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Call sheet · Q2'26

Cheetah Mobile (CMCM)

Q2'26 earnings call · held September 10, 2026 · compared with the Q1'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
Cloud and robotics are becoming meaningful businesses, and Internet efficiency provides genuine support. Neither yet proves that the transformation improves consolidated returns. Underwriting should turn on explaining the below-the-line loss, reconciling cash and settlements, and demonstrating profit after corporate costs. Annual growth and mix commitments remain open; strategic-financing optionality is not a substitute for those operating tests. [1][2][3]

What changed this quarter

MetricQ1'26Q2'26Change
RevenueQ2 FY2025: RMB295.218 millionQ2 FY2026: RMB266.115 millionDown 9.9% YoY; the 2.7% sequential recovery does not establish consolidated annual growth. [3]
GAAP gross marginQ2 FY2025: 76.1%Q2 FY2026: 63.4%Gross profit fell faster than revenue; margin declined approximately 12.8 percentage points. [3]
GAAP net incomeQ2 FY2025: consolidated loss RMB16.443 million; shareholder-attributable loss RMB22.643 millionQ2 FY2026: consolidated loss RMB86.536 million; shareholder-attributable loss RMB94.911 millionThe shareholder loss exceeds consolidated loss because noncontrolling interests earned positive income. [3]
GAAP diluted EPS / ADSQ2 FY2025: loss RMB0.0163 per ordinary share; RMB0.8152 per ADSQ2 FY2026: loss RMB0.0620 per ordinary share; RMB3.1003 per ADSPublished GAAP measures; management-adjusted diluted ADS loss was RMB2.8450. [3]
Cash and receivablesDecember 31, 2025: cash RMB1,506.625 million; net AR RMB468.058 millionJune 30, 2026: cash RMB1,270.969 million; net AR RMB689.708 millionSix-month balance-sheet movements, not quarterly cash flow or a matched YoY DSO comparison. [3]

Accountability tracked

4 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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