NetEase Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	114,389	112,626	105,295	103,468	96,496	87,606
Revenue Growth (YoY)	6.63%	6.96%	1.77%	7.23%	10.15%	18.92%
Cost of Revenue	39,249	40,224	39,488	40,405	43,730	40,635
Gross Profit	75,140	72,402	65,807	63,063	52,766	46,971
Selling, General & Admin	19,274	18,848	18,698	18,869	18,099	16,478
Research & Development	17,815	17,719	17,525	16,485	15,039	14,076
Operating Expenses	37,089	36,567	36,223	35,354	33,138	30,554
Operating Income	38,051	35,835	29,584	27,709	19,629	16,417
Interest Expense	-334.4	-334.4	-598	-	-	-
Interest & Investment Income	4,161	5,019	5,874	5,427	2,204	4,467
Currency Exchange Gain (Loss)	-1,400	-775.94	255.43	-133	1,571	-490.48
Other Non Operating Income (Expenses)	1,270	1,087	602.13	1,054	846.82	710.44
EBT Excluding Unusual Items	41,748	40,830	35,718	34,057	24,250	21,104
Pretax Income	41,748	40,830	35,718	34,057	24,250	21,104
Income Tax Expense	6,651	6,033	5,461	4,700	5,032	4,128
Earnings From Continuing Operations	35,097	34,798	30,256	29,357	19,218	16,976
Earnings From Discontinued Operations	-	-	-	-	624.86	-
Net Income to Company	35,097	34,798	30,256	29,357	19,843	16,976
Minority Interest in Earnings	-963.87	-1,038	-558.74	59.33	494.31	-119.35
Net Income	34,133	33,760	29,698	29,417	20,338	16,857
Net Income to Common	34,133	33,760	29,698	29,417	20,338	16,857
Net Income Growth	5.46%	13.68%	0.95%	44.64%	20.65%	39.74%
Shares Outstanding (Basic)	3,193	3,186	3,200	3,216	3,263	3,326
Shares Outstanding (Diluted)	3,223	3,218	3,231	3,252	3,296	3,367
Shares Change (YoY)	0.11%	-0.39%	-0.66%	-1.33%	-2.12%	0.53%
EPS (Basic)	10.69	10.59	9.28	9.15	6.23	5.07
EPS (Diluted)	10.59	10.48	9.19	9.05	6.17	5.01
EPS Growth	5.40%	14.08%	1.55%	46.69%	23.14%	39.17%
Free Cash Flow	51,443	49,674	38,401	33,030	25,609	23,325
Free Cash Flow Per Share	15.96	15.44	11.89	10.16	7.77	6.93
Dividend Per Share	4.175	4.162	3.774	3.637	1.913	1.487
Dividend Growth	3.38%	10.27%	3.75%	90.11%	28.71%	45.21%
Gross Margin	65.69%	64.28%	62.50%	60.95%	54.68%	53.62%
Operating Margin	33.26%	31.82%	28.10%	26.78%	20.34%	18.74%
Profit Margin	29.84%	29.98%	28.20%	28.43%	21.08%	19.24%
Free Cash Flow Margin	44.97%	44.11%	36.47%	31.92%	26.54%	26.63%
EBITDA	40,248	38,082	32,002	30,764	22,487	19,693
EBITDA Margin	35.19%	33.81%	30.39%	29.73%	23.30%	22.48%
D&A For EBITDA	2,197	2,247	2,418	3,055	2,858	3,276
EBIT	38,051	35,835	29,584	27,709	19,629	16,417
EBIT Margin	33.26%	31.82%	28.10%	26.78%	20.34%	18.74%
Effective Tax Rate	15.93%	14.77%	15.29%	13.80%	20.75%	19.56%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.