NetEase (ADR)
Builds PC and mobile games alongside learning, music, and consumer platforms.
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Profile
Develops and operates PC and mobile games, including long-running Chinese franchises and newer global releases, while Youdao, NetEase Cloud Music, and Yanxuan extend the portfolio into learning, music, and consumer goods. Games remain the core business, with mainland launches dependent on regulatory approval and overseas growth supported by international studios and distribution.
Develops and operates PC and mobile games, with long-running franchises such as Fantasy Westward Journey Online alongside newer global releases including Marvel Rivals. Games and related value-added services remain the core business, supported by a library that spans internally developed and licensed titles.
Extends its consumer platform through Youdao learning services and smart devices, NetEase Cloud Music subscriptions and social entertainment, and Yanxuan private-label goods. Game distribution and development have expanded from China into Japan, Southeast Asia, the United States, and other international markets.
Relies on sustained content updates, internal development, licensing relationships, and access to distribution across PC and mobile. Mainland launches require government approval, while the listed Cayman issuer consolidates regulated Chinese operations through contractual arrangements with variable-interest entities.
Company facts
Categories
Key statistics
Year to date −16.9% · Average volume (30d) 838.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Bernstein | Reiterate | Outperform | $155 | $160 | |
| Jul 1, 2026 | Goldman Sachs | Target | $161 | $169 | ||
| May 26, 2026 | Morgan Stanley | Target | $154 | $158 | ||
| Mar 2, 2026 | Morgan Stanley | Target | $170 | $154 | ||
| Feb 12, 2026 | Macquarie | Target | $129 | $158 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 20, 2026Q2 FY26 | $2.29 | $1.77 | −22.7% | $4.33B | $4.43B | +2.3% | −5.85% |
| May 21, 2026Q1 FY26 | $2.19 | $2.53 | +15.5% | $4.25B | $4.43B | +4.3% | +1.93% |
| Feb 11, 2026Q4 FY25 | $2.03 | $1.57 | −22.7% | $4.11B | $3.94B | −4.1% | −0.28% |
| Nov 20, 2025Q3 FY25 | $2.08 | $2.07 | −0.5% | $4.04B | $3.98B | −1.3% | −0.28% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $4.29B | $4.15B | $4.22B | $4.10B | $4.55B | $4.47B | |
| Gross profit | $2.75B | $2.69B | $2.70B | $2.63B | $3.16B | $3.15B | |
| Operating income | $1.55B | $1.35B | $1.19B | $1.24B | $1.88B | $1.79B | |
| Net income | $1.53B | $1.28B | $1.28B | $928.8M | $1.59B | $1.04B | |
| Diluted EPS | $2.39 | $1.99 | $1.99 | $1.41 | $2.46 | $1.61 | |
| Gross margin | 64.1% | 64.7% | 64.1% | 64.2% | 69.4% | 70.5% | |
| Operating margin | 36.2% | 32.5% | 28.3% | 30.2% | 41.4% | 40.2% |
Fiscal years (4-quarter sums)FY21 $13.04B · FY22 $14.36B · FY23 $15.40B · FY24 $15.67B · FY25 $16.76B
Revenue by product · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $26.77B · Total debt $1.88B · Total assets $34.56B · Shareholders' equity $24.87B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 18 | $0.72 | cut from $1.16 |
| Mar 16, 2026 | Mar 16 | Mar 27 | $1.16 | raised from $0.57 |
| Dec 5, 2025 | Dec 5 | Dec 19 | $0.57 | |
| Aug 28, 2025 | Aug 28 | Sep 11 | $0.57 | cut from $0.675 |
| May 30, 2025 | May 30 | Jun 13 | $0.675 | cut from $1.2203 |
| Mar 6, 2025 | Mar 6 | Mar 20 | $1.2203 | raised from $0.435 |
| Nov 29, 2024 | Nov 29 | Dec 13 | $0.435 | |
| Sep 6, 2024 | Sep 6 | Sep 20 | $0.435 | cut from $0.495 |
Ownership
Shares outstanding 638.42M · Float —
Float — provider float is below the insider stake.
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| UBS Asset Management Americas Inc | 8.04M | 1.26% | 13F | Aug 13, 2026 |
| Ninety One UK Ltd | 6.25M | 0.98% | 13F | Jul 16, 2026 |
| Orbis Allan Gray Ltd | 3.50M | 0.55% | 13F | Aug 14, 2026 |
| FMR LLC | 2.52M | 0.39% | 13F | Aug 13, 2026 |
| Harding Loevner LP | 2.26M | 0.35% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 29, 2026 | Paul William JR Boltz | officer: General Counsel | −10,000 | $128.30 |
Peers
- Electronic Arts
Global PC and console live-service rival in shooters and online games
- Take-Two Interactive
PC, console, and mobile rival across persistent game worlds
- Tencent Music Entertainment Group (ADR)
Direct rival to NetEase Cloud Music in China's online music market
- Bilibili (ADR)
China game publisher with a large youth entertainment community
- New Oriental (ADR)
Direct rival to Youdao in learning services and smart learning devices
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NetEase (ADR) | $122.56 | −0.11% | $78.37B | 16.4 | 15.1 | 4.5 | +13.9% |
| Electronic Arts | $209.70 | 0.00% | $52.92B | 49.0 | 24.3 | 6.7 | +18.9% |
| Take-Two Interactive | $235.64 | +0.08% | $44.01B | — | 28.9 | 6.6 | +2.0% |
| Tencent Music Entertainment Group (ADR) | $8.58 | +0.18% | $13.16B | 10.5 | 11.5 | 2.7 | +11.8% |
| Bilibili (ADR) | $16.60 | +0.06% | $6.96B | 33.1 | 19.5 | 1.5 | +14.1% |
| New Oriental (ADR) | $58.83 | +0.07% | $9.29B | 19.8 | 15.2 | 1.6 | +23.0% |
| Median | 26.5 | 19.5 | 2.7 | +14.1% |