NetEase, Inc.

NTESNASDAQTechnology● Active

$119.36

$-0.12(-0.10%)

Market Cap$76.2B

P/E Ratio—

52W High$159.55

52W Low$106.06

Avg Volume875K

Open$119.46

Beta0.80

Free Cash Flow Financials Revenue

NetEase, Inc. (NTES) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NTES · free cash flow · updated Jun 8, 2026

Core FCF metrics

NTES · FCF · TTM · margin & CAGR

Free cash flow was $48.32B for FY2025 (fiscal year ending 2025-12-31), up 29.0% year-over-year The FCF margin was 42.9%. Five-year CAGR stands at +17.5%.

FY2025 Free Cash Flow$48.32B▲ +29.0% YoY

Trailing 12M (TTM)$50.30Btrailing 4 quarters sum

FCF Margin42.9%$48.32B ÷ revenue

3-Year CAGR+24.5%FY2022 → FY2025

5-Year CAGR+17.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NTES · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$49.36B(1.04B)$48.32B▲ +29.0%42.9%

FY2024$39.68B(2.21B)$37.47B▲ +20.7%35.6%

FY2023$35.33B(4.28B)$31.06B▲ +23.9%30.0%

FY2022$27.71B(2.64B)$25.07B▲ +14.9%26.0%

FY2021$24.93B(3.11B)$21.82B▲ +1.0%24.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NTES · P/FCF · FCF yield · FCF per share

NetEase, Inc. (NTES) trades at a FCF yield of 9.77% and a price-to-free-cash-flow ratio of 1.5x. FCF per share stands at $78.79, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

9.77%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$78.79

TTM FCF ÷ Shares Outstanding

Price / FCF

x1.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x9.4

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NTES · cash flow statement · operating / investing / financing

For FY2025, NetEase, Inc. generated $49.36B in operating cash flow and spent 1.04B in capital expenditures, yielding $48.32B in free cash flow.

Operating Activities

+$49.36B

Cash from core business operations

2025-12-31

Investing Activities

−$32.18B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$19.71B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($49.36B) − |CapEx| (1.04B) = FCF ($48.32B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

NTES vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

NetEase, Inc.YOU

NTES

$48.32B+29.0%42.9%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

NetEase, Inc. (NTES) reported free cash flow of $48.32B for FY2025 (fiscal year ending 2025-12-31), up 29.0% year-over-year. The FCF margin was 42.9%.

Based on available data, NetEase, Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $48.32B in FY2025. The 5-year CAGR stands at +17.5%.

NetEase, Inc.'s FCF yield is 9.77% and price-to-FCF ratio is 1.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NTES free cash flow · 8 questions

NetEase, Inc. free cash flow was $48.32B for FY2025, up 29.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $50.30B.

NTES free cash flowNTES FCFNTES FCF 2025NTES free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · NetEase, Inc. · NetEase, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026