NetEase reports RMB 112.6 billion of net revenues for 2025, RMB 92.1 billion from games and related services

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

NetEase filed a Form 6-K, the report a foreign company files with the US Securities and Exchange Commission, on Feb 11, 2026. It carried the company’s unaudited results for the fourth quarter and the fiscal year ended Dec 31, 2025. Net revenues for 2025 were RMB 112.6 billion (US$16.1 billion), against RMB 105.3 billion for 2024. Games and related value-added services brought in RMB 92.1 billion (US$13.2 billion) for 2025, against RMB 83.6 billion for 2024, and online games made up about 97.3% of that segment’s revenue in 2025.1^,2^,3^,4^,5^,6^,7^,8

In the fourth quarter, net revenues were RMB 27.5 billion (US$3.9 billion), up 3.0% from a year earlier, and games and related value-added services brought in RMB 22.0 billion (US$3.1 billion), up 3.4%. NetEase said the increase in games revenue came from higher revenues from self-developed games such as Fantasy Westward Journey Online and the newly launched Where Winds Meet and Marvel Rivals. Operating profit for the quarter was RMB 8.3 billion against RMB 7.8 billion a year earlier. Net income attributable to shareholders was RMB 6.2 billion (US$892.6 million), against RMB 8.8 billion a year earlier, and NetEase said the decrease in other income and expenses came mainly from fair value changes in equity security investments and greater exchange losses. Non-GAAP net income, which NetEase defines as that profit excluding share-based compensation, was RMB 7.1 billion against RMB 9.7 billion a year earlier.5^,9^,7^,10^,11^,12^,13^,14^,15^,16^,17

NetEase said Where Winds Meet passed 80 million cumulative players, that Marvel Rivals expanded its global influence, and that Blizzard titles in China achieved record-high annual revenue. William Ding, NetEase’s chief executive, said AI had become a foundational competency for its development and operations and that the company was applying it throughout game development and gameplay.18^,19^,20^,21^,22

The board approved a dividend for the fourth quarter of US$0.232 per share, or US$1.16 per ADS, where each ADS represents five ordinary shares, for holders of record on Mar 16, 2026. NetEase announced on Nov 20, 2025 that its repurchase program of up to US$5.0 billion would be extended until Jan 9, 2029, and said that as of Dec 31, 2025 it had repurchased about 22.1 million ADSs for US$2.0 billion.23^,24^,25^,26

The US dollar amounts were conversions at RMB 6.9931 to the dollar, the noon buying rate of Dec 31, 2025, given for the reader’s convenience, and NetEase calculated the percentages in RMB. In our records, NetEase is a developer of Diablo Immortal with Blizzard Entertainment, and both developer and publisher of Marvel Rivals.27^,28^,29^,30