NetEase Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Revenue	111,827	105,295	103,468	96,496	87,606	73,667	Upgrade
Revenue Growth (YoY)	5.81%	1.77%	7.23%	10.15%	18.92%	24.35%	Upgrade
Cost of Revenue	40,845	39,488	40,405	43,730	40,635	34,684	Upgrade
Gross Profit	70,982	65,807	63,063	52,766	46,971	38,983	Upgrade
Selling, General & Admin	17,890	18,698	18,869	18,099	16,478	14,076	Upgrade
Research & Development	17,755	17,525	16,485	15,039	14,076	10,369	Upgrade
Operating Expenses	35,645	36,223	35,354	33,138	30,554	24,445	Upgrade
Operating Income	35,337	29,584	27,709	19,629	16,417	14,538	Upgrade
Interest Expense	-598	-598	-884.1	-	-	-	Upgrade
Interest & Investment Income	6,618	5,874	6,311	2,204	4,467	3,209	Upgrade
Currency Exchange Gain (Loss)	1,277	255.43	-133	1,571	-490.48	-3,112	Upgrade
Other Non Operating Income (Expenses)	879.63	602.13	1,054	846.82	710.44	737.17	Upgrade
EBT Excluding Unusual Items	43,514	35,718	34,057	24,250	21,104	15,372	Upgrade
Pretax Income	43,514	35,718	34,057	24,250	21,104	15,372	Upgrade
Income Tax Expense	6,167	5,461	4,700	5,032	4,128	3,042	Upgrade
Earnings From Continuing Operations	37,347	30,256	29,357	19,218	16,976	12,330	Upgrade
Earnings From Discontinued Operations	-	-	-	624.86	-	-	Upgrade
Net Income to Company	37,347	30,256	29,357	19,843	16,976	12,330	Upgrade
Minority Interest in Earnings	-1,062	-558.74	59.33	494.31	-119.35	-267.48	Upgrade
Net Income	36,284	29,698	29,417	20,338	16,857	12,063	Upgrade
Net Income to Common	36,284	29,698	29,417	20,338	16,857	12,063	Upgrade
Net Income Growth	31.88%	0.95%	44.64%	20.65%	39.74%	-43.20%	Upgrade
Shares Outstanding (Basic)	3,182	3,200	3,216	3,263	3,326	3,305	Upgrade
Shares Outstanding (Diluted)	3,213	3,231	3,252	3,296	3,367	3,350	Upgrade
Shares Change (YoY)	-0.92%	-0.66%	-1.33%	-2.12%	0.53%	3.07%	Upgrade
EPS (Basic)	11.40	9.28	9.15	6.23	5.07	3.65	Upgrade
EPS (Diluted)	11.28	9.19	9.05	6.17	5.01	3.60	Upgrade
EPS Growth	32.92%	1.55%	46.69%	23.14%	39.17%	-44.87%	Upgrade
Free Cash Flow	47,689	38,401	33,030	25,609	23,325	23,833	Upgrade
Free Cash Flow Per Share	14.84	11.89	10.16	7.77	6.93	7.12	Upgrade
Dividend Per Share	4.443	3.774	3.637	1.913	1.487	1.024	Upgrade
Dividend Growth	31.25%	3.75%	90.11%	28.71%	45.21%	-46.66%	Upgrade
Gross Margin	63.48%	62.50%	60.95%	54.68%	53.62%	52.92%	Upgrade
Operating Margin	31.60%	28.10%	26.78%	20.34%	18.74%	19.73%	Upgrade
Profit Margin	32.45%	28.20%	28.43%	21.08%	19.24%	16.38%	Upgrade
Free Cash Flow Margin	42.65%	36.47%	31.92%	26.54%	26.63%	32.35%	Upgrade
EBITDA	37,562	32,002	30,764	22,487	19,693	17,996	Upgrade
EBITDA Margin	33.59%	30.39%	29.73%	23.30%	22.48%	24.43%	Upgrade
D&A For EBITDA	2,225	2,418	3,055	2,858	3,276	3,458	Upgrade
EBIT	35,337	29,584	27,709	19,629	16,417	14,538	Upgrade
EBIT Margin	31.60%	28.10%	26.78%	20.34%	18.74%	19.73%	Upgrade
Effective Tax Rate	14.17%	15.29%	13.80%	20.75%	19.56%	19.79%	Upgrade
Advertising Expenses	-	-	-	-	-	3,782	Upgrade

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