NetEase, Inc 6-K, filed Feb 11, 2026

NetEase, Inc. (NTES)

6-K 2026-02-11 For: 2026-02-11

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Added on April 02, 2026

About this 6-K

NetEase, Inc filed this 6-K on February 11, 2026.

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By	:	/s/ William Lei Ding
Name	:	William Lei Ding
Title	:	Chief Executive Officer

	December 31,		December 31,		December 31,
	2024		2025		2025
	RMB		RMB		USD (Note 1)
Assets
Current assets:
Cash and cash equivalents		51,383,310		47,167,904		6,744,921
Time deposits		75,441,355		92,639,378		13,247,255
Restricted cash		3,086,405		4,319,344		617,658
Accounts receivable, net		5,669,027		5,337,819		763,298
Inventories		571,548		689,183		98,552
Prepayments and other current assets, net		6,416,868		7,658,346		1,095,128
Short-term investments		10,756,143		22,803,503		3,260,858
Total current assets		153,324,656		180,615,477		25,827,670

Non-current assets:
Property, equipment and software, net		8,520,101		8,425,327		1,204,806
Land use rights, net		4,172,465		4,047,355		578,764
Deferred tax assets		1,113,435		2,831,423		404,888
Time deposits		3,025,000		2,995,000		428,279
Restricted cash		5,208		3,893		557
Other long-term assets		25,830,685		22,496,585		3,216,968
Total non-current assets		42,666,894		40,799,583		5,834,262
Total assets		195,991,550		221,415,060		31,661,932

Liabilities, Redeemable Noncontrolling Interests and Shareholders’ Equity
Current liabilities:
Accounts payable		720,549		643,164		91,971
Salary and welfare payables		4,683,009		4,889,708		699,219
Taxes payable		2,759,185		3,874,143		553,996
Short-term loans		11,805,051		6,384,417		912,959
Contract liabilities		15,299,222		20,514,540		2,933,540
Accrued liabilities and other payables		14,400,641		16,062,984		2,296,976
Total current liabilities		49,667,657		52,368,956		7,488,661

Non-current liabilities:
Deferred tax liabilities		2,173,117		2,637,258		377,123
Long-term loans		427,997		-		-
Other long-term liabilities		1,228,641		1,304,837		186,589
Total non-current liabilities		3,829,755		3,942,095		563,712
Total liabilities		53,497,412		56,311,051		8,052,373

Redeemable noncontrolling interests		84,272		91,319		13,058

NetEase, Inc.’s shareholders’ equity		138,685,606		160,296,119		22,922,040
Noncontrolling interests		3,724,260		4,716,571		674,461
Total equity		142,409,866		165,012,690		23,596,501

Total liabilities, redeemable noncontrolling interests and shareholders’ equity		195,991,550		221,415,060		31,661,932

	Three Months Ended												Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2024			2025			2025			2025			2024			2025			2025
	RMB			RMB			RMB			USD (Note 1)			RMB			RMB			USD (Note 1)
Net revenues		26,747,811			28,358,625			27,546,973			3,939,165			105,295,236			112,625,807			16,105,276
Cost of revenues		(10,475,470	)		(10,181,020	)		(9,854,598	)		(1,409,189	)		(39,488,152	)		(40,223,939	)		(5,751,947	)
Gross profit		16,272,341			18,177,605			17,692,375			2,529,976			65,807,084			72,401,868			10,353,329

Operating expenses:
Selling and marketing expenses		(2,818,645	)		(4,457,675	)		(3,888,256	)		(556,013	)		(14,147,657	)		(14,619,702	)		(2,090,590	)
General and administrative expenses		(1,162,381	)		(1,164,573	)		(1,050,701	)		(150,248	)		(4,550,625	)		(4,228,189	)		(604,623	)
Research and development expenses		(4,469,868	)		(4,541,891	)		(4,434,260	)		(634,091	)		(17,524,812	)		(17,719,110	)		(2,533,799	)
Total operating expenses		(8,450,894	)		(10,164,139	)		(9,373,217	)		(1,340,352	)		(36,223,094	)		(36,567,001	)		(5,229,012	)
Operating profit		7,821,447			8,013,466			8,319,158			1,189,624			29,583,990			35,834,867			5,124,317

Other income/(expenses):
Investment (loss)/income, net		(506,077	)		1,379,402			(1,669,086	)		(238,676	)		355,286			731,511			104,605
Interest income, net		1,174,333			936,706			1,002,404			143,342			4,920,915			3,953,486			565,341
Exchange gains/(losses), net		1,535,312			(373,812	)		(517,965	)		(74,068	)		255,430			(775,937	)		(110,958	)
Other, net		278,952			153,198			485,863			69,477			602,134			1,086,543			155,374
Income before tax		10,303,967			10,108,960			7,620,374			1,089,699			35,717,755			40,830,470			5,838,679
Income tax		(1,385,014	)		(1,316,356	)		(1,250,430	)		(178,809	)		(5,461,408	)		(6,032,686	)		(862,663	)
Net income		8,918,953			8,792,604			6,369,944			910,890			30,256,347			34,797,784			4,976,016

Accretion of redeemable noncontrolling interests		(1,039	)		(1,044	)		(1,122	)		(160	)		(3,919	)		(4,266	)		(610	)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests		(151,435	)		(175,883	)		(126,866	)		(18,142	)		(554,819	)		(1,033,718	)		(147,820	)
Net income attributable to the Company’s shareholders		8,766,479			8,615,677			6,241,956			892,588			29,697,609			33,759,800			4,827,586

Net income per share *
Basic		2.76			2.70			1.96			0.28			9.28			10.59			1.52
Diluted		2.73			2.67			1.93			0.28			9.19			10.48			1.50

Net income per ADS *
Basic		13.81			13.50			9.78			1.40			46.40			52.97			7.58
Diluted		13.67			13.36			9.66			1.38			45.95			52.42			7.50

Weighted average number of ordinary shares used in calculating net income per share *
Basic		3,174,113			3,191,231			3,191,805			3,191,805			3,200,453			3,186,454			3,186,454
Diluted		3,206,100			3,223,497			3,227,907			3,227,907			3,230,602			3,218,174			3,218,174

	Three Months Ended												Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2024			2025			2025			2025			2024			2025			2025
	RMB			RMB			RMB			USD (Note 1)			RMB			RMB			USD (Note 1)
Cash flows from operating activities:
Net income		8,918,953			8,792,604			6,369,944			910,890			30,256,347			34,797,784			4,976,016
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		697,447			617,872			720,367			103,011			2,417,894			2,247,427			321,378
Fair value changes of equity security, other investments and financial instruments		358,852			(1,965,526	)		1,308,861			187,165			(841,901	)		(1,159,449	)		(165,799	)
Impairment losses on investments		422,801			1,616,146			857,796			122,663			1,291,627			2,724,476			389,595
Fair value changes of short-term investments		(241,431	)		(278,636	)		(283,560	)		(40,549	)		(530,607	)		(1,108,409	)		(158,500	)
Share-based compensation cost		931,444			902,201			847,194			121,147			3,882,939			3,647,662			521,609
Allowance for expected credit losses		12,031			180,085			17,478			2,499			68,934			367,513			52,554
(Gains)/losses on disposal of property, equipment and software		(3,644	)		404			(20,063	)		(2,869	)		(4,758	)		(30,286	)		(4,331	)
Unrealized exchange (gains)/losses		(1,542,986	)		368,559			514,469			73,568			(719,162	)		688,913			98,513
Losses/(gains) on disposal of long-term investments, business, subsidiaries and other financial instruments		232			(38,072	)		(273,438	)		(39,101	)		(272,415	)		(440,913	)		(63,050	)
Deferred income taxes		404,109			(933,553	)		204,920			29,303			320,726			(1,254,125	)		(179,337	)
Share of results on equity method investees and revaluation results from previously held equity interest		(19,437	)		1,389,265			153,645			21,972			155,568			1,537,721			219,891
Changes in operating assets and liabilities:
Accounts receivable		517,850			(194,823	)		594,561			85,021			716,375			264,073			37,762
Inventories		42,135			(45,582	)		(51,881	)		(7,419	)		123,780			(117,634	)		(16,821	)
Prepayments and other assets		(432,196	)		(889,519	)		701,921			100,373			(809,590	)		100,708			14,401
Accounts payable		218,689			16,042			(59,225	)		(8,469	)		91,142			(71,615	)		(10,241	)
Salary and welfare payables		1,759,382			(566,362	)		1,859,384			265,888			(210,918	)		128,573			18,386
Taxes payable		154,651			517,353			(436,268	)		(62,385	)		187,788			1,112,836			159,133
Contract liabilities		(209,626	)		2,579,424			1,048,151			149,884			2,022,196			5,435,054			777,202
Accrued liabilities and other payables		1,022,944			880,072			749,075			107,116			1,530,848			1,869,491			267,334
Net cash provided by operating activities		13,012,200			12,947,954			14,823,331			2,119,708			39,676,813			50,739,800			7,255,695

Cash flows from investing activities:
Purchase of property, equipment and software		(311,982	)		(283,645	)		(137,818	)		(19,708	)		(1,275,400	)		(1,065,376	)		(152,347	)
Proceeds from sale of property, equipment and software		9,295			1,261			21,790			3,116			14,533			45,886			6,562
Purchase of intangible assets, content and licensed copyrights		(120,387	)		(190,983	)		(183,986	)		(26,309	)		(930,988	)		(987,089	)		(141,151	)
Net changes of short-term investments with terms of three months or less		3,798,989			(1,111,376	)		(400,836	)		(57,319	)		(408,256	)		(6,874,340	)		(983,017	)
Purchase of short-term investments with terms over three months		(4,560,000	)		(7,270,000	)		(5,600,000	)		(800,789	)		(8,235,000	)		(21,640,000	)		(3,094,479	)
Proceeds from maturities of short-term investments with terms over three months		2,853,778			1,426,005			7,695,328			1,100,418			2,853,778			17,575,388			2,513,247
Investment/ prepayment for investment in long-term investments and acquisition of subsidiaries		(201,686	)		(95,169	)		(1,617,947	)		(231,363	)		(1,103,026	)		(4,545,723	)		(650,030	)
Proceeds from disposal of long-term investments, businesses, subsidiaries and other financial instruments		355,142			1,554,537			624,662			89,325			2,822,585			3,041,482			434,926
Placement/rollover of matured time deposits		(21,691,769	)		(49,326,969	)		(39,787,587	)		(5,689,549	)		(154,792,305	)		(166,696,968	)		(23,837,349	)
Proceeds from maturities of time deposits		40,570,700			30,600,384			39,781,381			5,688,662			179,377,113			147,925,757			21,153,102
Change in other long-term assets		(73,553	)		75,342			(7,658	)		(1,095	)		(406,632	)		39,639			5,668
Net cash provided by/(used in) investing activities		20,628,527			(24,620,613	)		387,329			55,389			17,916,402			(33,181,344	)		(4,744,868	)

Cash flows from financing activities:
Net changes from loans with terms of three months or less		606,092			536,886			(56,405	)		(8,066	)		(6,656,988	)		243,636			34,840
Proceeds of loans with terms over three months		457,000			1,481,550			92,700			13,256			13,920,080			5,552,800			794,040
Payment of loans with terms over three months		-			(5,879,605	)		(975,000	)		(139,423	)		(14,739,347	)		(11,595,012	)		(1,658,065	)
Net amounts received related to capital contribution from or repurchase of noncontrolling interests shareholders		51,614			18,072			819			117			136,006			103,808			14,844
Net amount (paid)/received related to repurchase of NetEase’s ADSs/ purchase of subsidiaries’ ADSs and shares		(1,595,093	)		35,227			(15,398	)		(2,202	)		(8,830,115	)		(639,335	)		(91,424	)
Dividends paid to NetEase’s shareholders		(1,982,595	)		(2,583,740	)		(2,575,287	)		(368,261	)		(11,165,338	)		(13,825,681	)		(1,977,046	)
Net cash used in financing activities		(2,462,982	)		(6,391,610	)		(3,528,571	)		(504,579	)		(27,335,702	)		(20,159,784	)		(2,882,811	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies		113,792			(117,878	)		(175,895	)		(25,153	)		10,752			(382,454	)		(54,690	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		31,291,537			(18,182,147	)		11,506,194			1,645,365			30,268,265			(2,983,782	)		(426,674	)
Cash, cash equivalents and restricted cash, at the beginning of the period		23,183,386			58,167,094			39,984,947			5,717,771			24,206,658			54,474,923			7,789,810
Cash, cash equivalents and restricted cash, at the end of the period		54,474,923			39,984,947			51,491,141			7,363,136			54,474,923			51,491,141			7,363,136

Supplemental disclosures of cash flow information:
Cash paid for income taxes, net		603,514			1,967,228			1,068,868			152,846			5,189,585			6,427,207			919,078
Cash paid for interest expenses		24,343			207,879			18,313			2,619			489,622			387,982			55,481

	Three Months Ended												Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,			December 31,			December 31,
	2024			2025			2025			2025			2024			2025			2025
	RMB			RMB			RMB			USD (Note 1)			RMB			RMB			USD (Note 1)
Net revenues:
Games and related value-added services		21,242,410			23,327,508			21,966,634			3,141,187			83,622,643			92,148,608			13,177,075
Youdao		1,339,798			1,628,524			1,564,692			223,748			5,625,919			5,909,019			844,979
NetEase Cloud Music		1,880,490			1,964,063			1,968,270			281,459			7,950,146			7,759,450			1,109,587
Innovative businesses and others		2,285,113			1,438,530			2,047,377			292,771			8,096,528			6,808,730			973,635
Total net revenues		26,747,811			28,358,625			27,546,973			3,939,165			105,295,236			112,625,807			16,105,276

Cost of revenues:
Games and related value-added services		(7,075,562	)		(7,151,130	)		(6,472,229	)		(925,516	)		(26,142,623	)		(27,910,861	)		(3,991,201	)
Youdao		(699,045	)		(940,661	)		(859,314	)		(122,880	)		(2,877,428	)		(3,292,191	)		(470,777	)
NetEase Cloud Music		(1,279,951	)		(1,269,289	)		(1,285,937	)		(183,887	)		(5,268,634	)		(4,989,858	)		(713,540	)
Innovative businesses and others		(1,420,912	)		(819,940	)		(1,237,118	)		(176,906	)		(5,199,467	)		(4,031,029	)		(576,429	)
Total cost of revenues		(10,475,470	)		(10,181,020	)		(9,854,598	)		(1,409,189	)		(39,488,152	)		(40,223,939	)		(5,751,947	)

Gross profit:
Games and related value-added services		14,166,848			16,176,378			15,494,405			2,215,671			57,480,020			64,237,747			9,185,874
Youdao		640,753			687,863			705,378			100,868			2,748,491			2,616,828			374,202
NetEase Cloud Music		600,539			694,774			682,333			97,572			2,681,512			2,769,592			396,047
Innovative businesses and others		864,201			618,590			810,259			115,865			2,897,061			2,777,701			397,206
Total gross profit		16,272,341			18,177,605			17,692,375			2,529,976			65,807,084			72,401,868			10,353,329