NetEase Reports 2025 Revenue Growth and Higher Net Cash, Declares Q4 Dividend

Overview

• Fourth-quarter net revenues were RMB27.5 billion, with full-year 2025 net revenues of RMB112.6 billion, up 10% year over year.
• Net income attributable to shareholders was RMB6.2 billion in Q4 and RMB33.8 billion for 2025, with non-GAAP full-year net income of RMB37.3 billion.
• Net cash reached RMB163.5 billion at year-end, and the board declared a $0.232 per share Q4 dividend ($1.16 per ADS) for holders of record on March 16, 2026, with payments expected in late March.
• The up-to-$5.0 billion share repurchase program was extended to January 9, 2029, with approximately 22.1 million ADSs repurchased for a total of $2.0 billion by December 31, 2025.
• Games remained the primary revenue driver, with Q4 games net revenues of RMB22.0 billion and strong global engagement led by Where Winds Meet surpassing 80 million cumulative players.