NetEase, Inc.NTESEarnings & Financial Report
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
NTES Q3 FY2025 Key Financial Metrics
Revenue
$4.0B
Gross Profit
$2.6B
Operating Profit
$1.1B
Net Profit
$1.2B
Gross Margin
64.1%
Operating Margin
28.3%
Net Margin
31.0%
YoY Growth
N/A
NetEase, Inc. Q3 FY2025 Financial Summary
NetEase, Inc. reported revenue of $4.0B for Q3 FY2025, with a net profit of $1.2B (31.0% margin). Cost of goods sold was $1.4B, operating expenses totaled $1.4B.
Key Financial Metrics
| Total Revenue | $4.0B |
|---|---|
| Net Profit | $1.2B |
| Gross Margin | 64.1% |
| Operating Margin | 28.3% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
NetEase, Inc. Q3 FY2025 revenue of $4.0B breaks down across 4 segments, led by Games and related value-added services at $3.3B (82.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Games and related value-added services | $3.3B | 82.3% |
| NetEase Cloud Music | $275.9M | 6.9% |
| Youdao | $228.8M | 5.7% |
| Innovative businesses and others | $202.1M | 5.1% |
NetEase, Inc. Revenue by Segment — Quarterly Trend
NetEase, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Games and related value-added services and NetEase Cloud Music) has evolved quarter over quarter.
| Segment | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q3 FY2024 |
|---|---|---|---|---|
| Games and related value-added services | $3.3B | $3.2B | $3.3B | $3.0B |
| NetEase Cloud Music | $275.9M | $274.8M | $256.1M | $284.9M |
| Youdao | $228.8M | $197.9M | $178.9M | $224.1M |
| Innovative businesses and others | $202.1M | $237.2M | $223.8M | $252.8M |
NetEase, Inc. Quarterly Revenue & Net Profit History
NetEase, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q3 FY2025 | $4.0B | — | $1.2B | 31.0% |
| Q2 FY2025 | $3.9B | — | $1.3B | 32.6% |
| Q1 FY2025 | $4.0B | — | $1.5B | 36.6% |
| Q3 FY2024 | $3.7B | — | $955.7M | 25.6% |
| Q2 FY2024 | $3.5B | — | $939.6M | 26.8% |
| Q1 FY2024 | $3.7B | — | $1.1B | 29.1% |
| Q3 FY2023 | $3.7B | — | $1.1B | 28.6% |
| Q2 FY2023 | $3.3B | — | $1.1B | 34.0% |
Income Statement
| Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.31B | $3.74B | $3.72B | $3.51B | $3.73B | $3.97B | $3.89B | $3.98B |
| YoY Growth | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Balance Sheet
| Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $167.91B | $171.58B | $195.06B | $183.34B | $184.90B | $200.86B | $208.50B | $214.49B |
| Liabilities | $49.64B | $47.63B | $64.43B | $49.00B | $49.17B | $52.99B | $54.39B | $53.56B |
| Equity | $118.13B | $123.80B | $130.52B | $134.23B | $135.61B | $147.78B | $154.02B | $160.84B |
Cash Flow
| Q2 2023 | Q3 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $1.06B | $1.35B | $1.32B | $898.8M | $1.51B | $1.67B | $1.52B | $1.82B |