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Internet content & information · Communication Services
JOYY reported revenue of $2.1B in the fiscal year ended Dec 2025, down 5.1% from the year before. Operating income was $56M, an operating margin of 2.6%, and net income was $2.1B. Operating cash flow of $302M less capital expenditure of $143M left free cash flow of $159M.
Ranks among the 18 internet content & information companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,619 | 2,412 | 2,268 | 2,238 | 2,124 |
| Cost of revenue | 1,781 | 1,559 | 1,455 | 1,432 | 1,362 |
| Gross profit | 838 | 852 | 813 | 806 | 763 |
| Research & development | 280 | 262 | 296 | 279 | 247 |
| Selling, general & admin | 690 | 542 | 492 | 486 | 462 |
| Operating income | −107 | 50.7 | 28.8 | −406 | 55.8 |
| Interest expense | 14.5 | 12.8 | 10.4 | 4.8 | 0.5 |
| Pre-tax income | −77.6 | 635 | 288 | −228 | 216 |
| Income tax | 25.7 | 34.6 | 18.9 | 13.5 | 16.4 |
| Net income | −80.3 | 129 | 302 | −146 | 2,098 |
| Diluted EPS | −0.06 | 0.08 | 0.24 | −0.13 | 1.97 |
| Diluted shares | 1,562 | 1,645 | 1,463 | 1,158 | 1,065 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,837 | 1,214 | 1,064 | 445 | 374 |
| Receivables | 114 | 118 | 131 | 122 | 154 |
| Current assets | 5,070 | 4,645 | 4,073 | 2,556 | 1,619 |
| Net PP&E | 365 | 343 | 391 | 500 | 565 |
| Goodwill | 1,958 | 2,649 | 2,649 | 2,194 | 2,194 |
| Total assets | 9,120 | 9,072 | 8,484 | 7,528 | 7,552 |
| Payables | 18.0 | 56.0 | 66.8 | 84.0 | 71.6 |
| Deferred revenue | 60.9 | 86.0 | 73.7 | 66.8 | 61.7 |
| Current liabilities | 2,512 | 3,072 | 3,086 | 2,674 | 874 |
| Short-term debt | 0.0 | 37.3 | 52.1 | 34.9 | 10.7 |
| Total liabilities | 3,492 | 3,569 | 3,172 | 2,744 | 950 |
| Shareholders' equity | 5,528 | 5,178 | 5,157 | 4,712 | 6,542 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 210 | 316 | 296 | 309 | 302 |
| Capital expenditure | 70.8 | 69.0 | 81.6 | 83.7 | 143 |
| Free cash flow | 140 | 247 | 214 | 225 | 159 |
| Depreciation & amortisation | 109 | 83.4 | 46.6 | 25.4 | 29.1 |
| Stock-based compensation | 33.4 | 44.1 | 32.0 | 23.2 | 25.8 |
| Acquisitions | −7.0 | −27.9 | 0.0 | 0.0 | – |
| Share buybacks | 399 | 138 | 274 | 259 | 133 |
| Dividends paid | 160 | 146 | 84.2 | 0.0 | 156 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.9% | −6.0% | −1.3% | −5.1% |
| Operating income growth (YoY) | – | – | −43.2% | −1507.7% | – |
| EPS growth (YoY) | – | – | 200.0% | −154.2% | – |
| Gross margin | 32.0% | 35.3% | 35.8% | 36.0% | 35.9% |
| Operating margin | −4.1% | 2.1% | 1.3% | −18.1% | 2.6% |
| Net margin | −3.1% | 5.3% | 13.3% | −6.5% | 98.8% |
| Return on equityBlank when equity is negative | −1.5% | 2.5% | 5.9% | −3.1% | 32.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.6% | 0.8% | 0.5% | −8.4% | 0.8% |
| Free cash flow margin | 5.3% | 10.3% | 9.4% | 10.1% | 7.5% |
| Cash conversion (CFO ÷ net income) | −2.62x | 2.46x | 0.98x | −2.11x | 0.14x |
| Receivable days | 16 | 18 | 21 | 20 | 27 |
| Payable days | 4 | 13 | 17 | 21 | 19 |
| Interest cover | −7.37x | 3.97x | 2.77x | −83.7x | 108x |
| Current ratio | 2.02x | 1.51x | 1.32x | 0.96x | 1.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.