NetEase, Inc. (NTES) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 13.73B | 14.47B | 12.95B | 10.86B | 12.11B | 13.01B | 10.58B | 6.53B | 9.56B | 11.81B | 9.84B | 7.68B | 6B | 9.01B | 7.49B | 6.63B | 4.58B | 8.37B | 6.29B | 4.72B |
| Operating CF Margin % | 44.89% | 52.54% | 45.66% | 38.94% | 42% | 48.65% | 40.35% | 25.63% | 35.59% | 43.51% | 36.1% | 31.98% | 23.96% | 35.53% | 30.65% | 28.63% | 19.45% | 34.33% | 28.36% | 23.01% |
| Operating CF Growth % | 13.43% | 11.22% | 22.43% | 66.29% | 26.68% | 10.2% | 7.43% | -14.93% | 59.27% | 31.07% | 31.49% | 15.79% | 30.95% | 7.66% | 18.97% | 40.41% | -17.32% | 1.88% | 16.51% | -1.04% |
| Net Income | 10.85B | 6.16B | 8.79B | 9.09B | 10.55B | 8.92B | 6.71B | 6.83B | 7.8B | 6.68B | 7.81B | 8.16B | 6.71B | 3.81B | 6.62B | 4.47B | 4.32B | 5.66B | 3.32B | 3.48B |
| Depreciation & Amortization | 430.58M | 710.42M | 617.87M | 428.43M | 480.76M | 697.45M | 520.57M | 631.96M | 567.92M | 659.77M | 651.86M | 661.36M | 1.08B | 769.14M | 713.85M | 609.04M | 766.18M | 836.04M | 805.49M | 814.37M |
| Stock-Based Compensation | 616.18M | 0 | 902.2M | 946.39M | 951.87M | 931.44M | 978.14M | 1.08B | 894.3M | 812.99M | 819.55M | 787.86M | 822.41M | 876.56M | 787M | 764.45M | 746.15M | 1B | 688.23M | 700.11M |
| Deferred Taxes | 532.26M | 195.84M | -933.55M | -853.76M | 328.27M | 404.11M | 711.64M | -1.28B | 485.05M | 193.85M | -305.7M | -334.38M | 577.67M | 578.32M | -234.34M | -169.54M | 315.23M | -431.01M | 307.99M | 202.89M |
| Other Non-Cash Items | 1.1B | 3.12B | 1.27B | -298.43M | -669.42M | -1.01B | 542.22M | -227.71M | -153.64M | 909.39M | 49.64M | -1.73B | -60.14M | 649.97M | -2.67B | -154.83M | 649.89M | -1.13B | 364.19M | -277.35M |
| Working Capital Changes | 210.03M | 4.29B | 2.3B | 1.55B | 468.39M | 3.07B | 1.12B | -499.99M | -38.82M | 2.56B | 817.69M | 134.17M | -3.13B | 2.33B | 2.27B | 1.11B | -2.21B | 2.43B | 803.32M | -193.59M |
| Change in Receivables | -1.19B | 576.66M | -194.82M | 953.29M | -1.09B | 517.85M | 146.76M | 1.41B | -1.36B | 53.09M | -1.18B | 770.55M | -1.12B | 224.2M | 35.79M | 82.28M | 212.07M | -97.06M | -1.18B | 573.11M |
| Change in Inventory | 143.1M | -50.52M | -45.58M | -73.94M | 53.77M | 42.13M | -39.28M | 29.55M | 91.38M | 25.05M | 84.97M | 69.41M | 117.33M | -60.7M | -88.3M | 17.79M | 103.59M | 73.59M | -154.07M | -9.61M |
| Change in Payables | 134.44M | -57.54M | 16.04M | 119.64M | -148.08M | 218.69M | 6.32M | -126.86M | -7M | 18.44M | 150.87M | -115.79M | -612.94M | 576.02M | -84.43M | 48.45M | -92.37M | -89.21M | 172.7M | -178.1M |
| Cash from Investing | -7.76B | 304.51M | -24.62B | 3.89B | -12.84B | 20.63B | -720.86M | -14.85B | 12.86B | -10.72B | -515.91M | 11.59B | -17.39B | 3.86B | 987.02M | -1.18B | -11.04B | -15.57B | 21.16B | -5.54B |
| Capital Expenditures | -312.15M | -316.25M | -283.64M | -189.84M | -454.07M | -311.98M | -379.52M | -168.88M | -603.84M | -606.72M | -1.39B | -803.87M | -1.48B | -510.81M | -557.03M | -530.17M | -893.2M | -739.67M | -625.86M | -988.61M |
| CapEx % of Revenue | 1.02% | 1.15% | 1% | 0.68% | 1.58% | 1.17% | 1.45% | 0.66% | 2.25% | 2.24% | 5.08% | 3.35% | 5.91% | 2.01% | 2.28% | 2.29% | 3.79% | 3.03% | 2.82% | 4.82% |
| Acquisitions | 0 | 22.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -370.7M | 20.9M | -279.03M | 0 | 92.8M | 2.28B | 6.41M | 0 | 616.54M | -207.14M | 266.28M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -222.44M | -7.33M | -114.38M | -319.22M | -298.11M | 20.94B | -347.09M | -571.42M | -31.12M | -90.23M | -178.16M | 252.13M | -118.34M | -59.3M | -180.75M | -37.56M | -156.98M | -43.17M | 148.74M | 1.63B |
| Cash from Financing | -1.8B | -3.46B | -6.39B | -1.95B | -8.29B | -2.46B | -8.46B | -15.92B | -495.06M | 5.14B | -6.85B | -20.33B | 572.43M | -6.18B | -7.18B | 840.87M | 2.29B | -1.07B | -14.89B | 1.98B |
| Debt Issued (Net) | 4.7B | -922.08M | -3.86B | 1.44B | -2.44B | 1.06B | -2.48B | -11.7B | 5.64B | 8B | -4.15B | -16.03B | 3.88B | -1.18B | -3.62B | 4.33B | 5.32B | 1.39B | -7.59B | 5.72B |
| Equity Issued (Net) | -1.31B | -16.3M | 35.23M | -355.56M | -303.6M | -1.6B | -3.99B | -2.01B | -1.23B | -625.83M | -296.5M | -2.2B | -2.12B | -3.01B | -1.96B | -2.12B | -1.24B | -2.11B | -6.31B | -2.47B |
| Dividends Paid | -5.16B | -2.53B | -2.58B | -3.08B | -5.58B | -1.98B | -1.97B | -2.26B | -4.95B | -2.26B | -2.42B | -2.12B | -1.21B | -2.02B | -1.62B | -1.4B | -1.68B | -940.54M | -1.03B | -1.28B |
| Share Repurchases | -1.31B | -16.3M | 35.23M | -355.56M | -303.6M | -1.6B | -3.99B | -2.01B | -1.23B | -625.83M | -296.5M | -2.2B | -2.12B | -3.01B | -1.96B | -2.12B | -1.24B | -2.11B | -6.31B | -2.47B |
| Other Financing | -23.42M | 0 | 18.07M | 42.4M | 42.52M | 51.61M | -8.39M | 50.57M | 42.21M | 28.01M | 11.57M | 22.23M | 24.35M | 23.62M | 14.3M | 33.2M | -102.04M | 588.87M | 34.8M | 8.18M |
| Net Change in Cash | 3.83B | 12.25B | -18.18B | 12.77B | -9.08B | 31.29B | 1.33B | -24.23B | 21.88B | 6.05B | 2.48B | -1.11B | -10.8B | 6.74B | 1.29B | 6.36B | -4.19B | -8.35B | 12.57B | 1.13B |
| Free Cash Flow | 13.13B | 14.34B | 12.47B | 10.36B | 11.35B | 12.7B | 9.97B | 5.96B | 8.95B | 11.2B | 8.46B | 6.87B | 4.52B | 8.5B | 6.78B | 6.1B | 3.69B | 7.63B | 5.67B | 3.73B |
| FCF Margin % | 42.92% | 52.04% | 43.98% | 37.14% | 39.38% | 47.48% | 38.05% | 23.4% | 33.34% | 41.27% | 31.02% | 28.63% | 18.05% | 33.52% | 27.74% | 26.34% | 15.66% | 31.3% | 25.54% | 18.19% |
| FCF Growth % | 15.65% | 12.89% | 25.06% | 73.7% | 26.81% | 13.38% | 17.92% | -13.25% | 98.04% | 31.81% | 24.81% | 12.68% | 22.54% | 11.4% | 19.59% | 63.38% | -22.93% | 0.68% | 31.94% | 1.04% |
| FCF per Share | 20.34 | 22.21 | 19.35 | 16.11 | 17.71 | 19.81 | 15.31 | 9.16 | 13.78 | 17.22 | 13.01 | 10.58 | 6.94 | 13.00 | 10.29 | 9.23 | 5.56 | 11.48 | 8.43 | 5.51 |
| FCF Conversion (FCF/Net Income) | 1.29x | 2.32x | 1.50x | 1.26x | 1.18x | 1.48x | 1.62x | 0.97x | 1.25x | 1.79x | 1.26x | 0.93x | 0.89x | 2.28x | 1.12x | 1.25x | 1.04x | 1.47x | 1.98x | 1.33x |
| Interest Paid | 78.33M | 18.31M | 207.88M | 64.37M | 97.42M | 24.34M | 165.88M | 152.94M | 146.46M | 71.85M | 105.67M | 326.65M | 275.71M | 264.23M | 193.33M | 93.08M | 37.74M | 42.88M | 52.77M | 48.08M |
| Taxes Paid | 1.46B | 1.07B | 1.97B | 2.18B | 1.21B | 603.51M | 554.87M | 2.85B | 1.18B | 1.03B | 1.17B | 1.63B | 1.07B | 971.22M | 1.55B | 1.06B | 1.52B | 858.3M | 898.11M | 1.24B |