Netease, Inc. cash flow statement

In fiscal 2025, Netease, Inc.'s operations generated $7.06bn of cash; it spent $148m on capital projects, leaving free cash flow of $6.91bn. It returned $1.92bn in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Netease, Inc.: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	307	422	630	670	852	953	1,286	2,333	1,760	2,033	2,493	3,607	3,864	4,126	4,993	5,514	7,060
Depreciation and amortisation	21	34	45	37	26	28	29	49	117	312	379	501	508	426	432	336	313
Stock-based pay	5	15	19	32	50	57	109	149	294	375	348	386	472	473	458	540	508
Capital spending	60	44	63	28	36	87	138	171	245	329	175	153	248	313	325	177	148
Free cash flow	247	378	567	641	816	866	1,148	2,162	1,515	1,704	2,318	3,454	3,616	3,814	4,668	5,337	6,912
Free cash flow after stock pay	242	363	548	609	766	809	1,039	2,013	1,221	1,330	1,970	3,068	3,144	3,341	4,210	4,798	6,404
Dividends paid	—	—	—	—	133	322	234	384	482	218	1,280	620	544	1,001	1,133	1,552	1,924
Share buybacks	—	—	—	66	17	—	21	181	305	1,139	—	—	—	—	—	—	—
Shares issued	—	—	—	—	—	—	—	—	—	—	—	3,176	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Netease, Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Netease, Inc.