NetEase Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	112,626	105,295	103,468	96,496	87,606
Revenue Growth (YoY)	6.96%	1.77%	7.23%	10.15%	18.92%
Cost of Revenue	40,224	39,488	40,405	43,730	40,635
Gross Profit	72,402	65,807	63,063	52,766	46,971
Selling, General & Admin	18,848	18,698	18,869	18,099	16,478
Research & Development	17,719	17,525	16,485	15,039	14,076
Operating Income	35,835	29,584	27,709	19,629	16,417
Interest Income	4,685	5,276	5,427	2,204	4,467
Other Non-Operating Income (Expense)	310.61	857.56	920.64	2,418	219.95
Total Non-Operating Income (Expense)	4,996	6,134	6,348	4,622	4,687
Pretax Income	40,830	35,718	34,057	24,250	21,104
Provision for Income Taxes	6,033	5,461	4,700	5,032	4,128
Net Income	33,760	29,698	29,417	19,713	16,857
Minority Interest in Earnings	1,034	554.82	-62.92	-497.29	-417.63
Net Income Attributable to Preferred Dividends	4.27	3.92	3.59	2.98	536.98
Net Income to Common	33,760	29,698	29,417	19,713	16,857
Net Income Growth	13.68%	0.95%	49.23%	16.94%	39.74%
Shares Outstanding (Basic)	637	640	647	646	5,032
Shares Outstanding (Diluted)	644	646	658	657	5,108
Shares Change (YoY)	-0.39%	-1.81%	0.18%	-87.14%	24.92%
EPS (Basic)	52.95	46.40	45.45	30.53	3.35
EPS (Diluted)	52.40	45.95	44.71	30.01	3.30
EPS Growth	14.04%	2.78%	48.96%	809.46%	11.86%
Free Cash Flow	49,674	38,401	33,030	25,609	23,325
Free Cash Flow Growth	29.36%	16.26%	28.98%	9.79%	-2.13%
Free Cash Flow Per Share	77.18	59.43	50.20	38.99	-
Dividends Per Share	4.162	3.774	3.637	1.913	1.487
Dividend Growth	10.27%	3.75%	90.11%	28.71%	45.21%
Gross Margin	64.29%	62.50%	60.95%	54.68%	53.62%
Operating Margin	31.82%	28.10%	26.78%	20.34%	18.74%
Profit Margin	30.90%	28.73%	28.37%	19.92%	19.38%
FCF Margin	44.11%	36.47%	31.92%	26.54%	26.62%
EBITDA	38,082	32,002	30,764	22,487	19,693
EBITDA Margin	33.81%	30.39%	29.73%	23.30%	22.48%
EBIT	35,835	29,584	27,709	19,629	16,417
EBIT Margin	31.82%	28.10%	26.78%	20.34%	18.74%
Effective Tax Rate	14.77%	15.29%	13.80%	20.75%	19.56%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.