Netease, Inc. balance sheet NTES

Annual Quarterly

As of Dec 31, 2025, Netease, Inc. had total assets of $31.7 billion and total liabilities of $8.1 billion. Total assets were up 17.9% from a year earlier. Stockholders' equity was $22.9 billion. It held $12.6 billion in cash and investments against $49.4 million of total debt, net cash of $12.6 billion. The current ratio, current assets divided by current liabilities, was 3.45.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Assets
Cash	6,745 -4.2%	7,039 +133.2%	3,018 -16.4%	3,609 +58.6%	2,275 +62.8%	1,397 +199.6%	466 -40.5%	784 +84.5%	425 -49.2%	836 -4.4%
Short-term investments	3,261 +121.3%	1,474 +135.8%	625 -43.5%	1,105 -42.7%	1,927 -5.3%	2,034 -7.5%	2,200 +29.5%	1,698 +13.4%	1,497 -10.2%	1,668 +115.5%
Long-term investments	2,640 -4.6%	2,768 -9.8%	3,068 +14.1%	2,689 -8.9%	2,951 +64.4%	1,795 +34.4%	1,335 +75.0%	763 +84.9%	413 +45.4%	284 +4.2%
Cash and investments	12,646 +12.1%	11,281 +68.1%	6,711 -9.3%	7,402 +3.5%	7,153 +36.9%	5,226 +30.6%	4,001 +23.3%	3,245 +39.0%	2,335 -16.3%	2,788 +45.1%
Receivables	763 -1.7%	777 -14.1%	905 +24.7%	725 -16.1%	864 +23.2%	701 +17.1%	599 -4.0%	624 +12.1%	556 -9.1%	612 +51.7%
Inventory	99 +25.9%	78 -20.1%	98 -32.0%	144 -4.8%	151 +59.0%	95 +1.9%	93 -87.2%	730 -13.3%	841 +270.2%	227 +80.1%
Total current assets	25,828 +23.0%	21,005 +4.5%	20,098 +5.3%	19,081 +7.5%	17,751 +7.4%	16,526 +35.2%	12,225 +22.3%	9,994 +5.0%	9,521 +32.4%	7,190 +35.4%
Property and equipment, net	1,205 +3.2%	1,167 +2.6%	1,137 +23.7%	920 +7.8%	853 +22.1%	698 +5.2%	664 -15.1%	782 +35.0%	579 +66.2%	348 +7.9%
Total assets	31,662 +17.9%	26,851 +2.5%	26,187 +4.5%	25,048 +3.9%	24,110 +10.9%	21,743 +35.0%	16,106 +27.3%	12,649 +15.9%	10,917 +30.6%	8,358 +31.6%
Liabilities and equity
Accounts payable	92 -6.8%	99 -20.4%	124 -43.2%	219 +41.4%	155 -11.1%	174 -0.2%	174 -49.8%	347 -7.6%	375 +86.7%	201 +85.9%
Total current liabilities	7,489 +10.1%	6,804 -10.3%	7,584 -8.0%	8,239 +4.0%	7,925 +10.6%	7,164 +30.4%	5,493 +7.6%	5,106 +39.9%	3,650 +29.7%	2,814 +56.2%
Total liabilities	8,052 +9.9%	7,329 -10.0%	8,147 -12.0%	9,263 +8.9%	8,508 +15.5%	7,369 +31.3%	5,614 +8.6%	5,171 +40.3%	3,686 +30.8%	2,819 +54.3%
Stockholders' equity	22,922 +20.6%	19,000 +8.5%	17,505 +15.3%	15,185 +1.5%	14,959 +18.9%	12,586 +42.6%	8,827 +34.2%	6,579 -6.4%	7,029 +27.8%	5,501 +21.9%
Debt
Long-term debt	—	59 -2.7%	60 -88.6%	530 +164.8%	200	—	—	—	—	—
Lease liabilities	49 -38.3%	80 -30.3%	115 -15.0%	135 -19.3%	167 +35.5%	123 +82.4%	68	—	—	—
Total debt	49 -64.4%	139 -20.8%	175 -73.7%	665 +81.0%	367 +197.6%	123 +82.4%	68	—	—	—
Net cash	12,597 +13.0%	11,143 +70.5%	6,536 -3.0%	6,737 -0.7%	6,786 +33.0%	5,103 +29.7%	3,933	—	—	—
Ratios
Current ratio	3.45x	3.09x	2.65x	2.32x	2.24x	2.31x	2.23x	1.96x	2.61x	2.56x
Debt to equity	0.00x	0.01x	0.01x	0.04x	0.02x	0.01x	0.01x	—	—	—
Debt to EBITDA	0.01x	0.03x	0.04x	0.20x	0.12x	0.04x	0.03x	—	—	—
Return on equity	21.71%	21.82%	23.62%	18.95%	17.81%	15.01%	34.87%	14.32%	23.72%	30.88%
Return on assets	15.72%	15.44%	15.79%	11.49%	11.05%	8.69%	19.11%	7.45%	15.27%	20.32%
Book value per share	7.18	6.00	5.45	4.71	4.57	3.76	2.73	2.06	2.14	1.68

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Services-Prepackaged Software (SIC 7372)
Listed as: NTES (Nasdaq), NETTF (OTC)
Incorporated in: Cayman Islands
Headquarters: Kowloon, Hong Kong
SEC filer status: Large accelerated filer
SEC CIK: 1110646
Former names: NETEASE.COM, INC. (until Mar 22, 2012); NETEASE COM INC (until Jul 8, 2004)

Other Services-Prepackaged Software companies

All 290 Services-Prepackaged Software companies

Source: SEC EDGAR filings. This is company-reported data, not investment advice.