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NetEase (NTES) Q2 2025 Earnings
Reported Aug 14, 2025 at 6:01 AM ET · SEC Source
Q2 25 EPS
$2.09
MISS 86.12%
Est. $15.06
Q2 25 Revenue
$3.89B
MISS 86.38%
Est. $28.58B
vs S&P Since Q2 25
-15.5%
TRAILING MARKET
NTES +0.3% vs S&P +15.9%
Market Reaction
Did NTES Beat Earnings? Q2 2025 Results
NetEase delivered a sharply disappointing second quarter, with earnings and revenue falling well short of analyst expectations. The Chinese gaming giant posted non-GAAP EPS of $2.09, missing the $15.06 consensus estimate by 86.12%, while revenue of $… Read more NetEase delivered a sharply disappointing second quarter, with earnings and revenue falling well short of analyst expectations. The Chinese gaming giant posted non-GAAP EPS of $2.09, missing the $15.06 consensus estimate by 86.12%, while revenue of $3.89 billion trailed the $28.58 billion consensus by 86.38%, representing a 84.7% year-over-year decline. Despite those headline misses, the underlying filing tells a more nuanced story: net revenues actually grew 9.4% organically, with the games segment advancing 13.7% YoY to $3.18 billion on the strength of Identity V, Marvel Rivals, and Blizzard-licensed titles. GAAP net income attributable to shareholders rose to $1.20 billion from $943.00 million a year ago, aided by net exchange gains. Looking ahead, NetEase is leaning on a deepening content pipeline, including the ocean adventure RPG Sea of Remnants, global launches for Where Winds Meet and Sword of Justice, and a new China-exclusive World of Warcraft server set to open in November.
Key Takeaways
- • Higher net revenues from Identity V, Where Winds Meet, and Marvel Rivals drove year-over-year games growth
- • Certain licensed games including Blizzard titles contributed to revenue growth
- • Online marketing services and learning services growth at Youdao
- • Net exchange gains in Q2 2025 versus net exchange losses in Q2 2024 boosted net income
- • Lower effective tax rate of 14.7% versus 16.0% year-over-year
NTES YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NTES Revenue by Segment
With YoY comparisons, source: SEC Filings
“In the second quarter, we grew our player community with thrilling new content that reinforces our position as a creator of high-impact, genre-defining games. At the core of our expansion is product innovation, disciplined execution and deep community engagement, all capabilities we have honed over many years and powered by our strong technological foundation. We will continue to push the boundaries of player experiences, scaling original IP to build lasting franchises and growing alongside our collaborative global partners.”
— William Ding, Q2 2025 Earnings Press Release
NTES Earnings Trends
NTES vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NTES EPS Trend
Earnings per share: estimate vs actual
NTES Revenue Trend
Quarterly revenue: estimate vs actual
NTES Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $15.39 | $2.53 | -83.56% | $4.43B | -85.04% |
| Q4 25 MISS FY | $14.12 | $1.58 | -88.81% | $27.55B | -4.07% |
| FY Full Year | — | $8.38 | — | $112.63B | — |
| Q3 25 MISS | $14.83 | $2.09 | -85.91% | $3.98B | -86.34% |
| Q2 25 MISS | $15.06 | $2.09 | -86.12% | $3.89B | -86.38% |