NTES · NetEase, Inc. · Financials

$122.18 -0.46 (-0.37%) At close · Nov 13 Play latest call Q2 2026 earnings call transcript

Market Cap

$78.23B

640.29M

Volume · Nov 13 661.84K Avg daily vol (3M) 766.07K

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Pull these statements through the financial statements API or MCP →

Revenue

112.63B +7%

FY2025

Net Income

33.76B +13.7%

FY2025

Gross Margin

64.29% +1.8pp

FY2025

Operating Margin

31.82% +3.7pp

FY2025

Diluted EPS

10.48 +14%

FY2025

Operating Cash Flow

50.74B +27.9%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue CNY	+5.3%	+8.9%	+17.3%	112.63B	105.3B	103.47B	96.5B	87.61B	73.67B	59.24B	51.18B	44.44B	38.18B	22.8B	12.48B	9.77B	8.38B	7.47B	5.66B	3.82B	—
Cost of Revenue CNY	-2.7%	+3.0%	+15.6%	40.22B	39.49B	40.4B	43.73B	40.64B	34.68B	27.69B	23.83B	28.19B	16.52B	9.4B	3.26B	2.48B	2.58B	2.37B	1.8B	972.37M	578.69M
Gross Profit CNY	+11.1%	+13.2%	+18.4%	72.4B	65.81B	63.06B	52.77B	46.97B	38.98B	31.56B	27.35B	25.04B	21.66B	13.4B	8.45B	6.72B	5.62B	4.92B	3.71B	2.78B	2.51B
Research & Development CNY	+5.6%	+11.3%	+23.4%	17.72B	17.52B	16.48B	15.04B	14.08B	10.37B	8.41B	7.38B	4.16B	3.05B	2.16B	1.32B	921.62M	718.32M	465.49M	317.93M	244.27M	221.73M
Selling & Marketing CNY	+2.9%	+6.4%	+17.3%	14.62B	14.15B	13.97B	13.4B	12.21B	10.7B	6.22B	6.91B	5.5B	4.48B	2.96B	1.89B	1.09B	906.71M	849.21M	656.98M	351.66M	232.49M
General & Administrative CNY	-3.4%	+4.6%	+15.3%	4.23B	4.55B	4.9B	4.7B	4.26B	3.37B	3.13B	3.08B	2.38B	1.51B	1.01B	467.67M	349.83M	286.22M	280.23M	189.62M	165.21M	137.12M
Depreciation & Amortization CNY	-7.7%	-8.3%	+28.5%	2.25B	2.42B	3.06B	2.86B	3.28B	3.46B	2.61B	2.06B	791.78M	327.52M	182.45M	174.46M	158.36M	233.51M	293.24M	232.17M	143.58M	90.96M
Total Operating Expenses CNY	+3.3%	+8.4%	+19.6%	36.57B	36.22B	35.35B	33.14B	30.55B	24.44B	17.76B	17.37B	12.05B	9.03B	6.13B	3.69B	2.37B	1.91B	1.59B	1.16B	761.14M	591.33M
Operating Income CNY	+22.2%	+19.8%	+17.3%	35.83B	29.58B	27.71B	19.63B	16.42B	14.54B	13.79B	9.98B	12.99B	12.63B	7.27B	4.77B	4.35B	3.71B	3.32B	2.54B	2.02B	1.91B
Other Non-Operating Income CNY	+8.7%	+8.1%	+37.5%	1.09B	602.13M	1.05B	846.82M	710.44M	737.17M	439.42M	586.92M	271.89M	377.69M	45.14M	82.44M	95.14M	99.72M	99.16M	-19.63M	-10.93M	3.55M
Equity in Earnings of Unconsolidated Entities CNY	—	—	—	—	—	—	—	—	—	4.32M	-98.3M	-12.23M	-85.81M	-76.13M	-48.96M	-5.32M	842K	-1.2M	1.09M	-4.1M	-2.03M
Pretax Income CNY	+19.0%	+21.6%	+17.5%	40.83B	35.72B	34.06B	24.25B	21.1B	15.37B	16.38B	11.08B	13.84B	13.9B	8.11B	5.46B	4.98B	4.28B	3.62B	2.58B	2.15B	1.9B
Income Tax CNY	+6.2%	+14.7%	+16.8%	6.03B	5.46B	4.7B	5.03B	4.13B	3.04B	2.91B	2.46B	2.16B	2.1B	1.27B	662.74M	530.6M	691.64M	392.76M	344.45M	313.86M	300.67M
Net Income CNY	+20.6%	+23.1%	+17.8%	34.8B	30.26B	29.36B	19.84B	16.98B	12.33B	21.43B	6.48B	10.85B	11.6B	6.74B	4.76B	4.44B	3.64B	3.23B	2.24B	1.85B	1.6B
Net Income Attributable to Noncontrolling Interests CNY	—	—	+26.1%	1.03B	554.82M	-62.92M	-497.29M	-417.63M	-519.55M	-77.93M	76.91M	141.2M	188.34M	101.79M	39.08M	1.31M	-50.88M	-11.29M	-3.75M	-13.66M	-25K
Net Income Available to Common Stockholders CNY	+18.4%	+22.9%	+17.5%	33.76B	29.7B	29.42B	20.34B	16.86B	12.06B	21.24B	6.15B	10.71B	11.6B	6.74B	—	—	—	—	—	—	—
Comprehensive Income CNY	+14.6%	+21.5%	+17.0%	32.52B	30.09B	29.61B	21.6B	17.22B	12.27B	21.42B	6.42B	10.68B	11.64B	6.76B	4.76B	4.44B	3.64B	3.23B	2.24B	1.85B	1.6B
EPS (Basic) USD/shares	+19.1%	+22.1%	+37.3%	$1.52	$1.27	$1.29	$0.90	$0.80	$0.56	$0.19	$0.06	$0.10	$0.10	$0.06	$0.05	$0.05	$0.04	$0.03	$0.02	—	—
EPS (Diluted) USD/shares	+19.0%	+22.2%	+37.5%	$1.50	$1.26	$1.27	$0.89	$0.79	$0.55	$0.19	$0.05	$0.10	$0.10	$0.06	$0.05	$0.05	$0.04	$0.03	$0.02	—	—
Shares Outstanding (Basic Avg) shares	-0.8%	-0.7%	-15.1%	3.19B	3.2B	3.22B	3.26B	3.33B	3.31B	3.22B	3.24B	16.45B	16.41B	16.42B	16.32B	16.24B	16.41B	16.33B	16.23B	16.13B	15.59B
Shares Outstanding (Diluted Avg) shares	-0.8%	-0.8%	-15.1%	3.22B	3.23B	3.25B	3.3B	3.37B	3.35B	3.25B	3.25B	16.58B	16.54B	16.53B	16.39B	16.28B	16.44B	16.38B	16.31B	16.24B	16.17B

Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2012–FY2025: 25.5B in buybacks, 67.87B in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Read debt and covenant terms in your AI or your code through MCP and the API →

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Current operating lease liabilities	2025-12-31	USD 16,189,000	20-F filed 2026-04-15
Noncurrent operating lease liabilities	2025-12-31	USD 33,192,000	20-F filed 2026-04-15
Operating lease liabilities	2025-12-31	CNY 345,325,000	20-F filed 2026-04-15
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities CNY 113,212,000 Noncurrent operating lease liabilities CNY 232,113,000
Short-term bank loans and notes payable	2025-12-31	CNY 6,384,417,000	20-F filed 2026-04-15
Short-term bank loans and notes payable	2025-12-31	USD 912,959,000	20-F filed 2026-04-15

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

—

Peer median 5.69×

EV/EBIT

—

P/E (TTM)

—

Price/Sales (TTM)

—

Peer median 6.06×

Price/Book

3.41×

Peer medians compare against the 3 similar-size Electronic Gaming & Multimedia companies (of 24 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (CNY)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Games and Related Value-Added Services Segment	92,148,608,000	83,622,643,000	81,565,449,000	74,566,471,000	67,819,288,000	58,719,895,000	—	—
Netease Cloud Music	7,759,450,000	7,950,146,000	7,866,992,000	8,992,221,000	6,997,622,000	4,895,731,000	2,318,390,000	—
Innovative Businesses and Others	6,808,730,000	8,096,528,000	8,646,510,000	7,923,935,000	7,434,759,000	6,883,992,000	9,195,232,000	—
Youdao Segment	5,909,019,000	5,625,919,000	5,389,208,000	5,013,182,000	5,354,357,000	3,167,515,000	1,304,883,000	731,598,000
Innovative Business and Others	—	—	—	—	—	—	—	10,256,920,000
Online Game Services	—	—	—	—	—	—	46,422,640,000	40,190,057,000

By Product & Service (CNY)

Component	FY2020	FY2019	FY2018	FY2017
Online Games Services	54,608,717,000	46,422,640,000	40,190,057,000	36,281,642,000
Products Sales And Other Services	14,249,886,000	9,537,056,000	7,820,995,000	5,556,240,000
Advertising	2,653,861,000	2,581,623,000	2,769,337,000	2,449,558,000
Youdao Learning Services	2,154,669,000	699,826,000	398,186,000	—
Youdao Learning Services and Products	—	—	—	149,915,000

Key facts CIK 1110646 CUSIP 64110W102 13F (30d) 365 filings 333 filers Visit website Investor relations