NetEase, Inc (NTES) Cash Flow Statement
Where NTES’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥49.36B +24.4% vs 2024
- Capital expenditures
- CN¥1.04B 0.9% of revenue
- Free cash flow
- CN¥48.32B 42.9% margin
- Returned to shareholders
- CN¥14.07B 29% of free cash flow
- Change in cash
- −CN¥661.3M cash at year-end CN¥51.52B
Cash from operations
CN¥49.36B
Capital expenditures
−CN¥1.04B
Investments (net)
−CN¥27.11B
Acquisitions & other
−CN¥4.03B
Dividends
−CN¥13.45B
Share buybacks (net)
−CN¥621.9M
Net borrowing (repayment)
−CN¥5.80B
Currency & other
+CN¥2.03B
Change in cash
−CN¥661.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NTES operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NTES cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥15.49B2016 | CN¥49.36B2025 | +13.7%/yr | |
| Capital expenditures | CN¥1.14B2016 | CN¥1.04B2025 | −1.1%/yr | |
| Free cash flow | CN¥14.35B2016 | CN¥48.32B2025 | +14.4%/yr | |
| Free cash flow margin | 37.6%2016 | 42.9%2025 | +5.3 pts | |
| Operating cash flow / net income | 1.312016 | 1.502025 | +0.19 | |
| Stock-based compensation | CN¥990.1M2016 | CN¥3.65B2025 | +15.6%/yr | |
| Dividends paid | CN¥2.55B2016 | CN¥13.45B2025 | +20.3%/yr | |
| Share buybacks (net) | CN¥1.20B2016 | CN¥621.9M2025 | −7.0%/yr | |
| Capex / revenue | 3.0%2016 | 0.9%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NTES cash flow by activity
OperatingInvestingFinancingChange in cash
NTES net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NTES cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥32.84B | CN¥30.26B | CN¥29.36B | CN¥19.22B | CN¥16.98B | CN¥12.33B | CN¥13.47B | CN¥6.15B | CN¥10.71B | CN¥11.79B |
| Depreciation & amortization | CN¥2.25B | CN¥2.42B | CN¥3.06B | CN¥2.86B | CN¥3.28B | CN¥3.46B | CN¥2.61B | CN¥2.06B | CN¥791.8M | CN¥327.5M |
| Stock-based compensation | CN¥3.65B | CN¥3.88B | CN¥3.24B | CN¥3.17B | CN¥3.04B | CN¥2.66B | CN¥2.40B | CN¥2.47B | CN¥1.98B | CN¥990.1M |
| Change in working capital | CN¥8.48B | CN¥3.65B | CN¥375.9M | CN¥3.50B | CN¥3.19B | CN¥4.77B | −CN¥358.2M | −CN¥883.8M | CN¥2.09B | CN¥2.64B |
| Other non-cash items | CN¥2.14B | −CN¥532.0M | −CN¥699.9M | −CN¥1.04B | −CN¥1.55B | CN¥1.67B | −CN¥911.9M | CN¥3.62B | −CN¥3.69B | −CN¥262.7M |
| Cash from operating activities | CN¥49.36B | CN¥39.68B | CN¥35.33B | CN¥27.71B | CN¥24.93B | CN¥24.89B | CN¥17.22B | CN¥13.42B | CN¥11.89B | CN¥15.49B |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥1.04B | −CN¥2.21B | −CN¥4.28B | −CN¥2.64B | −CN¥3.11B | −CN¥3.29B | −CN¥3.33B | −CN¥6.89B | −CN¥1.85B | −CN¥1.14B |
| Investments (net) | −CN¥27.11B | CN¥17.92B | −CN¥2.45B | −CN¥7.37B | −CN¥3.77B | −CN¥29.19B | −CN¥22.14B | −CN¥6.15B | −CN¥10.11B | −CN¥14.00B |
| Acquisitions & other investing | −CN¥4.03B | CN¥2.21B | −CN¥10.31B | CN¥2.64B | −CN¥197.1M | CN¥3.29B | CN¥3.33B | −CN¥537.1M | −CN¥1.29B | CN¥1.14B |
| Cash from investing activities | −CN¥32.18B | CN¥17.92B | −CN¥17.04B | −CN¥7.37B | −CN¥7.08B | −CN¥29.19B | −CN¥22.14B | −CN¥13.57B | −CN¥13.25B | −CN¥14.00B |
| Financing activities | ||||||||||
| Dividends paid | −CN¥13.45B | −CN¥11.17B | −CN¥8.01B | −CN¥6.72B | −CN¥3.51B | −CN¥4.28B | −CN¥8.84B | −CN¥1.44B | −CN¥3.26B | −CN¥2.55B |
| Share repurchases & issuance (net) | −CN¥621.9M | −CN¥8.83B | −CN¥5.23B | −CN¥8.33B | −CN¥12.92B | CN¥4.86B | CN¥3.27B | −CN¥7.52B | −CN¥2.06B | −CN¥1.20B |
| Net borrowing (repayment) | −CN¥5.80B | −CN¥7.48B | −CN¥8.31B | CN¥4.85B | CN¥1.71B | CN¥4.04B | CN¥2.97B | CN¥6.21B | CN¥3.10B | CN¥1.49B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥21.91B | CN¥10.6M | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥158.0M | CN¥136.0M | CN¥86.2M | −CN¥30.9M | CN¥2.14B | −CN¥16.62B | CN¥3.67B | CN¥4.33B | CN¥911.5M | CN¥4,000 |
| Cash from financing activities | −CN¥19.71B | −CN¥27.34B | −CN¥21.47B | −CN¥10.24B | −CN¥12.59B | CN¥9.91B | CN¥1.08B | CN¥1.59B | −CN¥1.30B | −CN¥2.25B |
| Summary | ||||||||||
| Net change in cash | −CN¥661.3M | CN¥30.27B | −CN¥3.38B | CN¥10.21B | CN¥5.21B | CN¥5.77B | −CN¥3.81B | CN¥1.52B | −CN¥2.68B | −CN¥632.0M |
| Cash at end of period | CN¥51.52B | CN¥54.47B | CN¥24.21B | CN¥27.59B | CN¥17.38B | CN¥12.17B | CN¥6.40B | CN¥10.21B | CN¥2.76B | CN¥5.44B |
| Free cash flow | CN¥48.32B | CN¥37.47B | CN¥31.06B | CN¥25.07B | CN¥21.82B | CN¥21.60B | CN¥13.89B | CN¥6.53B | CN¥10.04B | CN¥14.35B |
| Free cash flow margin | 42.9% | 35.6% | 30.0% | 26.0% | 24.9% | 29.3% | 23.4% | 12.8% | 22.6% | 37.6% |
| Capex / revenue | 0.9% | 2.1% | 4.1% | 2.7% | 3.5% | 4.5% | 5.6% | 13.5% | 4.2% | 3.0% |
| Operating cash flow / net income | 1.50 | 1.31 | 1.20 | 1.44 | 1.47 | 2.02 | 1.28 | 2.18 | 1.11 | 1.31 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥6.96B | CN¥10.85B | CN¥6.16B | CN¥8.79B | CN¥9.09B | CN¥10.55B | CN¥8.77B | CN¥6.71B | CN¥6.83B | CN¥7.80B | CN¥6.68B | CN¥7.81B |
| Depreciation & amortization | CN¥439.4M | CN¥430.6M | CN¥720.4M | CN¥617.9M | CN¥428.4M | CN¥480.8M | CN¥697.4M | CN¥520.6M | CN¥632.0M | CN¥567.9M | CN¥659.8M | CN¥651.9M |
| Stock-based compensation | CN¥781.7M | CN¥616.2M | CN¥847.2M | CN¥902.2M | CN¥946.4M | CN¥951.9M | CN¥931.4M | CN¥978.1M | CN¥1.08B | CN¥894.3M | CN¥813.0M | CN¥819.5M |
| Change in working capital | −CN¥2.59B | CN¥210.0M | CN¥4.29B | CN¥2.30B | CN¥1.55B | CN¥468.4M | CN¥2.91B | CN¥1.12B | −CN¥500.0M | −CN¥38.8M | CN¥2.56B | CN¥817.7M |
| Other non-cash items | CN¥4.40B | CN¥1.63B | CN¥2.46B | CN¥338.7M | −CN¥1.15B | −CN¥341.1M | −CN¥293.3M | CN¥1.25B | −CN¥1.51B | CN¥331.4M | CN¥1.10B | −CN¥256.1M |
| Cash from operating activities | CN¥9.99B | CN¥13.73B | CN¥14.47B | CN¥12.95B | CN¥10.86B | CN¥12.11B | CN¥13.01B | CN¥10.58B | CN¥6.53B | CN¥9.56B | CN¥11.81B | CN¥9.84B |
| Investing activities | ||||||||||||
| Capital expenditures | −CN¥21.4M | −CN¥602.2M | −CN¥135.8M | −CN¥474.6M | −CN¥503.2M | −CN¥752.8M | −CN¥312.0M | −CN¥601.8M | −CN¥568.4M | −CN¥603.8M | −CN¥606.7M | −CN¥1.39B |
| Investments (net) | −CN¥31.04B | −CN¥7.23B | CN¥4.80B | −CN¥24.62B | CN¥3.89B | −CN¥12.84B | CN¥20.63B | −CN¥720.9M | −CN¥14.85B | CN¥12.86B | −CN¥10.72B | CN¥1.05B |
| Acquisitions & other investing | −CN¥3.30B | CN¥67.6M | −CN¥4.36B | CN¥474.6M | CN¥503.2M | CN¥752.8M | — | CN¥601.8M | CN¥568.4M | CN¥603.8M | CN¥606.7M | −CN¥178.2M |
| Cash from investing activities | −CN¥34.36B | −CN¥7.76B | CN¥304.5M | −CN¥24.62B | CN¥3.89B | −CN¥12.84B | — | −CN¥720.9M | −CN¥14.85B | CN¥12.86B | −CN¥10.72B | −CN¥515.9M |
| Financing activities | ||||||||||||
| Dividends paid | −CN¥3.15B | −CN¥5.16B | −CN¥2.53B | −CN¥2.58B | −CN¥3.08B | −CN¥5.58B | −CN¥1.98B | −CN¥1.97B | −CN¥2.26B | −CN¥4.95B | −CN¥2.26B | −CN¥2.42B |
| Share repurchases & issuance (net) | −CN¥1.79B | −CN¥1.31B | −CN¥16.3M | CN¥35.2M | −CN¥355.6M | −CN¥303.6M | −CN¥1.60B | −CN¥3.99B | −CN¥2.01B | −CN¥1.23B | −CN¥625.8M | −CN¥296.5M |
| Net borrowing (repayment) | CN¥1.75B | CN¥4.70B | −CN¥938.7M | −CN¥3.86B | CN¥1.44B | −CN¥2.44B | CN¥1.06B | −CN¥2.48B | — | — | — | −CN¥4.15B |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥35.2M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥24.2M | −CN¥23.4M | CN¥16.6M | −CN¥17.2M | CN¥42.4M | CN¥42.5M | CN¥51.6M | −CN¥8.4M | −CN¥11.65B | CN¥5.68B | CN¥8.02B | CN¥11.6M |
| Cash from financing activities | −CN¥3.17B | −CN¥1.80B | −CN¥3.46B | −CN¥6.39B | −CN¥1.95B | −CN¥8.29B | −CN¥2.46B | −CN¥8.46B | −CN¥15.92B | −CN¥495.1M | CN¥5.14B | −CN¥6.85B |
| Summary | ||||||||||||
| Net change in cash | −CN¥27.08B | CN¥3.83B | CN¥12.25B | −CN¥18.18B | CN¥12.77B | −CN¥9.08B | CN¥31.29B | CN¥1.33B | −CN¥24.23B | CN¥21.88B | CN¥6.05B | CN¥2.48B |
| Cash at end of period | CN¥27.27B | CN¥55.32B | CN¥51.52B | CN¥39.98B | CN¥58.17B | CN¥45.40B | CN¥54.47B | CN¥23.18B | CN¥21.86B | CN¥46.09B | CN¥24.21B | CN¥18.16B |
| Free cash flow | CN¥9.97B | CN¥13.13B | CN¥14.34B | CN¥12.47B | CN¥10.36B | CN¥11.35B | CN¥12.70B | CN¥9.97B | CN¥5.96B | CN¥8.95B | CN¥11.20B | CN¥8.46B |
| Free cash flow margin | 33.2% | 42.9% | 52.0% | 44.0% | 37.1% | 39.4% | 47.5% | 38.1% | 23.4% | 33.3% | 41.3% | 31.0% |
| Capex / revenue | 0.1% | 2.0% | 0.5% | 1.7% | 1.8% | 2.6% | 1.2% | 2.3% | 2.2% | 2.2% | 2.2% | 5.1% |
| Operating cash flow / net income | 1.44 | 1.27 | 2.35 | 1.47 | 1.20 | 1.15 | 1.48 | 1.58 | 0.96 | 1.22 | 1.77 | 1.26 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
NTES cash generation
In fiscal 2025 (ended December 31, 2025), NetEase generated CN¥49.4 billion of cash from operations (up 24.4%) and spent CN¥1.0 billion on capital expenditures, leaving free cash flow of CN¥48.3 billion, 42.9% of revenue. It returned CN¥14.1 billion to shareholders through dividends (CN¥13.4 billion) and net share buybacks (CN¥621.9 million). Cash and equivalents fell by CN¥661.3 million over the year.
Related: NTES income statement, NTES balance sheet, NTES dividend history. See the NTES stock overview for the latest quote and news.
NTES cash flow FAQ
What is NetEase's free cash flow?
NetEase's free cash flow was CN¥48.3 billion in fiscal 2025: CN¥49.4 billion of operating cash flow minus CN¥1.0 billion of capital expenditures It was CN¥37.5 billion a year earlier..
How much cash does NetEase generate from operations?
NetEase generated CN¥49.4 billion of cash from operating activities in fiscal 2025, 1.50 times its net income of CN¥32.8 billion.
How much does NetEase spend on capital expenditures?
NetEase spent CN¥1.0 billion on capital expenditures in fiscal 2025, 0.9% of revenue, compared with CN¥2.2 billion the year before.
How much stock does NetEase buy back?
NetEase spent CN¥621.9 million on net share repurchases in fiscal 2025.
How much does NetEase pay in dividends?
NetEase paid CN¥13.4 billion in dividends in fiscal 2025, 27.8% of free cash flow.