NetEase, Inc. (NTES) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 30.59B | 27.55B | 28.36B | 27.89B | 28.83B | 26.75B | 26.21B | 25.49B | 26.85B | 27.14B | 27.27B | 24.01B | 25.05B | 25.35B | 24.43B | 23.16B | 23.56B | 24.37B | 22.19B | 20.52B |
| Revenue Growth % | 6.11% | 2.99% | 8.2% | 9.44% | 7.36% | -1.45% | -3.89% | 6.14% | 7.21% | 7.04% | 11.64% | 3.68% | 6.33% | 4.02% | 10.08% | 12.84% | 14.81% | 23.34% | 18.93% | 12.87% |
| Cost of Goods Sold | 9.37B | 9.85B | 10.18B | 9.84B | 10.35B | 10.48B | 9.73B | 9.44B | 9.84B | 10.32B | 10.3B | 9.64B | 10.15B | 12.11B | 10.68B | 10.22B | 10.72B | 11.46B | 10.38B | 9.33B |
| COGS % of Revenue | 30.64% | 35.77% | 35.9% | 35.28% | 35.9% | 39.16% | 37.14% | 37.05% | 36.63% | 38.01% | 37.78% | 40.13% | 40.52% | 47.76% | 43.73% | 44.12% | 45.51% | 47% | 46.78% | 45.48% |
| Gross Profit | 21.22B | 17.69B | 18.18B | 18.05B | 18.48B | 16.27B | 16.48B | 16.04B | 17.02B | 16.83B | 16.97B | 14.38B | 14.9B | 13.24B | 13.74B | 12.94B | 12.84B | 12.92B | 11.81B | 11.19B |
| Gross Margin % | 69.36% | 64.23% | 64.1% | 64.72% | 64.1% | 60.84% | 62.86% | 62.95% | 63.37% | 61.99% | 62.22% | 59.87% | 59.48% | 52.24% | 56.27% | 55.88% | 54.49% | 53% | 53.22% | 54.52% |
| Gross Profit Growth % | 14.81% | 8.73% | 10.32% | 12.53% | 8.6% | -3.29% | -2.89% | 11.59% | 14.23% | 27.04% | 23.45% | 11.08% | 16.05% | 2.53% | 16.37% | 15.66% | 16.14% | 30.12% | 19.47% | 14.27% |
| Operating Expenses | 8.56B | 9.37B | 10.16B | 8.99B | 8.04B | 8.45B | 9.33B | 9.05B | 9.39B | 9.96B | 9.41B | 8.31B | 7.68B | 8.81B | 9B | 8B | 7.33B | 8.31B | 8.04B | 7.43B |
| OpEx % of Revenue | 27.98% | 34.03% | 35.84% | 32.24% | 27.88% | 31.59% | 35.6% | 35.51% | 34.98% | 36.69% | 34.5% | 34.62% | 30.65% | 34.75% | 36.85% | 34.52% | 31.11% | 34.09% | 36.21% | 36.21% |
| Selling, General & Admin | 4.08B | 4.94B | 5.62B | 4.63B | 3.65B | 3.98B | 4.91B | 4.59B | 5.22B | 5.48B | 5.06B | 4.4B | 3.93B | 4.72B | 5.03B | 4.41B | 3.93B | 4.46B | 4.27B | 4.02B |
| SG&A % of Revenue | 13.33% | 17.93% | 19.83% | 16.62% | 12.67% | 14.88% | 18.72% | 18.02% | 19.44% | 20.18% | 18.56% | 18.34% | 15.68% | 18.62% | 20.6% | 19.06% | 16.69% | 18.31% | 19.26% | 19.61% |
| Research & Development | 4.48B | 4.43B | 4.54B | 4.36B | 4.39B | 4.47B | 4.42B | 4.46B | 4.17B | 4.48B | 4.35B | 3.91B | 3.75B | 4.09B | 3.97B | 3.58B | 3.4B | 3.85B | 3.76B | 3.41B |
| R&D % of Revenue | 14.65% | 16.1% | 16.02% | 15.62% | 15.22% | 16.71% | 16.88% | 17.48% | 15.55% | 16.5% | 15.94% | 16.28% | 14.97% | 16.13% | 16.25% | 15.47% | 14.43% | 15.79% | 16.95% | 16.6% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 12.66B | 8.32B | 8.01B | 9.06B | 10.44B | 7.82B | 7.15B | 6.99B | 7.62B | 6.87B | 7.56B | 6.06B | 7.22B | 4.43B | 4.74B | 4.95B | 5.51B | 4.61B | 3.78B | 3.76B |
| Operating Margin % | 41.37% | 30.2% | 28.26% | 32.49% | 36.22% | 29.24% | 27.27% | 27.44% | 28.39% | 25.31% | 27.71% | 25.25% | 28.83% | 17.49% | 19.41% | 21.36% | 23.38% | 18.91% | 17.01% | 18.31% |
| Operating Income Growth % | 21.22% | 6.36% | 12.13% | 29.57% | 36.98% | 13.87% | -5.44% | 15.35% | 5.57% | 54.92% | 59.39% | 22.57% | 31.11% | -3.79% | 25.6% | 31.62% | 28.8% | 53% | 31.53% | -9.87% |
| EBITDA | 13.09B | 9.03B | 8.63B | 9.49B | 10.92B | 8.52B | 7.67B | 7.63B | 8.19B | 7.53B | 8.21B | 6.72B | 8.3B | 5.2B | 5.46B | 5.56B | 6.27B | 5.44B | 4.58B | 4.57B |
| EBITDA Margin % | 42.78% | 32.78% | 30.44% | 34.02% | 37.89% | 31.85% | 29.25% | 29.92% | 30.5% | 27.74% | 30.1% | 28% | 33.15% | 20.52% | 22.33% | 23.99% | 26.63% | 22.34% | 20.64% | 22.28% |
| EBITDA Growth % | 19.83% | 5.99% | 12.57% | 24.45% | 33.35% | 13.16% | -6.61% | 13.4% | -1.35% | 44.7% | 50.48% | 21.04% | 32.35% | -4.44% | 19.1% | 21.5% | 23.12% | 36.98% | 21.08% | -9.67% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 12.66B | 8.32B | 8.01B | 9.06B | 10.44B | 7.82B | 7.15B | 6.99B | 7.62B | 6.87B | 7.56B | 6.06B | 7.22B | 4.43B | 4.74B | 4.95B | 5.51B | 4.61B | 3.78B | 3.76B |
| Net Interest Income | 890.27M | 1.67B | 936.71M | 953.49M | 1.06B | 1.17B | 1.28B | 1.19B | 1.28B | 1.26B | 1.15B | 935.58M | 776.03M | 629.29M | 556.15M | 505.99M | 458.24M | 395.03M | 349.55M | 386.21M |
| Interest Income | 890.27M | 1.67B | 936.71M | 953.49M | 1.06B | 1.17B | 1.28B | 1.19B | 1.28B | 1.26B | 1.15B | 935.58M | 776.03M | 629.29M | 556.15M | 505.99M | 458.24M | 395.03M | 349.55M | 386.21M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 712.61M | -698.78M | 2.1B | 1.59B | 2.01B | 2.48B | 849.25M | 1.14B | 1.67B | 876.5M | 1.54B | 2.81B | 1.12B | 342.82M | 3.47B | 784.96M | 27.99M | 1.99B | 355.88M | 831.47M |
| Pretax Income | 13.37B | 7.62B | 10.11B | 10.65B | 12.45B | 10.3B | 8B | 8.13B | 9.29B | 7.74B | 9.1B | 8.87B | 8.34B | 4.78B | 8.21B | 5.73B | 5.54B | 6.6B | 4.13B | 4.59B |
| Pretax Margin % | 43.7% | 27.66% | 35.65% | 38.18% | 43.19% | 38.52% | 30.51% | 31.9% | 34.59% | 28.54% | 33.37% | 36.95% | 33.29% | 18.84% | 33.6% | 24.75% | 23.5% | 27.06% | 18.62% | 22.36% |
| Income Tax | 2.52B | 1.25B | 1.32B | 1.56B | 1.91B | 1.39B | 1.29B | 1.3B | 1.49B | 1.07B | 1.29B | 712.09M | 1.63B | 966.57M | 1.59B | 1.26B | 1.22B | 933.99M | 807.65M | 1.11B |
| Effective Tax Rate % | 18.88% | 16.41% | 13.02% | 14.66% | 15.3% | 13.44% | 16.13% | 16% | 16% | 13.8% | 14.18% | 8.03% | 19.53% | 20.24% | 19.33% | 21.97% | 22.03% | 14.16% | 19.55% | 24.26% |
| Net Income | 10.67B | 6.24B | 8.62B | 8.6B | 10.3B | 8.77B | 6.54B | 6.76B | 7.63B | 6.58B | 7.84B | 8.24B | 6.75B | 3.95B | 6.7B | 5.29B | 4.39B | 5.69B | 3.18B | 3.54B |
| Net Margin % | 34.89% | 22.66% | 30.38% | 30.84% | 35.73% | 32.77% | 24.95% | 26.52% | 28.43% | 24.25% | 28.74% | 34.33% | 26.97% | 15.59% | 27.43% | 22.85% | 18.65% | 23.36% | 14.34% | 17.26% |
| Net Income Growth % | 3.62% | -28.8% | 31.77% | 27.26% | 34.94% | 33.18% | -16.57% | -18% | 13.02% | 66.52% | 16.98% | 55.77% | 53.72% | -30.58% | 110.55% | 49.4% | -1.02% | 483.6% | 6.12% | -21.95% |
| Net Income (Continuing) | 10.85B | 6.37B | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 |
| Minority Interest | 4.63B | 4.81B | 4.68B | 4.52B | 4.04B | 3.81B | 3.58B | 3.44B | 3.36B | 3.8B | 3.97B | 4B | 3.89B | 4.14B | 4.14B | 3.93B | 3.96B | 3.95B | 12.67B | 12.38B |
| EPS (Diluted) | 16.55 | 9.50 | 13.35 | 13.35 | 16.05 | 13.65 | 10.15 | 10.40 | 11.75 | 10.10 | 12.05 | 12.70 | 10.35 | 6.05 | 10.15 | 8.00 | 6.65 | 8.55 | 4.75 | 5.25 |
| EPS Growth % | 3.12% | -30.4% | 31.53% | 28.37% | 36.6% | 35.15% | -15.77% | -18.11% | 13.53% | 66.94% | 18.72% | 58.75% | 55.64% | -29.24% | 113.68% | 52.38% | 1.53% | 489.66% | 9.2% | -23.91% |
| EPS (Basic) | 16.70 | 9.65 | 13.50 | 13.50 | 16.25 | 13.80 | 10.15 | 10.50 | 11.90 | 10.25 | 12.20 | 12.80 | 10.50 | 6.10 | 10.25 | 8.10 | 6.70 | 8.70 | 4.80 | 5.30 |
| Diluted Shares Outstanding | 645.47M | 645.58M | 644.7M | 642.94M | 641.27M | 641.22M | 651.3M | 651.3M | 649.89M | 650.63M | 649.93M | 649.78M | 651.3M | 653.82M | 658.75M | 661.1M | 663.23M | 664.6M | 672.35M | 677.19M |
| Basic Shares Outstanding | 639.62M | 638.36M | 638.25M | 637.73M | 634.78M | 642.23M | 644.22M | 644.22M | 642.33M | 651.71M | 642.77M | 643.76M | 644.22M | 647.86M | 652.6M | 654.94M | 655.46M | 656.23M | 665.18M | 669.5M |
| Dividend Payout Ratio | 48.31% | 40.45% | 29.99% | 35.83% | 54.21% | 22.62% | 30.17% | 33.51% | 64.78% | 34.32% | 30.92% | 25.71% | 17.95% | 51.08% | 24.15% | 26.53% | 38.31% | 16.52% | 32.31% | 36.11% |