NetEase (NTES) EBITDA margin US GAAP (year values)

FY2021 FY2022 FY2023 FY2024 FY2025   LTM ? 5 years average
EBITDA margin, % ? 22.5% 23.3% 29.7% 30.4% 38.2%   35.2%  
Changes by years, y/y, % -2pp +1pp +6pp +1pp +8pp     +29%

NetEase. EBITDA margin, %

NetEase. EBITDA margin, changes, pp

NetEase (NTES) EBITDA margin US GAAP (quarter values)

FY2025Q2 FY2025Q3 FY2025Q4 FY2026Q1 FY2026Q2   LTM ?
EBITDA margin, % ? 39.7% 37.8% 30.2% 45.1% 41.6%   35.2%
Changes by years, y/y, % +10pp +9pp -2pp +7pp +2pp    
Changes by quarters, q/q, % +2pp -2pp -8pp +15pp -3pp    

NetEase. EBITDA margin, %

NetEase. EBITDA margin, changes, pp

NetEase. EBITDA margin, changes, pp