NetEase
$186.20Change from previous close: −3.32%Absolute change: −$6.40
At a glance
- Revenue growth
- +6.96%
- 2025 vs 2024
- Net income growth
- +13.68%
- 2025 vs 2024
- Net margin
- 30.0%
- 2024: 28.2%
Financial data
Amounts in millions of CNY; per-share values in CNY; shares in millions.
| Item | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 9,973 | 13,733 | 14,823 | 12,948 | 10,862 | 12,107 | 13,012 | 10,576 | 6,532 | 9,557 | 11,808 | 9,844 |
| Depreciation and amortization | 439 | 431 | 720 | 618 | 428 | 481 | 697 | 521 | 632 | 568 | 660 | 652 |
| Capital expenditure | -18.8 | -312 | -138 | -284 | -190 | -454 | -312 | -380 | -169 | -415 | -485 | -643 |
| Investing cash flow | -34,658 | -7,764 | 387 | -24,621 | 3,893 | -12,841 | 20,629 | -721 | -14,851 | 12,860 | -10,725 | -516 |
| Financing cash flow | -3,183 | -1,798 | -3,529 | -6,392 | -1,951 | -8,288 | -2,463 | -8,459 | -15,919 | -495 | 5,139 | -6,854 |
| Dividends paid | -3,139 | -5,156 | -2,575 | -2,584 | -3,082 | -5,585 | -1,983 | -1,973 | -2,265 | -4,945 | -2,259 | -2,423 |
| Share repurchases | -1,796 | -1,314 | -15.4 | — | -356 | -304 | -1,595 | -3,994 | -2,007 | -1,234 | -626 | -296 |
| Debt issued | 1,747 | 7,317 | 36.3 | 2,018 | 3,249 | 2,748 | 457 | 5,396 | 1,069 | 6,998 | 2,511 | 7,607 |
| Debt repaid | 0.0 | -2,621 | -975 | -5,880 | -1,805 | -5,190 | 606 | -7,879 | -12,767 | -1,357 | 5,485 | -11,752 |
| Effect of exchange rates | -188 | -341 | -176 | -118 | -31.7 | -56.9 | 114 | -68.1 | 8.2 | -43.1 | -174 | 4.2 |
| Net change in cash | -28,056 | 3,830 | 11,506 | -18,182 | 12,772 | -9,079 | 31,292 | 1,328 | -24,230 | 21,879 | 6,049 | 2,479 |
| Free cash flow | 9,954 | 13,421 | 14,686 | 12,664 | 10,672 | 11,653 | 12,700 | 10,196 | 6,363 | 9,142 | 11,323 | 9,201 |
| Levered free cash flow | 6,313 | 7,586 | 14,903 | 3,761 | 7,691 | 6,925 | 9,224 | 6,446 | 4,948 | 5,179 | 7,150 | 4,677 |