Revenue growth has reaccelerated to 11.0% YoY in 2026Q2, yet operating losses persist with a -0.4% operating margin, indicating a failure to translate top-line gains into profitability.
HUYA Inc. (HUYA) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 6.89B | 6.5B | 6.08B | 6.99B | 9.26B | 11.35B | 10.91B | 1.2B | 4.66B | 2.18B | 796.9M |
| Revenue Growth % | 12.85% | 6.96% | -13.09% | -24.5% | -18.39% | 4% | 805.76% | -74.16% | 113.45% | 174.16% | - |
| Cost of Goods Sold | 5.91B | 5.63B | 5.27B | 6.18B | 8.61B | 9.75B | 8.65B | 991.76M | 3.93B | 1.93B | 1.09B |
| COGS % of Revenue | - | 86.59% | 86.68% | 88.34% | 92.94% | 85.9% | 79.22% | 82.3% | 84.35% | 88.33% | 137.36% |
| Gross Profit | 979.48M | 872.13M | 809.45M | 815.2M | 653.63M | 1.6B | 2.27B | 213.23M | 729.79M | 254.95M | -297.74M |
| Gross Margin % | 14.21% | 13.41% | 13.32% | 11.66% | 7.06% | 14.1% | 20.78% | 17.7% | 15.65% | 11.67% | -37.36% |
| Gross Profit Growth % | - | 7.74% | -0.71% | 24.72% | -59.16% | -29.44% | 963.67% | -70.78% | 186.25% | 185.63% | - |
| Operating Expenses | 1.09B | 1.03B | 999.03M | 1.26B | 1.39B | 1.63B | 1.54B | 187.05M | 703.13M | 349.82M | 328.4M |
| OpEx % of Revenue | - | 15.91% | 16.43% | 18% | 15% | 14.36% | 14.14% | 15.52% | 15.08% | 16.01% | 41.21% |
| Selling, General & Admin | 634.43M | 575.44M | 528.89M | 761.44M | 871.73M | 1.09B | 1B | 113.85M | 476.92M | 189.29M | 140.07M |
| SG&A % of Revenue | - | 8.85% | 8.7% | 10.89% | 9.41% | 9.57% | 9.19% | 9.45% | 10.23% | 8.66% | 17.58% |
| Research & Development | 497.15M | 496.68M | 512.64M | 578.61M | 684.45M | 818.88M | 734.26M | 73.2M | 265.15M | 170.16M | 188.33M |
| R&D % of Revenue | - | 7.64% | 8.43% | 8.27% | 7.39% | 7.21% | 6.73% | 6.07% | 5.69% | 7.79% | 23.63% |
| Other Operating Expenses | -4M | -37.48M | -42.5M | -81.26M | -166.31M | -274.7M | -194.17M | 0 | -38.94M | -9.63M | 0 |
| Operating Income | -114.96M | -162.5M | -189.58M | -443.59M | -736.24M | -30.17M | 724.96M | 26.19M | 2.28B | -94.87M | -626.14M |
| Operating Margin % | -1.67% | -2.5% | -3.12% | -6.34% | -7.95% | -0.27% | 6.64% | 2.17% | 48.82% | -4.34% | -78.57% |
| Operating Income Growth % | - | 14.28% | 57.26% | 39.75% | -2340.22% | -104.16% | 2668.59% | -98.85% | 2500.01% | 84.85% | - |
| EBITDA | -95.55M | -54.47M | -88.45M | -303.19M | -592.63M | 94.84M | 827.76M | 38.81M | 2.31B | -87.2M | -621.63M |
| EBITDA Margin % | -1.39% | -0.84% | -1.46% | -4.33% | -6.4% | 0.84% | 7.58% | 3.22% | 49.57% | -3.99% | -78.01% |
| EBITDA Growth % | 20.08% | 38.42% | 70.83% | 48.84% | -724.85% | -88.54% | 2032.7% | -98.32% | 2751.25% | 85.97% | - |
| D&A (Non-Cash Add-back) | 18.75M | 108.04M | 101.12M | 140.4M | 143.61M | 125.02M | 102.8M | 12.63M | 35.04M | 7.67M | 4.51M |
| EBIT | -114.31M | -99.78M | -34.45M | -191.3M | -523.31M | 638.73M | 724.96M | 81.59M | 26.66M | -94.87M | -626.14M |
| Net Interest Income | 122.79M | 190.79M | 391.39M | 479.68M | 298.2M | 247.01M | 313.37M | 304.49M | 156.55M | 14.05M | 518K |
| Interest Income | 122.79M | 190.79M | 391.39M | 479.68M | 298.2M | 247.01M | 313.37M | 304.49M | 156.55M | 14.05M | 518K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 11.11M | 62.72M | 155.12M | 252.29M | 212.93M | 668.9M | 335.99M | 55M | -2.13B | 14.05M | 518K |
| Pretax Income | -103.85M | -99.78M | -34.45M | -191.3M | -523.31M | 638.73M | 1.06B | 81.19M | -2.1B | -80.82M | -625.63M |
| Pretax Margin % | -1.51% | -1.53% | -0.57% | -2.74% | -5.65% | 5.63% | 9.72% | 6.74% | -45.07% | -3.7% | -78.51% |
| Income Tax | 6.62M | 12.81M | 13.5M | 13.21M | 24.36M | 55.23M | 176.78M | 13.82M | -50.94M | 151K | 0 |
| Effective Tax Rate % | -6.37% | -12.83% | -39.18% | -6.91% | -4.66% | 8.65% | 16.66% | 17.03% | 2.42% | -0.19% | 0% |
| Net Income | -110.47M | -112.59M | -47.95M | -204.52M | -547.67M | 583.5M | 884.16M | 67.36M | -2.05B | -80.97M | -625.63M |
| Net Margin % | -1.6% | -1.73% | -0.79% | -2.92% | -5.91% | 5.14% | 8.1% | 5.59% | -43.98% | -3.71% | -78.51% |
| Net Income Growth % | 27.87% | -134.78% | 76.55% | 62.66% | -193.86% | -34.01% | 1212.53% | 103.28% | -2433.12% | 87.06% | - |
| Net Income (Continuing) | -110.47M | -112.59M | -47.95M | -204.52M | -547.67M | 583.5M | 884.16M | 67.36M | -1.94B | -80.97M | -625.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.48 | -0.48 | -0.21 | -0.84 | -2.27 | 2.41 | 3.71 | 2.02 | -12.29 | -0.81 | -5.66 |
| EPS Growth % | 29.74% | -128.57% | 75% | 63% | -194.19% | -35.04% | 83.66% | 116.44% | -1417.28% | 85.69% | - |
| EPS (Basic) | - | -0.48 | -0.21 | -0.84 | -2.27 | 2.45 | 3.89 | 2.18 | -12.29 | -0.81 | -5.66 |
| Diluted Shares Outstanding | 229.71M | 228.84M | 231.53M | 243.03M | 241.44M | 241.79M | 238.63M | 232.02M | 166.83M | 100M | 110.58M |
| Basic Shares Outstanding | 229.71M | 228.84M | 228.36M | 243.03M | 240.92M | 238.2M | 227.08M | 231.77M | 166.83M | 99.81M | 110.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HUYA stock.
For fiscal year 2025, HUYA Inc. (HUYA) reported total revenue of $6.50B. This represents a 716.0% increase compared to $796.9M in 2016.
HUYA Inc. (HUYA) reported a net loss of $112.6M for the fiscal year ending 2025.
HUYA Inc. (HUYA) reported an operating income of $-162.5M, resulting in an operating profit margin of -2.5%. This margin reflects the operational efficiency of the business before interest and taxes.
HUYA Inc. (HUYA) generated $872.1M in gross profit for the year, representing a gross profit margin of 13.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Revenue Growth Reaccelerates
HUYA's revenue growth has reaccelerated to double digits, reaching 11.0% year-over-year in 2026Q2, a significant improvement from the near-flat growth seen in early 2025. This suggests the company is successfully navigating a challenging market environment.
The acceleration from 0.3% growth in 2025Q1 to 11.0% in 2026Q2 indicates a meaningful turnaround in top-line momentum. This trend appears to be driven by a recovery in the core live streaming business, though the sustainability of this growth rate warrants monitoring given the competitive landscape.
Gross Margin Expansion Amidst Losses
Gross margins have expanded from 11.4% in 2024Q4 to 14.7% in 2026Q2, indicating improved cost of revenue management or a favorable shift in revenue mix. However, this improvement has not yet translated to consistent operating profitability.
The 330 basis point expansion in gross margin over the last six quarters suggests HUYA is achieving better unit economics or benefiting from lower content costs. Despite this, operating margins remain negative, indicating that SG&A and R&D expenses are consuming the gross profit gains.
Operating Leverage Remains Elusive
Despite revenue growth and gross margin expansion, operating losses have persisted, with the operating margin at -0.4% in 2026Q2. This indicates a lack of operating leverage, as SG&A and R&D expenses continue to outpace gross profit growth.
The company's operating income has improved from -$92.7M in 2024Q4 to -$7.0M in 2026Q2, but this is primarily due to revenue growth rather than expense discipline. SG&A expenses have remained elevated, suggesting that management has not yet achieved the scale needed to cover its fixed cost base.
Net Income Volatility and SBC Impact
Net income has been highly volatile, swinging from a loss of $172.2M in 2024Q4 to a profit of $1.6M in 2026Q2. Stock-based compensation, which was $20.6M in 2026Q1, continues to be a significant non-cash expense that dilutes shareholder value.
The erratic net income pattern suggests that HUYA's profitability is not yet structurally sound and may be influenced by non-operating items or tax adjustments. The consistent stock-based compensation, while non-cash, represents a real economic cost to shareholders and should be considered when evaluating true earnings power.
Margin Compression and Competitive Risks
The strongest challenge to HUYA's narrative is the persistent operating losses despite revenue growth, which suggests the business model may not be scalable without significant cost restructuring. Peer JOYY demonstrates that higher margins are achievable in the sector.
While HUYA's gross margins are improving, they remain well below peer JOYY's 35.9%, indicating a potential structural disadvantage in content costs or monetization. The company's reliance on revenue growth to offset operating losses is a risky strategy, especially if the competitive environment intensifies or growth decelerates.