Revenue growth remains stagnant at 1.7% year-over-year, while gross margins remain compressed at 13.5% due to high revenue-sharing obligations.
| Sales/Revenue | 6.11B | 6.5B | 6.08B | 6.99B | 9.26B | 11.35B | 10.91B | 1.2B | 4.66B | 2.18B | 796.9M |
| Revenue Growth % | -2.09% | 6.96% | -13.09% | -24.5% | -18.39% | 4% | 805.76% | -74.16% | 113.45% | 174.16% | - |
| Cost of Goods Sold | 5.33B | 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 | 774.84M | 872.13M | 809.45M | 815.2M | 653.63M | 1.6B | 2.27B | 213.23M | 729.79M | 254.95M | -297.74M |
| Gross Margin % | 12.68% | 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 | 983.21M | 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 | 510.79M | 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 | 500.5M | 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 | -208.37M | -162.5M | -189.58M | -443.59M | -736.24M | -30.17M | 724.96M | 26.19M | 2.28B | -94.87M | -626.14M |
| Operating Margin % | -3.41% | -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 | -119.56M | -54.47M | -88.45M | -303.19M | -592.63M | 94.84M | 827.76M | 38.81M | 2.31B | -87.2M | -621.63M |
| EBITDA Margin % | -1.96% | -0.84% | -1.46% | -4.33% | -6.4% | 0.84% | 7.58% | 3.22% | 49.57% | -3.99% | -78.01% |
| EBITDA Growth % | 56.86% | 38.42% | 70.83% | 48.84% | -724.85% | -88.54% | 2032.7% | -98.32% | 2751.25% | 85.97% | - |
| D&A (Non-Cash Add-back) | 88.81M | 108.04M | 101.12M | 140.4M | 143.61M | 125.02M | 102.8M | 12.63M | 35.04M | 7.67M | 4.51M |
| EBIT | -136.27M | -99.78M | -34.45M | -191.3M | -523.31M | 638.73M | 724.96M | 81.59M | 26.66M | -94.87M | -626.14M |
| Net Interest Income | 295.8M | 190.79M | 391.39M | 479.68M | 298.2M | 247.01M | 313.37M | 304.49M | 156.55M | 14.05M | 518K |
| Interest Income | 295.8M | 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 | 72.1M | 62.72M | 155.12M | 252.29M | 212.93M | 668.9M | 335.99M | 55M | -2.13B | 14.05M | 518K |
| Pretax Income | -136.27M | -99.78M | -34.45M | -191.3M | -523.31M | 638.73M | 1.06B | 81.19M | -2.1B | -80.82M | -625.63M |
| Pretax Margin % | -2.23% | -1.53% | -0.57% | -2.74% | -5.65% | 5.63% | 9.72% | 6.74% | -45.07% | -3.7% | -78.51% |
| Income Tax | 16.88M | 12.81M | 13.5M | 13.21M | 24.36M | 55.23M | 176.78M | 13.82M | -50.94M | 151K | 0 |
| Effective Tax Rate % | -12.39% | -12.83% | -39.18% | -6.91% | -4.66% | 8.65% | 16.66% | 17.03% | 2.42% | -0.19% | 0% |
| Net Income | -153.15M | -112.59M | -47.95M | -204.52M | -547.67M | 583.5M | 884.16M | 67.36M | -2.05B | -80.97M | -625.63M |
| Net Margin % | -2.51% | -1.73% | -0.79% | -2.92% | -5.91% | 5.14% | 8.1% | 5.59% | -43.98% | -3.71% | -78.51% |
| Net Income Growth % | 6.5% | -134.78% | 76.55% | 62.66% | -193.86% | -34.01% | 1212.53% | 103.28% | -2433.12% | 87.06% | - |
| Net Income (Continuing) | -153.15M | -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) | -0.67 | -0.48 | -0.21 | -0.84 | -2.27 | 2.41 | 3.71 | 2.02 | -12.29 | -0.81 | -5.66 |
| EPS Growth % | 4.27% | -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 | 227.68M | 228.84M | 231.53M | 243.03M | 241.44M | 241.79M | 238.63M | 232.02M | 166.83M | 100M | 110.58M |
| Basic Shares Outstanding | 227.68M | 228.84M | 228.36M | 243.03M | 240.92M | 238.2M | 227.08M | 231.77M | 166.83M | 99.81M | 110.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and monetization headwinds
According to recent financial filings, HUYA's revenue growth remains tepid, with the most recent quarter showing a marginal 1.7% year-over-year increase to $1.6 billion, highlighting the difficulty of scaling in a saturated market where user acquisition has largely plateaued across the domestic Chinese streaming landscape.
The transition from double-digit declines in 2023 to low single-digit growth suggests that the company has reached a stabilization point, yet it lacks a clear catalyst for meaningful expansion. Investors should monitor whether the pivot toward game-related services can offset the structural decline in traditional live-streaming gifting revenue.
As reported in quarterly income statements, HUYA's gross margin has hovered near 13.5%, reflecting a high-variable-cost model where revenue-sharing obligations to content creators and talent agencies effectively cap the platform's ability to retain a larger portion of each dollar generated from virtual gifting activities.
This thin margin profile leaves little room for operational error, as any fluctuation in content costs directly impacts the bottom line. The inability to expand these margins suggests that the company lacks significant pricing power over its talent base, which remains the primary driver of its ecosystem.
Based on the provided income statement data, HUYA continues to struggle with operating leverage, as evidenced by a persistent negative operating margin of -1.5% in 2025Q2, indicating that administrative and marketing expenses are not scaling efficiently relative to the company's stagnant top-line revenue performance.
Despite efforts to control costs, the company has failed to achieve consistent operating profitability, suggesting that the current cost structure is too heavy for the existing revenue scale. This warrants further investigation into whether management can successfully streamline overhead without compromising the platform's competitive position against short-video rivals.
Data from recent filings suggests that HUYA faces a significant risk from regulatory-driven monetization caps, which may permanently impair the platform's ability to extract value from its 'whale' user base, potentially rendering the current business model unsustainable in the face of evolving Chinese internet content regulations.
Short-sellers would likely focus on the disconnect between the company's cash-rich balance sheet and its inability to generate consistent, high-quality operating income. The reliance on discretionary gifting makes the revenue stream highly vulnerable to both economic cooling and further government intervention in the digital entertainment sector.
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.