NetEase (NTES) Operating Margin (2009 - 2026)
NetEase's (NTES) quarterly Operating Margin came in at 41.37% in Q1 2026, up 516.0% YoY from 6.72% in Q1 2025, and up 37.0% on a QoQ basis from 30.2% in Q4 2025.
NetEase (NTES) Operating Margin (2009 - 2026) Analysis & Trends
NetEase (NTES) has 18 years of Operating Margin data on file, last reported at 41.37% in Q1 2026.
- Quarterly Operating Margin rose 516.0% year-over-year to 41.37% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 33.33% (up 314.0% YoY) and the FY2025 annual result came in at 31.82%, up 372.0% from the prior year.
- Operating Margin grew to 41.37% in Q1 2026, from 30.2% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 41.37% in Q1 2026 to a low of 17.49% in Q4 2022.
- A 5-year average of 27.62% and a median of 27.71% in 2023 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin tumbled 142 bps — and 2023, when it surged 830 bps.
- Tracing NTES's Operating Margin over 5 years: stood at 17.49% in 2022, then soared by 45 bps to 25.31% in 2023, then rose by 16 bps to 29.24% in 2024, then increased by 3 bps to 30.2% in 2025, then soared by 37 bps to 41.37% in 2026.
- The last three Operating Margin figures came in at 41.37% (Q1 2026), 30.2% (Q4 2025), and 28.26% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | NetEase | 76.41 Bn | -13,107,909.00 Bn | 3.06 Bn | 41.37% |
| 2 | Electronic Arts | 52.84 Bn | 50.56 Bn | 1.71 Bn | 25.83% |
| 3 | Take Two Interactive Software | 44.66 Bn | 42.84 Bn | 882.50 Mn | -2.31% |
| 4 | Roblox | 27.67 Bn | 24.66 Bn | 1.18 Bn | -15.59% |
| 5 | Playtika Holding | 896.31 Mn | 457.81 Mn | 538.20 Mn | 18.41% |
| 6 | DoubleDown Interactive | 632.30 Mn | 177.08 Mn | 71.22 Mn | 38.72% |
| 7 | Gravity | 490.49 Mn | 490.06 Mn | 34,891.11 | 17.04% |
| 8 | Sohu.com | 366.49 Mn | -466.48 Mn | 106.58 Mn | -13.50% |
| 9 | Gdev | 202.43 Mn | 202.43 Mn | - | - |
| 10 | Meridian Holdings | 176.93 Mn | 159.61 Mn | 26.85 Mn | 4.86% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 18.31% |