BEIJING, Aug. 26, 2025 /PRNewswire/ -- Gaotu Techedu Inc. $(GOTU)$ ("Gaotu" or the "Company"), a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions, today announced its unaudited financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights([1])
-- Net revenues were RMB1,389.4 million, increased by 37.6% from RMB1,009.8
million in the same period of 2024.
-- Gross billings[2] were RMB2,252.4 million, increased by 36.2% from
RMB1,653.7 million in the same period of 2024.
-- Loss from operations was RMB241.9 million, compared with loss from
operations of RMB464.8 million in the same period of 2024.
-- Net loss was RMB216.0 million, compared with net loss of RMB429.6 million
in the same period of 2024.
-- Non-GAAP net loss was RMB206.8 million, compared with non-GAAP net loss
of RMB418.0 million in the same period of 2024.
-- Net operating cash inflow was RMB588.8 million, increased by 52.5% from
RMB386.2 million in the same period of 2024.
Second Quarter 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
For the three months ended June 30,
----------------------------------------
2024 2025 Pct. Change
------------ ----------- -------------
Net revenues 1,009,797 1,389,388 37.6 %
Gross billings 1,653,692 2,252,387 36.2 %
Loss from operations (464,750) (241,865) (48.0) %
Net loss (429,550) (215,994) (49.7) %
Non-GAAP net loss (418,040) (206,849) (50.5) %
Net operating cash inflow 386,184 588,797 52.5 %
([1]) For a reconciliation of non-GAAP numbers, please see the table captioned
"Reconciliations of non-GAAP measures to the most comparable GAAP measures" at
the end of this press release. Non-GAAP income (loss) from operations and
non-GAAP net income (loss) exclude share-based compensation expenses.
([2]) Gross billings is a non-GAAP financial measure, which is defined as the
total amount of cash received for the sale of course offerings in such period,
net of the total amount of refunds in such period. See "About Non-GAAP
Financial Measures" and "Reconciliations of non-GAAP measures to the most
comparable GAAP measures" elsewhere in this press release.
------------------------------------------------------------------------------
Six Months Ended June 30, 2025 Highlights
-- Net revenues were RMB2,882.4 million, increased by 47.3% from RMB1,956.7
million in the same period of 2024.
-- Gross billings were RMB3,141.1 million, increased by 31.8% from
RMB2,383.1 million in the same period of 2024.
-- Loss from operations was RMB207.1 million, compared with loss from
operations of RMB542.5 million in the same period of 2024.
-- Net loss was RMB92.0 million, compared with net loss of RMB441.8 million
in the same period of 2024.
-- Non-GAAP net loss was RMB69.5 million, compared with non-GAAP net loss of
RMB415.0 million in the same period of 2024.
-- Net operating cash inflow was RMB111.6 million, decreased by 40.9% from
RMB188.7 million in the same period of 2024.
First Six Months 2025 Key Financial and Operating Data
(In thousands of RMB, except for percentages)
For the six months ended June 30,
--------------------------------------
2024 2025 Pct. Change
------------ ---------- ------------
Net revenues 1,956,682 2,882,431 47.3 %
Gross billings 2,383,052 3,141,112 31.8 %
Loss from operations (542,452) (207,092) (61.8) %
Net loss (441,847) (92,003) (79.2) %
Non-GAAP net loss (415,001) (69,510) (83.3) %
Net operating cash inflow 188,748 111,560 (40.9) %
Larry Xiangdong Chen, the Company's founder, Chairman and CEO, commented, "We maintained solid growth momentum in our core business and harnessed the power of AI to enhance our service models, foster product innovation and strengthen our organizational capabilities. Our revenue increased by 37.6% year-over-year to nearly RMB1.4 billion, with gross billings up by 36.2% to approximately RMB2.3 billion. Thanks to our refined operational execution and improved organizational efficiency, we narrowed our non-GAAP net loss by 50.5% year-over-year. We also achieved a net operating cash inflow of RMB588.8 million this quarter, an increase of RMB202.6 million from the same period of last year. These results demonstrate our ability to sustain solid growth momentum while enhancing operational quality and sharpening our competitive edge.
Gaotu remains dedicated to advancing educational innovation, with the goal of delivering best-in-class learning experiences, creating long-term shareholder value, and advancing both our social impact and commercial success."
Shannon Shen, CFO of the Company, added, "This quarter, we remained focused on advancing our 'healthy growth' strategy, with net revenues exceeding the upper end of our guidance by 5.4%, and the year-over-year growth rate of gross billings outpacing that of last quarter by 14.4 percentage points. Driven by continued gains in operational efficiency and outstanding resource allocation, both loss from operations and net loss narrowed significantly, while customer acquisition efficiency reached its best level in the past four years. G&A and R&D expenses decreased year-over-year for the second consecutive quarter as a percentage of net revenues, reflecting growing operating leverage. We maintained our ample cash position, with cash, cash equivalents, restricted cash and short-term and long-term investments totaling RMB3.8 billion as of June 30, 2025. Excluding the impact of share buybacks, our cash position increased by RMB135.6 million compared to one year ago. Supported by consistent investments in enhancing user experience, course and service quality, and organizational capabilities, our core established business continued to improve in profitability and operational quality."
Financial Results for the Second Quarter of 2025
Net Revenues
Net revenues increased by 37.6% to RMB1,389.4 million from RMB1,009.8 million in the second quarter of 2024, which was mainly due to the continued year-over-year growth in gross billings as a result of our sufficient and effective response to strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our product and service offerings.
Cost of Revenues
Cost of revenues increased by 50.9% to RMB472.8 million from RMB313.4 million in the second quarter of 2024. The increase was mainly due to expansion of instructors and tutors workforce, higher rental cost, as well as increased depreciation and amortization cost.
Gross Profit and Gross Margin
Gross profit increased by 31.6% to RMB916.5 million from RMB696.4 million in the second quarter of 2024. Gross profit margin decreased to 66.0% from 69.0% in the same period of 2024.
Non-GAAP gross profit increased by 31.8% to RMB917.9 million from RMB696.3 million in the second quarter of 2024. Non-GAAP gross profit margin decreased to 66.1% from 69.0% in the same period of 2024.
Operating Expenses
Operating expenses decreased by 0.2% to RMB1,158.4 million from RMB1,161.1 million in the second quarter of 2024. The decline was primarily due to our precise efficiency management, which resulted in year-over-year decreases in expenditures for branding and marketing activities. On the other hand, the expansion of selling and general and administrative workforce partially offset the decline of marketing expenditures.
-- Selling expenses decreased to RMB820.9 million from RMB835.4 million in
the second quarter of 2024.
-- Research and development expenses decreased to RMB148.2 million from
RMB162.1 million in the second quarter of 2024.
-- General and administrative expenses increased to RMB189.3 million from
RMB163.6 million in the second quarter of 2024.
Loss from Operations
Loss from operations was RMB241.9 million, compared with loss from operations of RMB464.8 million in the second quarter of 2024.
Non-GAAP loss from operations was RMB232.7 million, compared with non-GAAP loss from operations of RMB453.2 million in the second quarter of 2024.
Interest Income and Realized Gains from Investments
Interest income and realized gains from investments, on aggregate, were RMB19.1 million, compared with a total of RMB29.0 million in the second quarter of 2024.
Other Income, net
Other income, net was RMB5.6 million, compared with other income, net of RMB4.6 million in the second quarter of 2024.
Net Loss
Net loss was RMB216.0 million, compared with net loss of RMB429.6 million in the second quarter of 2024.
Non-GAAP net loss was RMB206.8 million, compared with non-GAAP net loss of RMB418.0 million in the second quarter of 2024.
Cash Flow
Net operating cash inflow in the second quarter of 2025 was RMB588.8 million.
Basic and Diluted Net Loss per ADS
Basic and diluted net loss per ADS were both RMB0.88 in the second quarter of 2025.
Non-GAAP basic and diluted net loss per ADS were both RMB0.84 in the second quarter of 2025.
Share Outstanding
As of June 30, 2025, the Company had 162,382,842 ordinary shares outstanding.
Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments
As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB3,824.1 million in aggregate, compared with a total of RMB4,094.3 million as of December 31, 2024.
Share Repurchase
In November 2022, the Company's board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company's board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.
As of August 25, 2025, the Company had cumulatively repurchased approximately 24.8 million ADSs for approximately US$76.9 million under the existing share repurchase program.
In May 2025, the Company's board of directors authorized a new share repurchase program under which the Company may repurchase up to an aggregate value of US$100 million of its shares during the three-year period beginning upon the completion of the Company's existing share repurchase program.
Business Outlook
Based on the Company's current estimates, total net revenues for the third quarter of 2025 are expected to be between RMB1,558 million and RMB1,578 million, representing an increase of 28.9% to 30.6% on a year-over-year basis. These estimates reflect the Company's current expectations, which are subject to change.
Conference Call
The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 26, 2025 (8:00 PM Beijing/Hong Kong Time on Tuesday, August 26, 2025). Dial-in details for the earnings conference call are as follows:
International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 4836755
A telephone replay will be available two hours after the conclusion of the conference call through September 2, 2025. The dial-in details are:
International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 3429136
Additionally, a live and archived webcast of this conference call will be available at https://ir.gaotu.cn/home.
Safe Harbor Statement
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, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports 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 the Company'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 ability to continue to attract students to enroll in its courses; the Company's ability to continue to recruit, train and retain qualified teachers; the Company's ability to improve the content of its existing course offerings and to develop new courses; the Company's ability to maintain and enhance its brand; the Company's ability to maintain and continue to improve its teaching results; and the Company's ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
About Gaotu Techedu Inc.
Gaotu is a leading technology-driven education company in China focused on enabling lifelong learning through AI-powered solutions that cultivate interest and drive continuous growth. The Company provides AI-powered, product-led learning solutions for learners from pre-school to adulthood. By combining rare, high-caliber teaching resources with AI-enhanced tools and content, Gaotu creates engaging and effective learning experiences delivered through both online and offline channels. AI and data analytics permeate throughout the Company's operations to adapt content and teaching methods to individual learner needs, enhance efficiency and drive sustained learning progress.
About Non-GAAP Financial Measures
The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.
The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company's management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.
Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company's business.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.
The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
Exchange Rate
The Company's business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi ("RMB"). This announcement contains currency conversions of RMB amounts into U.S. dollars ("USD") solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.1636 to USD1.0000, the effective noon buying rate for June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on June 30, 2025, or at any other rate.
For further information, please contact:
Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn
Piacente Financial Communications
Brandi Piacente
Tel: +1 212 481-2050
Jenny Cai
Tel: +86 10 6508-0677
E-mail: Gaotu@tpg-ir.com
Gaotu Techedu Inc. Unaudited condensed consolidated balance
sheets (In thousands of RMB and USD, except for share, per share
and per ADS data)
As of December 31, As of June 30,
------------------- ------------------
2024 2025 2025
------------------- --------- -------
RMB RMB USD
ASSETS
Current assets
Cash and cash
equivalents 1,321,118 814,356 113,680
Restricted cash 5,222 27,074 3,779
Short-term
investments 1,845,242 2,595,146 362,268
Inventory, net 36,401 53,266 7,436
Prepaid expenses and
other current
assets, net 431,829 527,953 73,699
------------------ --------- -------
Total current assets 3,639,812 4,017,795 560,862
------------------ --------- -------
Non-current assets
Operating lease
right-of-use assets 503,601 518,677 72,405
Property, equipment
and software, net 670,237 831,889 116,127
Land use rights, net 25,762 46,267 6,459
Long-term investments 922,740 387,537 54,098
Rental deposit 45,834 48,739 6,804
Other non-current
assets 20,091 17,595 2,456
------------------ --------- -------
TOTAL ASSETS 5,828,077 5,868,499 819,211
================== ========= =======
LIABILITIES
Current liabilities
Accrued expenses and
other current
liabilities
(including
accrued expenses and
other current
liabilities of
the consolidated VIE
without
recourse to the
Group of RMB811,879
and
RMB1,030,478 as of
December 31, 2024
and June 30,
2025, respectively) 1,245,207 1,496,834 208,949
Deferred revenue,
current portion of
the
consolidated
VIE without recourse
to the Group 1,867,096 1,981,680 276,631
Operating lease
liabilities, current
portion
(including
current portion of
operating lease
liabilities of
the consolidated VIE
without recourse
to the Group of
RMB114,471 and
RMB122,148 as of
December 31, 2024 and
June 30, 2025,
respectively) 147,635 137,426 19,184
Income tax payable
(including income tax
payable of the
consolidated VIE
without recourse
to the Group of RMB606
and nil as of
December 31, 2024 and
June 30, 2025,
respectively) 665 49 7
------------------ --------- -------
Total current
liabilities 3,260,603 3,615,989 504,771
------------------ --------- -------
Gaotu Techedu Inc. Unaudited condensed consolidated balance
sheets (In thousands of RMB and USD, except for share, per share
and per ADS data)
As of
December
31, As of June 30,
------------ ----------------------
2024 2025 2025
------------ ----------- ---------
RMB RMB USD
Non-current liabilities
Deferred revenue,
non-current portion of
the consolidated
VIE without recourse
to the Group 218,797 215,313 30,057
Operating lease
liabilities,
non-current
portion (including
non-current portion
of operating lease
liabilities of the
consolidated VIE
without recourse
to the Group of
RMB337,258 and
RMB351,405 as of
December 31, 2024
and June 30, 2025,
respectively) 344,609 363,007 50,674
Deferred tax liabilities
(including deferred
tax liabilities of
the consolidated VIE
without recourse to
the Group of
RMB70,316 and
RMB70,155 as of
December 31, 2024
and June 30, 2025,
respectively) 70,604 70,429 9,832
----------- ----------- ---------
TOTAL LIABILITIES 3,894,613 4,264,738 595,334
=========== =========== =========
SHAREHOLDERS' EQUITY
Ordinary shares 116 116 16
Treasury stock, at cost (242,866) (420,144) (58,650)
Additional paid-in
capital 7,991,421 7,950,764 1,109,884
Accumulated other
comprehensive loss (2,832) (22,597) (3,154)
Statutory reserve 66,042 66,042 9,219
Accumulated deficit (5,878,417) (5,970,420) (833,438)
----------- ----------- ---------
TOTAL SHAREHOLDERS' EQUITY 1,933,464 1,603,761 223,877
----------- ----------- ---------
TOTAL LIABILITIES AND TOTAL
SHAREHOLDERS' EQUITY 5,828,077 5,868,499 819,211
=========== =========== =========
Gaotu Techedu Inc.
Unaudited condensed consolidated statements of operations
(In thousands of RMB and USD, except for share, per share and per ADS data)
For the three months ended June 30, For the six months ended June 30,
-------------------------------------- -------------------------------------
2024 2025 2025 2024 2025 2025
------------ ----------- ----------- ----------- ----------- -----------
RMB RMB USD RMB RMB USD
Net revenues 1,009,797 1,389,388 193,951 1,956,682 2,882,431 402,372
Cost of revenues (313,433) (472,840) (66,006) (584,847) (925,301) (129,167)
----------- ----------- ----------- ----------- ----------- -----------
Gross profit 696,364 916,548 127,945 1,371,835 1,957,130 273,205
----------- ----------- ----------- ----------- ----------- -----------
Operating expenses:
Selling expenses (835,397) (820,946) (114,600) (1,341,778) (1,530,367) (213,631)
Research and
development
expenses (162,101) (148,195) (20,687) (313,708) (298,650) (41,690)
General and
administrative
expenses (163,616) (189,272) (26,421) (258,801) (335,205) (46,793)
----------- ----------- ----------- ----------- ----------- -----------
Total operating
expenses (1,161,114) (1,158,413) (161,708) (1,914,287) (2,164,222) (302,114)
----------- ----------- ----------- ----------- ----------- -----------
Loss from operations (464,750) (241,865) (33,763) (542,452) (207,092) (28,909)
----------- ----------- ----------- ----------- ----------- -----------
Interest income 21,274 9,935 1,387 39,947 22,976 3,207
Realized gains from
investments 7,732 9,182 1,282 14,284 13,220 1,845
Other income, net 4,559 5,621 785 48,256 77,201 10,777
----------- ----------- ----------- ----------- ----------- -----------
Loss before provision
for income tax and
share of results of
equity investees (431,185) (217,127) (30,309) (439,965) (93,695) (13,080)
----------- ----------- ----------- ----------- ----------- -----------
Income tax
benefits/(expenses) 1,635 1,133 158 (1,882) 1,692 236
----------- ----------- ----------- ----------- ----------- -----------
Net loss (429,550) (215,994) (30,151) (441,847) (92,003) (12,844)
----------- ----------- ----------- ----------- ----------- -----------
Net loss attributable
to Gaotu Techedu
Inc.'s ordinary
shareholders (429,550) (215,994) (30,151) (441,847) (92,003) (12,844)
----------- ----------- ----------- ----------- ----------- -----------
Net loss per
ordinary share
Basic (2.48) (1.32) (0.18) (2.56) (0.56) (0.08)
Diluted (2.48) (1.32) (0.18) (2.56) (0.56) (0.08)
----------- ----------- ----------- ----------- ----------- -----------
Net loss per ADS
Basic (1.65) (0.88) (0.12) (1.71) (0.37) (0.05)
Diluted (1.65) (0.88) (0.12) (1.71) (0.37) (0.05)
----------- ----------- ----------- ----------- ----------- -----------
Weighted average
shares used in net
loss per share
Basic 173,044,221 163,339,258 163,339,258 172,686,709 165,033,053 165,033,053
Diluted 173,044,221 163,339,258 163,339,258 172,686,709 165,033,053 165,033,053
Note: Three ADSs represent two ordinary shares.
Gaotu Techedu Inc.
Reconciliations of non-GAAP measures to the most comparable GAAP measures
(In thousands of RMB and USD, except for share, per share and per ADS data)
For the three months ended June For the six months ended June
30, 30,
------------------------------- --------------------------------
2024 2025 2025 2024 2025 2025
---------- --------- -------- --------- --------- ----------
RMB RMB USD RMB RMB USD
Net revenues 1,009,797 1,389,388 193,951 1,956,682 2,882,431 402,372
--------- --------- -------- --------- --------- ----------
Less: other
revenues(1) 29,233 22,092 3,084 56,500 36,916 5,153
Add: VAT and
surcharges 62,586 85,782 11,975 119,993 179,158 25,009
Add: ending
deferred
revenue 1,582,135 2,196,993 306,688 1,582,135 2,196,993 306,688
Add: ending
refund
liability 85,520 133,308 18,609 85,520 133,308 18,609
Less:
beginning
deferred
revenue 1,003,314 1,444,967 201,710 1,237,621 2,085,893 291,179
Less:
beginning
refund
liability 53,799 86,025 12,009 67,157 127,969 17,864
--------- --------- -------- --------- --------- ----------
Gross billings 1,653,692 2,252,387 314,420 2,383,052 3,141,112 438,482
========= ========= ======== ========= ========= ==========
Note (1): Include miscellaneous revenues generated from services other than
courses.
For the three months ended June For the six months ended June
30, 30,
------------------------------- --------------------------------
2024 2025 2025 2024 2025 2025
---------- --------- -------- --------- --------- ----------
RMB RMB USD RMB RMB USD
Gross profit 696,364 916,548 127,945 1,371,835 1,957,130 273,205
Share-based
compensation
expenses(1)
in cost of
revenues (43) 1,353 189 2,278 3,463 483
--------- --------- -------- --------- --------- ----------
Non-GAAP gross
profit 696,321 917,901 128,134 1,374,113 1,960,593 273,688
========= ========= ======== ========= ========= ==========
Loss from
operations (464,750) (241,865) (33,763) (542,452) (207,092) (28,909)
Share-based
compensation
expenses(1) 11,510 9,145 1,277 26,846 22,493 3,140
--------- --------- -------- --------- --------- ----------
Non-GAAP loss
from
operations (453,240) (232,720) (32,486) (515,606) (184,599) (25,769)
========= ========= ======== ========= ========= ==========
Net loss (429,550) (215,994) (30,151) (441,847) (92,003) (12,844)
Share-based
compensation
expenses(1) 11,510 9,145 1,277 26,846 22,493 3,140
--------- --------- -------- --------- --------- ----------
Non-GAAP net
loss (418,040) (206,849) (28,874) (415,001) (69,510) (9,704)
========= ========= ======== ========= ========= ==========
Note (1): The tax effects of share-based compensation expenses adjustments were
nil.
View original content:https://www.prnewswire.com/news-releases/gaotu-techedu-announces-second-quarter-2025-unaudited-financial-results-302538474.html
SOURCE Gaotu Techedu Inc.
(END) Dow Jones Newswires
August 26, 2025 02:00 ET (06:00 GMT)