Shengfeng Development Limited (SFWL) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.1B	572.5M	504.2M	404.1M	370.3M
Cost of Revenue	977.3M	520.2M	457.9M	357.6M	328.8M
Gross Profit	99.4M	52.3M	46.3M	46.5M	41.5M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	67.8M	36.2M	31.6M	32.6M	31.7M
General & Admin Expense	55.9M	30.2M	25.7M	25.9M	24.3M
Selling & Marketing Expense	12.0M	6.0M	6.0M	6.7M	7.4M
Other Expenses	—	(800.0K)	—	—	—
Total Operating Expenses	67.8M	35.4M	31.6M	32.6M	31.7M
Cost and Expenses	507.3M	555.6M	489.5M	390.2M	359.9M
Operating Income (EBIT)	31.5M	16.9M	14.7M	13.9M	9.8M
Non-Operating
Interest Income	414.0K	255.0K	159.0K	126.0K	1.3M
Interest Expense	4.7M	2.7M	2.0M	1.8M	2.2M
Net Interest Income	(4.3M)	(2.5M)	(1.8M)	(1.6M)	(953.0K)
Other Non-Op Income/Expense	(4.8M)	(2.6M)	(2.2M)	(1.3M)	(421.0K)
Non-Operating Income (excl Interest)	(90.0K)	—	201.0K	(497.0K)	(1.8M)
EBT (Pre-Tax Income)	26.7M	14.3M	12.5M	12.6M	9.4M
Income Tax Expense	3.7M	2.0M	1.7M	2.3M	1.6M
Bottom Line
Net Income	22.8M	11.9M	10.9M	10.3M	7.8M
Earnings from Cont. Ops	23.0M	12.2M	10.8M	10.3M	7.8M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	22.8M	11.9M	10.9M	10.3M	7.8M
Per Share
Basic EPS	$0.28	$0.14	$0.13	$0.13	$0.09
Diluted EPS	$0.28	$0.14	$0.13	$0.13	$0.09
Revenue Per Share	$13.05	$6.94	$6.11	$4.94	$4.49
Shares
Basic Shares Outstanding	82.5M	82.5M	82.5M	81.8M	82.4M
Diluted Shares Outstanding	82.5M	82.5M	82.5M	81.8M	82.4M
Profitability Metrics
EBITDA	53.6M	28.1M	27.4M	29.6M	28.3M
D&A	22.3M	11.2M	12.9M	15.2M	16.7M
EBIT	31.3M	16.9M	14.5M	14.4M	11.7M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Dec 1, 2025