JOYY (JOYY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $581.9M, up 7.7% QoQ and 5.9% YoY, marking the fourth consecutive quarter of YoY growth since H2 2024.

• Operating income for Q4 was $18.3M, reversing a $427.9M loss in Q4 2024; net income from continuing operations was $54.3M.

• Full-year 2025 revenue was $2.12B, with live streaming contributing $1.53B and BIGO Ads $398.5M, up 38.5% YoY.

• Non-live streaming businesses increased to 28% of total revenue, up 7.9 percentage points from 2024.

• Net cash position at year-end was $3.26B, supporting $332M in shareholder returns via buybacks and dividends.

Financial highlights

• Q4 non-GAAP operating profit was $40.8M; operating cash flow was $116M.

• Q4 group gross profit was $205.6M with a gross margin of 35.3%.

• Q4 non-GAAP net income attributable to controlling interest was $30.3M, with a margin of 12.1%.

• Full-year non-GAAP operating income and EBITDA were $150.8M and $189.8M, up 10.8% and 10.9% YoY, respectively.

• Q4 non-GAAP EBITDA was $50.6M (8.7% margin); full-year non-GAAP net income was $282.8M.

Outlook and guidance

• Q1 2026 net revenue guidance: $538M–$548M, implying 8.8%–10.9% YoY growth.

• Live streaming expected to return to positive YoY growth in 2026; BIGO Ads to deliver mid-double-digit YoY growth despite seasonality.

• Full-year 2026: all three business lines (live streaming, AdTech, e-commerce SaaS) expected to achieve double-digit revenue growth.

• Group non-GAAP operating income and EBITDA projected to grow steadily in the teens YoY in 2026.

• Management anticipates 2026 as a landmark year, with continued focus on profitability and growth from social entertainment and advertising.