NetEase (NTES) financial statements

Communication Services · Electronic Gaming & Multimedia · Market cap $76.0B

NetEase reported revenue of 112.6B CNY in fiscal 2025, up 12.8% a year over 9 years.

Net income was 33.8B CNY and the operating margin 31.8%, against 33.1% in 2016.

Free cash flow was 49.7B CNY, and the company returned 13.8B CNY in dividends.

Revenue and free cash flow

Fiscal years, $ billions (CNY).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/NTES/financials">NetEase financials</a> on Investingly</p>

Income statement

Fiscal years, in CNY, from NetEase's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	38.2B CNY	44.4B CNY	51.2B CNY	59.2B CNY	73.7B CNY	87.6B CNY	96.5B CNY	103.5B CNY	105.3B CNY	112.6B CNY
Cost of revenue	16.5B CNY	28.2B CNY	23.8B CNY	27.7B CNY	34.7B CNY	40.6B CNY	43.7B CNY	40.4B CNY	39.5B CNY	40.2B CNY
Gross profit	21.7B CNY	25.0B CNY	27.3B CNY	31.6B CNY	39.0B CNY	47.0B CNY	52.8B CNY	63.1B CNY	65.8B CNY	72.4B CNY
Research and development	3.0B CNY	4.2B CNY	7.4B CNY	8.4B CNY	10.4B CNY	14.1B CNY	15.0B CNY	16.5B CNY	17.5B CNY	17.7B CNY
Selling, general and admin	6.0B CNY	7.9B CNY	10.0B CNY	9.4B CNY	14.1B CNY	16.5B CNY	18.1B CNY	18.9B CNY	18.7B CNY	18.8B CNY
Operating income	12.6B CNY	13.0B CNY	10.0B CNY	13.8B CNY	14.5B CNY	16.4B CNY	19.6B CNY	27.7B CNY	29.6B CNY	35.8B CNY
Pre-tax income	13.9B CNY	13.8B CNY	11.1B CNY	16.4B CNY	15.4B CNY	21.1B CNY	24.3B CNY	34.1B CNY	35.7B CNY	40.8B CNY
Income tax	2.1B CNY	2.2B CNY	2.5B CNY	2.9B CNY	3.0B CNY	4.1B CNY	5.0B CNY	4.7B CNY	5.5B CNY	6.0B CNY
Net income	11.6B CNY	10.7B CNY	6.2B CNY	21.2B CNY	12.1B CNY	16.9B CNY	20.3B CNY	29.4B CNY	29.7B CNY	33.8B CNY
EPS (diluted)	3.51 CNY	3.23 CNY	1.89 CNY	6.53 CNY	3.60 CNY	5.01 CNY	6.17 CNY	9.05 CNY	9.19 CNY	10.48 CNY
Diluted shares	3.31B	3.32B	3.25B	3.25B	3.35B	3.37B	3.30B	3.25B	3.23B	3.22B
Gross margin	56.7%	56.4%	53.4%	53.3%	52.9%	53.6%	54.7%	60.9%	62.5%	64.3%
Operating margin	33.1%	29.2%	19.5%	23.3%	19.7%	18.7%	20.3%	26.8%	28.1%	31.8%
Net margin	30.4%	24.1%	12.0%	35.8%	16.4%	19.2%	21.1%	28.4%	28.2%	30.0%

Balance sheet

Fiscal years, in CNY, from NetEase's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	17.0B CNY	12.5B CNY	16.7B CNY	18.6B CNY	22.4B CNY	26.8B CNY	32.5B CNY	25.9B CNY	62.1B CNY	70.0B CNY
Receivables	4.3B CNY	3.6B CNY	4.0B CNY	4.2B CNY	4.6B CNY	5.5B CNY	5.0B CNY	6.4B CNY	5.7B CNY	5.3B CNY
Inventory	1.6B CNY	5.5B CNY	1.1B CNY	651M CNY	592M CNY	965M CNY	994M CNY	695M CNY	572M CNY	689M CNY
Total current assets	49.4B CNY	61.9B CNY	68.7B CNY	85.1B CNY	107.8B CNY	113.1B CNY	131.6B CNY	142.7B CNY	153.3B CNY	180.6B CNY
Property, plant and equipment	2.4B CNY	3.8B CNY	4.7B CNY	4.6B CNY	4.5B CNY	5.4B CNY	6.3B CNY	8.1B CNY	8.5B CNY	8.4B CNY
Goodwill	—	—	—	—	319M CNY	595M CNY	2.2B CNY	1.9B CNY	1.9B CNY	1.9B CNY
Total assets	58.0B CNY	71.0B CNY	87.0B CNY	112.1B CNY	141.9B CNY	153.6B CNY	172.8B CNY	185.9B CNY	196.0B CNY	221.4B CNY
Total current liabilities	19.2B CNY	23.8B CNY	35.1B CNY	38.2B CNY	46.7B CNY	50.5B CNY	56.8B CNY	53.8B CNY	49.7B CNY	52.4B CNY
Long-term debt	—	—	—	—	—	1.3B CNY	3.7B CNY	428M CNY	428M CNY	—
Total liabilities	19.6B CNY	24.0B CNY	35.6B CNY	39.1B CNY	48.1B CNY	54.2B CNY	63.9B CNY	57.8B CNY	53.5B CNY	56.3B CNY
Shareholders' equity	38.2B CNY	45.7B CNY	45.2B CNY	61.5B CNY	82.1B CNY	95.3B CNY	104.7B CNY	124.3B CNY	138.7B CNY	160.3B CNY
Net debt	-5.4B CNY	-2.8B CNY	-5.0B CNY	-3.2B CNY	-9.1B CNY	-13.2B CNY	-21.2B CNY	-21.0B CNY	-51.0B CNY	-47.2B CNY

Cash flow

Fiscal years, in CNY, from NetEase's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	15.5B CNY	11.9B CNY	13.4B CNY	17.2B CNY	24.9B CNY	24.9B CNY	27.7B CNY	35.3B CNY	39.7B CNY	50.7B CNY
Capital spending	1.1B CNY	1.7B CNY	2.2B CNY	1.2B CNY	1.1B CNY	1.6B CNY	2.1B CNY	2.3B CNY	1.3B CNY	1.1B CNY
Free cash flow	14.4B CNY	10.2B CNY	11.2B CNY	16.0B CNY	23.8B CNY	23.3B CNY	25.6B CNY	33.0B CNY	38.4B CNY	49.7B CNY
Stock-based compensation	990M CNY	2.0B CNY	2.5B CNY	2.4B CNY	2.7B CNY	3.0B CNY	3.2B CNY	3.2B CNY	3.9B CNY	3.6B CNY
Dividends paid	2.5B CNY	3.3B CNY	1.4B CNY	8.8B CNY	4.3B CNY	3.5B CNY	6.7B CNY	8.0B CNY	11.2B CNY	13.8B CNY
Share buybacks (net)	-1.2B CNY	-2.1B CNY	-7.5B CNY	—	—	—	—	—	—	—
Net borrowing	—	—	—	730M CNY	1.1B CNY	4.4B CNY	—	—	—	—
Free cash flow margin	37.6%	23.0%	22.0%	27.0%	32.4%	26.6%	26.5%	31.9%	36.5%	44.1%
Dividends per share	0.77 CNY	0.98 CNY	0.44 CNY	2.72 CNY	1.28 CNY	1.04 CNY	2.04 CNY	2.46 CNY	3.46 CNY	4.30 CNY

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Questions

What was NetEase's revenue in 2025?

112.6B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does NetEase generate?

49.7B CNY in fiscal 2025 (operating cash flow minus capital spending).

From NetEase's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.