Companies › NetEase, Inc.

NetEase, Inc. (NTES): Financial Statements and Key Figures

NetEase, Inc. (ticker NTES) is classified by the SEC under industry code 7372, Services-Prepackaged Software, and is listed on Nasdaq. It files its annual report with the U.S. Securities and Exchange Commission (SEC) on Form 20-F and reports in CNY. Its fiscal 2025 ended on 31 December 2025; the annual report for that year was filed on 15 April 2026. For that year it reported revenue of CNY 112,626 million, net income of CNY 33,760 million and total assets of CNY 221,415 million at the year end. Fiscal years 2016 to 2025 are shown below.

The figures are as the company filed them, standardised by reporting tag; the filing is the authority. For education and analysis, not investment advice.

Key Figures

Money in CNY millions; earnings per share in CNY. Free cash flow is the cash from operating activities less capital expenditures. Total debt is short-term plus long-term debt, or the total the company itself tags when that is larger. A margin is the profit line divided by revenue; return on equity is net income divided by the average of shareholders' equity at the start and the end of the year. A blank cell means the company does not report the line under a standard tag; it does not mean zero.

Table 1: Key figures of NetEase, Inc. by fiscal year
Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
year ended on	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec
Revenue (CNY millions)	38,179	54,102	51,179	59,241	73,667	87,606	96,496	103,468	105,295	112,626
Net income (CNY millions)	11,605	10,708	6,152	21,238	12,063	16,857	20,338	29,417	29,698	33,760
Earnings per share, diluted (CNY)	3.51	3.23	1.89	6.53	3.60	5.01	6.17	9.05	9.19	10.48
Cash from operating activities (CNY millions)	15,488	11,889	13,416	17,216	24,888	24,927	27,709	35,331	39,677	50,740
Free cash flow (CNY millions)	14,353	10,235	11,246	16,007	23,833	23,325	25,609	33,030	38,401	49,674
Total assets (CNY millions)	58,032	71,031	86,968	112,124	141,875	153,644	172,761	185,925	195,992	221,415
Total debt (CNY millions)						1,275	3,655	428	428
Shareholders' equity (CNY millions)	38,191	45,732	45,232	61,454	82,127	95,328	104,731	124,286	138,686	160,296
Gross margin	56.7 %	46.3 %	53.4 %	53.3 %	52.9 %	53.6 %	54.7 %	60.9 %	62.5 %	64.3 %
Operating margin	33.1 %	24.0 %	19.5 %	23.3 %	19.7 %	18.7 %	20.3 %	26.8 %	28.1 %	31.8 %
Net margin	30.4 %	19.8 %	12.0 %	35.8 %	16.4 %	19.2 %	21.1 %	28.4 %	28.2 %	30.0 %
Return on equity	34.4 %	25.5 %	13.5 %	39.8 %	16.8 %	19.0 %	20.3 %	25.7 %	22.6 %	22.6 %

Last twelve months: not shown. No quarterly reports in XBRL (the company files annual, half-year or current reports only): no last-twelve-month figures, none estimated.

Charts

Figure 1: Revenue and net income by fiscal year (CNY millions)

Figure 2: Cash from operating activities and free cash flow by fiscal year (CNY millions)

Compound Growth

The compound annual growth rate is the single yearly rate that, applied every year, takes the first value to the last one: the last value divided by the first, raised to the power of one over the number of years, less one. It uses only the two end values, so an unusual first or last year moves it a great deal.

Revenue: 22,803 in fiscal 2015 to 112,626 in fiscal 2025 (CNY millions), 10 years: 17.3 % a year.
Diluted earnings per share: 2.04 in fiscal 2015 to 10.48 in fiscal 2025 (CNY per share), 10 years: 17.8 % a year.

Analyse This Company

Each link opens a calculator with NetEase, Inc. loaded from the same data.

Company Financial Statements: The full income statement, balance sheet and cash flow statement of each fiscal year, with common-size and growth views.
Capital Allocation History: Where the cash from operations went each year: capital expenditures, dividends, share repurchases, debt.
Dividend Sustainability: How the dividends paid compare with earnings and with free cash flow, year by year.
Earnings Quality Trend: How much of reported earnings arrived as cash, and how accruals moved over the years.
Reverse DCF: The growth in free cash flow that a share price you type would assume.
Financial Quality Scores: The Piotroski F-score and the DuPont breakdown of return on equity, worked step by step.
Valuation Range: What a share price you type corresponds to as multiples of earnings, cash flow and book value, against the company's own history.

Several companies at once: Peer Comparison and Fundamental Screener.

Same Industry

The first 12 in alphabetical order of the 29 other companies in the data with the industry code 7372 (Services-Prepackaged Software), in alphabetical order; the index lists every company.

Source

The annual report first filed for each fiscal year, with a link to its index page on EDGAR, the SEC's filing system. A later annual report repeats earlier years for comparison and sometimes restates them; where a value was taken from a later report, the last column gives the date of the latest one used.

Table 2: The filing behind each fiscal year
Fiscal year	Year ended	Form	Filed	On EDGAR	Later report used, filed
2025	31 Dec 2025	Form 20-F	15 Apr 2026	filing index
2024	31 Dec 2024	Form 20-F	15 Apr 2025	filing index	15 Apr 2026
2023	31 Dec 2023	Form 20-F	25 Apr 2024	filing index	15 Apr 2026
2022	31 Dec 2022	Form 20-F	27 Apr 2023	filing index	15 Apr 2025
2021	31 Dec 2021	Form 20-F	28 Apr 2022	filing index	25 Apr 2024
2020	31 Dec 2020	Form 20-F	28 Apr 2021	filing index	27 Apr 2023
2019	31 Dec 2019	Form 20-F	29 Apr 2020	filing index	28 Apr 2022
2018	31 Dec 2018	Form 20-F	26 Apr 2019	filing index	28 Apr 2021
2017	31 Dec 2017	Form 20-F	20 Apr 2018	filing index	29 Apr 2020
2016	31 Dec 2016	Form 20-F	21 Apr 2017	filing index	26 Apr 2019

The figures are as filed with the SEC and standardised by reporting tag. The filing is the authority: check it before relying on a number.
A blank cell means the company does not tag that line, or the tagged figure is withheld as incomplete. It does not mean zero.
Currency: every figure is in the currency the company reported that year (CNY here). Nothing is converted.
Per-share figures are adjusted for stock splits detected from the company's own restated figures, except where a year is flagged; the as-filed values are in the filings.
For a bank, broker, insurer or other financial company (SIC codes 6000 to 6799) net debt, EBITDA, the current ratio and debt to equity are not meaningful and the tools show them as n/m.
A fiscal year is named after the calendar year in which it ends. The data is updated from time to time, not daily; this company's figures were loaded on 13 November 2026.

For education and analysis, not investment advice.