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NetEase
NetEase (9999) investor relations material
NetEase Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved total annual net revenue of RMB 112.6 billion ($16.1 billion) in 2025, up 10% year-over-year, with 23 consecutive years of online games revenue growth.
Comprehensive AI integration across game development boosted efficiency, innovation, and dynamic gameplay in flagship titles.
Major global expansion with titles like Where Winds Meet, Marvel Rivals, Justice, and Sword of Justice, all achieving strong international traction and record engagement.
Blizzard titles in China achieved record-high annual revenue, reinforcing commitment to the local market.
Financial highlights
Fourth quarter 2025 net revenues were RMB 27.5 billion ($3.9 billion), up 3.0% year-over-year.
Gross profit margin for 2025 was 64.3%; Q4 margin rose to 64.2%–64.3% from 60.8%–61.0% a year ago.
Non-GAAP net income attributable to shareholders for 2025 was RMB 37.3 billion ($5.3 billion), up 11% year-over-year; Q4 non-GAAP net income was RMB 7.1 billion ($1.0 billion), down 27% year-over-year.
Net cash as of December 31, 2025, was RMB 163.5 billion ($23.4 billion), up from RMB 131.5 billion in 2024.
Board approved a Q4 2025 dividend of $0.232 per share ($1.16 per ADS), with $2.0 billion spent on 22.1 million ADS repurchases as of year-end 2025.
Outlook and guidance
Plans to launch Sea of Dawn in Q3 2026 with positive early feedback and a global cross-platform release.
Continued investment in AI-native gameplay, vertical AI models, and global talent to sustain innovation and growth.
Focus on expanding successful models like Unlimited Server to more legacy titles and maintaining high-intensity R&D investment.
Commitment to delivering exceptional experiences, fostering creative talent, and advancing AI capabilities for franchise longevity and global value.
Innovative biz segment decline drivers
What factors impacted Q4 2025 net income drop?
What drove record Blizzard revenue in China?
AI's impact on game production efficiency
Key drivers for Blizzard titles' record revenue?
Rationale for Q4 2025 dividend increase?
AI's role in future core gameplay innovation?
Key factors for Where Winds Meet's global success?
Replicate FWJ Unlimited server model?
Partial view of Summaries dataset, powered by Quartr API
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Next NetEase earnings date
Q1 202614 May, 2026
NetEase
Next NetEase earnings date
Q1 202614 May, 2026
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NetEase Inc. provides online services focusing on gaming, communication, and commerce in the Peoples' Republic of China and internationally. The company offers various online games to PC users through its proprietary game service platform; and mobile games and targeted advertising services.
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