NetEase (NTES) Operating Margin (2009 - 2026)
NetEase's (NTES) quarterly Operating Margin came in at 40.16% in Q2 2026, up 767.0% on a YoY basis from 4.63% in Q2 2025, and down 2.95% quarter-over-quarter from 41.37% in Q1 2026.
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NetEase (NTES) Operating Margin (2009 - 2026) Analysis & Trends
NetEase (NTES) has reported Operating Margin for 18 consecutive years, with 40.16% the latest figure, recorded in Q2 2026.
- For the quarter ending Q2 2026, Operating Margin rose 767.0% year-over-year to 40.16%; the trailing twelve-month figure through Jun 2026 stood at 35.34% (up 393.0% YoY), and the FY2025 full-year result was 31.82%, up 372.0% from the prior year.
- Operating Margin slipped to 40.16% in Q2 2026 per NTES's latest filing, from 41.37% in the prior quarter.
- Across five years, Operating Margin topped out at 41.37% in Q1 2026 and bottomed at 17.49% in Q4 2022.
- Historically, Operating Margin has averaged 28.32% across 5 years, with a median of 27.99% in 2025.
- The sharpest annual moves came in 2022 and 2023: Operating Margin plunged 142 bps in 2022, then soared 830 bps in 2023.
- Over 5 years, Operating Margin stood at 17.49% in 2022, then surged by 45 bps to 25.31% in 2023, then advanced by 16 bps to 29.24% in 2024, then gained by 3 bps to 30.2% in 2025, then soared by 33 bps to 40.16% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 40.16%, 41.37%, and 30.2% for Q2 2026, Q1 2026, and Q4 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | NetEase | 73.81 Bn | 63.67 Bn | 3.13 Bn | 40.16% |
| 2 | Electronic Arts | 52.84 Bn | 50.56 Bn | 1.71 Bn | 25.83% |
| 3 | Take Two Interactive Software | 40.29 Bn | 38.47 Bn | 882.50 Mn | -2.31% |
| 4 | Roblox | 32.49 Bn | 29.45 Bn | 1.18 Bn | -15.59% |
| 5 | The9 | 3.01 Bn | 3.00 Bn | 319,000.00 | -1,883.71% |
| 6 | Playtika Holding | 881.03 Mn | 442.53 Mn | 538.20 Mn | 18.41% |
| 7 | DoubleDown Interactive | 628.34 Mn | 74.78 Mn | 71.22 Mn | 38.72% |
| 8 | Gravity | 495.39 Mn | 494.95 Mn | 34,891.11 | 17.04% |
| 9 | Sohu.com | 356.62 Mn | -476.01 Mn | 133.81 Mn | -13.50% |
| 10 | Gdev | 206.92 Mn | 124.67 Mn | - | 21.72% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 40.16% |
| Mar 31, 2026 | 41.37% |
| Dec 31, 2025 | 30.20% |
| Sep 30, 2025 | 28.26% |
| Jun 30, 2025 | 32.49% |
| Mar 31, 2025 | 36.22% |
| Dec 31, 2024 | 29.24% |
| Sep 30, 2024 | 27.27% |
| Jun 30, 2024 | 27.44% |
| Mar 31, 2024 | 28.39% |
| Dec 31, 2023 | 25.31% |
| Sep 30, 2023 | 27.71% |
| Jun 30, 2023 | 25.25% |
| Mar 31, 2023 | 28.83% |
| Dec 31, 2022 | 17.49% |
| Sep 30, 2022 | 19.41% |
| Jun 30, 2022 | 21.36% |
| Mar 31, 2022 | 23.38% |
| Dec 31, 2021 | 18.91% |
| Sep 30, 2021 | 17.01% |