NetEase, Inc.
TechnologyNASDAQ:NTES · NASDAQ Global Select
+$0.66 today
Vol 0.28M · Avg 0.85M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$114.4B of revenue converted into $34.1B of net income for the selected period. Gross margin is 65.6% and net margin is 29.7%, showing how much revenue survives after costs and taxes. EPS is $52.75, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $112.6B +7.0% | $105.3B +1.8% | $103.5B +7.2% | $96.5B +10.1% | $87.6B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $40.2B +1.9% | $39.5B -2.3% | $40.4B -7.6% | $43.7B +7.6% | $40.6B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $72.4B +10.0% | $65.8B +4.4% | $63.1B +19.5% | $52.8B +12.3% | $47.0B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 64.3% +1.8pp | 62.5% +1.5pp | 60.9% +6.3pp | 54.7% +1.1pp | 53.6% | 9.8% | 28.9% | 38.3% |
| Research & Development | $17.7B +1.1% | $17.5B +6.3% | $16.5B +9.6% | $15.0B +6.8% | $14.1B | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $18.8B +0.8% | $18.7B -0.9% | $18.9B +4.3% | $18.1B +9.8% | $16.5B | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $36.6B +0.9% | $36.2B +2.5% | $35.4B +6.7% | $33.1B +8.5% | $30.6B | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $2.2B -7.5% | $2.4B -20.9% | $3.1B +6.9% | $2.9B -12.7% | $3.3B | $374.2M | $1.2B | $631.8M |
| EBITDA | $43.1B +12.9% | $38.1B +2.8% | $37.1B +36.9% | $27.1B +11.2% | $24.4B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 38.2% +2.0pp | 36.2% +0.3pp | 35.9% +7.8pp | 28.1% +0.3pp | 27.8% | 5.6% | 46.3% | 42.0% |
| Operating Income | $35.8B +21.1% | $29.6B +6.8% | $27.7B +41.2% | $19.6B +19.6% | $16.4B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 31.8% +3.7pp | 28.1% +1.3pp | 26.8% +6.4pp | 20.3% +1.6pp | 18.7% | 16.6% | 24.1% | 22.0% |
| Interest Income | $4.6B -6.1% | $4.9B +19.4% | $4.1B +91.7% | $2.1B +41.5% | $1.5B | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $5.0B -18.6% | $6.1B -3.4% | $6.3B +37.3% | $4.6B -1.4% | $4.7B | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $40.8B +14.3% | $35.7B +4.9% | $34.1B +40.4% | $24.3B +14.9% | $21.1B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 36.3% +2.3pp | 33.9% +1.0pp | 32.9% +7.8pp | 25.1% +1.0pp | 24.1% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $6.0B +10.5% | $5.5B +16.2% | $4.7B -6.6% | $5.0B +21.9% | $4.1B | $1.3B | -$1.6B | $745.2M |
| Net Income | $33.8B +13.7% | $29.7B +1.0% | $29.4B +44.6% | $20.3B +20.6% | $16.9B | $4.9B | $4.8B | $4.7B |
| Net Margin | 30.0% +1.8pp | 28.2% -0.2pp | 28.4% +7.4pp | 21.1% +1.8pp | 19.2% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $53 +14.0% | $46 +1.4% | $46 +46.9% | $31 +22.9% | $25 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $52 +13.7% | $46 +1.5% | $45 +49.8% | $30 +20.6% | $25 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $638.4M -1.2% | $646.3M -0.6% | $650.1M -0.4% | $652.7M -1.9% | $665.2M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $645.6M -0.1% | $646.1M -0.7% | $650.4M -3.4% | $673.5M +0.0% | $673.5M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Dell Technologies Inc.
NYSE:DELL
$265.71B
Corning Incorporated
NYSE:GLW
$154.60B
Cadence Design Systems, Inc.
NASDAQ:CDNS
$105.75B
Synopsys, Inc.
NASDAQ:SNPS
$87.07B
Snowflake Inc.
NYSE:SNOW
$81.77B
Cloudflare, Inc.
NYSE:NET
$81.19B
TE Connectivity Ltd.
NYSE:TEL
$61.65B
Infosys Limited
NYSE:INFY
$47.89B
Strategy Inc
NASDAQ:MSTR
$36.48B
Roblox Corporation
NYSE:RBLX
$31.15B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does NTES generate?
NetEase, Inc. (NTES) reported $112.63B of revenue in fiscal 2025.
Is NTES profitable?
NetEase, Inc. (NTES) reported $33.76B of net income, with a net margin of 30.0%.
Explore More
Continue the stock analysis
Jump to another research area for this company.