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NetEase (NTES)
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NetEase Income Statement 2025-2007 | NTES
Brief overview of financial performance at NetEase
The figures are compared over a five-year interval. NetEase reported revenue of 73.7 billion yuan in 2020 and 113 billion yuan by 2025. The cumulative result was +52.9%, corresponding to roughly 8.9% per year. The direction is positive, but the growth rate is not particularly high.
Gross profit was 39 billion yuan at the start and 72.4 billion yuan at the end of the period (+85.7%). Direct costs grew more slowly than revenue and improved the economics of sales. Gross margin moved from 52.9% to 64.3%. The expansion indicates stronger pricing power or better control of direct costs.
The operating result measured by EBITDA moved from 18 billion yuan to 38.1 billion yuan, or +111.6%. The operating result outpaced sales and points to improving efficiency. EBITDA margin moved from 24.4% to 33.8%. A wider margin confirms stronger operating efficiency.
Net income changed from 12.3 billion yuan to 34.8 billion yuan (+182.2%). The latest figure was the best within the selected horizon.
Market capitalization changed from 361 billion yuan to 377 billion yuan (+4.3%). Market value lagged the financial performance.
Summary assessment
The indicators form a favorable picture of business development. The financial profile benefits from net-income growth, a larger revenue base and a stronger gross margin. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement NetEase
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
377 B | 316 B | 331 B | 322 B | 317 B | 361 B | 193 B | 135 B | 179 B | 32.9 B | 20.5 B | 14.3 B | 9.87 B | 6.23 B | 6.24 B | 19.7 B | 23.1 B | 13.6 B | - |
Shares |
3.19 B | 3.2 B | 3.22 B | 3.26 B | 3.33 B | 3.31 B | 3.22 B | 3.24 B | 3.29 B | 656 M | 657 M | 653 M | 650 M | 657 M | 653 M | 3.25 B | 3.23 B | 3.12 B | - |
Historical Prices |
118 | 98.9 | 103 | 98.5 | 95.3 | 109 | 60 | 41.6 | 54.3 | 55.8 | 24.2 | 17.8 | 11.9 | 8.62 | 8.81 | 6.06 | 7.16 | 4.38 | 3.64 |
Net Income |
34.8 B | 30.3 B | 29.4 B | 19.8 B | 17 B | 12.3 B | 21.4 B | 6.48 B | 10.8 B | 11.6 B | 6.74 B | 4.76 B | 4.44 B | 3.64 B | 3.23 B | 2.24 B | 1.85 B | 1.6 B | - |
Revenue |
113 B | 105 B | 103 B | 96.5 B | 87.6 B | 73.7 B | 59.2 B | 67.2 B | 54.1 B | 38.2 B | 22.8 B | 11.7 B | 9.2 B | 8.2 B | 7.29 B | 5.66 B | 3.82 B | - | - |
Cost of Revenue |
40.2 B | 39.5 B | 40.4 B | 43.7 B | 40.6 B | 34.7 B | 27.7 B | 23.8 B | 19.4 B | 16.5 B | 9.4 B | 3.26 B | 2.48 B | 2.58 B | 2.37 B | 1.8 B | 972 M | 579 M | - |
Gross Profit |
72.4 B | 65.8 B | 63.1 B | 52.8 B | 47 B | 39 B | 31.6 B | 27.3 B | 25 B | 21.7 B | 13.4 B | 8.45 B | 6.72 B | 5.62 B | 4.92 B | 3.71 B | 2.78 B | 2.51 B | - |
Operating Income |
35.8 B | 29.6 B | 27.7 B | 19.6 B | 16.4 B | 14.5 B | 13.8 B | 9.98 B | 13 B | 12.6 B | 7.27 B | 4.77 B | 4.35 B | 3.71 B | 3.32 B | 2.54 B | 2.02 B | 1.91 B | - |
Interest Expense |
1.09 B | 602 M | 1.05 B | 847 M | 710 M | 737 M | 439 M | 587 M | 272 M | 378 M | 45.1 M | 82.4 M | 95.1 M | 99.7 M | 99.2 M | -19.6 M | -10.9 M | 3.55 M | - |
EBITDA |
38.1 B | 32 B | 30.8 B | 22.5 B | 19.7 B | 18 B | 16.4 B | 12 B | 13.8 B | 13 B | 7.45 B | 4.94 B | 4.51 B | 3.95 B | 3.62 B | 2.78 B | 2.17 B | 2.01 B | - |
Operating Expenses |
36.6 B | 36.2 B | 35.4 B | 33.1 B | 30.6 B | 24.4 B | 17.8 B | 20.5 B | 13.8 B | 9.03 B | 6.13 B | 3.69 B | 2.37 B | 1.91 B | 1.59 B | 1.16 B | 761 M | 591 M | - |
General and Administrative Expenses |
4.23 B | 4.55 B | 4.9 B | 4.7 B | 4.26 B | 3.37 B | 3.13 B | 3.19 B | 2.43 B | 1.51 B | 1.01 B | 468 M | 350 M | 286 M | 280 M | 190 M | 165 M | 137 M | - |
Annual performance
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All numbers in CNY currency
Quarterly Income Statement NetEase
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | 2008-Q4 | 2007-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
- | - | - | - | - | - | - | 3.27 B | - | - | - | 3.35 B | - | - | - | 3.23 B | - | - | - | 3.2 B | - | - | - | 3.28 B | - | - | - | 3.28 B | - | - | - | 3.29 B | - | - | - | 3.27 B | - | - | - | 3.25 B | - | - | - | 3.25 B | - | - | - | 3.27 B | - | - | - | 3.25 B | 3.23 B | 3.12 B | - |
Net Income |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.24 B | 1.85 B | 1.6 B | - |
Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.66 B | 3.82 B | - | - |
Cost of Revenue |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.8 B | 972 M | 579 M | - |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.71 B | 2.78 B | 2.51 B | - |
Operating Income |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.54 B | 2.02 B | 1.91 B | - |
Interest Expense |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -19.6 M | -10.9 M | 3.55 M | - |
EBITDA |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.78 B | 2.17 B | 2.01 B | - |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.16 B | 761 M | 591 M | - |
General and Administrative Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 190 M | 165 M | 137 M | - |
Quarterly performance
Select metrics to display
All numbers in CNY currency
The income statement is one of the three key financial reports of a company NetEase (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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