NTES financial statements

The full income statement, balance sheet, and cash-flow statement for NetEase Inc. American Depositary Shares (NTES), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 656.6M2018-12 639.8M2019-12 645.7M2020-12 669.9M2021-12 654.8M2022-12 644.7M2023-12 642.2M2024-12 633.6M2025-12 638.4M-2.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	16.1B YoY+11.6%	14.4B YoY-1.0%	14.6B YoY+4.2%	14.0B YoY+1.8%	13.7B YoY+21.8%
	10.4B YoY+14.8%	9.02B YoY+1.5%	8.88B YoY+16.1%	7.65B YoY+3.8%	7.37B YoY+23.4%
Cost of revenue	5.75B YoY+6.3%	5.41B YoY-4.9%	5.69B YoY-10.2%	6.34B YoY-0.6%	6.38B YoY+20.0%
	5.23B YoY+5.4%	4.96B YoY-0.3%	4.98B YoY+3.6%	4.80B YoY+0.2%	4.79B YoY+28.0%
Research & development	2.53B YoY+5.5%	2.40B YoY+3.4%	2.32B YoY+6.5%	2.18B YoY-1.3%	2.21B YoY+39.0%
Selling, general & administrative	605M YoY-3.0%	623M YoY-9.7%	690M YoY+1.4%	681M YoY+1.8%	669M YoY+29.5%
General & administrative	605M YoY-3.0%	623M YoY-9.7%	690M YoY+1.4%	681M YoY+1.8%	669M YoY+29.5%
Selling & marketing	2.09B YoY+7.9%	1.94B YoY-1.5%	1.97B YoY+1.3%	1.94B YoY+1.4%	1.92B YoY+16.8%
Provision for credit losses	51.1M YoY+43.7%	35.6M YoY+313.2%	8.61M YoY-3.2%	8.90M YoY-78.4%	41.2M YoY+600.8%
Operating income	5.12B YoY+26.4%	4.05B YoY+3.8%	3.90B YoY+37.1%	2.85B YoY+10.5%	2.58B YoY+15.6%
Other non-operating income	155M YoY+88.4%	82.5M YoY-44.4%	148M YoY+20.9%	123M YoY+10.1%	111M YoY-1.3%
Gain (loss) on equity securities	-167M YoY-200.1%	167M YoY+120.5%	75.6M YoY+115.0%	-505M YoY-3676.0%	14.1M YoY-86.5%
Pre-tax income	5.84B YoY+19.3%	4.89B YoY+2.0%	4.80B YoY+36.4%	3.52B YoY+6.2%	3.31B YoY+40.6%
Income tax	863M YoY+15.3%	748M YoY+13.0%	662M YoY-9.3%	730M YoY+12.6%	648M YoY+39.0%
	4.83B YoY+16.5%	4.15B YoY+0.2%	4.13B YoY+43.7%	2.88B YoY+8.0%	2.66B YoY+41.0%
Discontinued operations	—	—	—	90.6M	—
Net income to non-controlling interest	148M YoY+94.5%	76.0M YoY+957.7%	-8.86M YoY+87.7%	-72.1M YoY-10.0%	-65.5M YoY+17.7%
Net income to common	4.83B YoY+18.7%	4.07B YoY-1.8%	4.14B YoY+40.5%	2.95B YoY+11.5%	2.65B YoY+43.1%
	$7.50 YoY+19.0%	$6.30 YoY-0.8%	$6.35 YoY+42.7%	$4.45 YoY+12.7%	$3.95 YoY+43.6%
EPS (basic)	$7.60 YoY+19.7%	$6.35 YoY-1.6%	$6.45 YoY+43.3%	$4.50 YoY+12.5%	$4.00 YoY+42.9%
	637M YoY-0.4%	640M YoY-0.5%	643M YoY-1.4%	653M YoY-1.9%	665M YoY+0.6%
	644M YoY-0.4%	646M YoY-0.7%	650M YoY-1.3%	659M YoY-2.1%	673M YoY+0.5%
Dividends per share	$3.10 YoY+28.3%	$2.41 YoY+37.4%	$1.76 YoY+16.2%	$1.51 YoY+79.8%	$0.84 YoY-14.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	25.8B YoY+23.0%	21.0B YoY+4.5%	20.1B YoY+5.3%	19.1B YoY+7.5%	17.8B YoY+7.4%
Cash & equivalents	6.74B YoY-4.2%	7.04B YoY+133.2%	3.02B YoY-16.4%	3.61B YoY+58.6%	2.28B YoY+62.8%
Short-term investments	3.26B YoY+121.3%	1.47B YoY+135.8%	625M YoY-43.5%	1.11B YoY-42.7%	1.93B YoY-5.3%
Accounts receivable	763M YoY-1.7%	777M YoY-14.1%	905M YoY+24.7%	725M YoY-16.1%	864M YoY+23.2%
Inventory	98.6M YoY+25.9%	78.3M YoY-20.1%	97.9M YoY-32.0%	144M YoY-4.8%	151M YoY+59.0%
Prepaid expenses	1.10B YoY+24.6%	879M YoY+2.7%	856M YoY+8.3%	790M YoY-19.3%	979M YoY+4.5%
Other current assets	28.3M YoY+43.4%	19.7M YoY+6.0%	18.6M YoY-17.2%	22.5M YoY+13.4%	19.8M YoY+29.0%
	31.7B YoY+17.9%	26.9B YoY+2.5%	26.2B YoY+4.5%	25.0B YoY+3.9%	24.1B YoY+10.9%
Property, plant & equipment	1.20B YoY+3.2%	1.17B YoY+2.6%	1.14B YoY+23.7%	920M YoY+7.8%	853M YoY+22.1%
Operating lease right-of-use	45.8M YoY-38.2%	74.1M YoY-29.8%	106M YoY-18.0%	129M YoY-21.4%	164M YoY+38.3%
Goodwill	265M YoY+4.3%	254M YoY-2.7%	261M YoY-16.8%	314M YoY+236.0%	93.5M YoY+91.1%
Long-term investments	2.64B YoY-4.6%	2.77B YoY-9.8%	3.07B YoY+14.1%	2.69B YoY-8.9%	2.95B YoY+64.4%
Deferred tax assets	405M YoY+165.4%	153M YoY-30.6%	220M YoY+2.3%	215M YoY+5.4%	204M YoY+22.3%
Other non-current assets	531M YoY-23.7%	696M YoY-16.7%	837M YoY-15.2%	987M YoY+56.9%	629M YoY-19.7%
Total non-current assets	5.83B YoY-0.2%	5.85B YoY-4.0%	6.09B YoY+2.0%	5.97B YoY-6.2%	6.36B YoY+21.9%
	7.49B YoY+10.1%	6.80B YoY-10.3%	7.58B YoY-8.0%	8.24B YoY+4.0%	7.92B YoY+10.6%
Accounts payable	92.0M YoY-6.8%	98.7M YoY-20.4%	124M YoY-43.2%	219M YoY+41.4%	155M YoY-11.1%
Accrued liabilities	2.28B YoY+17.0%	1.95B YoY+9.2%	1.78B YoY+10.7%	1.61B YoY+13.8%	1.42B YoY+31.9%
Deferred revenue	2.93B YoY+40.0%	2.10B YoY+11.4%	1.88B YoY+3.7%	1.82B YoY-4.7%	1.90B YoY+13.6%
Current lease liability	16.2M YoY-31.1%	23.5M YoY-35.7%	36.5M YoY-2.7%	37.6M YoY-28.4%	52.5M YoY+3.5%
	8.05B YoY+9.9%	7.33B YoY-10.0%	8.15B YoY-12.0%	9.26B YoY+8.9%	8.51B YoY+15.5%
Long-term debt	—	58.6M YoY-2.7%	60.3M YoY-88.6%	530M YoY+164.8%	200M
Non-current lease liability	33.2M YoY-41.3%	56.5M YoY-27.8%	78.3M YoY-19.7%	97.5M YoY-15.1%	115M YoY+57.9%
Operating lease liability (total)	49.4M YoY-38.3%	80.0M YoY-30.3%	115M YoY-15.0%	135M YoY-19.3%	167M YoY+35.5%
Deferred tax liabilities	377M YoY+26.7%	298M YoY-8.1%	324M YoY+5.1%	308M YoY+46.0%	211M YoY+93.2%
Other non-current liabilities	153M YoY+37.2%	112M YoY+11.0%	101M YoY+14.9%	87.7M YoY+52.9%	57.4M YoY+151.5%
Total non-current liabilities	564M YoY+7.4%	525M YoY-6.8%	563M YoY-45.0%	1.02B YoY+75.4%	584M YoY+184.8%
	22.9B YoY+20.6%	19.0B YoY+8.5%	17.5B YoY+15.3%	15.2B YoY+1.5%	15.0B YoY+18.9%
Common stock	376K YoY+4.4%	360K YoY-5.8%	382K YoY-2.8%	393K YoY-10.3%	438K YoY+2.3%
Additional paid-in capital	1.41B YoY+4.1%	1.35B YoY-57.6%	3.18B YoY-3.9%	3.31B YoY-44.3%	5.95B YoY+39.5%
Retained earnings	21.4B YoY+19.9%	17.9B YoY+13.0%	15.8B YoY+19.7%	13.2B YoY+8.6%	12.2B YoY+23.7%
Treasury stock	217M YoY-64.6%	613M YoY-65.7%	1.79B YoY+13.0%	1.58B YoY-50.8%	3.22B YoY+101.0%
Accumulated other comprehensive income	-34.0M YoY-124.7%	138M YoY+58.8%	86.9M YoY+38.8%	62.6M YoY+148.2%	-130M YoY-30.3%
Non-controlling interest	674M YoY+32.2%	510M YoY-1.6%	519M YoY-10.7%	581M YoY-6.3%	620M YoY+364.4%
Total equity incl. non-controlling	23.6B YoY+20.9%	19.5B YoY+8.2%	18.0B YoY+14.3%	15.8B YoY+1.2%	15.6B YoY+22.5%
Total liabilities & equity	31.7B YoY+17.9%	26.9B YoY+2.5%	26.2B YoY+4.5%	25.0B YoY+3.9%	24.1B YoY+10.9%
	644M YoY+0.0%	644M YoY+0.3%	642M YoY-0.4%	645M YoY-1.5%	655M YoY-2.3%
	638M YoY+0.8%	634M YoY-1.3%	642M YoY-0.4%	645M YoY-1.5%	655M YoY-2.3%
	638M YoY+0.8%	634M YoY-1.3%	642M YoY-0.4%	645M YoY-1.5%	655M YoY-2.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	7.26B YoY+33.5%	5.44B YoY+9.2%	4.98B YoY+23.9%	4.02B YoY+2.7%	3.91B YoY+2.6%
Depreciation & amortization	321M YoY-3.0%	331M YoY-23.0%	430M YoY+3.8%	414M YoY-19.4%	514M YoY-3.0%
Share-based compensation	522M YoY-1.9%	532M YoY+16.5%	457M YoY-0.8%	460M YoY-3.6%	477M YoY+16.9%
Deferred income taxes	-175M YoY-491.5%	44.6M YoY+140.0%	18.6M YoY-74.5%	72.7M YoY+15.0%	63.2M YoY+395.0%
Change in receivables	-37.8M YoY+61.5%	-98.1M YoY-147.4%	207M YoY+357.7%	-80.4M YoY-143.2%	186M YoY+129.1%
Change in inventory	16.8M YoY+199.2%	-17.0M YoY+59.4%	-41.8M YoY-1143.9%	4.00M YoY-92.6%	53.9M YoY+1284.4%
Change in payables	-10.2M YoY-182.0%	12.5M YoY+115.8%	-78.8M YoY-221.4%	64.9M YoY+366.4%	-24.4M YoY-84.1%
	-4.74B YoY-293.3%	2.45B YoY+202.3%	-2.40B YoY-124.7%	-1.07B YoY+3.8%	-1.11B YoY+75.2%
Capital expenditure	152M YoY-12.8%	175M YoY-46.1%	324M YoY+6.5%	305M YoY+21.1%	251M YoY+55.4%
Free cash flow	7.10B YoY+35.0%	5.26B YoY+13.1%	4.65B YoY+25.3%	3.71B YoY+1.4%	3.66B YoY+0.2%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	6.56M YoY+229.6%	1.99M YoY+37.2%	1.45M YoY-75.9%	6.01M YoY-46.4%	11.2M YoY+317.6%
	-2.88B YoY+23.0%	-3.74B YoY-23.9%	-3.02B YoY-103.7%	-1.48B YoY+24.8%	-1.97B YoY-230.0%
Long-term debt issued	0.00	0.00	0.00	0.00 YoY-100.0%	698M YoY+323.8%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	1.98B YoY+29.2%	1.53B YoY+35.5%	1.13B YoY+15.8%	975M YoY+77.1%	551M YoY-16.1%
Net change in cash	-427M YoY-110.3%	4.15B YoY+970.6%	-476M YoY-132.2%	1.48B YoY+81.2%	817M YoY-7.6%
Interest paid	55.5M YoY-17.3%	67.1M YoY-38.9%	110M YoY+28.8%	85.3M YoY+189.7%	29.4M YoY-21.9%
Income taxes paid	919M YoY+29.3%	711M YoY+3.1%	690M YoY-6.6%	738M YoY+32.6%	557M YoY+77.5%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	87.9B YoY+55.4%	56.5B YoY-5.9%	60.1B YoY+26.3%	47.6B YoY-28.6%	66.6B YoY+3.9%
P/E	18.2× YoY+33.5%	13.6× YoY-34.7%	20.9× YoY+16.9%	17.9× YoY-28.6%	25.0× YoY-26.3%
P/S	5.5× YoY+39.2%	3.9× YoY-8.7%	4.3× YoY+24.1%	3.5× YoY-28.6%	4.8× YoY-14.7%
P/B	3.8× YoY+28.8%	3.0× YoY-24.8%	4.0× YoY+24.4%	3.2× YoY-28.6%	4.5× YoY-12.6%
P/FCF	12.4× YoY+15.1%	10.7× YoY-33.6%	16.2× YoY+24.5%	13.0× YoY-28.6%	18.2× YoY+3.7%
	5.5% YoY-25.1%	7.3% YoY+53.1%	4.8% YoY-14.5%	5.6% YoY+40.1%	4.0% YoY+35.7%
	8.1% YoY-13.1%	9.3% YoY+50.6%	6.2% YoY-19.7%	7.7% YoY+40.1%	5.5% YoY-3.5%
	2.3% YoY-16.9%	2.7% YoY+43.4%	1.9% YoY-9.4%	2.1% YoY+152.0%	0.83% YoY-19.2%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: NTES's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NTES filings on SEC EDGAR → Not investment advice.