NetEase, Inc. ADR (NTES) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$15.5	$12	-22.7%	—	$30.1B	—
Q1 26	$15.4	$17.5	+13.5%	—	$30.6B	—
Q4 25	$14.1	$10.9	-22.5%	—	$27.5B	—
Q3 25	$14.8	$14.7	-0.5%	—	$28.4B	—
Q2 25	$15	$14.8	-1.4%	—	$27.9B	—
Q1 25	$13.7	$17.5	+27.4%	—	$28.8B	—
Q4 24	$12.6	$15.1	+20.1%	—	$3.9B	—
Q3 24	$12.4	$11.6	-5.9%	—	$3.7B	—
Q2 24	$12.1	$12.1	-0.3%	—	$25.5B	—
Q1 24	$12.4	$13.1	+5.3%	—	$26.9B	—
Q4 23	$12.1	$11.3	-6.1%	—	$27.1B	—
Q3 23	$10.7	$13.3	+24.6%	—	$27.3B	—
Q2 23	$9.03	$13.9	+53.7%	—	$24B	—
Q1 23	$8.59	$11.6	+35.3%	—	$25B	—
Q4 22	$7.82	$9.92	+26.9%	—	$25.4B	—
Q3 22	$7.46	$11.3	+52.0%	—	$24.4B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$53	—	—	$112.6B	—
FY24	—	$46.4	—	—	$15.2B	—
FY23	—	$45.8	—	—	$103.5B	—
FY22	—	$31.1	—	—	$96.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$38.2B	$44.4B	$51.2B	$59.2B	$73.7B	$87.6B	$96.5B	$103.5B	$15.2B	$112.6B
YoY change	+67.4%	+16.4%	+15.2%	+15.8%	+24.4%	+18.9%	+10.1%	+7.23%	-85.3%	+639.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	38.2B	44.4B	51.2B	59.2B	73.7B	87.6B	96.5B	103.5B	15.2B	112.6B
Cost of revenue	16.5B	19.4B	23.8B	27.7B	34.7B	40.6B	43.7B	40.4B	5.7B	40.2B
Gross profit	21.7B	25B	27.3B	31.6B	39B	47B	52.8B	63.1B	9.5B	72.4B
Gross margin	56.7%	56.4%	53.4%	53.3%	52.9%	53.6%	54.7%	60.9%	62.5%	64.3%
Research & development	3B	4.2B	7.4B	8.4B	10.4B	14.1B	15B	16.5B	2.5B	17.7B
Selling, general & administrative	6B	7.9B	10B	9.4B	14.1B	16.5B	18.1B	18.9B	2.7B	18.8B
Operating expenses	9B	12B	17.4B	17.8B	24.4B	30.6B	33.1B	35.4B	5.2B	36.6B
Operating income	12.6B	13B	10B	13.8B	14.5B	16.4B	19.6B	27.7B	4.3B	35.8B
Operating margin	33.1%	29.2%	19.5%	23.3%	19.7%	18.7%	20.3%	26.8%	28.1%	31.8%
Non-operating income, net	724.5M	178.1M	512.7M	1.8B	-764.9M	3.2B	2.5B	2.2B	175.5M	1B
Pretax income	13.9B	13.8B	11.1B	16.4B	15.4B	21.1B	24.3B	34.1B	5.2B	40.8B
Income tax	2.1B	2.2B	2.5B	2.9B	3B	4.1B	5B	4.7B	790.2M	6B
Net income	11.8B	10.8B	6.5B	21.4B	12.3B	17B	19.8B	29.4B	4.4B	34.8B
Net margin	30.9%	24.4%	12.7%	36.2%	16.7%	19.4%	20.6%	28.4%	28.7%	30.9%
EBITDA	12.6B	13.9B	12.1B	15.1B	19.5B	17.2B	20.9B	29.6B	4.5B	38.1B
EPS	17.7	16.3	9.5	33	18.3	25.4	31.1	45.8	46.4	53
Diluted EPS	17.6	16.1	9.45	32.6	18	25.1	30.9	45.3	46	52.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	27.3B	27.1B	26.9B	25.5B	3.7B	3.9B	28.8B	27.9B	28.4B	27.5B	30.6B	30.1B
Cost of revenue	10.3B	10.3B	9.8B	9.4B	1.4B	1.5B	10.3B	9.8B	10.2B	9.9B	9.4B	8.9B
Gross profit	17B	16.8B	17B	16B	2.3B	2.4B	18.5B	18.1B	18.2B	17.7B	21.2B	21.2B
Gross margin	62.2%	62%	63.4%	62.9%	62.9%	60.8%	64.1%	64.7%	64.1%	64.2%	69.4%	70.5%
Research & development	4.3B	4.5B	4.2B	4.5B	622.6M	646.7M	4.4B	4.4B	4.5B	4.4B	4.5B	4.6B
Selling, general & administrative	5.1B	5.5B	5.2B	4.6B	690.2M	576M	3.7B	4.6B	5.6B	4.9B	4.1B	4.5B
Operating expenses	9.4B	10B	9.4B	9B	1.3B	1.2B	8B	9B	10.2B	9.4B	8.6B	9.1B
Operating income	7.6B	6.9B	7.6B	7B	1B	1.1B	10.4B	9.1B	8B	8.3B	12.7B	12.1B
Operating margin	27.7%	25.3%	28.4%	27.4%	27.3%	29.2%	36.2%	32.5%	28.3%	30.2%	41.4%	40.2%
Non-operating income, net	396.1M	-385.1M	388.2M	-50M	-61M	189.3M	949.9M	634.6M	1.2B	-1.7B	-177.7M	-3.3B
Pretax income	9.1B	7.7B	9.3B	8.1B	1.1B	1.5B	12.5B	10.6B	10.1B	7.6B	13.4B	9.6B
Income tax	1.3B	1.1B	1.5B	1.3B	181.4M	200.4M	1.9B	1.6B	1.3B	1.3B	2.5B	2.5B
Net income	7.8B	6.7B	7.8B	6.8B	943.7M	1.3B	10.5B	9.1B	8.8B	6.4B	10.8B	7.2B
Net margin	28.6%	24.6%	29.1%	26.8%	25.6%	33.3%	36.6%	32.6%	31%	23.1%	35.5%	23.8%
EBITDA	8.1B	8.3B	8B	7.8B	1.1B	1.1B	10.2B	9B	7.6B	11.2B	13.7B	15.9B
EPS	12.2	10.3	11.9	10.5	10.2	13.8	16.3	13.5	13.5	9.8	16.7	10.9
Diluted EPS	12.1	10.1	11.8	10.4	10.2	13.7	16.1	13.3	13.3	9.65	16.6	10.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	204.9B	329.3B	220.8B	286.4B	459B	490.8B	343.7B	438B	—	—	77.5B
Enterprise value	172.4B	292.8B	184.9B	231.6B	385.9B	415B	254.7B	331.8B	—	—	31.5B
Shares outstanding	4.8B	4.8B	4.7B	4.7B	4.8B	4.8B	4.7B	4.7B	92.6M	637.3M	637.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.4	30.4	34.1	13.4	37.2	28.9	17.3	14.9	—	—	16.2
P/S	5.37	7.41	4.32	4.83	6.23	5.6	3.56	4.23	—	—	0.67
P/B	5.33	7	4.3	3.92	4.89	4.94	3.16	3.42	—	—	15.6
EV/EBITDA	13.7	21.1	15.3	15.4	19.8	24.1	12.2	11.2	—	—	4.88
EV/Sales	4.52	6.59	3.61	3.91	5.24	4.74	2.64	3.21	—	—	1.81
Earnings yield	5.75%	3.29%	2.93%	7.48%	2.69%	3.46%	5.77%	6.7%	—	—	6.19%
FCF yield	7%	2.87%	2.98%	4.85%	4.71%	4.44%	7.29%	7.09%	—	—	6.3%
PEG	—	—	—	—	—	—	—	—	—	—	-0.84

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	56.7%	56.4%	53.4%	53.3%	52.9%	53.6%	54.7%	60.9%	62.5%	64.3%	70.5%
Operating margin	33.1%	29.2%	19.5%	23.3%	19.7%	18.7%	20.3%	26.8%	28.1%	31.8%	40.2%
Net margin	30.9%	24.4%	12.7%	36.2%	16.7%	19.4%	20.6%	28.4%	28.7%	30.9%	27.9%
ROE	30.7%	23.1%	12.6%	29.3%	13.1%	17.1%	18.2%	22.9%	21.2%	21.1%	20.4%
ROA	20.3%	15.3%	7.45%	19.1%	8.69%	11%	11.5%	15.8%	15.4%	15.7%	11.7%
ROIC	181.8%	103.9%	50%	62%	56.5%	56%	78.3%	109.3%	141.3%	331.1%	381.4%
Return on tangible assets	20.9%	15.9%	8.58%	22%	9.89%	12.2%	12.7%	17.2%	16.7%	16.8%	14.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.58	2.61	1.96	2.23	2.31	2.24	2.32	2.65	3.09	3.45	3.45
Quick ratio	2.49	2.38	1.93	2.21	2.29	2.22	2.3	2.64	3.08	3.44	3.44
Debt / equity	0.1	0.14	0.27	0.24	0.22	0.22	0.26	0.16	0.09	0.04	0.07
Debt / assets	0.07	0.09	0.16	0.15	0.14	0.14	0.16	0.11	0.07	0.03	0.05
Net debt / EBITDA	-2.58	-2.63	-2.96	-3.63	-3.75	-4.4	-4.27	-3.59	-3.97	-4.09	-3.36
Effective tax rate	15.1%	15.6%	22.2%	17.8%	19.8%	19.6%	20.7%	13.8%	15.3%	14.8%	18.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.02	9.31	10.9	12.7	15.4	18.2	20.4	22	164.5	176.7	36.5
EPS (basic)	17.7	16.3	9.5	33	18.3	25.4	31.1	45.8	46.4	53	53
EPS (diluted)	17.6	16.1	9.45	32.6	18	25.1	30.9	45.3	46	52.4	7.5
Book value per share	8.08	9.86	11	15.6	19.6	20.6	23	27.2	222.6	259.1	7.77
FCF per share	3.02	1.98	1.4	2.97	4.51	4.52	5.3	6.61	58.5	76.4	77.6
Cash per share	7.65	9.04	10.6	15.4	19.5	20.2	24.8	27	214.9	255.2	54.8
Capex per share	0.24	0.35	0.46	0.25	0.22	0.32	0.44	0.49	1.97	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.97%	3.71%	4.23%	1.94%	1.41%	1.75%	2.13%	2.21%	1.2%	—	—
Capex / operating cash flow	8.13%	12.3%	13.2%	9.59%	5.11%	6.55%	7.6%	6.51%	3.17%	—	—
Payout ratio	21.6%	30%	22.2%	41.3%	34.7%	20.7%	33.9%	27.3%	36.9%	39.7%	41.7%
Dividend yield	1.24%	0.99%	0.65%	3.09%	0.93%	0.71%	1.96%	1.83%	—	—	1.59%

Yield

1.59%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.48

ex-dividend Sep 3, 2026

Payout ratio

42%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 3, 2026	$0.48
Jun 5, 2026	$0.72
Mar 16, 2026	$1.16
Dec 5, 2025	$0.57
Aug 28, 2025	$0.57

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$27.3B	$27.1B	$26.9B	$25.5B	$3.7B	$3.9B	$28.8B	$27.9B	$28.4B	$27.5B	$30.6B	$30.1B
YoY change	+11.6%	+7.04%	+7.21%	+6.14%	-86.5%	-85.7%	+7.36%	+9.44%	+669%	+611.8%	+6.11%	+7.94%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	36.4B	43.1B	49.6B	72B	93.5B	97.5B	117.5B	126.7B	19.9B	162.6B
Receivables	4.3B	3.6B	4B	4.2B	4.6B	5.5B	5B	6.4B	820.3M	5.3B
Inventory	1.6B	5.5B	1.1B	650.6M	591.5M	964.7M	993.6M	695.4M	82.7M	689.2M
Total current assets	49.4B	61.9B	68.7B	85.1B	107.8B	113.1B	131.6B	142.7B	22.2B	180.6B
Property, plant & equipment	1.8B	2.9B	6.8B	1.6B	1.6B	1.8B	2.5B	4B	236.1M	516.7M
Goodwill & intangibles	1.7B	2.8B	11.5B	14.7B	17.2B	14.6B	16.8B	15.6B	2.2B	13.7B
Total assets	58B	71B	87B	112.1B	141.9B	153.6B	172.8B	185.9B	28.4B	221.4B
Accounts payable	1.6B	2.4B	1.2B	1.2B	1.1B	985.1M	1.5B	881M	104.3M	643.2M
Short-term debt	3.8B	6.6B	13.7B	17B	19.8B	19.7B	24.1B	19.5B	1.7B	6.5B
Total current liabilities	19.2B	23.8B	35.1B	38.2B	46.7B	50.5B	56.8B	53.8B	7.2B	52.4B
Long-term debt	—	—	0	279.9M	474.9M	2B	4.3B	983.8M	121.6M	232.1M
Total liabilities	19.6B	24B	35.6B	39.1B	48.1B	54.2B	63.9B	57.8B	7.7B	56.3B
Shareholders' equity	38.5B	47B	51.4B	73B	93.8B	99.4B	108.9B	128.1B	20.6B	165.1B
Total debt	3.8B	6.6B	13.7B	17.3B	20.3B	21.7B	28.5B	20.5B	1.9B	6.7B
Net debt	-1.6B	3.9B	8.7B	14.1B	11.2B	7.2B	3.6B	-945.4M	-5.6B	-40.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	110.8B	126.7B	134.6B	122.9B	17.4B	19.9B	140.1B	146.7B	149.1B	162.6B	170.9B	175.4B
Receivables	6.5B	6.4B	7.8B	6.4B	868.6M	820.3M	6.7B	5.8B	6B	5.3B	6.5B	5.7B
Inventory	722M	695.4M	604M	574.4M	86.4M	82.7M	517.8M	591.8M	637.3M	689.2M	546M	511.9M
Total current assets	127.6B	142.7B	151.8B	138.2B	19.8B	22.2B	157.7B	163B	171.2B	180.6B	188.7B	192.1B
Property, plant & equipment	—	4B	—	—	—	236.1M	8.5B	8.4B	8.5B	516.7M	8.3B	8.2B
Goodwill & intangibles	8.2B	15.6B	8.1B	8B	1.2B	2.2B	8.3B	8.2B	8.2B	13.7B	8B	8B
Total assets	171.6B	185.9B	195.1B	183.3B	26B	28.4B	200.9B	208.5B	214.5B	221.4B	231.4B	232.2B
Accounts payable	863.3M	881M	871.4M	792M	106.3M	104.3M	565.1M	695.4M	718.4M	643.2M	780.9M	702.3M
Short-term debt	11.2B	19.5B	24.8B	13.2B	1.5B	1.7B	9.8B	11.3B	7.3B	6.5B	11B	12.6B
Total current liabilities	43.9B	53.8B	60B	45.9B	6.4B	7.2B	49.1B	50.5B	50.1B	52.4B	57.4B	55.6B
Long-term debt	428M	983.8M	428M	428M	60.2M	121.6M	—	—	—	232.1M	—	—
Total liabilities	47.6B	57.8B	64.4B	49B	6.9B	7.7B	53B	54.4B	53.6B	56.3B	62B	60.6B
Shareholders' equity	123.9B	128.1B	130.6B	134.3B	19.1B	20.6B	147.9B	154.1B	160.9B	165.1B	169.3B	171.6B
Total debt	11.6B	20.5B	25.3B	13.6B	1.6B	1.9B	9.8B	11.3B	7.3B	6.7B	11B	12.6B
Net debt	-3.5B	-945.4M	-17.8B	-5.4B	-1.3B	-5.6B	-31.9B	-43.2B	-24B	-40.4B	-39.9B	-10.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	11.8B	11.7B	8.6B	13.5B	12.3B	17B	19.2B	29.4B	4.4B	34.8B
Depreciation & amortization	327.5M	791.8M	2.1B	2.6B	3.5B	3.3B	2.9B	3.1B	349.8M	2.2B
Stock-based compensation	990.1M	2B	2.5B	2.4B	2.7B	3B	3.2B	3.2B	561.8M	3.6B
Change in working capital	1.1B	-1.4B	1.2B	1.3B	1.8B	-334.2M	1.4B	-571.2M	427.3M	5.5B
Operating cash flow	13.9B	13.4B	16.4B	12B	20.3B	23.4B	27.1B	35.2B	5.8B	50.7B
Capital expenditure	-1.1B	-1.7B	-2.2B	-1.1B	-1B	-1.5B	-2.1B	-2.3B	-182.4M	—
Investing cash flow	-11.9B	-15.2B	-10.3B	-19.2B	-27B	-5.6B	-6.8B	-15.1B	2.7B	-31.2B
Dividends paid	-2.5B	-3.3B	-1.4B	-8.8B	-4.3B	-3.5B	-6.7B	-8B	-1.6B	-13.8B
Share repurchases	-1.2B	-2.1B	-7.5B	—	—	-12.9B	-8.3B	-5.2B	-1.3B	-639.3M
Financing cash flow	-2.3B	-1.3B	-5.9B	785.7M	9.9B	-12.6B	-10.2B	-21.5B	-4B	-20.2B
Net change in cash	-158.5M	-3B	112.5M	-6.4B	3.3B	5.2B	10B	-1.3B	4.5B	-594.7M
Free cash flow	14.3B	9.4B	6.6B	13.9B	21.6B	21.8B	25.1B	31.1B	5.4B	48.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	7.8B	6.7B	7.8B	6.8B	943.7M	1.3B	10.5B	9.1B	8.8B	6.4B	10.8B	7.2B
Depreciation & amortization	651.9M	659.8M	567.9M	632M	73.2M	100.9M	480.8M	428.4M	617.9M	720.4M	430.6M	439.4M
Stock-based compensation	819.5M	813M	894.3M	1.1B	137.6M	134.8M	951.9M	946.4M	902.2M	847.2M	616.2M	781.7M
Change in working capital	30.5M	-751M	299.8M	42.8M	192.9M	367.4M	1.3B	280.3M	1.8B	3.3B	473.2M	-1.9B
Operating cash flow	9B	7.6B	10B	7.3B	1.4B	2B	13.7B	10.9B	12.9B	14.8B	13.7B	10B
Capital expenditure	-640M	-484.5M	-411.5M	-168.2M	-53.3M	-43.8M	-452.7M	—	—	—	—	—
Investing cash flow	247.5M	-10.6B	13B	-14.5B	-70.2M	2.7B	-12.5B	4.4B	-24.1B	-2.1B	-7.2B	-34.6B
Dividends paid	-2.4B	-2.3B	-4.9B	-2.3B	-277.6M	-286.9M	-5.6B	-3.1B	-2.6B	-2.6B	-5.2B	-3.1B
Share repurchases	-296.5M	-625.8M	-1.2B	-2B	-562M	-230.8M	-303.6M	-355.6M	—	-15.4M	-1.3B	-1.8B
Financing cash flow	-6.9B	5.1B	-495.1M	-15.9B	-1.2B	-356.4M	-8.3B	-2B	-6.4B	-3.5B	-1.8B	-3.2B
Net change in cash	2.4B	2.1B	22.6B	-23.1B	187.2M	4.3B	-7.2B	13.3B	-17.6B	9.2B	4.8B	-27.8B
Free cash flow	8.5B	11.2B	9B	6B	1.4B	1.8B	11.4B	10.4B	12.5B	14.5B	13.1B	9.9B

Date	Ratio
Oct 2, 2020	5:1
Mar 28, 2006	4:1

NetEase, Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history