Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.50B | $8.32B | $9.77B | $8.51B | $11.3B | $13.7B | $14.0B | $14.6B | $14.4B | $16.1B |
| Revenue growth | — | 51.2% | 17.5% | -12.9% | 32.7% | 21.8% | 1.8% | 4.2% | -1.0% | 11.6% |
| Gross profit | $3.12B | $3.98B | $4.13B | $4.53B | $5.97B | $7.37B | $7.65B | $8.88B | $9.02B | $10.4B |
| Gross margin | 56.7% | 47.9% | 42.3% | 53.3% | 52.9% | 53.6% | 54.7% | 60.9% | 62.5% | 64.3% |
| Operating income | $1.82B | $1.87B | $1.15B | $1.98B | $2.23B | $2.58B | $2.85B | $3.90B | $4.05B | $5.12B |
| Operating margin | 33.1% | 22.5% | 11.8% | 23.3% | 19.7% | 18.7% | 20.3% | 26.8% | 28.1% | 31.8% |
| Net income | $1.70B | $1.67B | $942M | $3.08B | $1.89B | $2.66B | $2.88B | $4.13B | $4.15B | $4.98B |
| Net margin | 30.9% | 20.1% | 9.6% | 36.2% | 16.7% | 19.4% | 20.6% | 28.4% | 28.7% | 30.9% |
| EPS (diluted) | $0.51 | $0.50 | $0.27 | $0.94 | $0.55 | $0.79 | $0.89 | $1.27 | $1.26 | $1.50 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.23B | $1.83B | $1.95B | $2.47B | $3.81B | $3.91B | $4.02B | $4.98B | $5.44B | $7.26B |
| Capital expenditures | $164M | $283M | $368M | $174M | $162M | $251M | $305M | $324M | $175M | $152M |
| Free cash flow | $2.07B | $1.54B | $1.58B | $2.30B | $3.65B | $3.66B | $3.71B | $4.65B | $5.26B | $7.10B |
| Share buybacks | $173M | $317M | $1.09B | — | — | — | — | — | — | — |
| Dividends paid | $367M | $501M | $209M | $1.27B | $656M | $551M | $975M | $1.13B | $1.53B | $1.98B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $836M | $425M | $784M | $466M | $1.40B | $2.28B | $3.61B | $3.02B | $7.04B | $6.74B |
| Total assets | $8.36B | $10.9B | $12.6B | $16.1B | $21.7B | $24.1B | $25.0B | $26.2B | $26.9B | $31.7B |
| Total liabilities | $2.82B | $3.69B | $5.17B | $5.61B | $7.37B | $8.51B | $9.26B | $8.15B | $7.33B | $8.05B |
| Long-term debt | — | — | — | — | — | $200M | $530M | $60.3M | $58.6M | — |
| Shareholders' equity | $5.50B | $7.03B | $6.58B | $8.83B | $12.6B | $15.0B | $15.2B | $17.5B | $19.0B | $22.9B |
| Retained earnings | $5.09B | $6.57B | $6.40B | $8.10B | $9.83B | $12.2B | $13.2B | $15.8B | $17.9B | $21.4B |
| Shares (wtd avg diluted) | 3.31B | 3.32B | 3.25B | 3.25B | 3.35B | 3.37B | 3.30B | 3.25B | 3.23B | 3.22B |
Every figure is extracted from NetEase, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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