NetEase (NTES) Operating Margin (2009 - 2026)
NetEase (NTES) reported Operating Margin of 40.16% for the quarter ended Jun 30, 2026, up 7.67 percentage points from 32.49% a year earlier but down 1.22 percentage points from the prior quarter.
NetEase (NTES) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, NetEase's Operating Margin came in at 35.34%, up 3.93 percentage points year-over-year; for the year ended Dec 31, 2025, it came in at 31.82%, up 3.72 percentage points from the prior year.
- Operating Margin has increased for four consecutive years, with a five-year change of +12.08 percentage points (years ended Dec 2020 to Dec 2025).
- By year, Operating Margin came in at 28.10% in the year ended Dec 31, 2024 (+1.32 pp), 26.78% in the year ended Dec 31, 2023 (+6.44 pp), 20.34% in the year ended Dec 31, 2022 (+1.60 pp) and 18.74% in the year ended Dec 31, 2021 (-1.00 pp).
- Five-year quarterly Operating Margin spans a low of 17.01% in the quarter ended Sep 30, 2021 and a high of 41.37% in the quarter ended Mar 31, 2026.
- Year over year, Operating Margin has now increased in each of the last seven quarters, with an average year-over-year change of +3.89 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was the quarter ended Sep 30, 2023 (a gain of 8.30 percentage points); the low point was the quarter ended Dec 31, 2022 (a drop of 1.42 percentage points).
- Per Business Quant data, the three quarters before the quarter ended Jun 30, 2026 came in at 41.37% (quarter ended Mar 31, 2026), 30.20% (quarter ended Dec 31, 2025) and 28.26% (quarter ended Sep 30, 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Alphabet | 3,893.85 Bn | 3,651.37 Bn | 73.85 Bn | 34.03% |
| 2 | Meta Platforms | 1,633.93 Bn | 1,336.45 Bn | 49.47 Bn | 30.88% |
| 3 | Netflix | 271.96 Bn | 233.26 Bn | 6.80 Bn | 34.63% |
| 4 | Alibaba Group Holding | 231.45 Bn | 45.22 Bn | 15.11 Bn | 5.64% |
| 5 | Shopify | 218.36 Bn | 195.54 Bn | 1.71 Bn | 13.62% |
| 6 | Uber Technologies | 135.44 Bn | 107.24 Bn | 6.38 Bn | 13.32% |
| 7 | Booking Holdings | 119.78 Bn | 52.83 Bn | - | 34.00% |
| 8 | Spotify Technology | 119.39 Bn | 76.31 Bn | 1.89 Bn | 13.52% |
| 9 | PDD Holdings | 110.49 Bn | -133.29 Bn | 9.45 Bn | 24.71% |
| 10 | NetEase | 75.68 Bn | 33.93 Bn | 3.13 Bn | 40.16% |
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% |
NetEase Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=NTES&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "NTES", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=NTES&period=max&api_key=YOUR_API_KEY");
const data = await res.json();