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.
Revenue
$4.0B
Gross Profit
$2.5B
Operating Profit
$1.4B
Net Profit
$1.5B
Gross Margin
64.1%
Operating Margin
36.2%
Net Margin
36.6%
YoY Growth
N/A
Financial Flow
NetEase, Inc. Q1 2025 Financial Summary
NetEase, Inc. reported revenue of $4.0B for Q1 2025, with a net profit of $1.5B (36.6% margin). Cost of goods sold was $1.4B, operating expenses totaled $1.1B.
Key Financial Metrics
| Total Revenue | $4.0B |
|---|---|
| Net Profit | $1.5B |
| Gross Margin | 64.1% |
| Operating Margin | 36.2% |
| Report Period | Q1 2025 |
Revenue Breakdown
NetEase, Inc. Q1 2025 revenue of $4.0B breaks down across 4 segments, led by Games and related value-added services at $3.3B (83.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Games and related value-added services | $3.3B | 83.4% |
| NetEase Cloud Music | $256.1M | 6.4% |
| Innovative businesses and others | $223.8M | 5.6% |
| Youdao | $178.9M | 4.5% |
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 2025 | Q2 2025 | Q1 2025 | Q3 2024 |
|---|---|---|---|---|
| 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 |
| Innovative businesses and others | $202.1M | $237.2M | $223.8M | $252.8M |
| Youdao | $228.8M | $197.9M | $178.9M | $224.1M |
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 2025 | $4.0B | — | $1.2B | 31.0% |
| Q2 2025 | $3.9B | — | $1.3B | 32.6% |
| Q1 2025 | $4.0B | — | $1.5B | 36.6% |
| Q3 2024 | $3.7B | — | $955.7M | 25.6% |
| Q2 2024 | $3.5B | — | $939.6M | 26.8% |
| Q1 2024 | $3.7B | — | $1.1B | 29.1% |
| Q3 2023 | $3.7B | — | $1.1B | 28.6% |
| Q2 2023 | $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 |