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Side-by-side financial comparison of NetEase, Inc. (NTES) and Take-Two Interactive (TTWO). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $1.7B, roughly 2.3× Take-Two Interactive). NetEase, Inc. runs the higher net margin — 31.0% vs -5.5%, a 36.5% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $236.2M). Over the past eight quarters, Take-Two Interactive's revenue compounded faster (10.2% CAGR vs 9.7%).
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.
Take-Two Interactive Software, Inc. is an American video game holding company based in New York City founded by Ryan Brant in September 1993.
NTES vs TTWO — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.0B | $1.7B |
| Net Profit | $1.2B | $-92.9M |
| Gross Margin | 64.1% | 55.7% |
| Operating Margin | 28.3% | -2.3% |
| Net Margin | 31.0% | -5.5% |
| Revenue YoY | — | 24.9% |
| Net Profit YoY | — | 25.8% |
| EPS (diluted) | — | $-0.50 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $1.7B | ||
| Q3 25 | $4.0B | $1.8B | ||
| Q2 25 | $3.9B | $1.5B | ||
| Q1 25 | $4.0B | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $3.7B | $1.4B | ||
| Q2 24 | $3.5B | $1.3B | ||
| Q1 24 | $3.7B | $1.4B |
| Q4 25 | — | $-92.9M | ||
| Q3 25 | $1.2B | $-133.9M | ||
| Q2 25 | $1.3B | $-11.9M | ||
| Q1 25 | $1.5B | $-3.7B | ||
| Q4 24 | — | $-125.2M | ||
| Q3 24 | $955.7M | $-365.5M | ||
| Q2 24 | $939.6M | $-262.0M | ||
| Q1 24 | $1.1B | $-2.9B |
| Q4 25 | — | 55.7% | ||
| Q3 25 | 64.1% | 55.3% | ||
| Q2 25 | 64.7% | 62.8% | ||
| Q1 25 | 64.1% | 50.8% | ||
| Q4 24 | — | 55.9% | ||
| Q3 24 | 62.9% | 53.8% | ||
| Q2 24 | 62.9% | 57.6% | ||
| Q1 24 | 63.4% | 33.5% |
| Q4 25 | — | -2.3% | ||
| Q3 25 | 28.3% | -5.5% | ||
| Q2 25 | 32.5% | 1.4% | ||
| Q1 25 | 36.2% | -238.7% | ||
| Q4 24 | — | -9.7% | ||
| Q3 24 | 27.3% | -22.0% | ||
| Q2 24 | 27.4% | -13.8% | ||
| Q1 24 | 28.4% | -193.9% |
| Q4 25 | — | -5.5% | ||
| Q3 25 | 31.0% | -7.5% | ||
| Q2 25 | 32.6% | -0.8% | ||
| Q1 25 | 36.6% | -235.5% | ||
| Q4 24 | — | -9.2% | ||
| Q3 24 | 25.6% | -27.0% | ||
| Q2 24 | 26.8% | -19.6% | ||
| Q1 24 | 29.1% | -207.4% |
| Q4 25 | — | $-0.50 | ||
| Q3 25 | — | $-0.73 | ||
| Q2 25 | — | $-0.07 | ||
| Q1 25 | — | $-21.27 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | — | $-2.08 | ||
| Q2 24 | — | $-1.52 | ||
| Q1 24 | — | $-17.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.3B | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.8B | $3.5B |
| Total Assets | $214.5B | $10.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.4B | ||
| Q3 25 | $31.3B | $2.1B | ||
| Q2 25 | $54.4B | $2.0B | ||
| Q1 25 | $41.7B | $1.5B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $20.2B | $879.6M | ||
| Q2 24 | $19.0B | $1.1B | ||
| Q1 24 | $43.0B | $776.0M |
| Q4 25 | — | $3.5B | ||
| Q3 25 | $160.8B | $3.4B | ||
| Q2 25 | $154.0B | $3.5B | ||
| Q1 25 | $147.8B | $2.1B | ||
| Q4 24 | — | $5.7B | ||
| Q3 24 | $135.6B | $5.8B | ||
| Q2 24 | $134.2B | $6.0B | ||
| Q1 24 | $130.5B | $5.7B |
| Q4 25 | — | $10.0B | ||
| Q3 25 | $214.5B | $10.1B | ||
| Q2 25 | $208.5B | $9.7B | ||
| Q1 25 | $200.9B | $9.2B | ||
| Q4 24 | — | $12.7B | ||
| Q3 24 | $184.9B | $13.1B | ||
| Q2 24 | $183.3B | $12.9B | ||
| Q1 24 | $195.1B | $12.2B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8B | $305.2M |
| Free Cash FlowOCF − Capex | $1.8B | $236.2M |
| FCF MarginFCF / Revenue | 44.7% | 13.9% |
| Capex IntensityCapex / Revenue | 1.0% | 4.1% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $6.3B | $487.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $305.2M | ||
| Q3 25 | $1.8B | $128.4M | ||
| Q2 25 | $1.5B | $-44.7M | ||
| Q1 25 | $1.7B | $279.0M | ||
| Q4 24 | — | $-4.8M | ||
| Q3 24 | $1.5B | $-128.4M | ||
| Q2 24 | $898.8M | $-191.0M | ||
| Q1 24 | $1.3B | $-8.9M |
| Q4 25 | — | $236.2M | ||
| Q3 25 | $1.8B | $96.5M | ||
| Q2 25 | $1.5B | $-69.8M | ||
| Q1 25 | $1.6B | $224.9M | ||
| Q4 24 | — | $-48.2M | ||
| Q3 24 | $1.5B | $-165.2M | ||
| Q2 24 | $875.6M | $-226.1M | ||
| Q1 24 | $1.3B | $-55.1M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | 44.7% | 5.4% | ||
| Q2 25 | 38.3% | -4.6% | ||
| Q1 25 | 40.4% | 14.2% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | 38.9% | -12.2% | ||
| Q2 24 | 25.0% | -16.9% | ||
| Q1 24 | 34.0% | -3.9% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | 1.0% | 1.8% | ||
| Q2 25 | 0.7% | 1.7% | ||
| Q1 25 | 1.6% | 3.4% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 1.4% | 2.7% | ||
| Q2 24 | 0.7% | 2.6% | ||
| Q1 24 | 1.5% | 3.3% |
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.15× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.58× | — | ||
| Q2 24 | 0.96× | — | ||
| Q1 24 | 1.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
TTWO
Segment breakdown not available.
