NetEase (NTES) revenue breakdown
By segment, Games and related value-added services is the largest at 82% of fiscal 2025 revenue; Youdao grew fastest, 38% a year over 8 years.
By product, Online games services is the largest at 74% of fiscal 2020 revenue; Others grew fastest, 41% a year over 4 years.
Revenue by segment
Fiscal years, as NetEase reports them in its 10-K filings; fiscal 2025 total $112.6B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Games and related value-added services | — | — | — | — | $58.7B | $67.8B | $74.6B | $81.6B | $83.6B | $92.1B | 82% |
| NetEase Cloud Music | — | — | — | $2.3B | $4.9B | $7.0B | $9.0B | $7.9B | $8.0B | $7.8B | 7% |
| Innovative businesses and others | $3.5B | $7.7B | $10.3B | $9.2B | $6.9B | $7.4B | $7.9B | $8.6B | $8.1B | $6.8B | 6% |
| Youdao | — | $456M | $732M | $1.3B | $3.2B | $5.4B | $5.0B | $5.4B | $5.6B | $5.9B | 5% |
| Online game services | $28.0B | $36.3B | $40.2B | $46.4B | — | — | — | — | — | — | — |
| E-commerce | $4.5B | — | — | — | — | — | — | — | — | — | — |
| Advertising services | $2.2B | — | — | — | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as NetEase reports them in its 10-K filings; fiscal 2020 total $73.7B.
| Products | 2016 | 2017 | 2018 | 2019 | 2020 | Share |
|---|---|---|---|---|---|---|
| Online games services | $28.0B | $36.3B | $40.2B | $46.4B | $54.6B | 74% |
| Others | $3.6B | $5.6B | $7.8B | $9.5B | $14.2B | 19% |
| Advertising services | $2.2B | $2.4B | $2.8B | $2.6B | $2.7B | 4% |
| Youdao learning services | — | — | $398M | $700M | $2.2B | 3% |
| Products | $4.4B | — | — | — | — | — |
| Youdao learning services and products | — | $150M | — | — | — | — |
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Where does NetEase make its money?
In fiscal 2025, by segment: Games and related value-added services $92.1B, NetEase Cloud Music $7.8B, Innovative businesses and others $6.8B, Youdao $5.9B.
From NetEase's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.