Joyy (JOYY) Gross Margin (2011 - 2025)
Joyy (JOYY) recorded quarterly Gross Margin of 35.34% in Q4 2025, down 1.15% quarter-over-quarter from 35.75% in Q3 2025, and down 175.0% on a YoY basis from 47.12% in Q4 2024.
Joyy (JOYY) Gross Margin (2011 - 2025) 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 was 35.34% for Q4 2025 at Joyy, down from 35.75% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 37.53% in Q3 2022 to a low of 30.74% in Q2 2021.
- Historically, Gross Margin has averaged 34.94% across 5 years, with a median of 35.34% in 2025.
- The sharpest annual moves came in 2022 and 2025: Gross Margin surged 590 bps in 2022, then plunged 175 bps in 2025.
- A 5-year view of Gross Margin shows it stood at 33.68% in 2021, then advanced by 4 bps to 35.1% in 2022, then rose by 1 bps to 35.36% in 2023, then grew by 5 bps to 37.09% in 2024, then decreased by 5 bps to 35.34% in 2025.
- The last three Gross Margin figures came in at 35.34% (Q4 2025), 35.75% (Q3 2025), and 36.48% (Q2 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Nebius | 1,913,603.98 Bn | 1,913,603.98 Bn | 295.20 Mn | 73.98% |
| 2 | Alphabet | 4,425.33 Bn | 4,209.71 Bn | 102.29 Bn | 93.08% |
| 3 | Meta Platforms | 1,502.66 Bn | 1,421.48 Bn | 46.09 Bn | 81.85% |
| 4 | Spotify Technology | 119.69 Bn | 109.44 Bn | 1.75 Bn | 32.98% |
| 5 | 33.22 Bn | 30.45 Bn | 511.94 Mn | 77.17% | |
| 6 | 13.64 Bn | 12.34 Bn | 768.96 Mn | 76.32% | |
| 7 | Kanzhun | 13.02 Bn | 10.92 Bn | 255.62 Bn | 85.23% |
| 8 | Snap | 9.72 Bn | 6.90 Bn | 1.29 Bn | 84.37% |
| 9 | Zillow | 8.26 Bn | 7.48 Bn | 519.00 Mn | 73.31% |
| 10 | Joyy | - | - | 205.64 Mn | 35.34% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| 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% |
| Jun 30, 2021 | 30.74% |
| Mar 31, 2021 | 31.12% |
| Dec 31, 2020 | 29.31% |