InsiderClue
Stocks · Technology · Services-Prepackaged Software

NetEase, Inc.

NTES Clue Score73
Cayman Islands CIK 0001110646
$124.24 +3.88% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $124.24 +29.42% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue38.18Operating income12.63Net income11.60EPS, diluted3.51Fiscal year 2017Revenue44.44 +16.4%Operating income12.99Net income10.85 −6.5%EPS, diluted3.23 −8.0%Fiscal year 2018Revenue51.18 +15.2%Operating income9.98Net income6.48 −40.3%EPS, diluted1.89 −41.5%Fiscal year 2019Revenue59.24 +15.8%Operating income13.79Net income21.43 +230.9%EPS, diluted6.53 +245.5%Fiscal year 2020Revenue73.67 +24.4%Operating income14.54Net income12.33 −42.5%EPS, diluted3.60 −44.9%Fiscal year 2021Revenue87.61 +18.9%Operating income16.42Net income16.98 +37.7%EPS, diluted5.01 +39.2%Fiscal year 2022Revenue96.50 +10.1%Operating income19.63Net income19.84 +16.9%EPS, diluted6.17 +23.2%Fiscal year 2023Revenue103.47 +7.2%Operating income27.71Net income29.36 +47.9%EPS, diluted9.05 +46.7%Fiscal year 2024Revenue105.30 +1.8%Operating income29.58Net income30.26 +3.1%EPS, diluted9.19 +1.5%Fiscal year 2025Revenue112.63 +7.0%Operating income35.83Net income34.80 +15.0%EPS, diluted10.48 +14.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 38.18 44.44 51.18 59.24 73.67 87.61 96.50 103.47 105.30 112.63
Growth +16.4% +15.2% +15.8% +24.4% +18.9% +10.1% +7.2% +1.8% +7.0%
Operating income 12.63 12.99 9.98 13.79 14.54 16.42 19.63 27.71 29.58 35.83
Net income 11.60 10.85 6.48 21.43 12.33 16.98 19.84 29.36 30.26 34.80
Growth −6.5% −40.3% +230.9% −42.5% +37.7% +16.9% +47.9% +3.1% +15.0%
EPS, diluted 3.51 3.23 1.89 6.53 3.60 5.01 6.17 9.05 9.19 10.48
Growth −8.0% −41.5% +245.5% −44.9% +39.2% +23.2% +46.7% +1.5% +14.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin56.7%Operating margin33.1%Net margin30.4%Free cash flow margin37.6%Fiscal year 2017Gross margin56.4%Operating margin29.2%Net margin24.4%Free cash flow margin23.0%Fiscal year 2018Gross margin53.4%Operating margin19.5%Net margin12.7%Free cash flow margin22.0%Fiscal year 2019Gross margin53.3%Operating margin23.3%Net margin36.2%Free cash flow margin27.0%Fiscal year 2020Gross margin52.9%Operating margin19.7%Net margin16.7%Free cash flow margin32.4%Fiscal year 2021Gross margin53.6%Operating margin18.7%Net margin19.4%Free cash flow margin26.6%Fiscal year 2022Gross margin54.7%Operating margin20.3%Net margin20.6%Free cash flow margin26.5%Fiscal year 2023Gross margin60.9%Operating margin26.8%Net margin28.4%Free cash flow margin31.9%Fiscal year 2024Gross margin62.5%Operating margin28.1%Net margin28.7%Free cash flow margin36.5%Fiscal year 2025Gross margin64.3%Operating margin31.8%Net margin30.9%Free cash flow margin44.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 56.7% 56.4% 53.4% 53.3% 52.9% 53.6% 54.7% 60.9% 62.5% 64.3%
Operating margin 33.1% 29.2% 19.5% 23.3% 19.7% 18.7% 20.3% 26.8% 28.1% 31.8%
Net margin 30.4% 24.4% 12.7% 36.2% 16.7% 19.4% 20.6% 28.4% 28.7% 30.9%
Free cash flow margin 37.6% 23.0% 22.0% 27.0% 32.4% 26.6% 26.5% 31.9% 36.5% 44.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow15.49Capital expenditure−1.14Free cash flow14.35Buybacks−1.20Dividends paid−2.55Fiscal year 2017Operating cash flow11.89Capital expenditure−1.65Free cash flow10.23 −28.7%Buybacks−2.06Dividends paid−3.26Fiscal year 2018Operating cash flow13.42Capital expenditure−2.17Free cash flow11.25 +9.9%Buybacks−7.52Dividends paid−1.44Fiscal year 2019Operating cash flow17.22Capital expenditure−1.21Free cash flow16.01 +42.3%Dividends paid−8.84Fiscal year 2020Operating cash flow24.89Capital expenditure−1.06Free cash flow23.83 +48.9%Dividends paid−4.28Fiscal year 2021Operating cash flow24.93Capital expenditure−1.60Free cash flow23.32 −2.1%Dividends paid−3.51Fiscal year 2022Operating cash flow27.71Capital expenditure−2.10Free cash flow25.61 +9.8%Dividends paid−6.72Fiscal year 2023Operating cash flow35.33Capital expenditure−2.30Free cash flow33.03 +29.0%Dividends paid−8.01Fiscal year 2024Operating cash flow39.68Capital expenditure−1.28Free cash flow38.40 +16.3%Dividends paid−11.17Fiscal year 2025Operating cash flow50.74Capital expenditure−1.07Free cash flow49.67 +29.4%Dividends paid−13.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 15.49 11.89 13.42 17.22 24.89 24.93 27.71 35.33 39.68 50.74
Capital expenditure −1.14 −1.65 −2.17 −1.21 −1.06 −1.60 −2.10 −2.30 −1.28 −1.07
Free cash flow 14.35 10.23 11.25 16.01 23.83 23.32 25.61 33.03 38.40 49.67
Growth −28.7% +9.9% +42.3% +48.9% −2.1% +9.8% +29.0% +16.3% +29.4%
Buybacks −1.20 −2.06 −7.52 n/a n/a n/a n/a n/a n/a n/a
Dividends paid −2.55 −3.26 −1.44 −8.84 −4.28 −3.51 −6.72 −8.01 −11.17 −13.83

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash5.44Shareholders’ equity38.19Fiscal year 2017Cash2.76Shareholders’ equity45.73Fiscal year 2018Cash4.98Shareholders’ equity45.23Fiscal year 2019Cash3.25Shareholders’ equity61.45Fiscal year 2020Cash9.12Shareholders’ equity82.13Fiscal year 2021Cash14.50Total debt1.28Net cash (debt)13.22Shareholders’ equity95.33Debt to equity0.01Fiscal year 2022Cash24.89Total debt3.65Net cash (debt)21.23Shareholders’ equity104.73Debt to equity0.03Fiscal year 2023Cash21.43Total debt0.43Net cash (debt)21.00Shareholders’ equity124.29Debt to equity0.00Fiscal year 2024Cash51.38Total debt0.43Net cash (debt)50.96Shareholders’ equity138.69Debt to equity0.00Fiscal year 2025Cash47.17Shareholders’ equity160.30
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 5.44 2.76 4.98 3.25 9.12 14.50 24.89 21.43 51.38 47.17
Total debt n/a n/a n/a n/a n/a 1.28 3.65 0.43 0.43 n/a
Net cash (debt) n/a n/a n/a n/a n/a 13.22 21.23 21.00 50.96 n/a
Shareholders’ equity 38.19 45.73 45.23 61.45 82.13 95.33 104.73 124.29 138.69 160.30
Debt to equity n/a n/a n/a n/a n/a 0.01 0.03 0.00 0.00 n/a

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
38.18 44.44 51.18 59.24 73.67 87.61 96.50 103.47 105.30 112.63
Growth +16.4% +15.2% +15.8% +24.4% +18.9% +10.1% +7.2% +1.8% +7.0%
16.52 28.19 23.83 27.69 34.68 40.64 43.73 40.40 39.49 40.22
21.66 25.04 27.35 31.56 38.98 46.97 52.77 63.06 65.81 72.40
Growth +15.6% +9.2% +15.4% +23.5% +20.5% +12.3% +19.5% +4.4% +10.0%
3.05 4.16 7.38 8.41 10.37 14.08 15.04 16.48 17.52 17.72
1.51 2.38 3.08 3.13 3.37 4.26 4.70 4.90 4.55 4.23
12.63 12.99 9.98 13.79 14.54 16.42 19.63 27.71 29.58 35.83
Growth +2.9% −23.2% +38.2% +5.4% +12.9% +19.6% +41.2% +6.8% +21.1%
13.90 13.84 11.08 16.38 15.37 21.10 24.25 34.06 35.72 40.83
2.10 2.16 2.46 2.91 3.04 4.13 5.03 4.70 5.46 6.03
11.60 10.85 6.48 21.43 12.33 16.98 19.84 29.36 30.26 34.80
Growth −6.5% −40.3% +230.9% −42.5% +37.7% +16.9% +47.9% +3.1% +15.0%
Per share
3.54 3.25 1.90 6.59 3.65 5.07 6.23 9.15 9.28 10.59
3.51 3.23 1.89 6.53 3.60 5.01 6.17 9.05 9.19 10.48
Growth −8.0% −41.5% +245.5% −44.9% +39.2% +23.2% +46.7% +1.5% +14.0%
3,282 3,290 3,235 3,220 3,305 3,326 3,263 3,216 3,200 3,186
3,307 3,315 3,255 3,250 3,350 3,367 3,296 3,252 3,231 3,218
Growth +0.3% −1.8% −0.1% +3.1% +0.5% −2.1% −1.3% −0.7% −0.4%

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 8.9% a year over five years, and earnings per share grew 23.8% a year.
  • The diluted share count fell 3.9% in five years, so buybacks did some of the work per share.
  • Operating margin is up 12.1 points on five years ago, at 31.8%.
  • Profitable in every one of the 10 years on file.