NetEase (9999) Q4 2025 earnings summary

Executive summary

• Achieved total annual net revenue of RMB 112.6 billion ($16.1 billion) in 2025, up 10% year-over-year, with games and value-added services contributing RMB 92.1 billion ($13.2 billion).

• Marked 23 consecutive years of online games revenue growth, driven by proprietary technology, global expansion, and comprehensive AI integration across game development.

• Major titles like Where Winds Meet, Justice, Marvel Rivals, and Sword of Justice achieved strong global traction, record engagement, and industry awards.

• Blizzard titles in China achieved record-high annual revenue, reinforcing commitment to the local market.

• Maintained robust net cash position of RMB 163.5 billion ($23.4 billion) as of December 31, 2025.

Financial highlights

• Full-year net revenue: RMB 112.6 billion ($16.1 billion), up 10% year-over-year; Q4 revenue: RMB 27.5 billion ($3.9 billion), up 3% year-over-year.

• Online games net revenue: RMB 89.6 billion for 2025, up 11% year-over-year; Q4: RMB 21.3 billion, up 4% year-over-year.

• Non-GAAP net income for 2025: RMB 37.3 billion ($5.3 billion), up 11%; Q4: RMB 7.1 billion ($1.0 billion), down 27% year-over-year.

• Gross profit margin for 2025: 64.3%; Q4: 64.3%, up from 61.0% last year.

• Net income attributable to shareholders for 2025: RMB 33.8 billion ($4.8 billion); Q4: RMB 6.2 billion ($892.6 million).

Outlook and guidance

• Plans to launch Sea of Dawn in Q3 2026 with positive early feedback and a global cross-platform rollout.

• Continued investment in AI, vertical models, and talent to maintain leadership in high-quality game development and next-generation gameplay innovation.

• Focus on delivering exceptional experiences, fostering creative talent, and advancing AI capabilities to extend franchise longevity and global value.