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Dec 31, 2025
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NetEase Q4 2025 Earnings Report
NetEase reported modest revenue growth and lower net income in the fourth quarter of 2025, with continued strength in its games segment.
Key Takeaways
NetEase generated US$3.94 billion in revenue in Q4 2025, up 3.0% year over year. Gross profit increased while net income declined versus the prior-year period. The games segment remained the primary growth driver.
Revenue increased 3.0% year over year to US$3.94 billion.
Games and related services revenue reached US$3.14 billion.
Net income attributable to shareholders was US$892.6 million.
Non-GAAP net income per ADS was US$1.57.
Revenue by Segment
Forward Guidance
The company did not provide specific quantitative guidance for the next quarter but highlighted continued investment in AI integration and global expansion of its game portfolio.
Positive Outlook
- Continued AI integration across game development.
- Strong engagement across flagship franchises.
- Expansion of global game titles.
- Healthy net cash position.
- Gross profit growth year over year.
Challenges Ahead
- Net income declined year over year.
- Higher operating expenses compared to prior year.
- Exchange losses impacted other income.
- Investment losses affected quarterly results.
- Innovative businesses revenue declined year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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