NetEase, Inc. (NTES) — Financial statements
Income statement, balance sheet, and cash flow for NetEase, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (CNY Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 112,626↑7.0% | 105,295↑1.8% | 103,468↑7.2% | 96,496↑10.1% | 87,606 | |
| Cost of Revenue | 40,224↑1.9% | 39,488↓2.3% | 40,405↓7.6% | 43,730↑7.6% | 40,635 | |
| Gross Profit | 72,402↑10.0% | 65,807↑4.4% | 63,063↑19.5% | 52,766↑12.3% | 46,971 | |
| Operating Expenses | ||||||
| R&D Expenses | 17,719↑1.1% | 17,525↑6.3% | 16,485↑9.6% | 15,039↑6.8% | 14,076 | |
| General & Administrative Expenses | 4,228↓7.1% | 4,551↓7.1% | 4,900↑4.3% | 4,696↑10.1% | 4,264 | |
| Selling & Marketing Expenses | 14,620↑3.3% | 14,148↑1.3% | 13,969↑4.2% | 13,403↑9.7% | 12,214 | |
| SG&A Expenses | 18,848↑0.8% | 18,698↓0.9% | 18,869↑4.3% | 18,099↑9.8% | 16,478 | |
| Other Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Operating Expenses | 36,567↑0.9% | 36,223↑2.5% | 35,354↑6.7% | 33,138↑8.5% | 30,554 | |
| Total Costs & Expenses | 76,791↑1.4% | 75,711↓0.1% | 75,759↓1.4% | 76,867↑8.0% | 71,189 | |
| Operating Results | ||||||
| Operating Income | 35,835↑21.1% | 29,584↑6.8% | 27,709↑41.2% | 19,629↑19.6% | 16,417 | |
| Depreciation & Amortization | 2,237↓7.5% | 2,418↓20.9% | 3,055↑6.9% | 2,858↓12.7% | 3,276 | |
| EBITDA | 38,072↑19.0% | 32,002↑4.0% | 30,764↑36.8% | 22,487↑14.2% | 19,693 | |
| EBIT | 35,835↑21.1% | 29,584↑6.8% | 27,709↑41.2% | 19,629↑19.6% | 16,417 | |
| Interest & Other Income | ||||||
| Net Interest Income | 4,620↓6.1% | 4,921↑19.4% | 4,120↑91.7% | 2,150↑41.5% | 1,520 | |
| Interest Income | 4,620↓6.1% | 4,921↑19.4% | 4,120↑91.7% | 2,150↑41.5% | 1,520 | |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 4,996↓18.6% | 6,134↓3.4% | 6,348↑37.3% | 4,622↓1.4% | 4,687 | |
| Income Before Tax | 40,830↑14.3% | 35,718↑4.9% | 34,057↑40.4% | 24,250↑14.9% | 21,104 | |
| Income Tax Expense | 6,033↑10.5% | 5,461↑16.2% | 4,700↓6.6% | 5,032↑21.9% | 4,128 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 34,798↑15.0% | 30,256↑3.1% | 29,357↑52.8% | 19,218↑13.2% | 16,976 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00↓100.0% | 625 | 0.00 | |
| Net Income | 33,760↑13.7% | 29,698↑1.0% | 29,417↑44.6% | 20,338↑20.6% | 16,857 | |
| Bottom-Line Net Income | 33,760↑13.7% | 29,698↑1.0% | 29,417↑44.6% | 20,338↑20.6% | 16,857 | |
| EPS (Basic) | 52.90↑14.0% | 46.40↑1.4% | 45.75↑46.9% | 31.15↑22.9% | 25.35 | |
| EPS (Diluted) | 52.25↑13.7% | 45.95↑1.5% | 45.25↑49.8% | 30.20↑20.6% | 25.05 | |
| Weighted Average Shares | 638↓1.2% | 646↓0.6% | 650↓0.4% | 653↓1.9% | 665 | |
| Weighted Average Diluted Shares | 646↓0.1% | 646↓0.7% | 650↓3.4% | 673↑0.0% | 673 | |
* All figures in Millions of CNY, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.