Saturday 17 October 2026 Export NTES’s income statement to Excel — free account

NetEase, Inc.

NTES Communication Services Electronic Gaming & Multimedia

NetEase, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 11.6% from fiscal 2024. In the quarter to June 2026, revenue grew 14.0%, EPS fell 14.4%, free cash flow grew 1.53% and total debt rose 18.0%, each against the same quarter a year earlier. Operating cash flow growth for five consecutive years.

126.06 1.05 −0.83%

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Market cap: $81.0B
P/E: 17.2×
Fwd P/E: 13.1×
Dividend yield: 2.32%
F-score: 9/9
Altman Z: 9.21
Beneish M: −2.86
Dividend safety: 69/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.37

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	1	—	—	1	—

Insider Ownership 0.61%

Capital & Financial Ratios $m

Market Cap 80,960.00

Revenue 17,111.03

Net Income 4,889.71

Free Cash Flow 7,330.26

Net Debt (24,647.55)

Current Ratio 3.45

Debt/Equity 0.07

P/E ratio 17.20

Fwd P/E 13.10

P/S ratio 4.72

P/B ratio 3.20

Past 5Y EPS Growth 22.13%

This Y EPS Growth 5.98%

Next Y EPS Growth 16.40%

Next Y revenue growth 11.87%

Next 5Y EPS Growth 10.14%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 30.56%

10-year low 10-year high

P/S against its own 10 years 49.76%

10-year low 10-year high

P/B against its own 10 years 9.44%

10-year low 10-year high

EV/Sales against its own 10 years 38.11%

10-year low 10-year high

EV/FCF against its own 10 years 26.50%

10-year low 10-year high

Dividends

Payout Ratio 0.40

Annual Dividend Rate 2.93

Annual Dividend Yield 2.32%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.63	1.16 0.72 0.48
2025	0.56	1.22 0.68 0.57 0.57
2024	2.44	1.08 0.50 0.44 0.44
2023	1.76	0.27 0.47 0.53 0.50
2022	1.52	0.41 0.32 0.36 0.44
2021	0.83	0.06 0.30 0.24 0.23
2020	2.41	0.20 0.23 0.30 1.49 0.20
2019	0.44	0.10 0.14 0.21 0.69
2018	0.33	0.08 0.05 0.12 0.09
2017	0.73	0.20 0.22 0.17 0.14
2016	0.59	0.13 0.15 0.16 0.16

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	18,239	19,271	23,871	26,505
Receivables	905	777	763	847
Inventory	98	78	99	75
Other	—	—	—	—
	20,098	21,005	25,828	28,307

	2023	2024	2025	Q'26
Payables	124	99	92	104
ST’ Debt	2,710	1,617	913	1,858
Other	1,882	2,096	2,934	2,844
	7,584	6,804	7,489	8,197

Compound Annual Growth %

	10y	5y	3y
Sales	16.42%	7.36%	4.80%
Cash Flow	19.26%	13.72%	21.78%
Earnings	16.60%	21.16%	17.86%
Book Value	17.95%	13.15%	14.39%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	4,435	4,437	—	—	—
’25	3,973	3,894	3,984	4,256	16,105
’24	3,719	3,507	3,735	3,465	14,425
’23	3,647	3,311	3,738	3,877	14,573
’22	3,716	3,458	3,434	3,383	13,991
’21	3,132	3,179	3,444	3,993	13,747
’20	2,410	2,574	2,748	3,558	11,290

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,991	1,503	—	—	—
’25	1,668	1,538	1,839	2,211	7,256
’24	1,324	890	1,586	1,636	5,436
’23	874	1,013	1,338	1,752	4,976
’22	723	951	955	1,389	4,017
’21	846	744	980	1,342	3,912
’20	918	678	860	1,358	3,814

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,904	1,492	—	—	—
’25	1,565	1,469	1,771	2,163	6,969
’24	1,241	813	1,494	1,588	5,135
’23	659	914	1,150	1,653	4,376
’22	584	883	867	1,306	3,640
’21	731	590	884	1,231	3,435
’20	852	526	689	1,246	3,313

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	2.40	1.60	—	—	—
’25	2.21	1.87	1.88	1.38	7.50
’24	1.63	1.43	1.44	1.87	6.29
’23	1.51	1.75	1.65	1.42	6.37
’22	1.05	1.19	1.43	0.88	4.47
’21	1.00	0.81	0.73	1.34	3.93
’20	0.77	0.98	0.64	0.37	2.76

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	25.92	43.13	36.92	41.80	53.17	77.97	53.09	75.38	75.85	87.67	Analyst estimates 2026–2028 Powerpack
	High	54.52	75.53	71.08	65.00	103.53	134.33	108.77	118.90	114.50	159.55
People
People	Employees	17,248	19,762	24,648	20,797	28,239	32,064	31,119	29,128	26,028	25,382
	Revenue/emp, $m	0.32	0.42	0.40	0.41	0.40	0.43	0.45	0.50	0.55	0.63
Income, $m
Income, $m	Revenue	5,499	8,315	9,768	8,509	11,290	13,747	13,991	14,573	14,425	16,105
	Gross margin, %	56.74	47.90	42.29	53.27	52.92	53.62	54.68	60.95	62.50	64.29
	EBT	2,001	2,000	1,301	2,353	2,356	3,312	3,516	4,797	4,893	5,839
	EBT margin, %	36.40	24.05	13.32	27.66	20.87	24.09	25.13	32.92	33.92	36.25
	Net income	1,699	1,667	942	1,935	1,890	2,664	2,786	4,135	4,145	4,976
	Depreciation	47	123	303	375	530	514	414	430	331	321
Per share, $
Per share, $	Revenue	8.38	12.64	15.10	13.21	17.08	20.67	21.44	22.65	22.54	25.27
	Earnings	2.55	2.50	1.38	4.74	2.80	3.98	4.52	6.44	6.36	7.58
	Cash flow	3.40	2.78	3.02	3.84	5.77	5.88	6.16	7.74	8.49	11.39
	Capex	(0.25)	(0.59)	(1.55)	(0.73)	(0.76)	(0.72)	(0.58)	(0.93)	(0.47)	(0.45)
	Free cash flow	3.15	2.19	1.47	3.11	5.01	5.16	5.58	6.80	8.02	10.94
	Book value	8.44	10.85	10.35	13.96	19.24	23.42	24.15	28.02	30.48	37.03
	Shares, m	656	658	647	644	661	665	653	643	640	637
Valuation, ×
Valuation, ×	P/E	16.54	28.93	33.15	13.08	34.35	25.90	16.66	14.43	13.83	18.55
	P/S	5.21	5.51	3.12	4.64	5.61	4.92	3.57	4.08	3.96	5.45
	P/B	5.17	6.42	4.55	4.39	4.98	4.35	3.17	3.30	2.93	3.72
	EV/Sales	4.26	4.73	2.51	3.66	4.56	4.01	2.61	3.02	2.74	4.02
	EV/FCF	5.41	7.47	7.97	9.12	15.55	16.07	10.02	10.06	7.69	9.30
Cash, $m
Cash, $m	Operating cash flow	2,231	1,827	1,951	2,473	3,814	3,912	4,017	4,976	5,436	7,256
	Capex	(164)	(387)	(1,001)	(469)	(502)	(477)	(377)	(601)	(300)	(287)
	Free cash flow	2,067	1,440	951	2,004	3,313	3,435	3,640	4,376	5,135	6,969
Balance, $m
Balance, $m	Working capital	4,376	5,871	4,888	6,731	9,362	9,826	10,841	12,514	14,201	18,339
	Total debt	550	1,018	1,987	2,457	3,062	3,237	3,992	2,770	1,676	913
	Net debt	(5,191)	(6,519)	(5,981)	(8,344)	(11,731)	(12,520)	(13,430)	(15,469)	(17,595)	(22,958)
	Shareholders’ equity	5,540	7,137	6,694	8,991	12,720	15,579	15,765	18,024	19,510	23,597
Returns, %
Returns, %	ROA	22.72	17.08	7.59	21.22	9.77	11.54	12.00	16.17	15.34	16.50
	ROIC	325.80	188.89	100.62	191.35	140.75	52.63	76.15	95.48	132.30	501.39
	ROE	33.21	25.97	12.94	38.90	17.03	18.69	18.81	24.52	21.68	22.40

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NTES NetEase, Inc.	$81.0B	17.2×	13.1×	+13.96% (above 0%: growing)	−14.36% (below 0%: shrinking)	+1.53% (above 0%: growing)	70.47%	40.16%
TTWO Take-Two Interactive Software, Inc.	$39.2B	— (loss-making)	124×	+2.00% (above 0%: growing)	n/m	−182.48% (below 0%: shrinking)	57.53%	(2.31%)	Compare
RBLX Roblox Corporation	$36.5B	— (loss-making)	— (loss-making)	+35.89% (above 0%: growing)	n/m	+67.05% (above 0%: growing)	80.12%	(15.59%)	Compare
PLTK Playtika Holding Corp.	$831.5M	— (loss-making)	6.4×	+5.04% (above 0%: growing)	+44.44% (above 0%: growing)	−90.17% (below 0%: shrinking)	73.62%	18.41%	Compare
DDI DoubleDown Interactive Co., Ltd. Sponsored ADR	$680.1M	5.5×	4.7×	+11.17% (above 0%: growing)	+50.00% (above 0%: growing)	+24.80% (above 0%: growing)	75.54%	38.72%	Compare
GRVY GRAVITY Co., Ltd.	$463.6M	8.2×	—	−17.14% (below 0%: shrinking)	+60.28% (above 0%: growing)	+3,467.78% (above 0%: growing)	32.33%	17.04%	Compare
SOHU Sohu.com Inc.	$328.7M	1.5×	— (loss-making)	+7.34% (above 0%: growing)	n/m	+65.84% (above 0%: growing)	78.64%	(13.50%)	Compare
FIRY Firy Inc.	$192.3M	— (loss-making)	— (loss-making)	+22.92% (above 0%: growing)	n/m	+15.94% (above 0%: growing)	87.38%	(69.59%)	Compare
GDEV GDEV Inc.	$190.2M	2.7×	2.8×	−18.54% (below 0%: shrinking)	+1,000.00% (above 0%: growing)	+4,744.48% (above 0%: growing)	84.44%	21.72%	Compare
Median of peers	$571.9M	4.1×	5.5×	+6.19%	+55.14%	+45.32%	77.09%	7.37%

All 23 Electronic Gaming & Multimedia stocks →

NetEase, Inc. (NTES) key facts

Strength: NetEase, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 11.6% from fiscal 2024.
NetEase, Inc. (NTES) is an Electronic Gaming & Multimedia company in the Communication Services sector, traded in the US as an ADR.
As of October 16, 2026, NTES traded at $126.06, a market capitalization of $81.0 billion.
NetEase, Inc. pays an annual dividend of $2.93 per share, a yield of 2.32%, with a payout ratio of 40.4%.
Return on equity was 22.4% and debt-to-equity 0.07.
Its Piotroski F-score is 9 out of 9 and its Altman Z-score is 9.21 (safe zone) for fiscal 2025.