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NetEase (NTES) Q4 2025 Earnings
Reported Feb 11, 2026 at 6:04 AM ET · SEC Source
Q4 25 EPS
$1.58
MISS 88.81%
Est. $14.12
Q4 25 Revenue
$27.55B
MISS 4.07%
Est. $28.71B
vs S&P Since Q4 25
+1.8%
BEATING MARKET
NTES +9.8% vs S&P +8.0%
Full Year 2025 Results
FY 25 EPS
$8.38
FY 25 Revenue
$112.63B
Market Reaction
Did NTES Beat Earnings? Q4 2025 Results
NetEase closed out its fiscal fourth quarter of 2025 with results that disappointed on both the top and bottom lines, as the Chinese gaming and internet giant reported earnings per share of $1.58 against a consensus estimate of $14.12, a miss of 88.8… Read more NetEase closed out its fiscal fourth quarter of 2025 with results that disappointed on both the top and bottom lines, as the Chinese gaming and internet giant reported earnings per share of $1.58 against a consensus estimate of $14.12, a miss of 88.81%, while revenue of $27.55 billion fell 4.07% short of the $28.71 billion analysts had expected. Despite the shortfall, revenues did grow 3.0% year-over-year, with gaming and related services advancing 3.4% on the strength of titles including Fantasy Westward Journey Online, Marvel Rivals, and Where Winds Meet, which surpassed 80 million cumulative players globally. The headline earnings miss was driven primarily by unfavorable investment fair value changes and heavier foreign exchange losses, which weighed heavily on net income and obscured otherwise solid operational progress. Gross margins improved on lower royalty and revenue-sharing costs, though rising marketing expenses partially offset those gains. Looking ahead, management is leaning into AI integration across the full game development cycle as a core growth lever, with analysts at at least one firm reiterating a bullish outlook on the company's franchise pipeline and global expansion trajectory.
Key Takeaways
- • Higher net revenues from self-developed games including Fantasy Westward Journey Online and newly launched Where Winds Meet and Marvel Rivals
- • Youdao growth driven by increased online marketing services and learning services revenue
- • Lower royalties for licensed games and lower revenue-sharing costs improving gross margin
- • Blizzard titles in China achieved record-high annual revenue
- • Where Winds Meet surpassed 80 million cumulative players globally
NTES YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NTES Revenue by Segment
With YoY comparisons, source: SEC Filings
“We concluded 2025 with another healthy quarter, reflecting the durability of our long-term game operations and the growing impact of our global titles. AI has become a foundational competency for our development and operations. We have been systematically applying AI throughout game development and gameplay, where it is already driving meaningful improvement in production efficiency and unlocking new interactive experiences for our players that were previously out of reach.”
— William Ding, Q4 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% |