NetEase (NTES) FCF Margin (2009 - 2026)
NetEase's (NTES) quarterly FCF Margin came in at 33.07% in Q2 2026, down 655.0% on a YoY basis from 5.96% in Q2 2025, and down 27.97% quarter-over-quarter from 45.91% in Q1 2026.
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NetEase (NTES) FCF Margin (2009 - 2026) Analysis & Trends
NetEase (NTES) has reported FCF Margin for 18 consecutive years, with 33.07% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, FCF Margin fell 655.0% year-over-year to 33.07%; the trailing twelve-month figure through Jun 2026 stood at 44.63% (up 96.0% YoY), and the FY2025 full-year result was 46.0%, up 710.0% from the prior year.
- FCF Margin declined to 33.07% in Q2 2026 per NTES's latest filing, from 45.91% in the prior quarter.
- Across five years, FCF Margin topped out at 54.31% in Q4 2025 and bottomed at 22.64% in Q1 2022.
- Historically, FCF Margin has averaged 38.09% across 5 years, with a median of 37.8% in 2023.
- The sharpest annual moves came in 2024 and 2025: FCF Margin tumbled 785 bps in 2024, then surged 1333 bps in 2025.
- Over 5 years, FCF Margin stood at 36.91% in 2022, then increased by 23 bps to 45.3% in 2023, then rose by 10 bps to 49.81% in 2024, then increased by 9 bps to 54.31% in 2025, then plunged by 39 bps to 33.07% in 2026.
- According to Business Quant data, FCF Margin over the past three periods registered 33.07%, 45.91%, and 54.31% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | NetEase | 73.81 Bn | 63.67 Bn | 3.13 Bn | 33.07% |
| 2 | Electronic Arts | 52.84 Bn | 50.56 Bn | 1.71 Bn | -16.01% |
| 3 | Take Two Interactive Software | 40.29 Bn | 38.47 Bn | 882.50 Mn | -12.63% |
| 4 | Roblox | 32.49 Bn | 29.45 Bn | 1.18 Bn | 20.15% |
| 5 | The9 | 3.01 Bn | 3.00 Bn | 319,000.00 | 105.46% |
| 6 | Playtika Holding | 881.03 Mn | 442.53 Mn | 538.20 Mn | 3.21% |
| 7 | DoubleDown Interactive | 628.34 Mn | 74.78 Mn | 71.22 Mn | 26.20% |
| 8 | Gravity | 495.39 Mn | 494.95 Mn | 34,891.11 | - |
| 9 | Sohu.com | 356.62 Mn | -476.01 Mn | 133.81 Mn | - |
| 10 | Gdev | 206.92 Mn | 124.67 Mn | - | 11.53% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 33.07% |
| Mar 31, 2026 | 45.91% |
| Dec 31, 2025 | 54.31% |
| Sep 30, 2025 | 46.66% |
| Jun 30, 2025 | 39.62% |
| Mar 31, 2025 | 43.57% |
| Dec 31, 2024 | 49.81% |
| Sep 30, 2024 | 41.80% |
| Jun 30, 2024 | 26.29% |
| Mar 31, 2024 | 37.14% |
| Dec 31, 2023 | 45.30% |
| Sep 30, 2023 | 38.46% |
| Jun 30, 2023 | 34.15% |
| Mar 31, 2023 | 26.57% |
| Dec 31, 2022 | 36.91% |
| Sep 30, 2022 | 32.93% |
| Jun 30, 2022 | 30.55% |
| Mar 31, 2022 | 22.64% |
| Dec 31, 2021 | 36.15% |
| Sep 30, 2021 | 30.19% |