NetEase Q4 Earnings Call Highlights

5 days ago 4

MarketBeat

Wed, February 11, 2026 astatine 7:39 AM CST 9 min read

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Financials and shareholder returns: NetEase reported 2025 nett gross of CNY 112.6 billion (up 10% YoY), improved gross margins, a nett currency presumption of astir CNY 163.5 billion, and returned superior via a dividend ($0.232/share) and astir $2.0 cardinal of ADS repurchases nether a $5 cardinal program.
AI-driven improvement and gameplay: Management is embedding AI crossed design, programming, creation and QA (tools similar CodeMaker, DreamMaker and large-scale AI QA), positioning AI arsenic a "force multiplier" and competitory moat done heavy integration alternatively than relying connected general-purpose models.
Global crippled traction and pipeline: Live-service hits specified arsenic Where Winds Meet (80M+ players) and Marvel Rivals drove growth, portion caller titles including Sea of Dawn (expected Q3 launch) and ongoing updates to bequest franchises delivered beardown engagement and grounds results for home titles similar Fantasy Westward Journey Online.
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NetEase (NASDAQ:NTES) outlined a twelvemonth of double-digit gross maturation successful 2025 portion utilizing its fourth-quarter net telephone to stress a semipermanent strategy centered connected proprietary technology, large-scale AI integration, and planetary enlargement of its crippled portfolio. Management highlighted grounds show from long-running franchises, traction from newer planetary titles, and a beardown equilibrium expanse that supported dividends and ongoing buybacks.

NetEase reported full nett gross of CNY 112.6 billion ($16.1 billion) for 2025, a 10% summation year-over-year. Fourth-quarter full nett gross was CNY 27.5 billion ($3.9 billion).

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Games and related value-added services produced CNY 92.1 billion of nett gross successful 2025, up 10% from 2024. In the 4th quarter, games and related VAS nett gross accrued 3% year-over-year to CNY 22.0 billion. Online crippled nett revenues were CNY 89.6 billion for the afloat year, up 11%, and roseate 4% year-over-year successful the 4th fourth to CNY 21.3 billion.

Management said the quarter-over-quarter diminution successful online crippled nett gross reflected seasonal effects, arsenic the anterior 4th benefited from summertime vacation events. Year-over-year maturation successful the 4th fourth was attributed to higher nett revenues from self-developed games, including Fantasy Westward Journey Online, arsenic good arsenic recently launched titles specified arsenic Where Winds Meet and Marvel Rivals.