NASDAQ : NTES
NetEase, Inc. — Financial statements
Communication Services · Electronic Gaming & Multimedia · China
Last price 113.85 USD (Oct 30, 2026, 12:01 PM EDT) · Market cap 73.22B
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Financial statements
NetEase, Inc. (NTES) reported revenue of 116.60B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 116.60B | 112.63B | 105.30B | 103.47B | 96.50B | 87.61B |
| Cost of Revenue | 38.30B | 40.22B | 39.49B | 40.40B | 43.73B | 40.64B |
| Gross Profit | 78.30B | 72.40B | 65.81B | 63.06B | 52.77B | 46.97B |
| Selling, General & Admin | 19.12B | 18.85B | 18.70B | 18.87B | 18.10B | 16.48B |
| Research & Development | 18.10B | 17.72B | 17.52B | 16.48B | 15.04B | 14.08B |
| Operating Expenses | 37.23B | 36.57B | 36.22B | 35.35B | 33.14B | 30.55B |
| Operating Income | 41.08B | 35.83B | 29.58B | 27.71B | 19.63B | 16.42B |
| Interest Expense | -334.40M | -334.40M | -598.00M | |||
| Interest & Investment Income | 3.74B | 5.02B | 5.87B | 5.43B | 2.20B | 4.47B |
| Currency Exchange Gain (Loss) | -1.95B | -775.94M | 255.43M | -133.00M | 1.57B | -490.48M |
| Other Non Operating Income (Expenses) | 1.14B | 1.09B | 602.13M | 1.05B | 846.82M | 710.43M |
| EBT Excluding Unusual Items | 43.67B | 40.83B | 35.72B | 34.06B | 24.25B | 21.10B |
| Gain (Loss) on Sale of Investments | -2.95B | |||||
| Pretax Income | 40.72B | 40.83B | 35.72B | 34.06B | 24.25B | 21.10B |
| Income Tax Expense | 7.55B | 6.03B | 5.46B | 4.70B | 5.03B | 4.13B |
| Earnings From Continuing Operations | 33.17B | 34.80B | 30.26B | 29.36B | 19.22B | 16.98B |
| Earnings From Discontinued Operations | 624.86M | |||||
| Net Income to Company | 33.17B | 34.80B | 30.26B | 29.36B | 19.84B | 16.98B |
| Minority Interest in Earnings | -662.32M | -1.04B | -558.74M | 59.33M | 494.31M | -119.35M |
| Net Income | 32.51B | 33.76B | 29.70B | 29.42B | 20.34B | 16.86B |
| Net Income to Common | 32.51B | 33.76B | 29.70B | 29.42B | 20.34B | 16.86B |
| Shares Outstanding (Basic) | 3.20B | 3.19B | 3.20B | 3.22B | 3.26B | 3.33B |
| Shares Outstanding (Diluted) | 3.23B | 3.22B | 3.23B | 3.25B | 3.30B | 3.37B |
| EPS (Basic) | 10.17 | 10.59 | 9.28 | 9.15 | 6.23 | 5.07 |
| EPS (Diluted) | 10.08 | 10.48 | 9.19 | 9.05 | 6.17 | 5.01 |
| Free Cash Flow | 50.72B | 49.67B | 38.40B | 33.03B | 25.61B | 23.32B |
| Free Cash Flow Per Share | 15.73 | 15.44 | 11.89 | 10.16 | 7.77 | 6.93 |
| Dividend Per Share | 4.01 | 4.16 | 3.77 | 3.64 | 1.91 | 1.49 |
| Gross Margin | 67.15% | 64.28% | 62.50% | 60.95% | 54.68% | 53.62% |
| Operating Margin | 35.23% | 31.82% | 28.10% | 26.78% | 20.34% | 18.74% |
| Profit Margin | 27.88% | 29.98% | 28.20% | 28.43% | 21.08% | 19.24% |
| Free Cash Flow Margin | 43.50% | 44.11% | 36.47% | 31.92% | 26.54% | 26.62% |
| EBITDA | 43.29B | 38.08B | 32.00B | 30.76B | 22.49B | 19.69B |
| EBITDA Margin | 37.12% | 33.81% | 30.39% | 29.73% | 23.30% | 22.48% |
| D&A For EBITDA | 2.21B | 2.25B | 2.42B | 3.06B | 2.86B | 3.28B |
| EBIT | 41.08B | 35.83B | 29.58B | 27.71B | 19.63B | 16.42B |
| EBIT Margin | 35.23% | 31.82% | 28.10% | 26.78% | 20.34% | 18.74% |
| Effective Tax Rate | 18.54% | 14.77% | 15.29% | 13.80% | 20.75% | 19.56% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 22.81B | 47.17B | 51.38B | 21.43B | 24.89B | 14.50B |
| Short-Term Investments | 152.58B | 117.07B | 86.29B | 105.37B | 92.64B | 83.12B |
| Cash & Short-Term Investments | 175.39B | 164.24B | 137.67B | 126.80B | 117.53B | 97.62B |
| Accounts Receivable | 5.75B | 5.34B | 5.67B | 6.42B | 5.00B | 5.51B |
| Other Receivables | 1.77B | 2.46B | 2.78B | 1.37B | 1.51B | |
| Receivables | 5.75B | 7.20B | 8.16B | 9.25B | 6.44B | 7.06B |
| Inventory | 511.90M | 689.18M | 571.55M | 695.37M | 993.64M | 964.73M |
| Prepaid Expenses | 3.92B | 3.61B | 2.95B | 3.01B | 3.95B | |
| Restricted Cash | 4.45B | 4.32B | 3.09B | 2.78B | 2.70B | 2.88B |
| Other Current Assets | 5.97B | 246.52M | 224.47M | 215.84M | 934.76M | 648.65M |
| Total Current Assets | 192.06B | 180.62B | 153.32B | 142.69B | 131.60B | 113.12B |
| Property, Plant & Equipment | 8.18B | 8.75B | 9.06B | 8.82B | 7.23B | 6.48B |
| Long-Term Investments | 21.60B | 21.46B | 23.23B | 22.83B | 21.52B | 24.63B |
| Goodwill | 1.86B | 1.86B | 1.86B | 2.17B | 595.28M | |
| Other Intangible Assets | 3.98B | 4.99B | 5.59B | 5.96B | 6.24B | 6.73B |
| Long-Term Deferred Tax Assets | 2.70B | 2.83B | 1.11B | 1.56B | 1.48B | 1.30B |
| Other Long-Term Assets | 3.69B | 898.32M | 1.80B | 2.16B | 2.48B | 743.15M |
| Total Assets | 232.21B | 221.42B | 195.99B | 185.92B | 172.76B | 153.64B |
| Accounts Payable | 702.26M | 643.16M | 720.55M | 881.02M | 1.51B | 985.06M |
| Accrued Expenses | 19.29B | 12.33B | 12.05B | 11.28B | 10.23B | 9.00B |
| Short-Term Debt | 12.60B | 6.38B | 11.81B | 19.24B | 23.88B | 19.35B |
| Current Portion of Leases | 113.21M | 171.61M | 259.49M | 259.05M | 334.40M | |
| Current Income Taxes Payable | 3.72B | 2.79B | 1.74B | 1.79B | 2.12B | 3.46B |
| Current Unearned Revenue | 19.30B | 20.98B | 15.76B | 13.72B | 12.70B | 12.31B |
| Other Current Liabilities | 9.13B | 7.42B | 6.68B | 6.14B | 5.06B | |
| Total Current Liabilities | 55.62B | 52.37B | 49.67B | 53.84B | 56.83B | 50.50B |
| Long-Term Debt | 428.00M | 428.00M | 3.65B | 1.28B | ||
| Long-Term Leases | 232.11M | 412.60M | 555.83M | 672.64M | 732.13M | |
| Long-Term Deferred Tax Liabilities | 3.73B | 2.64B | 2.17B | 2.30B | 2.13B | 1.35B |
| Other Long-Term Liabilities | 1.30B | 1.07B | 816.04M | 715.28M | 604.93M | 365.58M |
| Total Liabilities | 60.65B | 56.31B | 53.50B | 57.84B | 63.89B | 54.22B |
| Common Stock | 2.63M | 2.63M | 2.63M | 2.71M | 2.71M | 2.79M |
| Additional Paid-In Capital | 8.78B | 9.84B | 9.86B | 22.60B | 22.85B | 37.92B |
| Retained Earnings | 161.57B | 152.21B | 132.29B | 113.76B | 92.35B | 78.74B |
| Treasury Stock | -1.62B | -1.52B | -4.47B | -12.69B | -10.91B | -20.50B |
| Comprehensive Income & Other | -1.64B | -237.77M | 1.01B | 616.78M | 431.79M | -828.07M |
| Total Common Equity | 167.09B | 160.30B | 138.69B | 124.29B | 104.73B | 95.33B |
| Minority Interest | 4.47B | 4.81B | 3.81B | 3.80B | 4.14B | 4.10B |
| Shareholders' Equity | 171.56B | 165.10B | 142.49B | 128.08B | 108.87B | 99.42B |
| Total Liabilities & Equity | 232.21B | 221.42B | 195.99B | 185.92B | 172.76B | 153.64B |
| Total Debt | 12.60B | 6.73B | 12.82B | 20.48B | 28.46B | 21.69B |
| Net Cash (Debt) | 162.79B | 157.51B | 124.86B | 106.32B | 89.07B | 75.93B |
| Net Cash Per Share | 50.47 | 48.94 | 38.65 | 32.69 | 27.02 | 22.55 |
| Filing Date Shares Outstanding | 3.20B | 3.19B | 3.17B | 3.21B | 3.13B | 3.10B |
| Total Common Shares Outstanding | 3.20B | 3.19B | 3.17B | 3.21B | 3.13B | 3.10B |
| Working Capital | 136.45B | 128.25B | 103.66B | 88.85B | 74.77B | 62.62B |
| Book Value Per Share | 52.17 | 50.22 | 43.78 | 38.71 | 33.50 | 30.74 |
| Tangible Book Value | 163.11B | 153.45B | 131.24B | 116.47B | 96.33B | 88.01B |
| Tangible Book Value Per Share | 50.92 | 48.07 | 41.43 | 36.27 | 30.81 | 28.38 |
| Buildings | 7.91B | 6.89B | 4.06B | 3.88B | 3.68B | |
| Machinery | 6.75B | 6.75B | 6.76B | 6.50B | 5.86B | |
| Construction In Progress | 985.11M | 1.70B | 3.68B | 1.59B | 653.24M | |
| Leasehold Improvements | 144.47M | 197.23M | 311.16M | 304.37M | 287.51M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 32.51B | 33.76B | 29.70B | 29.42B | 20.34B | 16.86B |
| Depreciation & Amortization | 2.21B | 2.25B | 2.42B | 3.06B | 2.86B | 3.28B |
| Loss (Gain) From Sale of Assets | -34.21M | -30.29M | -4.76M | 5.68M | 3.62M | 54.05M |
| Loss (Gain) From Sale of Investments | 3.89B | 15.71M | -353.30M | -544.15M | 1.27B | -1.20B |
| Loss (Gain) on Equity Investments | 2.08B | 1.54B | 155.57M | -473.95M | -1.26B | -1.57B |
| Stock-Based Compensation | 3.15B | 3.65B | 3.88B | 3.24B | 3.17B | 3.04B |
| Provision & Write-off of Bad Debts | 205.59M | 367.51M | 68.93M | 61.15M | 61.39M | 265.93M |
| Other Operating Activities | 3.17B | 472.77M | 160.30M | 192.04M | -1.61B | 1.02B |
| Change in Accounts Receivable | -62.34M | 264.07M | 716.38M | -1.47B | 554.34M | -1.19B |
| Change in Inventory | 79.68M | -117.63M | 123.78M | 296.76M | -27.61M | -343.59M |
| Change in Accounts Payable | -14.08M | -71.61M | 91.14M | -559.42M | 447.67M | -155.26M |
| Change in Unearned Revenue | 2.50B | 5.44B | 2.02B | 1.16B | 385.40M | 1.35B |
| Change in Income Taxes | -62.23M | 1.11B | 187.79M | -244.26M | -917.61M | 255.06M |
| Change in Other Net Operating Assets | 1.85B | 2.10B | 510.34M | 1.19B | 3.06B | 3.27B |
| Operating Cash Flow | 51.48B | 50.74B | 39.68B | 35.33B | 27.71B | 24.93B |
| Capital Expenditures | -752.40M | -1.07B | -1.28B | -2.30B | -2.10B | -1.60B |
| Sale of Property, Plant & Equipment | 39.26M | 45.89M | 14.53M | 10.30M | 41.47M | 71.52M |
| Sale (Purchase) of Intangibles | -726.54M | -987.09M | -930.99M | -1.97B | -543.22M | -1.51B |
| Investment in Securities | -65.29B | -31.21B | 20.51B | -12.35B | -4.44B | -3.77B |
| Other Investing Activities | 74.70M | 39.64M | -406.63M | -423.93M | -323.78M | -268.65M |
| Investing Cash Flow | -66.66B | -33.18B | 17.92B | -17.04B | -7.37B | -7.08B |
| Short-Term Debt Issued | 243.64M | |||||
| Long-Term Debt Issued | 5.55B | 13.92B | 13.57B | 6.39B | 4.45B | |
| Total Debt Issued | 10.88B | 5.80B | 13.92B | 13.57B | 6.39B | 4.45B |
| Short-Term Debt Repaid | -6.66B | -13.65B | -1.27B | -442.21M | ||
| Long-Term Debt Repaid | -11.60B | -14.74B | -8.22B | -273.64M | -2.30B | |
| Total Debt Repaid | -9.24B | -11.60B | -21.40B | -21.87B | -1.55B | -2.74B |
| Net Debt Issued (Repaid) | 1.64B | -5.80B | -7.48B | -8.31B | 4.85B | 1.71B |
| Repurchase of Common Stock | -3.09B | -639.34M | -8.83B | -5.23B | -8.33B | -12.91B |
| Common Dividends Paid | -13.45B | -13.83B | -11.17B | -8.01B | -6.72B | -3.51B |
| Other Financing Activities | 347.00K | 103.81M | 136.01M | 86.16M | -30.92M | 2.13B |
| Financing Cash Flow | -14.90B | -20.16B | -27.34B | -21.47B | -10.24B | -12.59B |
| Foreign Exchange Rate Adjustments | -822.36M | -382.45M | 10.75M | -202.46M | 110.40M | -55.35M |
| Net Cash Flow | -30.90B | -2.98B | 30.27B | -3.38B | 10.21B | 5.21B |
| Free Cash Flow | 50.72B | 49.67B | 38.40B | 33.03B | 25.61B | 23.32B |
| Free Cash Flow Margin | 43.50% | 44.11% | 36.47% | 31.92% | 26.54% | 26.62% |
| Free Cash Flow Per Share | 15.73 | 15.44 | 11.89 | 10.16 | 7.77 | 6.93 |
| Levered Free Cash Flow | 32.77B | 33.49B | 25.80B | 19.17B | 18.96B | 16.17B |
| Unlevered Free Cash Flow | 32.98B | 33.70B | 26.17B | 19.17B | 18.96B | 16.17B |
| Cash Interest Paid | 329.89M | 387.98M | 489.62M | 779.87M | 588.38M | 187.63M |
| Cash Income Tax Paid | 6.99B | 6.43B | 5.19B | 4.90B | 5.09B | 3.55B |
| Change in Working Capital | 4.29B | 8.72B | 3.65B | 375.88M | 3.50B | 3.19B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 73.88B | 87.34B | 56.45B | 56.26B | 45.54B | 65.69B |
| Enterprise Value | 50.58B | 68.10B | 40.85B | 43.18B | 33.80B | 56.66B |
| Last Close Price | 113.64 | 134.93 | 85.25 | 86.77 | 66.45 | 91.47 |
| PE Ratio | 15.64 | 18.10 | 13.87 | 13.56 | 15.45 | 24.76 |
| PS Ratio | 4.22 | 5.42 | 3.91 | 3.86 | 3.25 | 4.76 |
| PB Ratio | 2.87 | 3.70 | 2.89 | 3.12 | 2.88 | 4.20 |
| P/TBV Ratio | 3.02 | 3.98 | 3.14 | 3.42 | 3.26 | 4.74 |
| P/FCF Ratio | 9.50 | 12.30 | 10.73 | 12.08 | 12.27 | 17.89 |
| P/OCF Ratio | 9.36 | 12.04 | 10.38 | 11.29 | 11.34 | 16.74 |
| EV/Sales Ratio | 2.86 | 4.23 | 2.83 | 2.96 | 2.42 | 4.11 |
| EV/EBITDA Ratio | 7.71 | 12.51 | 9.32 | 9.95 | 10.37 | 18.28 |
| EV/EBIT Ratio | 8.12 | 13.29 | 10.08 | 11.05 | 11.88 | 21.92 |
| EV/FCF Ratio | 6.44 | 9.59 | 7.76 | 9.27 | 9.10 | 15.43 |
| Debt / Equity Ratio | 0.07 | 0.04 | 0.09 | 0.16 | 0.26 | 0.22 |
| Debt / EBITDA Ratio | 0.29 | 0.18 | 0.40 | 0.66 | 1.24 | 1.08 |
| Debt / FCF Ratio | 0.25 | 0.14 | 0.33 | 0.62 | 1.11 | 0.93 |
| Net Debt / Equity Ratio | -0.95 | -0.95 | -0.88 | -0.83 | -0.82 | -0.76 |
| Net Debt / EBITDA Ratio | -3.76 | -4.14 | -3.90 | -3.46 | -3.96 | -3.86 |
| Net Debt / FCF Ratio | -3.21 | -3.17 | -3.25 | -3.22 | -3.48 | -3.25 |
| Asset Turnover | 0.53 | 0.54 | 0.55 | 0.58 | 0.59 | 0.59 |
| Inventory Turnover | 69.40 | 63.81 | 62.34 | 47.84 | 44.66 | 52.22 |
| Quick Ratio | 3.26 | 3.27 | 2.94 | 2.53 | 2.18 | 2.07 |
| Current Ratio | 3.45 | 3.45 | 3.09 | 2.65 | 2.32 | 2.24 |
| Return on Equity (ROE) | 20.37% | 22.62% | 22.36% | 24.78% | 18.45% | 17.57% |
| Return on Assets (ROA) | 11.65% | 10.73% | 9.68% | 9.66% | 7.52% | 6.94% |
| Return on Invested Capital (ROIC) | 127.20% | 114.91% | 71.84% | 59.93% | ||
| Return on Capital Employed (ROCE) | 23.30% | 21.20% | 20.20% | 21.00% | 16.90% | 15.90% |
| Earnings Yield | 6.40% | 5.53% | 7.21% | 7.37% | 6.48% | 4.04% |
| FCF Yield | 10.53% | 8.13% | 9.32% | 8.28% | 8.15% | 5.59% |
| Dividend Yield | 2.52% | 2.17% | 2.90% | 2.93% | 1.90% | 1.10% |
| Payout Ratio | 39.39% | 40.95% | 37.60% | 27.24% | 33.06% | 20.81% |
| Buyback Yield / Dilution | -0.39% | 0.39% | 0.66% | 1.33% | 2.12% | -0.53% |
| Total Shareholder Return | 2.14% | 2.56% | 3.56% | 4.26% | 4.03% | 0.58% |