Joyy (JOYY) Gross Margin (2011 - 2026)
Joyy (JOYY) posted quarterly Gross Margin of 35.34% for Q4 2025, down 175.0% year-over-year from 47.12% in Q4 2024, and down 1.15% quarter-over-quarter from 35.75% in Q3 2025.
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Analysis
Joyy (JOYY) Gross Margin (2011 - 2026) Analysis & Trends
Joyy's Gross Margin history runs 15 years deep, the most recent figure standing at 35.34% for Q4 2025.
- In Q4 2025, Gross Margin fell 175.0% year-over-year to 35.34%; the TTM figure through Dec 2025 stood at 35.9% (down 13.0% YoY), while the FY2025 annual figure was 35.9%, down 13.0% from the prior year.
- Gross Margin for Q4 2025 stood at 35.34%, down from 35.75% in the prior quarter.
- The five-year high for Gross Margin was 37.53% in Q3 2022, with the low at 30.74% in Q2 2021.
- The 5-year median for Gross Margin is 35.35% (2023), against an average of 35.04%.
- The sharpest annual moves came in 2022 and 2025: Gross Margin jumped 590 bps in 2022, then tumbled 175 bps in 2025.
- Joyy's Gross Margin stood at 33.68% in 2021, then gained by 4 bps to 35.1% in 2022, then increased by 1 bps to 35.36% in 2023, then climbed by 5 bps to 37.09% in 2024, then retreated by 5 bps to 35.34% in 2025.
- Business Quant data shows JOYY's Gross Margin at 35.34% in Q4 2025, 35.75% in Q3 2025, and 36.48% in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 4,083.83 Bn | 3,654.79 Bn | 73.85 Bn | 61.65% |
| 2 | Meta Platforms | 1,456.07 Bn | 1,365.81 Bn | 49.47 Bn | 81.37% |
| 3 | Spotify Technology | 111.71 Bn | 104.79 Bn | 1.86 Bn | 33.41% |
| 4 | Nebius | 50.03 Bn | 40.93 Bn | 448.70 Mn | 77.06% |
| 5 | 28.44 Bn | 25.65 Bn | 734.60 Mn | 91.27% | |
| 6 | Bilibili | 13.59 Bn | 11.45 Bn | 433.97 Mn | 37.22% |
| 7 | Tencent Music Entertainment | 12.71 Bn | 9.21 Bn | 582.00 Mn | - |
| 8 | 12.21 Bn | 10.93 Bn | 922.30 Mn | 78.18% | |
| 9 | Match | 9.45 Bn | 8.86 Bn | 648.84 Mn | 76.06% |
| 10 | Joyy | 3.93 Bn | 3.42 Bn | 201.60 Mn | 34.13% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 34.13% |
| Mar 31, 2026 | 34.06% |
| Dec 31, 2025 | 35.34% |
| Sep 30, 2025 | 35.75% |
| Jun 30, 2025 | 36.48% |
| Mar 31, 2025 | 36.13% |
| Dec 31, 2024 | 37.09% |
| Sep 30, 2024 | 37.25% |
| Jun 30, 2024 | 35.20% |
| Mar 31, 2024 | 34.60% |
| Dec 31, 2023 | 35.36% |
| Sep 30, 2023 | 36.88% |
| Jun 30, 2023 | 36.13% |
| Mar 31, 2023 | 35.06% |
| Dec 31, 2022 | 35.10% |
| Sep 30, 2022 | 37.53% |
| Jun 30, 2022 | 36.64% |
| Mar 31, 2022 | 32.25% |
| Dec 31, 2021 | 33.68% |
| Sep 30, 2021 | 32.40% |