NetEase

NTES · Nasdaq

Services-Prepackaged Software · Reports in CNY

NetEase reported revenue of CNY 113B in the fiscal year ended Dec 2025, up 7.0% from the year before. Operating income was CNY 35.8B, an operating margin of 31.8%, and net income was CNY 34.8B. Operating cash flow of CNY 50.7B less capital expenditure of CNY 1.1B left free cash flow of CNY 49.7B.

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	CNY 87.6B	CNY 96.5B	CNY 103B	CNY 105B	CNY 113B
Cost of revenue	CNY 40.6B	CNY 43.7B	CNY 40.4B	CNY 39.5B	CNY 40.2B
Gross profit	CNY 47B	CNY 52.8B	CNY 63.1B	CNY 65.8B	CNY 72.4B
Research & development	CNY 14.1B	CNY 15B	CNY 16.5B	CNY 17.5B	CNY 17.7B
Operating income	CNY 16.4B	CNY 19.6B	CNY 27.7B	CNY 29.6B	CNY 35.8B
Pre-tax income	CNY 21.1B	CNY 24.3B	CNY 34.1B	CNY 35.7B	CNY 40.8B
Income tax	CNY 4.1B	CNY 5B	CNY 4.7B	CNY 5.5B	CNY 6B
Net income	CNY 17B	CNY 19.8B	CNY 29.4B	CNY 30.3B	CNY 34.8B
Diluted EPS	5.01	6.17	9.05	9.19	10.48
Diluted shares	3,367M	3,296M	3,252M	3,231M	3,218M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	CNY 14.5B	CNY 24.9B	CNY 21.4B	CNY 51.4B	CNY 47.2B
Receivables	CNY 5.5B	CNY 5B	CNY 6.4B	CNY 5.7B	CNY 5.3B
Inventory	CNY 965M	CNY 994M	CNY 695M	CNY 572M	CNY 689M
Current assets	CNY 113B	CNY 132B	CNY 143B	CNY 153B	CNY 181B
Net PP&E	CNY 5.4B	CNY 6.3B	CNY 8.1B	CNY 8.5B	CNY 8.4B
Goodwill	CNY 595M	CNY 2.2B	CNY 1.9B	CNY 1.9B	CNY 1.9B
Total assets	CNY 154B	CNY 173B	CNY 186B	CNY 196B	CNY 221B
Payables	CNY 985M	CNY 1.5B	CNY 881M	CNY 721M	CNY 643M
Deferred revenue	CNY 12.1B	CNY 12.5B	CNY 13.4B	CNY 15.3B	CNY 20.5B
Current liabilities	CNY 50.5B	CNY 56.8B	CNY 53.8B	CNY 49.7B	CNY 52.4B
Long-term debt	CNY 1.3B	CNY 3.7B	CNY 428M	CNY 428M	–
Total liabilities	CNY 54.2B	CNY 63.9B	CNY 57.8B	CNY 53.5B	CNY 56.3B
Shareholders' equity	CNY 95.3B	CNY 105B	CNY 124B	CNY 139B	CNY 160B
Backlog (remaining obligations)	CNY 12.4B	CNY 12.8B	CNY 14B	CNY 16B	CNY 21.4B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	CNY 24.9B	CNY 27.7B	CNY 35.3B	CNY 39.7B	CNY 50.7B
Capital expenditure	CNY 1.6B	CNY 2.1B	CNY 2.3B	CNY 1.3B	CNY 1.1B
Free cash flow	CNY 23.3B	CNY 25.6B	CNY 33B	CNY 38.4B	CNY 49.7B
Depreciation & amortisation	CNY 3.3B	CNY 2.9B	CNY 3.1B	CNY 2.4B	CNY 2.2B
Stock-based compensation	CNY 3B	CNY 3.2B	CNY 3.2B	CNY 3.9B	CNY 3.6B
Dividends paid	CNY 3.5B	CNY 6.7B	CNY 8B	CNY 11.2B	CNY 13.8B

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	10.1%	7.2%	1.8%	7.0%
Operating income growth (YoY)	–	19.6%	41.2%	6.8%	21.1%
EPS growth (YoY)	–	23.2%	46.7%	1.5%	14.0%
Gross margin	53.6%	54.7%	60.9%	62.5%	64.3%
Operating margin	18.7%	20.3%	26.8%	28.1%	31.8%
Net margin	19.4%	20.6%	28.4%	28.7%	30.9%
Return on equityBlank when equity is negative	17.8%	18.9%	23.6%	21.8%	21.7%
ROCEEBIT ÷ (assets − current liabilities)	15.9%	16.9%	21.0%	20.2%	21.2%
Free cash flow margin	26.6%	26.5%	31.9%	36.5%	44.1%
Cash conversion (CFO ÷ net income)	1.47x	1.40x	1.20x	1.31x	1.46x
Receivable days	23	19	23	20	17
Inventory days	9	8	6	5	6
Payable days	9	13	8	7	6
Debt ÷ equity	0.01x	0.03x	0.00x	0.00x	–
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	−CNY 13.2B	−CNY 21.2B	−CNY 21B	−CNY 51B	–
Current ratio	2.24x	2.32x	2.65x	3.09x	3.45x

Recent filings

More in Services-Prepackaged Software

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.