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网易（NTES）与Take-Two Interactive（TTWO）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是Take-Two Interactive的2.3倍（$4.0B vs $1.7B），网易净利率更高（31.0% vs -5.5%，领先36.5%），网易自由现金流更多（$1.8B vs $236.2M），过去两年Take-Two Interactive的营收复合增速更高（10.2% vs 9.7%）
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
Take-Two Interactive是总部位于美国纽约的电子游戏控股企业，由瑞安·布兰特于1993年9月创立，在全球互动娱乐领域拥有较高影响力，业务覆盖游戏研发、发行与运营等核心环节。
NTES vs TTWO — 直观对比
营收规模更大
NTES
是对方的2.3倍
$1.7B
净利率更高
NTES
高出36.5%
-5.5%
自由现金流更多
NTES
多$1.5B
$236.2M
两年增速更快
TTWO
近两年复合增速
9.7%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $1.7B |
| 净利润 | $1.2B | $-92.9M |
| 毛利率 | 64.1% | 55.7% |
| 营业利润率 | 28.3% | -2.3% |
| 净利率 | 31.0% | -5.5% |
| 营收同比 | — | 24.9% |
| 净利润同比 | — | 25.8% |
| 每股收益（稀释后） | — | $-0.50 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NTESTTWO
| 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 |
净利润NTESTTWO
| 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 |
毛利率NTESTTWO
| 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% |
营业利润率NTESTTWO
| 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% |
净利率NTESTTWO
| 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% |
每股收益（稀释后）NTESTTWO
| 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 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $31.3B | $2.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.8B | $3.5B |
| 总资产 | $214.5B | $10.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NTESTTWO
| 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 |
股东权益NTESTTWO
| 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 |
总资产NTESTTWO
| 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 |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.8B | $305.2M |
| 自由现金流经营现金流 - 资本支出 | $1.8B | $236.2M |
| 自由现金流率自由现金流/营收 | 44.7% | 13.9% |
| 资本支出强度资本支出/营收 | 1.0% | 4.1% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 过去12个月自由现金流最近4个季度 | $6.3B | $487.8M |
8季度趋势，按日历期对齐
经营现金流NTESTTWO
| 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 |
自由现金流NTESTTWO
| 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 |
自由现金流率NTESTTWO
| 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% |
资本支出强度NTESTTWO
| 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% |
现金转化率NTESTTWO
| 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× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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
暂无分部数据
