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NTES FINANCIAL STATEMENTS

NetEase Inc — balance sheet, income statement and cash flow trends

NTESNetEase Inc

🇺🇸 USA · US · Communication Services · Electronic Gaming & Multimedia

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
050 B100 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue114.4 B CNYGross Profit75.1 B CNY · 66%Operating Income38.1 B CNY · 33%Pre-tax Income41.7 B CNY · 36%Net Income34.1 B CNY · 30%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue114.4 B CNY+6.6%
Gross Profit75.1 B CNY+11.7%
Operating Income38.1 B CNY+17.4%
EBITDA43.9 B CNY+13.4%
Net Income34.1 B CNY+5.5%

Peer Comparison· Electronic Gaming & Multimedia

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
NTES6.6%65.7%38.4%29.8%
Industry median7.3%73.0%7.2%-10.5%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
0100 B200 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets231.4 B
  • Equity164.7 B CNY73%
  • Current Liabilities57.4 B CNY25%
  • Long-term Liabilities4.6 B CNY2%

Key Figures

YoY change
Total Assets231.4 B CNY+15.2%
Total Liabilities62 B CNY+17.1%
Total Equity164.7 B CNY+14.5%
Cash & ST Investments170.9 B CNY+22.0%
Total Debt11 B CNY+11.5%
Net Debt-39.9 B CNY—

Peer Comparison· Electronic Gaming & Multimedia

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
NTES3.286.7%-3.6471.2%
Industry median1.1822.9%0.8237.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
020 B40 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
020 B40 B52 B CNYOperating-28.2 B CNYInvesting-13.6 B CNYFinancing10.2 B CNYNet Change

Key Figures

YoY change
Operating Cash Flow52 B CNY+23.2%
Capital Expenditures1.7 B CNY-23.2%
Free Cash Flow50.3 B CNY+25.8%
Dividends Paid-13.3 B CNY-213.1%

Peer Comparison· Electronic Gaming & Multimedia

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
NTES45.5%44.0%1.5%152.4%
Industry median21.2%20.1%3.1%-180.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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