NetEase (NTES) Q3 2025 Earnings
Reported Nov 20, 2025 at 6:17 AM ET · SEC Source
Q3 25 EPS
$2.09
MISS 85.91%
Est. $14.83
Q3 25 Revenue
$3.98B
MISS 86.34%
Est. $29.16B
vs S&P Since Q3 25
-18.8%
TRAILING MARKET
NTES -4.6% vs S&P +14.1%
Market Reaction
Did NTES Beat Earnings? Q3 2025 Results
NetEase posted a steep Q3 2025 miss, with earnings per share of $2.09 falling 85.91% short of the $14.83 consensus estimate, while revenue of $3.98 billion trailed expectations by 86.34% and declined 84.8% year over year, reflecting the significant g… Read more NetEase posted a steep Q3 2025 miss, with earnings per share of $2.09 falling 85.91% short of the $14.83 consensus estimate, while revenue of $3.98 billion trailed expectations by 86.34% and declined 84.8% year over year, reflecting the significant gap between reported figures denominated in yuan and Wall Street estimates calibrated to local currency conversions. Stripping away the currency translation noise, the underlying business showed genuine momentum, with the core games and related value-added services segment growing 11.8% year over year, powered by enduring franchises like Fantasy Westward Journey Online and newer titles including Where Winds Meet and Marvel Rivals. A surge in marketing spend tied to the global debut of Destiny: Rising weighed on operating expenses, climbing 8.9% in the period. Looking ahead, NetEase has a loaded pipeline, with Diablo IV set for a China launch on December 12 and Sea of Remnants targeting 2026, while the board's extension of its $5 billion share repurchase program through January 2029 helped lift investor sentiment following the report.
Key Takeaways
- • Fantasy Westward Journey Online achieved four successive record peak concurrent player counts reaching 3.58 million
- • Strong year-over-year growth from self-developed games including Fantasy Westward Journey Online, Eggy Party, Where Winds Meet and Marvel Rivals
- • Online game operations accounted for 97.6% of gaming segment revenues, up from 96.8% YoY
- • Favorable fair value changes of equity security investments and lower net exchange losses boosted other income
- • Lower effective tax rate of 13.0% vs 16.1% in Q3 2024
NTES YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NTES Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another quarter of solid execution, underscoring our healthy growth in China and rising global appeal. Over the years, we have honed our innovation capabilities and proven them title after title by delivering exceptional gaming experiences. This edge has afforded us a strong domestic foundation to extend our distinctive, sophisticated games to players worldwide.”
— William Ding, Q3 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% |