Revenue growth remains in negative territory with a 3.6% year-over-year decline in 2024Q4, while gross margins remain structurally capped within a narrow 34.6% to 37.5% range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 2.24B | 2.12B | 2.24B | 2.27B | 2.41B | 2.62B | 293.84M | 130.67M | 18.42M | 269.59M | 169.99M | 139.94M | 96.97M | 48.66M | 20.85M | 8M | 2.93M |
| Revenue Growth % | -1.33% | -5.07% | -1.33% | -5.96% | -7.92% | 791.32% | 124.87% | 609.48% | -93.17% | 58.59% | 21.47% | 44.31% | 99.27% | 133.45% | 160.62% | 173.38% | - |
| Cost of Goods Sold | 1.43B | 1.36B | 1.43B | 1.45B | 1.56B | 1.78B | 211.12M | 95.3M | 16.11M | 163.37M | 105.74M | 84.95M | 48.75M | 23.54M | 10.58M | 4.57M | 2.51M |
| COGS % of Revenue | - | 64.1% | 63.97% | 64.15% | 64.66% | 68.01% | 71.85% | 72.93% | 87.49% | 60.6% | 62.21% | 60.7% | 50.27% | 48.37% | 50.75% | 57.16% | 85.76% |
| Gross Profit | 806.2M | 762.63M | 806.2M | 813.03M | 852.13M | 837.9M | 82.72M | 35.37M | 2.3M | 106.22M | 64.25M | 54.99M | 48.22M | 25.13M | 10.27M | 3.43M | 416.64K |
| Gross Margin % | 36.03% | 35.9% | 36.03% | 35.85% | 35.34% | 31.99% | 28.15% | 27.07% | 12.51% | 39.4% | 37.79% | 39.3% | 49.73% | 51.63% | 49.25% | 42.84% | 14.24% |
| Gross Profit Growth % | - | -5.4% | -0.84% | -4.59% | 1.7% | 912.91% | 133.9% | 1434.87% | -97.83% | 65.34% | 16.82% | 14.04% | 91.93% | 144.71% | 199.61% | 722.52% | - |
| Operating Expenses | 756.89M | 706.81M | 758.54M | 778.04M | 786.56M | 949.54M | 145.04M | 110.13M | 30.17M | 43.46M | 27.54M | 27.42M | 19.78M | 12.42M | 7.65M | 5.92M | 5.79M |
| OpEx % of Revenue | - | 33.27% | 33.9% | 34.31% | 32.62% | 36.26% | 49.36% | 84.28% | 163.81% | 16.12% | 16.2% | 19.59% | 20.4% | 25.52% | 36.71% | 73.97% | 197.76% |
| Selling, General & Admin | 485.85M | 462M | 485.85M | 492.24M | 542.26M | 690.14M | 99.89M | 78.35M | 19M | 28.74M | 18.02M | 15.93M | 8.58M | 6.02M | 3.22M | 3.29M | 4.66M |
| SG&A % of Revenue | - | 21.75% | 21.71% | 21.7% | 22.49% | 26.35% | 33.99% | 59.96% | 103.17% | 10.66% | 10.6% | 11.38% | 8.85% | 12.37% | 15.46% | 41.18% | 159.41% |
| Research & Development | 278.74M | 247.13M | 278.74M | 295.5M | 261.81M | 279.78M | 46.39M | 34.31M | 11.43M | 18.18M | 13.99M | 13.02M | 11.37M | 7.13M | 4.49M | 2.67M | 1.12M |
| R&D % of Revenue | - | 11.63% | 12.46% | 13.03% | 10.86% | 10.68% | 15.79% | 26.26% | 62.07% | 6.74% | 8.23% | 9.31% | 11.72% | 14.64% | 21.55% | 33.41% | 38.35% |
| Other Operating Expenses | -3.25M | -2.32M | -6.05M | -9.71M | -17.5M | -20.38M | -1.24M | -2.53M | -264.32K | -3.46M | -4.47M | -1.53M | -166.59K | -722.66K | -62.66K | -49.59K | 0 |
| Operating Income | 49.31M | 55.82M | 47.67M | 34.99M | 65.56M | -111.64M | -62.31M | -74.77M | -27.87M | 62.76M | 36.71M | 27.57M | 28.44M | 12.7M | 2.62M | -2.49M | -5.37M |
| Operating Margin % | 2.2% | 2.63% | 2.13% | 1.54% | 2.72% | -4.26% | -21.21% | -57.22% | -151.3% | 23.28% | 21.59% | 19.7% | 29.33% | 26.11% | 12.55% | -31.12% | -183.52% |
| Operating Income Growth % | - | 17.1% | 36.22% | -46.63% | 158.73% | -79.16% | 16.65% | -168.31% | -144.4% | 70.98% | 33.11% | -3.05% | 123.87% | 385.69% | 205.07% | 53.64% | - |
| EBITDA | -222.67M | 161.64M | 150.27M | 167.49M | 228.94M | 71.29M | -31.16M | -52.59M | -25.08M | 68.32M | 42.39M | 32M | 30.57M | 14.03M | 3.44M | -2.14M | -5.25M |
| EBITDA Margin % | -9.95% | 7.61% | 6.72% | 7.39% | 9.49% | 2.72% | -10.6% | -40.24% | -136.19% | 25.34% | 24.94% | 22.86% | 31.52% | 28.83% | 16.5% | -26.71% | -179.38% |
| EBITDA Growth % | -283.21% | 7.57% | -10.28% | -26.84% | 221.16% | 328.78% | 40.75% | -109.66% | -136.71% | 61.16% | 32.5% | 4.67% | 117.87% | 307.79% | 261.02% | 59.29% | - |
| D&A (Non-Cash Add-back) | 0 | 105.82M | 102.61M | 132.5M | 163.38M | 182.93M | 31.16M | 22.18M | 2.78M | 5.56M | 5.69M | 4.42M | 2.13M | 1.33M | 824.74K | 352.79K | 121.14K |
| EBIT | -222.67M | 216.64M | -222.67M | 298.4M | 647.34M | -63.11M | 13.67M | -8.22M | 12.73M | 67.97M | 38.64M | 29.89M | 33.51M | 12.7M | 3M | -2.49M | -5.37M |
| Net Interest Income | 170.71M | 162.52M | 170.71M | 174.79M | 80.38M | 76.76M | 13.52M | 23.63M | 46.35M | 22.71M | -2M | 6.28M | 17.47M | 9.94M | 2.61M | 778.04K | 8.44K |
| Interest Income | 175.56M | 163.04M | 175.56M | 185.21M | 93.15M | 91.23M | 89.08M | 61.75M | 47.6M | 27.63M | 9.68M | 21.24M | 26.59M | 9.94M | 2.61M | 778.04K | 8.44K |
| Interest Expense | 4.85M | 517.36K | 4.85M | 10.42M | 12.77M | 14.47M | 75.56M | 38.11M | 1.25M | 4.92M | 11.68M | 14.96M | 9.13M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -278.46M | 171.91M | -276.82M | 256.28M | 70.58M | 7.84M | 63.24M | 61.89M | 43.09M | 5.23M | 426.96K | 347K | 3.69M | 2.45M | 389.5K | 442.27K | -22.96K |
| Pretax Income | -229.15M | 227.73M | -229.15M | 291.27M | 136.14M | -103.81M | 922.66K | -12.88M | 15.22M | 67.99M | 37.13M | 27.92M | 32.13M | 15.15M | 3.01M | -2.05M | -5.39M |
| Pretax Margin % | -10.24% | 10.72% | -10.24% | 12.84% | 5.65% | -3.96% | 0.31% | -9.86% | 82.64% | 25.22% | 21.84% | 19.95% | 33.13% | 31.13% | 14.42% | -25.59% | -184.31% |
| Income Tax | 13.48M | 16.43M | 13.48M | 18.86M | 34.58M | 25.75M | 4.26M | -2.92M | 1.51M | 9.67M | 5.81M | 4.23M | 4.07M | 2.4M | 738.26K | 33.6K | 52.94K |
| Effective Tax Rate % | -5.88% | 7.21% | -5.88% | 6.47% | 25.4% | -24.8% | 461.98% | 22.64% | 9.89% | 14.22% | 15.65% | 15.16% | 12.66% | 15.85% | 24.57% | -1.64% | -0.98% |
| Net Income | -146.24M | 2.1B | -146.24M | 301.82M | 128.89M | -80.29M | 210.31M | 73.96M | 49.05M | 58.43M | 31.58M | 24.52M | 28.06M | 12.75M | 2.27M | -2.08M | -5.45M |
| Net Margin % | -6.53% | 98.78% | -6.53% | 13.31% | 5.34% | -3.07% | 71.57% | 56.6% | 266.31% | 21.67% | 18.58% | 17.52% | 28.94% | 26.2% | 10.87% | -26.01% | -186.12% |
| Net Income Growth % | -148.45% | 1534.96% | -148.45% | 134.16% | 260.53% | -138.18% | 184.35% | 50.79% | -16.05% | 85.04% | 28.78% | -12.63% | 120.11% | 462.4% | 208.95% | 61.79% | - |
| Net Income (Continuing) | -242.64M | 211.3M | -242.64M | 272.42M | 101.57M | -129.55M | -3.34M | -9.96M | 13.72M | 58.32M | 31.32M | 23.69M | 28.06M | 12.75M | 2.27M | -2.08M | -5.45M |
| Discontinued Operations | 0 | 1.88B | 0 | 0 | 0 | 35.57M | 214.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 47.77M | 60.18M | 47.77M | 133.33M | 324.51M | 99.97M | 78.01M | 831.52M | 476.16M | 95.99M | 2.21M | 10.7M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.72 | 39.40 | -2.60 | 4.80 | 1.60 | -1.15 | 17.00 | 6.40 | 5.00 | 6.40 | 3.80 | 2.80 | 2.80 | 1.33 | 0.29 | -0.27 | -0.74 |
| EPS Growth % | -175.8% | 1615.38% | -154.17% | 200% | 239.13% | -106.76% | 165.63% | 28% | -21.88% | 68.42% | 35.71% | 0% | 110.53% | 358.62% | 207.41% | 63.51% | - |
| EPS (Basic) | - | 39.80 | -2.60 | 5.40 | 1.66 | -1.15 | 17.00 | 6.40 | 5.00 | 6.40 | 3.80 | 2.80 | 3.00 | 1.40 | 0.47 | -0.29 | -0.80 |
| Diluted Shares Outstanding | 53.74M | 53.26M | 57.89M | 73.15M | 73.64M | 78.1M | 80.01M | 77.22M | 64.7M | 60.83M | 60.81M | 57.54M | 59.93M | 59.06M | 49.62M | 48.64M | 48.64M |
| Basic Shares Outstanding | 53.74M | 52.6M | 56.78M | 65.43M | 71.97M | 78.1M | 80.01M | 73.37M | 64.04M | 59.32M | 56.37M | 56.26M | 57.66M | 56.12M | 30.24M | 45.1M | 45.1M |
| Dividend Payout Ratio | - | 7.41% | - | 27.9% | 113.22% | - | 30.7% | - | - | - | - | - | - | - | - | - | - |
Geopolitical and regulatory volatility
As reported in recent financial filings, JOYY's revenue growth has remained in negative territory, with the most recent quarter showing a 3.6% year-over-year decline to $549.4M, reflecting the ongoing challenges of maintaining user engagement within its core virtual gifting ecosystem across fragmented international markets.
The consistent revenue contraction suggests that the platform's reliance on high-ARPU 'whale' users may be reaching a saturation point in key regions. Investors should monitor whether the current decline is a structural shift in user behavior or merely a temporary lull in the competitive social entertainment landscape.
Based on the company's income statement data, gross margins have hovered within a narrow 34.6% to 37.5% range over the last ten quarters, indicating that the high variable costs associated with broadcaster revenue sharing remain a permanent fixture of the firm's current monetization architecture.
This margin profile implies limited pricing power, as the company must continue to incentivize creators to prevent talent migration to rival platforms. Without a pivot toward higher-margin advertising or subscription-based revenue, the firm appears structurally tethered to these thin gross profit levels.
According to historical income statements, JOYY's operating margins have struggled to gain traction, frequently dipping below 1% and peaking at only 4.9% in 2024Q4, which suggests that the company has yet to achieve meaningful economies of scale despite its significant global user base.
The inability to scale operating income faster than gross profit indicates that fixed costs, particularly in R&D and administrative overhead, are consuming the majority of the firm's gross margin. This lack of operating leverage warrants further investigation into whether current marketing spend is effectively driving long-term user retention.
Financial statements reveal a stark divergence between operating and net income, exemplified by the 2022Q3 period where net margins reached 87.8% compared to an operating margin of 3.4%, highlighting the outsized impact of non-operating items and divestiture-related gains on the company's bottom line.
Investors should exercise caution when evaluating EPS, as these figures appear heavily influenced by one-time asset revaluations and corporate restructuring rather than core operational performance. The recurring nature of these non-operating swings complicates the assessment of the company's true underlying earning power.
Based on an analysis of the firm's revenue composition, the reliance on discretionary virtual gifting creates a high-risk profile, as evidenced by the 2024Q4 net loss of $304.1M which underscores the potential for rapid earnings deterioration when user spending patterns shift unexpectedly.
Short-sellers may focus on the lack of recurring revenue streams, which leaves the company vulnerable to sudden changes in consumer sentiment or regulatory crackdowns. The current financial structure appears to prioritize short-term transactional volume over the long-term stability required to command a higher valuation multiple.
Quick answers to the most common questions about buying JOYY stock.
For fiscal year 2025, JOYY, Inc. Sponsored ADR Class A (JOYY) reported total revenue of $2.12B. This represents a 72504.9% increase compared to $2.9M in 2010.
JOYY, Inc. Sponsored ADR Class A (JOYY) is profitable, generating $2.10B in net income for the fiscal year ending 2025 with a net profit margin of 98.8%.
JOYY, Inc. Sponsored ADR Class A (JOYY) reported an operating income of $55.8M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
JOYY, Inc. Sponsored ADR Class A (JOYY) generated $762.6M in gross profit for the year, representing a gross profit margin of 35.9%. This demonstrates the company's core pricing power and production efficiency.