184

)

Total operating expenses

(101,096

)

(99,210

)

(130,905

)

(18,978

)

(Loss)/income from operations

(38,365

)

24,498

(29,920

)

(4,338

)

Other income/(loss):

Interest income, net

5,064

4,954

4,751

689

Foreign currency exchange gain/(loss)

(59

)

537

(155

)

(22

)

Loss from equity method investments, including impairment

(187

)

(377

)

(113

)

(16

)

Fair value changes in investments, net

(68

)

13,925

5,505

798

Others, net

260

430

321

(Loss)/income before income taxes

(33,355

)

43,967

(19,611

)

(2,842

)

Income tax benefit

3,101

1,357

1,207

175

Net (loss)/income

(30,254

)

45,324

(18,404

)

(2,667

)

Net loss attributable to noncontrolling interests

528

1,613

234

Net (loss)/income attributable to Phoenix New Media Limited

(29,726

)

45,339

(16,791

)

(2,433

)

Net (loss)/income

(30,254

)

45,324

(18,404

)

(2,667

)

Other comprehensive loss, net of tax: foreign currency translation adjustment

(114

)

(2,145

)

(1,655

)

(240

)

Comprehensive (loss)/income

(30,368

)

43,179

(20,059

)

(2,907

)

Comprehensive loss attributable to noncontrolling interests

528

1,613

234

Comprehensive (loss)/income attributable to Phoenix New Media Limited

(29,840

)

43,194

(18,446

)

(2,673

)

Net (loss)/income per Class A and Class B ordinary share:

Basic

(0.05

)

0.08

(0.03

)

(0.00

)

Diluted

(0.05

)

0.08

(0.03

)

(0.00

)

Net (loss)/income per ADS (1 ADS represents 48 Class A ordinary shares):

Basic

(2.47

)

3.77

(1.40

)

(0.20

)

Diluted

(2.47

)

3.77

(1.40

)

(0.20

)

Weighted average number of Class A and Class B ordinary shares used in computing net (loss)/income per share:

Basic

576,517,237

Diluted

576,517,237

Three Months Ended

March 31,

December 31,

March 31,

2025

2026

RMB

US$

Revenues:

Net advertising service

120,547

181,129

125,350

18,172

Paid services

34,665

41,169

63,462

9,200

Total revenues

155,212

222,298

188,812

27,372

Cost of revenues

Net advertising service

86,596

93,470

81,736

11,849

Paid services

5,885

5,120

6,091

883

Total cost of revenues

92,481

98,590

87,827

12,732

Gross profit

Net advertising service

33,951

87,659

43,614

6,323

Paid services

28,780

36,049

57,371

8,317

Total gross profit

62,731

123,708

100,985

14,640

Three Months Ended

March 31,

December 31,

March 31,

2025

2026

RMB

US$

Revenue sharing fees

2,848

1,103

1,661

241

Content and operational costs

83,027

94,557

82,549

11,967

Bandwidth costs

6,606

2,930

3,617

524

Total cost of revenues

92,481

98,590

87,827

12,732

Three Months Ended March 31, 2025

Three Months Ended December 31, 2025

Three Months Ended March 31, 2026

GAAP

Non-GAAP

Adjustments

Non-

GAAP

Non-GAAP

Adjustments

Non-GAAP

GAAP

Non-GAAP

Adjustments

Non-GAAP

RMB

Gross profit

62,731

(1)

62,741

123,708

(1)

123,708

100,985

(1)

100,985

Gross margin

40.4

55.6

53.5

(Loss)/income from operations

(38,365

)

(1)

(38,355

)

24,498

(1)

24,498

(29,920

)

(1)

(29,920

)

Operating margin

(24.7

11.0

15.8

(15.8

(1)

187

(2)

377

(2)

113

(2)

(3)

(13,925

)

(3)

(5,505

)

(3)

Net (loss)/income attributable to Phoenix New Media Limited

(29,726

)

265

(29,461

)

45,339

(13,548

)

31,791

(16,791

)

(5,392

)

(22,183

)

Net margin

(19.2

(19.0

20.4

14.3

(8.9

(11.7

Net (loss)/income per ADS-basic and diluted

(2.47

)

(2.45

)

3.77

2.65

(1.40

)

(1.85

)

Weighted average number of ADSs used in computing basic and diluted

net (loss)/income per ADS

12,010,776

(

Share-based compensation

Loss from equity investments, including impairment

Fair value changes in investments, net

Disclaimer

Phoenix New Media Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 21:04 UTC.