Cash Flow Statement

Operating Cash Flow

+81%

+121%

10Y

Currency: CNY

	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	932	1 072	1 143	1 199	1 243	1 251	1 249	1 194	1 264	1 232	1 358	1 411	1 597	1 744	1 774	1 854	1 837	1 869	1 887	2 070	2 232	2 517	2 789	3 027	3 223	3 420	3 521	3 490	3 587	3 724	3 951	4 212	4 445	4 502	4 639	4 765	4 796	4 975	5 195	5 956	6 837	8 033	9 375	10 240	11 793	13 302	13 513	13 259	10 849	7 643	6 911	5 991	6 477	8 136	8 991	20 128	21 431	22 919	24 452	14 487	12 330	12 893	11 718	12 248	16 976	16 778	18 399	21 696	19 843	22 238	25 301	26 491	29 357	30 449	29 118	28 014	30 256	33 001	35 261	37 347
Depreciation & Amortization	41	48	56	64	78	88	95	99	99	99	98	96	91	89	86	106	144	180	219	233	232	239	256	274	293	299	295	272	234	200	168	156	158	159	153	150	174	175	183	193	182	208	242	285	328	410	503	624	802	1 022	1 322	1 676	2 084	2 298	2 461	2 600	2 614	2 723	2 981	3 191	3 458	3 588	3 510	3 402	3 276	3 222	3 017	2 925	2 858	3 174	3 227	3 165	3 055	2 541	2 512	2 380	2 418	2 331	2 127	2 225
Change in Deffered Taxes	(20)	4	(0)	4	(8)	(10)	(13)	(18)	(54)	(51)	(31)	(1)	47	30	13	(24)	(43)	(14)	(64)	(23)	9	(12)	4	(48)	(42)	(50)	(33)	(3)	(32)	246	273	215	142	(78)	(179)	(96)	(117)	(117)	(212)	(228)	(147)	(206)	28	62	67	(194)	(138)	(369)	(438)	(132)	(6)	(21)	(70)	206	441	522	151	60	94	(342)	88	203	(93)	765	408	395	23	(520)	490	752	587	516	131	39	(907)	110	321	164	590	(1 055)
Stock-Based Compensation	0	0	0	0	101	122	149	175	95	94	67	41	68	59	68	74	31	46	69	84	102	172	100	143	122	213	312	296	203	75	97	132	306	306	297	310	349	452	547	618	684	730	798	907	990	1 198	1 465	1 685	1 985	2 157	2 276	2 428	2 472	2 507	2 456	2 399	2 404	2 449	2 573	2 657	2 663	2 648	2 656	2 668	3 041	3 137	3 202	3 301	3 174	3 250	3 274	3 306	3 243	3 315	3 606	3 764	3 883	2 668	2 535	2 459
Other Non-Cash Items	20	49	85	105	128	111	108	118	143	198	207	264	246	242	166	57	44	36	174	157	195	144	50	175	238	285	372	317	221	231	201	242	334	318	323	341	382	493	598	584	526	564	751	850	661	882	1 042	1 397	2 179	2 721	2 650	2 319	2 448	3 093	2 935	(6 827)	(6 621)	(7 634)	(7 968)	2 572	4 240	3 383	3 838	3 908	1 079	2 740	2 302	(637)	1 021	387	(540)	2 216	2 411	2 390	4 184	4 835	3 030	2 572	2 369	3 023
Cash Taxes Paid	68	90	109	134	125	145	125	36	72	60	128	136	250	262	292	381	294	311	299	301	252	281	258	273	371	425	540	618	649	695	678	408	687	576	530	0	551	824	1 080	1 322	1 124	1 375	1 155	1 331	1 097	1 708	2 276	3 071	2 713	2 160	1 961	1 347	2 007	2 091	2 117	2 426	3 194	2 860	2 847	2 888	2 046	2 394	3 086	3 036	3 547	4 512	4 327	4 979	5 092	4 652	5 222	4 836	4 896	5 004	6 227	5 617	5 190	5 213	4 549	5 962
Cash Interest Paid	3	6	3	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	109	224	298	431	419	359	334	246	193	186	191	188	181	226	367	588	826	1 060	972	780	651	477	537	490	441	352	394
Change in Working Capital	132	140	70	(99)	155	28	62	104	(72)	114	143	161	37	(15)	82	(98)	113	132	187	229	187	259	299	302	362	486	172	56	214	34	11	124	156	438	510	418	638	622	62	378	679	646	1 299	1 786	2 640	2 027	541	(1 525)	(1 503)	(1 491)	(1 478)	1 397	2 477	1 164	2 577	1 219	(358)	2 263	1 078	2 277	4 771	3 863	4 908	4 449	3 188	831	2 135	3 604	3 497	2 576	1 600	145	376	3 469	2 835	3 134	3 652	4 159	6 210	7 390
Cash from Operating Activities	1 105 N/A	1 313 +19%	1 354 +3%	1 274 -6%	1 596 +25%	1 467 -8%	1 501 +2%	1 496 0%	1 380 -8%	1 592 +15%	1 774 +11%	1 930 +9%	2 018 +5%	2 091 +4%	2 122 +1%	1 896 -11%	2 094 +10%	2 203 +5%	2 403 +9%	2 666 +11%	2 855 +7%	3 148 +10%	3 398 +8%	3 731 +10%	4 073 +9%	4 440 +9%	4 326 -3%	4 132 -5%	4 224 +2%	4 435 +5%	4 604 +4%	4 950 +7%	5 236 +6%	5 338 +2%	5 446 +2%	5 577 +2%	5 873 +5%	6 148 +5%	5 827 -5%	6 881 +18%	8 077 +17%	9 245 +14%	11 695 +27%	13 223 +13%	15 488 +17%	16 427 +6%	15 461 -6%	13 387 -13%	11 889 -11%	9 763 -18%	9 400 -4%	11 362 +21%	13 416 +18%	14 897 +11%	17 405 +17%	17 641 +1%	17 216 -2%	20 331 +18%	20 637 +2%	22 185 +7%	24 888 +12%	23 930 -4%	23 881 0%	24 772 +4%	24 927 +1%	23 967 -4%	25 875 +8%	27 069 +5%	27 709 +2%	29 127 +5%	30 175 +4%	32 532 +8%	35 331 +9%	38 888 +10%	37 741 -3%	38 473 +2%	39 677 +3%	42 226 +6%	46 556 +10%	48 929 +5%
Investing Cash Flow
Capital Expenditures	(93)	(93)	(103)	(124)	(143)	(154)	(127)	(91)	(98)	(82)	(94)	(154)	(175)	(182)	(606)	(620)	(613)	(650)	(284)	(289)	(298)	(379)	(376)	(341)	(450)	(333)	(306)	(310)	(179)	(191)	(177)	(152)	(220)	(225)	(282)	(387)	(618)	(698)	(941)	(1 027)	(1 031)	(1 154)	(1 082)	(1 018)	(1 140)	(1 284)	(1 604)	(2 067)	(2 524)	(3 144)	(4 227)	(6 839)	(6 886)	(7 099)	(6 007)	(3 302)	(3 329)	(2 579)	(3 083)	(3 650)	(3 290)	(3 575)	(3 487)	(3 007)	(3 110)	(3 247)	(2 789)	(2 872)	(2 643)	(3 230)	(3 504)	(4 180)	(4 276)	(3 400)	(3 165)	(2 381)	(2 206)	(2 355)	(2 290)	(2 163)
Other Items	(1 526)	(1 712)	(1 863)	(1 251)	(1 076)	(671)	(962)	(47)	1 051	283	325	(1 661)	(3 234)	(3 234)	(2 570)	(879)	(1 295)	(964)	(1 337)	(2 085)	(2 323)	(2 586)	(3 316)	(3 173)	(2 758)	(3 814)	(4 824)	(4 599)	(4 275)	(4 109)	(3 801)	(4 739)	(5 233)	(3 895)	(4 535)	(3 276)	(3 902)	(2 814)	(158)	(655)	(1 506)	(3 864)	(7 477)	(11 166)	(10 721)	(14 635)	(13 310)	(9 261)	(10 331)	(5 176)	(5 650)	(2 493)	(6 684)	(10 143)	(10 736)	(20 120)	(18 808)	(17 295)	(33 678)	(33 534)	(25 902)	(30 264)	(15 638)	12 541	(3 968)	(7 743)	(3 842)	(23 929)	(4 726)	(10 494)	2 552	1 725	(12 768)	16 609	(10 067)	(11 056)	20 123	(5 429)	13 250	(10 777)
Cash from Investing Activities	(1 619) N/A	(1 805) -11%	(1 967) -9%	(1 375) +30%	(1 218) +11%	(825) +32%	(1 089) -32%	(138) +87%	952 N/A	201 -79%	231 +15%	(1 815) N/A	(3 409) -88%	(3 416) 0%	(3 176) +7%	(1 499) +53%	(1 908) -27%	(1 613) +15%	(1 621) -1%	(2 374) -46%	(2 621) -10%	(2 965) -13%	(3 691) -24%	(3 514) +5%	(3 208) +9%	(4 146) -29%	(5 130) -24%	(4 910) +4%	(4 454) +9%	(4 300) +3%	(3 978) +7%	(4 891) -23%	(5 453) -11%	(4 119) +24%	(4 817) -17%	(3 663) +24%	(4 520) -23%	(3 512) +22%	(1 099) +69%	(1 682) -53%	(2 537) -51%	(5 019) -98%	(8 559) -71%	(12 185) -42%	(11 861) +3%	(15 918) -34%	(14 914) +6%	(11 327) +24%	(12 855) -13%	(8 320) +35%	(9 877) -19%	(9 332) +6%	(13 570) -45%	(17 243) -27%	(16 742) +3%	(23 423) -40%	(22 137) +5%	(19 874) +10%	(36 761) -85%	(37 184) -1%	(29 192) +21%	(33 839) -16%	(19 126) +43%	9 534 N/A	(7 078) N/A	(10 991) -55%	(6 631) +40%	(26 801) -304%	(7 370) +73%	(13 724) -86%	(952) +93%	(2 455) -158%	(17 043) -594%	13 209 N/A	(13 232) N/A	(13 437) -2%	17 916 N/A	(7 784) N/A	10 960 N/A	(12 940) N/A
Financing Cash Flow
Net Issuance of Common Stock	0	109	(289)	(481)	(873)	(1 005)	(1 169)	(1 273)	(1 004)	(877)	(321)	(95)	(166)	(69)	(34)	(50)	41	43	17	27	24	49	51	63	73	64	57	35	(390)	(518)	(413)	(412)	(104)	2	(104)	(104)	3	0	0	(132)	(132)	(599)	(1 331)	(1 199)	(1 199)	(895)	(691)	(1 625)	(2 062)	(4 226)	(7 040)	(7 892)	(7 517)	(5 189)	(1 837)	(51)	11	(2 550)	16 262	14 038	10 421	10 949	(10 342)	(14 429)	(12 924)	(12 136)	(11 855)	(7 487)	(8 359)	(9 232)	(9 239)	(7 593)	(5 234)	(4 351)	(4 163)	(7 861)	(8 830)	(7 900)	(6 248)	(2 219)
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	(10)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1 006	1 006	1 006	1 006	794	1 071	1 071	1 071	(553)	87	87	87	917	0	684	1 495	2 185	3 168	2 941	3 105	5 511	7 335	7 143	6 210	3 870	216	1 479	2 972	4 757	7 910	7 482	4 041	3 691	7 101	(1 590)	1 708	4 835	3 449	7 415	4 845	3 404	(16 960)	(17 481)	(8 305)	(6 541)	(2 206)	(543)	(7 476)	(15 560)	(2 419)	(3 797)
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(815)	0	0	(815)	(1 938)	(2 212)	(2 510)	(1 983)	(1 174)	(1 214)	(1 286)	(1 468)	(1 707)	(2 011)	(2 325)	(2 546)	(2 910)	(3 274)	(3 326)	(3 258)	(2 656)	(1 867)	(1 665)	(1 440)	(1 538)	(1 960)	(2 350)	(8 841)	(9 354)	(9 856)	(10 310)	(4 280)	(3 615)	(3 779)	(3 429)	(3 508)	(4 931)	(5 056)	(5 645)	(6 724)	(6 253)	(6 968)	(7 774)	(8 014)	(11 747)	(11 892)	(11 442)	(11 165)	(11 805)	(12 622)	(13 233)
Other	106	(0)	(0)	(0)	45	0	0	0	44	0	0	(10)	18	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	0	0	(922)	(921)	1	1	923	922	130	130	130	130	(120)	(120)	(120)	(120)	0	500	812	872	912	(44)	79	1 159	4 335	4 858	4 640	3 629	6 941	6 425	6 373	6 249	(268)	1 686	1 531	1 561	2 139	530	0	0	0	24	47	58	86	104	132	112	136	136	128	155
Cash from Financing Activities	105 N/A	109 +4%	(289) N/A	(481) -66%	(829) -72%	(1 005) -21%	(1 169) -16%	(1 273) -9%	(960) +25%	(877) +9%	(321) +63%	(104) +67%	(157) -50%	(79) +50%	(44) +44%	(50) -13%	41 N/A	43 +5%	17 -60%	27 +59%	24 -11%	49 +105%	51 +4%	64 +24%	74 +16%	64 -13%	57 -11%	35 -39%	(390) N/A	(328) +16%	(330) -1%	(328) +0%	87 N/A	(325) N/A	(321) +1%	(620) -93%	(778) -25%	(1 594) -105%	(996) +38%	(1 200) -21%	(1 633) -36%	(1 509) +8%	(3 462) -129%	(2 959) +15%	(2 251) +24%	(1 121) +50%	15 N/A	(1 138) N/A	(1 303) -14%	(1 415) -9%	(1 494) -6%	(1 255) +16%	1 587 N/A	2 001 +26%	1 060 -47%	2 707 +155%	1 083 -60%	(723) N/A	20 689 N/A	17 460 -16%	9 913 -43%	12 712 +28%	(5 489) N/A	(17 888) -226%	(12 586) +30%	(11 702) +7%	(12 838) -10%	(5 129) +60%	(10 238) -100%	(11 954) -17%	(33 120) -177%	(32 789) +1%	(21 467) +35%	(22 535) -5%	(18 128) +20%	(19 733) -9%	(27 336) -39%	(35 129) -29%	(21 161) +40%	(19 094) +10%
Change in Cash
Effect of Foreign Exchange Rates	(30)	(38)	(40)	(23)	(28)	(28)	(23)	(17)	(95)	(162)	(205)	(231)	(141)	(65)	(18)	24	20	18	4	(11)	(14)	(5)	1	(1)	(9)	(16)	(22)	(16)	(4)	(15)	(9)	2	(2)	13	(2)	(17)	(11)	(15)	(11)	76	142	128	193	132	132	142	66	67	(13)	(45)	57	84	82	99	57	41	29	121	266	202	162	124	(81)	(42)	(55)	(113)	(13)	(24)	110	147	24	25	(202)	(261)	(205)	(277)	11	(3)	(43)	(93)
Net Change in Cash	(439) N/A	(421) +4%	(942) -124%	(606) +36%	(479) +21%	(392) +18%	(780) -99%	68 N/A	1 277 +1 776%	754 -41%	1 479 +96%	(220) N/A	(1 689) -666%	(1 469) +13%	(1 117) +24%	371 N/A	247 -33%	651 +164%	803 +23%	308 -62%	244 -21%	226 -7%	(240) N/A	279 N/A	930 +233%	343 -63%	(769) N/A	(759) +1%	(624) +18%	(207) +67%	288 N/A	(267) N/A	(132) +51%	908 N/A	306 -66%	1 278 +318%	564 -56%	1 027 +82%	3 721 +262%	4 075 +10%	4 049 -1%	2 845 -30%	(133) N/A	(1 788) -1 247%	1 508 N/A	(471) N/A	628 N/A	988 +57%	(2 282) N/A	(17) +99%	(1 914) -11 187%	859 N/A	1 515 +76%	(244) N/A	1 781 N/A	(3 033) N/A	(3 809) -26%	(145) +96%	4 831 N/A	2 664 -45%	5 771 +117%	2 927 -49%	(815) N/A	16 377 N/A	5 208 -68%	1 161 -78%	6 393 +450%	(4 885) N/A	10 211 N/A	3 596 -65%	(3 873) N/A	(2 686) +31%	(3 382) -26%	29 301 N/A	6 176 -79%	5 025 -19%	30 268 +502%	(690) N/A	36 312 N/A	16 802 -54%
Free Cash Flow
Free Cash Flow	1 012 N/A	1 220 +21%	1 251 +3%	1 150 -8%	1 453 +26%	1 313 -10%	1 374 +5%	1 405 +2%	1 282 -9%	1 510 +18%	1 680 +11%	1 776 +6%	1 843 +4%	1 909 +4%	1 516 -21%	1 276 -16%	1 481 +16%	1 554 +5%	2 119 +36%	2 377 +12%	2 557 +8%	2 769 +8%	3 023 +9%	3 390 +12%	3 623 +7%	4 108 +13%	4 020 -2%	3 821 -5%	4 045 +6%	4 244 +5%	4 428 +4%	4 798 +8%	5 016 +5%	5 114 +2%	5 164 +1%	5 191 +1%	5 255 +1%	5 449 +4%	4 885 -10%	5 854 +20%	7 046 +20%	8 090 +15%	10 614 +31%	12 205 +15%	14 348 +18%	15 143 +6%	13 857 -8%	11 320 -18%	9 365 -17%	6 619 -29%	5 172 -22%	4 522 -13%	6 530 +44%	7 798 +19%	11 399 +46%	14 339 +26%	13 887 -3%	17 752 +28%	17 555 -1%	18 535 +6%	21 598 +17%	20 355 -6%	20 393 +0%	21 765 +7%	21 817 +0%	20 719 -5%	23 086 +11%	24 196 +5%	25 066 +4%	25 897 +3%	26 671 +3%	28 352 +6%	31 055 +10%	35 488 +14%	34 577 -3%	36 092 +4%	37 470 +4%	39 871 +6%	44 266 +11%	46 766 +6%

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NetEase Inc
NASDAQ:NTES

Cash Flow Statement

Cash Flow Statement
NetEase Inc

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NetEase Inc NASDAQ:NTES

Cash Flow Statement

Cash Flow Statement NetEase Inc

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NetEase Inc
NASDAQ:NTES

Cash Flow Statement
NetEase Inc