NetEase, Inc.
NETTF- Exchange
- OTC
- Industry
- Services-Prepackaged Software
- SEC CIK
- 0001110646
In the last 90 days, NetEase, Inc. insiders filed 0 open-market purchases and 1 sale; no institution reported holding it in 13F filings for Q2 2026; no superinvestor holds it.
Other share classesNTES
- Currency
- CNY
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 12:27 PM ET
Amounts are in CNY, the currency NetEase, Inc. reports in. Lines marked ≈ US$ convert key figures to US dollars.
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Revenue | CNY 112.6B≈ US$15.7B | CNY 105.3B≈ US$14.6B | CNY 103.5B≈ US$14.6B | CNY 96.5B≈ US$14.4B | CNY 87.6B≈ US$13.6B |
| Cost of revenue | CNY 40.2B | CNY 39.5B | CNY 40.4B | CNY 43.7B | CNY 40.6B |
| Gross profit | CNY 72.4B | CNY 65.8B | CNY 63.1B | CNY 52.8B | CNY 47.0B |
| Operating expenses | CNY 36.6B | CNY 36.2B | CNY 35.4B | CNY 33.1B | CNY 30.6B |
| Research and development | CNY 17.7B | CNY 17.5B | CNY 16.5B | CNY 15.0B | CNY 14.1B |
| Selling, general and administrative | CNY 4.23B | CNY 4.55B | CNY 4.90B | CNY 4.70B | CNY 4.26B |
| Operating income | CNY 35.8B | CNY 29.6B | CNY 27.7B | CNY 19.6B | CNY 16.4B |
| Income tax | CNY 6.03B | CNY 5.46B | CNY 4.70B | CNY 5.03B | CNY 4.13B |
| Net income | CNY 34.8B≈ US$4.84B | CNY 30.3B≈ US$4.21B | CNY 29.4B≈ US$4.15B | CNY 19.8B≈ US$2.95B | CNY 17.0B≈ US$2.63B |
| EPS, basic | CNY 10.59 | CNY 9.28 | CNY 9.15 | CNY 6.23 | CNY 5.07 |
| EPS, diluted | CNY 10.48 | CNY 9.19 | CNY 9.05 | CNY 6.17 | CNY 5.01 |
| Weighted shares, basic | 3.19B | 3.20B | 3.22B | 3.26B | 3.33B |
| Weighted shares, diluted | 3.22B | 3.23B | 3.25B | 3.30B | 3.37B |
| Margins and growth | |||||
| Gross margin | 64.3% | 62.5% | 60.9% | 54.7% | 53.6% |
| Operating margin | 31.8% | 28.1% | 26.8% | 20.3% | 18.7% |
| Net margin | 30.9% | 28.7% | 28.4% | 20.6% | 19.4% |
| Revenue growth, year over year | +7.0% | +1.8% | +7.2% | +10.1% | +18.9% |
| Net income growth, year over year | +15.0% | +3.1% | +47.9% | +16.9% | +37.7% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Cash and equivalents | CNY 47.2B | CNY 51.4B | CNY 21.4B | CNY 24.9B | CNY 14.5B |
| Short-term investments | CNY 22.8B | CNY 10.8B | CNY 4.44B | CNY 7.62B | CNY 12.3B |
| Accounts receivable | CNY 5.34B | CNY 5.67B | CNY 6.42B | CNY 5.00B | CNY 5.51B |
| Inventory | CNY 689.2M | CNY 571.5M | CNY 695.4M | CNY 993.6M | CNY 964.7M |
| Total current assets | CNY 180.6B | CNY 153.3B | CNY 142.7B | CNY 131.6B | CNY 113.1B |
| Property, plant and equipment | CNY 8.43B | CNY 8.52B | CNY 8.08B | CNY 6.34B | CNY 5.43B |
| Goodwill | CNY 1.86B | CNY 1.86B | CNY 1.86B | CNY 2.17B | CNY 595.3M |
| Total assets | CNY 221.4B≈ US$31.7B | CNY 196.0B≈ US$26.9B | CNY 185.9B≈ US$26.2B | CNY 172.8B≈ US$25.0B | CNY 153.6B≈ US$24.1B |
| Accounts payable | CNY 643.2M | CNY 720.5M | CNY 881.0M | CNY 1.51B | CNY 985.1M |
| Total current liabilities | CNY 52.4B | CNY 49.7B | CNY 53.8B | CNY 56.8B | CNY 50.5B |
| Long-term debt | – | CNY 428.0M | CNY 428.0M | CNY 3.65B | CNY 1.28B |
| Total liabilities | CNY 56.3B | CNY 53.5B | CNY 57.8B | CNY 63.9B | CNY 54.2B |
| Shareholders' equity | CNY 165.0B | CNY 142.4B | CNY 128.0B | CNY 108.7B | CNY 99.3B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 20-F | 20-F | 20-F | 20-F | 20-F |
| Reported | – | – | – | – | – |
| Operating cash flow | CNY 50.7B≈ US$7.06B | CNY 39.7B≈ US$5.51B | CNY 35.3B≈ US$4.99B | CNY 27.7B≈ US$4.13B | CNY 24.9B≈ US$3.86B |
| Capital expenditures | CNY 1.07B | CNY 1.28B | CNY 2.30B | CNY 2.10B | CNY 1.60B |
| Free cash flow | CNY 49.7B≈ US$6.91B | CNY 38.4B≈ US$5.34B | CNY 33.0B≈ US$4.67B | CNY 25.6B≈ US$3.81B | CNY 23.3B≈ US$3.62B |
| Depreciation and amortization | CNY 2.25B | CNY 2.42B | CNY 3.06B | CNY 2.86B | CNY 3.28B |
| Stock-based compensation | CNY 3.65B | CNY 3.88B | CNY 3.24B | CNY 3.17B | CNY 3.04B |
| Dividends paid | CNY 13.8B | CNY 11.2B | CNY 8.01B | CNY 6.72B | CNY 3.51B |
| Investing cash flow | CNY -33.2B | CNY 17.9B | CNY -17.0B | CNY -7.37B | CNY -7.08B |
| Financing cash flow | CNY -20.2B | CNY -27.3B | CNY -21.5B | CNY -10.2B | CNY -12.6B |
| Net change in cash | CNY -2.98B | CNY 30.3B | CNY -3.38B | CNY 10.2B | CNY 5.21B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 3.2% | 3.7% | 3.1% | 3.3% | 3.5% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Dec 31, 2025 | 3.19B | +0.8% | SEC |
| Dec 31, 2024 | 3.17B | −1.3% | SEC |
| Dec 31, 2023 | 3.21B | −0.4% | SEC |
| Dec 31, 2022 | 3.22B | −1.5% | SEC |
| Dec 31, 2021 | 3.27B | −2.3% | SEC |
| Dec 31, 2020 | 3.35B | +3.7% | SEC |
| Dec 31, 2019 | 3.23B | +0.9% | SEC |
| Dec 31, 2018 | 3.20B | −2.6% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- ≈ US$ figures convert CNY at FRED H.10 exchange rates (Federal Reserve): the average rate over the period for income and cash flow, and the rate on the period-end date, or the last business day before it, for the balance sheet.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.