NetEase, Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), NetEase, Inc. reported revenue of $112.6B (+7.0% year on year) and net income of $34.8B (+15.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net revenues | $112.6B | $105.3B | $103.5B | $96.5B |
| Cost of revenues | ($40.2B) | ($39.5B) | ($40.4B) | ($43.7B) |
| Gross profit | $72.4B | $65.8B | $63.1B | $52.8B |
| Selling and marketing expenses | ($14.6B) | ($14.1B) | ($14.0B) | ($13.4B) |
| General and administrative expenses | ($4.2B) | ($4.6B) | ($4.9B) | ($4.7B) |
| Research and development expenses | ($17.7B) | ($17.5B) | ($16.5B) | ($15.0B) |
| Total operating expenses | ($36.6B) | ($36.2B) | ($35.4B) | ($33.1B) |
| Operating profit | $35.8B | $29.6B | $27.7B | $19.6B |
| Investment income, net | $731.5M | $355.3M | $1.3B | $54.0M |
| Interest income, net | $4.0B | $4.9B | $4.1B | $2.1B |
| Exchange (losses)/gains, net | ($775.9M) | $255.4M | ($133.0M) | $1.6B |
| Other, net | $1.1B | $602.1M | $1.1B | $846.8M |
| Income before tax | $40.8B | $35.7B | $34.1B | $24.3B |
| Income tax | ($6.0B) | ($5.5B) | ($4.7B) | ($5.0B) |
| Net income | $34.8B | $30.3B | $29.4B | $19.8B |
| Accretion of redeemable noncontrolling interests | ($4.3M) | ($3.9M) | ($3.6M) | ($3.0M) |
| Net loss/(income) attributable to noncontrolling interests and redeemable noncontrolling interests | ($1.0B) | ($554.8M) | $62.9M | $497.3M |
| Net income attributable to the Company's shareholders | $33.8B | $29.7B | $29.4B | $20.3B |
| Foreign currency translation adjustment | ($1.3B) | $424.4M | $221.9M | $1.4B |
| Total comprehensive income | $33.5B | $30.7B | $29.6B | $21.3B |
| Comprehensive loss/(income) attributable to noncontrolling interests and redeemable noncontrolling interests | ($932.6M) | ($589.1M) | $26.0M | $315.7M |
| Comprehensive income attributable to the Company's shareholders | $32.5B | $30.1B | $29.6B | $21.6B |
| Net income per share, basic (in CNY and dollars per share) | $10.59 | $9.28 | $9.15 | $6.23 |
| Net income per share, diluted (in CNY and dollars per share) | $10.48 | $9.19 | $9.05 | $6.17 |
| Net income per ADS, basic (in CNY and dollars per share) | $52.97 | $46.40 | $45.73 | $31.16 |
| Net income per ADS, diluted (in CNY and dollars per share) | $52.42 | $45.95 | $45.23 | $30.85 |
| Weighted average number of ordinary shares outstanding, basic (in shares) | 3.2B | 3.2B | 3.2B | 3.3B |
| Weighted average number of ADS outstanding, basic (in shares) | 637.3M | 640.1M | 643.3M | 652.7M |
| Weighted average number of ordinary shares outstanding, diluted (in shares) | 3.2B | 3.2B | 3.3B | 3.3B |
| Weighted average number of ADS outstanding, diluted (in shares) | 643.6M | 646.1M | 650.4M | 659.2M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $47.2B | $51.4B | $21.4B | $24.9B |
| Time deposits | $92.6B | $75.4B | $100.9B | $84.9B |
| Restricted cash | $4.3B | $3.1B | $2.8B | $2.7B |
| Accounts receivable, net | $5.3B | $5.7B | $6.4B | $5.0B |
| Inventories | $689.2M | $571.5M | $695.4M | $993.6M |
| Prepayments and other current assets, net | $7.7B | $6.4B | $6.1B | $5.4B |
| Short-term investments | $22.8B | $10.8B | $4.4B | $7.6B |
| Total current assets | $180.6B | $153.3B | $142.7B | $131.6B |
| Property, equipment and software, net | $8.4B | $8.5B | $8.1B | $6.3B |
| Land use rights, net | $4.0B | $4.2B | $4.1B | $4.1B |
| Operating lease right-of-use assets, net | $320.3M | $541.1M | $749.3M | $888.0M |
| Deferred tax assets | $2.8B | $1.1B | $1.6B | $1.5B |
| Time deposits | $3.0B | $3.0B | $1.1B | $3.0B |
| Restricted cash | $3.9M | $5.2M | $550.0K | $270.0K |
| Long-term investments | $18.5B | $20.2B | $21.8B | $18.5B |
| Other long-term assets | $3.7B | $5.1B | $5.9B | $6.8B |
| Total non-current assets | $40.8B | $42.7B | $43.2B | $41.2B |
| Total assets | $221.4B | $196.0B | $185.9B | $172.8B |
| Accounts payable | $643.2M | $720.5M | $881.0M | $1.5B |
| Salary and welfare payables | $4.9B | $4.7B | $4.9B | $4.7B |
| Taxes payable | $3.9B | $2.8B | $2.6B | $2.8B |
| Short-term loans | $6.4B | $11.8B | $19.2B | $23.9B |
| Contract liabilities | $20.5B | $15.3B | $13.4B | $12.5B |
| Accrued liabilities and other payables | $15.9B | $14.2B | $12.7B | $11.1B |
| Short-term operating lease liabilities | $113.2M | $171.6M | $259.5M | $259.1M |
| Total current liabilities | $52.4B | $49.7B | $53.8B | $56.8B |
| Deferred tax liabilities | $2.6B | $2.2B | $2.3B | $2.1B |
| Long-term operating lease liabilities | $232.1M | $412.6M | $555.8M | $672.6M |
| Other long-term liabilities | $1.1B | $816.0M | $715.3M | $604.9M |
| Total non-current liabilities | $3.9B | $3.8B | $4.0B | $7.1B |
| Total liabilities | $56.3B | $53.5B | $57.8B | $63.9B |
| Redeemable noncontrolling interests | $91.3M | $84.3M | $115.8M | $136.4M |
| Ordinary shares, US$0.0001 par value: 1,000,300,000,000 shares authorized, 3,219,564,581 shares issued as of December 31, 2024 and 2025; 3,167,959,016 and 3,192,111,251 shares outstanding as of December 31, 2024 and 2025, respectively | 2.6M | 2.6M | 2.7M | 2.7M |
| Additional paid-in capital | $9.8B | $9.9B | $22.6B | $22.9B |
| Treasury stock | ($1.5B) | ($4.5B) | ($12.7B) | ($10.9B) |
| Statutory reserves | $2.5B | $2.0B | $1.5B | $1.3B |
| Accumulated other comprehensive income/(loss) | ($237.8M) | $1.0B | $616.8M | $431.8M |
| Retained earnings | $149.8B | $130.3B | $112.2B | $91.1B |
| NetEase, Inc.'s shareholders' equity | $160.3B | $138.7B | $124.3B | $104.7B |
| Noncontrolling interests | $4.7B | $3.7B | $3.7B | $4.0B |
| Total equity | $165.0B | $142.4B | $128.0B | $108.7B |
| Total liabilities, redeemable noncontrolling interests and shareholders' equity | $221.4B | $196.0B | $185.9B | $172.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $34.8B | $30.3B | $29.4B | $19.8B |
| Depreciation and amortization | $2.2B | $2.4B | $3.1B | $2.9B |
| Fair value changes of equity security, other investments and financial instruments | ($1.2B) | ($841.9M) | — | — |
| Impairment losses on investments | $2.7B | $1.3B | $469.2M | $300.2M |
| Share-based compensation cost | $3.6B | $3.9B | $3.2B | $3.2B |
| Allowance for expected credit losses | $367.5M | $68.9M | $61.1M | $61.4M |
| Losses/(gains) on disposal of property, equipment and software | ($30.3M) | ($4.8M) | $5.7M | $3.6M |
| Unrealized exchange losses/(gains) | $688.9M | ($719.2M) | $119.9M | ($1.6B) |
| Gains on disposal of long-term investments, business, subsidiaries and other financial instruments | ($440.9M) | — | — | — |
| Deferred income taxes | ($1.3B) | $320.7M | $131.4M | $489.7M |
| Share of results on equity method investees and revaluation results from previously held equity interest | $1.5B | $155.6M | ($473.9M) | ($1.3B) |
| Fair value changes of short-term investments | ($1.1B) | ($530.6M) | ($414.2M) | ($342.6M) |
| Accounts receivable | $264.1M | $716.4M | ($1.5B) | $554.3M |
| Inventories | ($117.6M) | $123.8M | $296.8M | ($27.6M) |
| Prepayments and other assets | $100.7M | ($809.6M) | $87.6M | $731.1M |
| Accounts payable | ($71.6M) | $91.1M | ($559.4M) | $447.7M |
| Salary and welfare payables | $128.6M | ($210.9M) | ($62.9M) | $424.5M |
| Taxes payable | $1.1B | $187.8M | ($244.3M) | ($917.6M) |
| Contract liabilities | $5.4B | $2.0B | $1.2B | $385.4M |
| Accrued liabilities and other payables | $1.9B | $1.5B | $1.2B | $1.9B |
| Net cash provided by operating activities | $50.7B | $39.7B | $35.3B | $27.7B |
| Purchase of property, equipment and software | ($1.1B) | ($1.3B) | ($2.3B) | ($2.1B) |
| Proceeds from sale of property, equipment and software | $45.9M | $14.5M | $10.3M | $41.5M |
| Purchase of intangible assets, content and licensed copyrights | ($987.1M) | ($931.0M) | ($2.0B) | ($543.2M) |
| Net changes of short-term investments with terms of three months or less | ($6.9B) | ($408.3M) | ($1.8B) | $776.4M |
| Purchase of short-term investments with terms over three months | ($21.6B) | ($8.2B) | — | ($6.0B) |
| Proceeds from maturities of short-term investments with terms over three months | $17.6B | $2.9B | $5.4B | $10.2B |
| Investment in equity method investees | ($268.9M) | ($513.4M) | ($444.6M) | ($705.9M) |
| Investment / prepayment for other equity investments and acquisition of subsidiaries | ($4.3B) | ($589.6M) | ($2.4B) | ($4.4B) |
| Proceeds from disposal of long-term investments, businesses, subsidiaries and other financial instruments | $3.0B | $2.8B | — | — |
| Placement/rollover of matured time deposits | ($166.7B) | ($154.8B) | ($124.7B) | ($99.0B) |
| Proceeds from maturities of time deposits | $147.9B | $179.4B | $111.4B | $92.2B |
| Change in other long-term assets | $39.6M | ($406.6M) | ($423.9M) | ($323.8M) |
| Net cash (used in)/provided by investing activities | ($33.2B) | $17.9B | ($17.0B) | ($7.4B) |
| Net changes from short-term loans with terms of three months or less | $243.6M | ($6.7B) | ($13.7B) | ($1.3B) |
| Proceeds of loans with terms over three months | $5.6B | $13.9B | $13.6B | $6.4B |
| Payment of loans with terms over three months | ($11.6B) | ($14.7B) | ($8.2B) | ($273.6M) |
| Dividends paid to shareholders | ($13.8B) | ($11.2B) | ($8.0B) | ($6.7B) |
| Net amounts received related to capital contribution from or repurchase of noncontrolling interests shareholders | $103.8M | $136.0M | — | — |
| Net amounts paid for repurchase of NetEase's ADSs/purchase of subsidiaries' ADSs and shares | -639.3M | -8.8B | -5.2B | -8.3B |
| Net cash used in financing activities | ($20.2B) | ($27.3B) | ($21.5B) | ($10.2B) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies | ($382.5M) | $10.8M | ($202.5M) | $110.4M |
| Net (decrease)/increase in cash, cash equivalents and restricted cash | ($3.0B) | $30.3B | ($3.4B) | $10.2B |
| Cash, cash equivalents and restricted cash, at the beginning of the year | $54.5B | $24.2B | $27.6B | $17.4B |
| Cash, cash equivalents and restricted cash, at end of the year | $51.5B | $54.5B | $24.2B | $27.6B |
NetEase, Inc. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.