NetEase

NTES · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

NTES · Last close · October 26, 2026

$118.32

NetEase's revenue rose 7.0% to CN¥112.6 billion in fiscal 2025. Its operating margin was 31.8%, up from 28.1% a year earlier. Free cash flow was CN¥49.7 billion, up 29.4%. It paid out CN¥13.8 billion in dividends and buybacks, 28% of free cash flow. The diluted share count fell 0.4%.

NETEASE, INC. Latest fiscal year ended December 31, 2025 20-F filed April 15, 2026 · 0001104659-26-043468 Updated October 27, 2026

Revenue

CN¥112.6B

7.0%

Operating margin

31.8%

3.7 pts

Net income

CN¥34.8B

15.0%

Free cash flow

CN¥49.7B

29.4%

Return on equity

23.3%

0.3 pts

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity.

About these figures. NetEase's 2025 annual report has no tagged borrowing figure, so return on capital, net debt to EBITDA and the Piotroski score are blank for 2025. NetEase is a foreign company: it files an annual report on Form 20-F, prepared under US accounting standards (US GAAP), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model. Its figures are in CNY, as it reports them: they aren't converted to US dollars.

Revenue and margins

Revenue

CNY billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 12.9% a year and net income 13.0% a year, as buybacks cut the share count by 3%.

Net income

CNY billions, fiscal years; loss years in red.

Diluted earnings per share

CNY per ordinary share, fiscal years; loss years in red. One US-listed ADS can stand for several ordinary shares.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

CNY billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

CNY billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	26.8	32.5	25.9	62.1	70.0
Debt incl. finance leases	1.3	3.7	0.4	0.4	—
Net debt (negative means net cash)	−25.5	−28.9	−25.4	−61.7	—
Net debt to EBITDA	−1.3x	−1.3x	−0.8x	−1.9x	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	—
Interest coverage	87.5x	33.4x	35.5x	60.4x	92.4x
Current ratio	2.2x	2.3x	2.6x	3.1x	3.5x
Quick ratio	2.2x	2.3x	2.6x	3.1x	3.4x

CNY billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	—
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	8 of 9	7 of 9	—
Accruals ratio	−3.3%	−4.9%	−7.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put NetEase side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
NetEase	FY25	7.0%	31.8%	44.1%	—	—	—
Take-Two Interactive	FY26	18.2%	−1.6%	6.9%	−2.0%	5.6x	7	Compare
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6	Compare
Pinterest	FY25	15.8%	7.6%	29.6%	13.2%	−7.2x	5	Compare
Comcast	FY25	−0.0%	16.7%	17.7%	8.9%	2.3x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	38.2	44.4	51.2	59.2	73.7	87.6	96.5	103.5	105.3	112.6
Revenue growth	67.4%	16.4%	15.2%	15.8%	24.4%	18.9%	10.2%	7.2%	1.8%	7.0%
Gross profit	21.7	25.0	27.3	31.6	39.0	47.0	52.8	63.1	65.8	72.4
Research and development	3.0	4.2	7.4	8.4	10.4	14.1	15.0	16.5	17.5	17.7
Operating income	12.6	13.0	10.0	13.8	14.5	16.4	19.6	27.7	29.6	35.8
Net income	11.6	10.8	6.5	21.4	12.3	17.0	19.8	29.4	30.3	34.8
Diluted EPS (CNY)	3.51	3.23	1.89	6.53	3.60	5.01	6.17	9.05	9.19	10.48
Diluted shares (millions)	3,307	3,316	3,255	3,250	3,350	3,368	3,296	3,252	3,231	3,218
Cash flow
Cash from operations	15.5	11.9	13.4	17.2	24.9	24.9	27.7	35.3	39.7	50.7
Capital expenditure	1.1	1.7	2.2	1.2	1.1	1.6	2.1	2.3	1.3	1.1
Free cash flow	14.4	10.2	11.2	16.0	23.8	23.3	25.6	33.0	38.4	49.7
Dividends paid	2.5	3.3	1.4	8.8	4.3	3.5	6.7	8.0	11.2	13.8
Share buybacks	1.2	2.1	7.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	1.0	2.0	2.5	2.4	2.7	3.0	3.2	3.2	3.9	3.6
Balance sheet at fiscal year end
Cash and short-term investments	17.0	12.5	16.7	18.6	22.4	26.8	32.5	25.9	62.1	70.0
Debt incl. finance leases	—	—	—	—	—	1.3	3.7	0.4	0.4	—
Total assets	58.0	71.0	87.0	112.1	141.9	153.6	172.8	185.9	196.0	221.4
Total liabilities	19.6	24.0	35.6	39.1	48.1	54.2	63.9	57.8	53.5	56.3
Shareholders' equity	38.2	45.7	45.2	61.5	82.1	95.3	104.7	124.3	138.7	160.3
Margins and ratios
Gross margin	56.7%	56.4%	53.4%	53.3%	52.9%	53.6%	54.7%	61.0%	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%	24.4%	12.7%	36.2%	16.7%	19.4%	20.6%	28.4%	28.7%	30.9%
Free cash flow margin	37.6%	23.0%	22.0%	27.0%	32.4%	26.6%	26.5%	31.9%	36.5%	44.1%
Return on capital	—	—	—	—	—	—	20.2%	26.2%	27.4%	—
Return on equity	34.4%	25.9%	14.2%	40.2%	17.2%	19.1%	19.8%	25.6%	23.0%	23.3%
Return on assets	23.4%	16.8%	8.2%	21.5%	9.7%	11.5%	12.2%	16.4%	15.8%	16.7%
Net debt to EBITDA	—	—	—	—	—	−1.3x	−1.3x	−0.8x	−1.9x	—

CNY billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, CNY millions)

Source: NetEase's Form 20-F filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with NetEase.