v3.26.1
Consolidated Statements of Cash Flows
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 34,797,784 $ 4,976,016 ¥ 30,256,347 ¥ 29,357,223
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 2,247,427 321,378 2,417,894 3,055,260
Fair value changes of equity security, other investments and financial instruments (1,159,449) (165,799) (841,901) (535,316)
Impairment losses on investments 2,724,476 389,595 1,291,627 469,159
Share-based compensation cost 3,647,662 521,609 3,882,939 3,242,810
Allowance for expected credit losses 367,513 52,554 68,934 61,146
Losses/(gains) on disposal of property, equipment and software (30,286) (4,331) (4,758) 5,676
Unrealized exchange losses/(gains) 688,913 98,513 (719,162) 119,935
Gains on disposal of long-term investments, business, subsidiaries and other financial instruments (440,913) (63,050) (272,415) (63,784)
Deferred income taxes (1,254,125) (179,337) 320,726 131,437
Share of results on equity method investees and revaluation results from previously held equity interest 1,537,721 219,891 155,568 (473,947)
Fair value changes of short-term investments (1,108,409) (158,500) (530,607) (414,207)
Changes in operating assets and liabilities:        
Accounts receivable 264,073 37,762 716,375 (1,470,374)
Inventories (117,634) (16,821) 123,780 296,764
Prepayments and other assets 100,708 14,401 (809,590) 87,556
Accounts payable (71,615) (10,241) 91,142 (559,419)
Salary and welfare payables 128,573 18,386 (210,918) (62,917)
Taxes payable 1,112,836 159,133 187,788 (244,261)
Contract liabilities 5,435,054 777,202 2,022,196 1,161,861
Accrued liabilities and other payables 1,869,491 267,334 1,530,848 1,166,673
Net cash provided by operating activities 50,739,800 7,255,695 39,676,813 35,331,275
Cash flows from investing activities:        
Purchase of property, equipment and software (1,065,376) (152,347) (1,275,400) (2,301,554)
Proceeds from sale of property, equipment and software 45,886 6,562 14,533 10,302
Purchase of intangible assets, content and licensed copyrights (987,089) (141,151) (930,988) (1,974,323)
Net changes of short-term investments with terms of three months or less (6,874,340) (983,017) (408,256) (1,777,687)
Purchase of short-term investments with terms over three months (21,640,000) (3,094,479) (8,235,000)  
Proceeds from maturities of short-term investments with terms over three months 17,575,388 2,513,247 2,853,778 5,378,510
Investment in equity method investees (268,860) (38,446) (513,397) (444,557)
Investment / prepayment for other equity investments and acquisition of subsidiaries (4,276,863) (611,584) (589,629) (2,387,129)
Proceeds from disposal of long-term investments, businesses, subsidiaries and other financial instruments 3,041,482 434,926 2,822,585 152,564
Placement/rollover of matured time deposits (166,696,968) (23,837,349) (154,792,305) (124,693,598)
Proceeds from maturities of time deposits 147,925,757 21,153,102 179,377,113 111,417,969
Change in other long-term assets 39,639 5,668 (406,632) (423,928)
Net cash (used in)/provided by investing activities (33,181,344) (4,744,868) 17,916,402 (17,043,431)
Cash flows from financing activities:        
Net changes from short-term loans with terms of three months or less 243,636 34,840 (6,656,988) (13,654,704)
Proceeds of loans with terms over three months 5,552,800 794,040 13,920,080 13,569,160
Payment of loans with terms over three months (11,595,012) (1,658,065) (14,739,347) (8,219,472)
Dividends paid to shareholders (13,825,681) (1,977,046) (11,165,338) (8,013,903)
Net amounts received related to capital contribution from or repurchase of noncontrolling interests shareholders 103,808 14,844 136,006 86,159
Net amounts paid for repurchase of NetEase's ADSs/purchase of subsidiaries' ADSs and shares (639,335) (91,424) (8,830,115) (5,234,294)
Net cash used in financing activities (20,159,784) (2,882,811) (27,335,702) (21,467,054)
Effect of exchange rate changes on cash, cash equivalents and restricted cash held in foreign currencies (382,454) (54,690) 10,752 (202,457)
Net (decrease)/increase in cash, cash equivalents and restricted cash (2,983,782) (426,674) 30,268,265 (3,381,667)
Cash, cash equivalents and restricted cash, at the beginning of the year 54,474,923 7,789,810 24,206,658 27,588,325
Cash, cash equivalents and restricted cash, at end of the year 51,491,141 7,363,136 54,474,923 24,206,658
Supplemental disclosures of cash flow information:        
Cash paid for income taxes, net 6,427,207 919,078 5,189,585 4,895,752
Cash paid for interest expenses 387,982 55,481 489,622 779,872
Supplemental schedule of non-cash investing and financing activities:        
Fixed asset purchases financed by accounts payable and accrued liabilities ¥ 673,296 $ 96,280 ¥ 1,024,116 ¥ 1,026,852