JOYY (JOYY) financial statements
JOYY reported revenue of $2.1B in fiscal 2025, up 6.7% a year over 9 years.
Net income was $2.1B and the operating margin 2.6%, against 21.6% in 2016.
Free cash flow was $159M, and the company returned $156M in dividends and $133M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from JOYY's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.8B | $129M | $901M | $1.9B | $2.6B | $2.4B | $2.3B | $2.2B | $2.1B |
| Cost of revenue | $735M | $1.1B | $1.5B | $657M | $1.4B | $1.8B | $1.6B | $1.5B | $1.4B | $1.4B |
| Gross profit | $447M | $702M | $836M | $244M | $540M | $838M | $852M | $813M | $806M | $763M |
| Research and development | $97M | $120M | $173M | $237M | $303M | $280M | $262M | $296M | $279M | $247M |
| Selling, general and admin | $125M | $190M | $296M | $540M | $652M | $690M | $542M | $492M | $486M | $462M |
| Operating income | $255M | $415M | $384M | -$515M | -$407M | -$107M | $51M | $29M | -$406M | $56M |
| Interest expense | $12M | $5M | $1M | $38M | $76M | $14M | $13M | $10M | $5M | $516,000 |
| Pre-tax income | $257M | $444M | $369M | -$95M | $14M | -$78M | $635M | $288M | -$228M | $216M |
| Income tax | $40M | $64M | $69M | -$20M | $28M | $26M | $35M | $19M | $13M | $16M |
| Net income | $219M | $383M | $239M | $510M | $1.4B | -$80M | $129M | $302M | -$146M | $2.1B |
| EPS (diluted) | $0.19 | $0.32 | $0.18 | $0.32 | $0.85 | -$0.06 | $0.08 | $0.24 | -$0.13 | $1.97 |
| Diluted shares | 1.22B | 1.22B | 1.29B | 1.54B | 1.60B | 1.56B | 1.65B | 1.46B | 1.16B | 1.07B |
| Gross margin | 37.8% | 39.4% | 648.7% | 27.1% | 28.2% | 32.0% | 35.3% | 35.8% | 36.0% | 35.9% |
| Operating margin | 21.6% | 23.3% | 298.0% | -57.2% | -21.2% | -4.1% | 2.1% | 1.3% | -18.1% | 2.6% |
| Net margin | 18.6% | 21.5% | 185.3% | 56.6% | 71.6% | -3.1% | 5.3% | 13.3% | -6.5% | 98.8% |
Balance sheet
Fiscal years, from JOYY's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $783M | $421M | $1.0B | $1.4B | $2.2B | $2.8B | $1.6B | $1.3B | $733M | $988M |
| Receivables | $24M | $24M | $29M | $109M | $143M | $114M | $118M | $131M | $122M | $154M |
| Inventory | $326,000 | $48,000 | $0 | — | — | — | — | — | — | — |
| Total current assets | $844M | $1.6B | $2.4B | $4.1B | $3.9B | $5.1B | $4.6B | $4.1B | $2.6B | $1.6B |
| Property, plant and equipment | $121M | $156M | $189M | $324M | $402M | $365M | $343M | $391M | $500M | $565M |
| Goodwill | $2M | $2M | $2M | $1.9B | $1.9B | $2.0B | $2.6B | $2.6B | $2.2B | $2.2B |
| Total assets | $1.4B | $2.2B | $3.7B | $7.5B | $8.1B | $9.1B | $9.1B | $8.5B | $7.5B | $7.6B |
| Total current liabilities | $676M | $483M | $560M | $1.1B | $944M | $2.5B | $3.1B | $3.1B | $2.7B | $874M |
| Total liabilities | $680M | $495M | $578M | $1.9B | $1.8B | $3.5B | $3.6B | $3.2B | $2.7B | $950M |
| Shareholders' equity | $727M | $1.6B | $2.7B | $4.7B | $6.2B | $5.5B | $5.2B | $5.2B | $4.7B | $6.5B |
| Net debt | -$243M | -$402M | -$873M | -$559M | -$1.7B | -$1.8B | -$1.2B | -$1.1B | -$445M | -$374M |
Cash flow
Fiscal years, from JOYY's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $349M | $572M | $649M | $666M | $495M | $210M | $316M | $296M | $309M | $302M |
| Capital spending | $23M | $61M | $49M | $124M | $151M | $71M | $69M | $82M | $84M | $143M |
| Free cash flow | $325M | $510M | $601M | $542M | $344M | $140M | $247M | $214M | $225M | $159M |
| Stock-based compensation | $23M | $40M | $94M | $76M | $92M | $33M | $44M | $32M | $23M | $26M |
| Dividends paid | — | — | — | $0 | $65M | $160M | $146M | $84M | $0 | $156M |
| Share buybacks (net) | — | $0 | — | -$24M | -$106M | -$399M | -$138M | -$274M | -$259M | -$133M |
| Free cash flow margin | 27.5% | 28.6% | 466.3% | 60.2% | 17.9% | 5.3% | 10.3% | 9.4% | 10.1% | 7.5% |
| Dividends per share | — | — | — | — | $0.04 | $0.10 | $0.09 | $0.06 | — | $0.15 |
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Open JOYY in InvestinglyQuestions
What was JOYY's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does JOYY generate?
$159M in fiscal 2025 (operating cash flow minus capital spending).
From JOYY's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.