NetEase, Inc.

Technology

NASDAQ:NTES · NASDAQ Global Select

Market Cap $80.61B Beta 0.80 P/E (TTM) 16.2

$126.27 +0.53%

+$0.66 today

52W Low $106.06High $159.55

Vol 0.28M · Avg 0.85M

EPS (TTM)$10.67

Div Yield2.37%

Electronic Gaming & Multimedia

Income Statement

Follow revenue through to earnings

Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.

Income Statement Balance Sheet Cash Flow

Earnings Waterfall

Revenue to Net Income

Income Statement

Key Ratios

EPS$52.75

Gross Margin65.6%

Net Margin29.7%

P/E Ratio18.5

P/S Ratio21.2

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