NetEase, Inc. (NTES) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
NTES Revenue Growth
Revenue Breakdown (FY 2024)
NTES's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
NTES Revenue Analysis (2014–2025)
As of May 8, 2026, NetEase, Inc. (NTES) generated trailing twelve-month (TTM) revenue of $112.25 billion, reflecting modest growth of +1.6% year-over-year. The most recent quarter (Q4 2025) recorded $27.17 billion in revenue, down 4.2% sequentially.
Looking at the longer-term picture, NTES's 5-year compound annual growth rate (CAGR) stands at +8.3%, indicating steady revenue expansion. The company achieved its highest annual revenue of $109.56 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows NTES's business is primarily driven by Innovative businesses and others (59%), and Youdao (41%). With over half of revenue concentrated in Innovative businesses and others, the company maintains significant focus in this area while developing other growth vectors.
When compared to Technology sector peers including BIDU (-2.6% YoY), BILI (+22.7% YoY), and HUYA (-2.1% YoY), NTES has underperformed the peer group in terms of revenue growth. Compare NTES vs BIDU →
NTES Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NTESCurrent | $112.2B | +1.6% | +8.3% | 31.8% | |
 BIDU | $133.1B | -2.6% | +4.4% | 16.0% | |
 BILI | $26.8B | +22.7% | +31.7% | -5.0% | |
 HUYA | $6.1B | -2.1% | +38.2% | -3.1% | |
 DOYU | $4.3B | -11.1% | -10.1% | -13.2% | |
 EA | $7.5B | +0.9% | +6.0% | 15.4% |
NTES Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $109.56B | +4.0% | $70.43B | 64.3% | $34.86B | 31.8% |
| 2024 | $105.30B | +1.8% | $65.81B | 62.5% | $29.58B | 28.1% |
| 2023 | $103.47B | +7.2% | $63.06B | 60.9% | $27.71B | 26.8% |
| 2022 | $96.50B | +10.1% | $52.77B | 54.7% | $19.63B | 20.3% |
| 2021 | $87.61B | +18.9% | $46.97B | 53.6% | $16.42B | 18.7% |
| 2020 | $73.67B | +24.4% | $38.98B | 52.9% | $14.54B | 19.7% |
| 2019 | $59.24B | +15.8% | $31.56B | 53.3% | $13.79B | 23.3% |
| 2018 | $51.18B | +15.2% | $28.40B | 55.5% | $9.98B | 19.5% |
| 2017 | $44.44B | +16.4% | $25.91B | 58.3% | $12.99B | 29.2% |
| 2016 | $38.18B | +67.4% | $21.66B | 56.7% | $12.63B | 33.1% |
Full NTES Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See NTES's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NTES Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare NTES vs NVDA
Side-by-side business, growth, and profitability comparison vs NVIDIA Corporation.
Start ComparisonNTES — Frequently Asked Questions
Quick answers to the most common questions about buying NTES stock.
Is NTES's revenue growth accelerating or slowing?
NTES revenue growth slowed to +1.6%, below the 5-year CAGR of +8.3%. TTM revenue is $112.2B. The deceleration marks a shift from historical growth rates.
What is NTES's long-term revenue growth rate?
NetEase, Inc.'s 5-year revenue CAGR of +8.3% reflects the variable expansion pattern. Current YoY growth of +1.6% is near this long-term average.
How is NTES's revenue distributed by segment?
NTES reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.