NetEase Cash Flow 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
Net Income	34,133	33,760	29,698	29,417	20,338	16,857
Depreciation & Amortization	2,197	2,247	2,418	3,055	2,858	3,276
Loss (Gain) From Sale of Assets	-51.14	-30.29	-4.76	5.68	3.62	54.05
Loss (Gain) From Sale of Investments	680.82	15.71	-353.3	-544.15	1,271	-1,198
Loss (Gain) on Equity Investments	1,999	1,538	155.57	-473.95	-1,260	-1,573
Stock-Based Compensation	3,312	3,648	3,883	3,243	3,174	3,041
Provision & Write-off of Bad Debts	357.46	367.51	68.93	61.15	61.39	265.93
Other Operating Activities	1,275	472.77	160.3	192.04	-1,609	1,016
Change in Accounts Receivable	164.2	264.07	716.38	-1,470	554.34	-1,187
Change in Inventory	-28.31	-117.63	123.78	296.76	-27.61	-343.59
Change in Accounts Payable	210.91	-71.62	91.14	-559.42	447.67	-155.26
Change in Unearned Revenue	4,293	5,435	2,022	1,162	385.4	1,351
Change in Income Taxes	1,212	1,113	187.79	-244.26	-917.61	255.06
Change in Other Net Operating Assets	2,611	2,099	510.34	1,191	3,055	3,267
Operating Cash Flow	52,366	50,740	39,677	35,331	27,709	24,927
Operating Cash Flow Growth	24.01%	27.88%	12.30%	27.51%	11.16%	0.15%
Capital Expenditures	-923.45	-1,065	-1,275	-2,302	-2,100	-1,602
Sale of Property, Plant & Equipment	46.22	45.89	14.53	10.3	41.47	71.52
Sale (Purchase) of Intangibles	-978.34	-987.09	-930.99	-1,974	-543.22	-1,508
Investment in Securities	-26,355	-31,214	20,515	-12,354	-4,444	-3,771
Other Investing Activities	106.23	39.64	-406.63	-423.93	-323.78	-268.65
Investing Cash Flow	-28,104	-33,181	17,916	-17,043	-7,370	-7,078
Short-Term Debt Issued	-	243.64	-	-	-	-
Long-Term Debt Issued	-	5,553	13,920	13,569	6,393	4,448
Total Debt Issued	10,366	5,796	13,920	13,569	6,393	4,448
Short-Term Debt Repaid	-	-	-6,657	-13,655	-1,274	-442.21
Long-Term Debt Repaid	-	-11,595	-14,739	-8,219	-273.64	-2,297
Total Debt Repaid	-9,026	-11,595	-21,396	-21,874	-1,548	-2,739
Net Debt Issued (Repaid)	1,340	-5,799	-7,476	-8,305	4,845	1,708
Repurchase of Common Stock	-1,650	-639.34	-8,830	-5,234	-8,328	-12,911
Common Dividends Paid	-13,397	-13,826	-11,165	-8,014	-6,724	-3,508
Other Financing Activities	37.87	103.81	136.01	86.16	-30.92	2,125
Financing Cash Flow	-13,669	-20,160	-27,336	-21,467	-10,238	-12,586
Foreign Exchange Rate Adjustments	-666.35	-382.45	10.75	-202.46	110.4	-55.35
Net Cash Flow	9,926	-2,984	30,268	-3,382	10,212	5,208
Free Cash Flow	51,443	49,674	38,401	33,030	25,609	23,325
Free Cash Flow Growth	25.74%	29.36%	16.26%	28.98%	9.79%	-2.13%
Free Cash Flow Margin	44.97%	44.11%	36.47%	31.92%	26.54%	26.63%
Free Cash Flow Per Share	15.96	15.44	11.89	10.16	7.77	6.93
Cash Interest Paid	368.88	387.98	489.62	779.87	588.38	187.63
Cash Income Tax Paid	6,685	6,427	5,190	4,896	5,092	3,547
Levered Free Cash Flow	34,149	33,488	25,796	19,175	18,960	16,174
Unlevered Free Cash Flow	34,358	33,697	26,170	19,175	18,960	16,174
Change in Working Capital	8,463	8,721	3,652	375.88	3,497	3,188

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