NTES
$120.61-0.45%
as of close, Oct 1, 2026
☾ AH $120.61 -0.45%
NetEase Inc. American Depositary SharesStock · Technology
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.
As-reported fiscal years.
| Line item | Trend | 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+11.6% | 14.4B-1.0% | 14.6B+4.2% | 14.0B+1.8% | 13.7B+21.8% | |
| 10.4B+14.8% | 9.02B+1.5% | 8.88B+16.1% | 7.65B+3.8% | 7.37B+23.4% | ||
| Cost of revenue | 5.75B+6.3% | 5.41B-4.9% | 5.69B-10.2% | 6.34B-0.6% | 6.38B+20.0% | |
| 5.23B+5.4% | 4.96B-0.3% | 4.98B+3.6% | 4.80B+0.2% | 4.79B+28.0% | ||
| Research & development | 2.53B+5.5% | 2.40B+3.4% | 2.32B+6.5% | 2.18B-1.3% | 2.21B+39.0% | |
| Selling, general & administrative | 605M-3.0% | 623M-9.7% | 690M+1.4% | 681M+1.8% | 669M+29.5% | |
| General & administrative | 605M-3.0% | 623M-9.7% | 690M+1.4% | 681M+1.8% | 669M+29.5% | |
| Selling & marketing | 2.09B+7.9% | 1.94B-1.5% | 1.97B+1.3% | 1.94B+1.4% | 1.92B+16.8% | |
| Provision for credit losses | 51.1M+43.7% | 35.6M+313.2% | 8.61M-3.2% | 8.90M-78.4% | 41.2M+600.8% | |
| Operating income | 5.12B+26.4% | 4.05B+3.8% | 3.90B+37.1% | 2.85B+10.5% | 2.58B+15.6% | |
| Other non-operating income | 155M+88.4% | 82.5M-44.4% | 148M+20.9% | 123M+10.1% | 111M-1.3% | |
| Gain (loss) on equity securities | -167M-200.1% | 167M+120.5% | 75.6M+115.0% | -505M-3676.0% | 14.1M-86.5% | |
| Pre-tax income | 5.84B+19.3% | 4.89B+2.0% | 4.80B+36.4% | 3.52B+6.2% | 3.31B+40.6% | |
| Income tax | 863M+15.3% | 748M+13.0% | 662M-9.3% | 730M+12.6% | 648M+39.0% | |
| 4.83B+16.5% | 4.15B+0.2% | 4.13B+43.7% | 2.88B+8.0% | 2.66B+41.0% | ||
| Discontinued operations | — | — | — | 90.6M | — | |
| Net income to non-controlling interest | 148M+94.5% | 76.0M+957.7% | -8.86M+87.7% | -72.1M-10.0% | -65.5M+17.7% | |
| Net income to common | 4.83B+18.7% | 4.07B-1.8% | 4.14B+40.5% | 2.95B+11.5% | 2.65B+43.1% | |
| $7.50+19.0% | $6.30-0.8% | $6.35+42.7% | $4.45+12.7% | $3.95+43.6% | ||
| EPS (basic) | $7.60+19.7% | $6.35-1.6% | $6.45+43.3% | $4.50+12.5% | $4.00+42.9% | |
| Weighted-avg shares (basic) | 637M-0.4% | 640M-0.5% | 643M-1.4% | 653M-1.9% | 665M+0.6% | |
| Weighted-avg shares (diluted) | 644M-0.4% | 646M-0.7% | 650M-1.3% | 659M-2.1% | 673M+0.5% | |
| Dividends per share | $3.10+28.3% | $2.41+37.4% | $1.76+16.2% | $1.51+79.8% | $0.84-14.1% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 25.8B+23.0% | 21.0B+4.5% | 20.1B+5.3% | 19.1B+7.5% | 17.8B+7.4% | ||
| Cash & equivalents | 6.74B-4.2% | 7.04B+133.2% | 3.02B-16.4% | 3.61B+58.6% | 2.28B+62.8% | |
| Short-term investments | 3.26B+121.3% | 1.47B+135.8% | 625M-43.5% | 1.11B-42.7% | 1.93B-5.3% | |
| Accounts receivable | 763M-1.7% | 777M-14.1% | 905M+24.7% | 725M-16.1% | 864M+23.2% | |
| Inventory | 98.6M+25.9% | 78.3M-20.1% | 97.9M-32.0% | 144M-4.8% | 151M+59.0% | |
| Prepaid expenses | 1.10B+24.6% | 879M+2.7% | 856M+8.3% | 790M-19.3% | 979M+4.5% | |
| Other current assets | 28.3M+43.4% | 19.7M+6.0% | 18.6M-17.2% | 22.5M+13.4% | 19.8M+29.0% | |
| 31.7B+17.9% | 26.9B+2.5% | 26.2B+4.5% | 25.0B+3.9% | 24.1B+10.9% | ||
| Property, plant & equipment | 1.20B+3.2% | 1.17B+2.6% | 1.14B+23.7% | 920M+7.8% | 853M+22.1% | |
| Operating lease right-of-use | 45.8M-38.2% | 74.1M-29.8% | 106M-18.0% | 129M-21.4% | 164M+38.3% | |
| Goodwill | 265M+4.3% | 254M-2.7% | 261M-16.8% | 314M+236.0% | 93.5M+91.1% | |
| Long-term investments | 2.64B-4.6% | 2.77B-9.8% | 3.07B+14.1% | 2.69B-8.9% | 2.95B+64.4% | |
| Deferred tax assets | 405M+165.4% | 153M-30.6% | 220M+2.3% | 215M+5.4% | 204M+22.3% | |
| Other non-current assets | 531M-23.7% | 696M-16.7% | 837M-15.2% | 987M+56.9% | 629M-19.7% | |
| Total non-current assets | 5.83B-0.2% | 5.85B-4.0% | 6.09B+2.0% | 5.97B-6.2% | 6.36B+21.9% | |
| 7.49B+10.1% | 6.80B-10.3% | 7.58B-8.0% | 8.24B+4.0% | 7.92B+10.6% | ||
| Accounts payable | 92.0M-6.8% | 98.7M-20.4% | 124M-43.2% | 219M+41.4% | 155M-11.1% | |
| Accrued liabilities | 2.28B+17.0% | 1.95B+9.2% | 1.78B+10.7% | 1.61B+13.8% | 1.42B+31.9% | |
| Deferred revenue | 2.93B+40.0% | 2.10B+11.4% | 1.88B+3.7% | 1.82B-4.7% | 1.90B+13.6% | |
| Current lease liability | 16.2M-31.1% | 23.5M-35.7% | 36.5M-2.7% | 37.6M-28.4% | 52.5M+3.5% | |
| 8.05B+9.9% | 7.33B-10.0% | 8.15B-12.0% | 9.26B+8.9% | 8.51B+15.5% | ||
| Long-term debt | — | 58.6M-2.7% | 60.3M-88.6% | 530M+164.8% | 200M | |
| Non-current lease liability | 33.2M-41.3% | 56.5M-27.8% | 78.3M-19.7% | 97.5M-15.1% | 115M+57.9% | |
| Operating lease liability (total) | 49.4M-38.3% | 80.0M-30.3% | 115M-15.0% | 135M-19.3% | 167M+35.5% | |
| Deferred tax liabilities | 377M+26.7% | 298M-8.1% | 324M+5.1% | 308M+46.0% | 211M+93.2% | |
| Other non-current liabilities | 153M+37.2% | 112M+11.0% | 101M+14.9% | 87.7M+52.9% | 57.4M+151.5% | |
| Total non-current liabilities | 564M+7.4% | 525M-6.8% | 563M-45.0% | 1.02B+75.4% | 584M+184.8% | |
| 22.9B+20.6% | 19.0B+8.5% | 17.5B+15.3% | 15.2B+1.5% | 15.0B+18.9% | ||
| Common stock | 376K+4.4% | 360K-5.8% | 382K-2.8% | 393K-10.3% | 438K+2.3% | |
| Additional paid-in capital | 1.41B+4.1% | 1.35B-57.6% | 3.18B-3.9% | 3.31B-44.3% | 5.95B+39.5% | |
| Retained earnings | 21.4B+19.9% | 17.9B+13.0% | 15.8B+19.7% | 13.2B+8.6% | 12.2B+23.7% | |
| Treasury stock | 217M-64.6% | 613M-65.7% | 1.79B+13.0% | 1.58B-50.8% | 3.22B+101.0% | |
| Accumulated other comprehensive income | -34.0M-124.7% | 138M+58.8% | 86.9M+38.8% | 62.6M+148.2% | -130M-30.3% | |
| Non-controlling interest | 674M+32.2% | 510M-1.6% | 519M-10.7% | 581M-6.3% | 620M+364.4% | |
| Total equity incl. non-controlling | 23.6B+20.9% | 19.5B+8.2% | 18.0B+14.3% | 15.8B+1.2% | 15.6B+22.5% | |
| Total liabilities & equity | 31.7B+17.9% | 26.9B+2.5% | 26.2B+4.5% | 25.0B+3.9% | 24.1B+10.9% | |
| Common shares issued | 644M+0.0% | 644M+0.3% | 642M-0.4% | 645M-1.5% | 655M-2.3% | |
| Common shares outstanding | 638M+0.8% | 634M-1.3% | 642M-0.4% | 645M-1.5% | 655M-2.3% | |
| Shares outstanding (cover) | 638M+0.8% | 634M-1.3% | 642M-0.4% | 645M-1.5% | 655M-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+33.5% | 5.44B+9.2% | 4.98B+23.9% | 4.02B+2.7% | 3.91B+2.6% | ||
| Depreciation & amortization | 321M-3.0% | 331M-23.0% | 430M+3.8% | 414M-19.4% | 514M-3.0% | |
| Share-based compensation | 522M-1.9% | 532M+16.5% | 457M-0.8% | 460M-3.6% | 477M+16.9% | |
| Deferred income taxes | -175M-491.5% | 44.6M+140.0% | 18.6M-74.5% | 72.7M+15.0% | 63.2M+395.0% | |
| Change in receivables | -37.8M+61.5% | -98.1M-147.4% | 207M+357.7% | -80.4M-143.2% | 186M+129.1% | |
| Change in inventory | 16.8M+199.2% | -17.0M+59.4% | -41.8M-1143.9% | 4.00M-92.6% | 53.9M+1284.4% | |
| Change in payables | -10.2M-182.0% | 12.5M+115.8% | -78.8M-221.4% | 64.9M+366.4% | -24.4M-84.1% | |
| -4.74B-293.3% | 2.45B+202.3% | -2.40B-124.7% | -1.07B+3.8% | -1.11B+75.2% | ||
| Capital expenditure | 152M-12.8% | 175M-46.1% | 324M+6.5% | 305M+21.1% | 251M+55.4% | |
| Free cash flow | 7.10B+35.0% | 5.26B+13.1% | 4.65B+25.3% | 3.71B+1.4% | 3.66B+0.2% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | 6.56M+229.6% | 1.99M+37.2% | 1.45M-75.9% | 6.01M-46.4% | 11.2M+317.6% | |
| -2.88B+23.0% | -3.74B-23.9% | -3.02B-103.7% | -1.48B+24.8% | -1.97B-230.0% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 698M+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 | 0.00-100.0% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 1.98B+29.2% | 1.53B+35.5% | 1.13B+15.8% | 975M+77.1% | 551M-16.1% | |
| Net change in cash | -427M-110.3% | 4.15B+970.6% | -476M-132.2% | 1.48B+81.2% | 817M-7.6% | |
| Interest paid | 55.5M-17.3% | 67.1M-38.9% | 110M+28.8% | 85.3M+189.7% | 29.4M-21.9% | |
| Income taxes paid | 919M+29.3% | 711M+3.1% | 690M-6.6% | 738M+32.6% | 557M+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+55.4% | 56.5B-5.9% | 60.1B+26.3% | 47.6B-28.6% | 66.6B+3.9% | |
| P/E | 18.2×+33.5% | 13.6×-34.7% | 20.9×+16.9% | 17.9×-28.6% | 25.0×-26.3% | |
| P/S | 5.5×+39.2% | 3.9×-8.7% | 4.3×+24.1% | 3.5×-28.6% | 4.8×-14.7% | |
| P/B | 3.8×+28.8% | 3.0×-24.8% | 4.0×+24.4% | 3.2×-28.6% | 4.5×-12.6% | |
| P/FCF | 12.4×+15.1% | 10.7×-33.6% | 16.2×+24.5% | 13.0×-28.6% | 18.2×+3.7% | |
| Earnings yield | 5.5%-25.1% | 7.3%+53.1% | 4.8%-14.5% | 5.6%+40.1% | 4.0%+35.7% | |
| FCF yield | 8.1%-13.1% | 9.3%+50.6% | 6.2%-19.7% | 7.7%+40.1% | 5.5%-3.5% | |
| Dividend yield | 2.3%-16.9% | 2.7%+43.4% | 1.9%-9.4% | 2.1%+152.0% | 0.83%-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.