HUYA Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data HUYA Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	678	1,203	1,673	1,781	1,337	985	833	930
Cost of revenue	572	990	1,325	1,530	1,248	870	722	805
Gross profit	106	213	348	251	88.6	115	111	125
Research and development	38.6	73.1	113	129	98.6	81.5	70.2	71
Selling and marketing	27.5	63	85.5	119	70	62.1	37.5	38.1
General and administrative	41.8	50.7	68.2	51.3	46.5	45.2	34.9	44.2
Operating expenses	108	187	266	299	215	189	143	153
Operating income	3.88	37.5	111	-4.73	-102	-62.5	-26	-23.2
Interest income	22.8	43.7	48	38.8	43.2	67.6	53.6	27.3
Pre-tax income	-306	81.4	158	40.7	-66.4	-26.9	-4.72	-13.9
Income tax				8.67	4.04	1.86	1.85	1.83
Net income	-282	67.2	136	91.6	-70.6	-28.8	-6.57	-16.1
EBITDA	7.78	44.1	120	3.09	-96.1	-55.9	-20.5	-18.2
EPS, basic	-2.19	0.31	0.60	0.38	-0.29	-0.12	-0.03	-0.07
EPS, diluted	-2.19	0.29	0.57	0.38	-0.29	-0.12	-0.03	-0.07
Shares, basic (weighted)	167	215	227	238	241	243	232	229
Shares, diluted (weighted)	167	232	239	242	241	243	232	229

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	103	160	505	281	95	72.1	163	99
Short-term investments	43.7	319	185	128	0.45	0
Receivables	6.38	8.86	10.9	13.8	11	9.05	10.4	34.1
Other current assets	46.5	57.5	75.9	104	92.4	78.4	71.7	78.2
Total current assets	959	1,521	1,727	1,870	1,516	1,148	834	702
Property, plant and equipment	12.7	13.9	14.5	12.5	29.1	46	66.3	86.4
Lease right-of-use assets		14.8	13.4	62	50	53.4	46.5	43.5
Goodwill						64.4	63.5	64.8
Intangible assets	7.56	6.48	9.62	13.2	8.38	22.8	21	18.3
Long-term investments	32	54.5	71.6	95.5	131	106	60.4	42.4
Total assets	1,034	1,633	1,902	2,080	1,906	1,820	1,311	958
Accounts payable	1.34	0.54	1.55	1.97	3.27	2.11	9.13	34
Deferred revenue	2.1	7.32	74.5	72.1	64.6	58.1	36.4	32.6
Total current liabilities	201	351	365	404	319	304	265	247
Lease liabilities		10.1	8.83	7.08	1.25	6.77	2.75	0.25
Total liabilities	213	385	404	431	334	324	276	255
Paid-in capital	1,115	1,448	1,757	1,846	1,729	1,690	1,215	925
Retained earnings	-353	-285	289	204	-259	-289	-288	-317
Treasury stock						-29.1	-14.8	-18.3
Other comprehensive income	53.3	75.3	11.1	-12	84.8	107	105	97
Shareholders' equity	821	1,248	1,498	1,649	1,572	1,496	1,034	704
Total equity	821	1,248	1,498	1,649	1,572	1,496	1,034	704
Total liabilities and equity	1,034	1,633	1,902	2,080	1,906	1,820	1,311	958

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-282	67.2	136	91.6	-70.6	-28.8	-6.57	-16.1
Depreciation and amortization	3.9	6.53	8.96	7.83	6.29	6.59	5.47	5.07
Stock-based compensation	33	40.5	62.6	45.5	22.7	11	8.84	10.5
Deferred income tax	-7.41	-2.14	2.85	5.04	3.05	-0.56	-0.55	-0.58
Change in receivables	-2.13	-2.57	-2	-2.52	1.75	0.66	-1.24	-23.4
Change in payables	-0.54	0.01	0.66	0.6	-0.44	0.63	6.89	25.1
Cash from operations	104	279	190	51.4	-63.4	-4.52	12.9	-25.2
Capital expenditures	-10.9	-8.79	-8.34	-6.2	-22.7	-17.4	-25.5	-24
Acquisitions						-76.9	-3.94
Purchases of investments	0
Sales and maturities of investments	1.45			87.1	0	0
Cash from investing	-664	-529	154	-295	-123	7.5	504	312
Stock issued	176	3.3	40.7	1.68	0.88	0.02	0.09	0
Share buybacks						-28.5	-34	-12.9
Dividends paid							-391	-344
Cash from financing	600	306	40.7	1.68	0.88	-28.5	-425	-357
Exchange rate effect	-1.51	1.65	25.5	11	-13.4	-1.85	-1.05	1.74
Net change in cash	40.3	56.6	385	-242	-186	-25.5	91.5	-69.9
Free cash flow	93.5	271	182	45.2	-86.1	-21.9	-12.6	-49.2
Income taxes paid		12.2	28.5	15.1	-12.7	-1.25	-1.85	0.88

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $2.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.4%	Gross profit / revenue.
Operating margin	-2.5%	Operating income / revenue.
EBITDA margin	-2.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.5%	Pre-tax income / revenue.
Net margin	-1.7%	Net income / revenue.
FCF margin	-5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-2.7%	Cash from operations / revenue.
Return on equity (ROE)	-1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.4%	Net income / average total assets.
Return on invested capital (ROIC)	-2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.6%	Research and development expense / revenue.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-18.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-295.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-32.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-23.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-14.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-26.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-20.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-12.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.84x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	26.6%	Total liabilities / total assets.
Working capital	$454.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$620.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.82x	Revenue / average total assets.
Fixed asset turnover	12.2x	Revenue / average property, plant and equipment.
Receivables turnover	41.8x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.07	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.06	Revenue / diluted weighted shares.
FCF per share	-$0.21	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.11	Cash from operations / diluted weighted shares.
Book value per share	$3.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.71	Tangible book value / shares outstanding.
Cash per share	$0.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$525.2M	Share price x shares outstanding.
Enterprise value	$426.2M	Market cap + total debt - cash - short-term investments.
P/S	0.56x	Market cap / revenue.
P/B	0.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.85x	Market cap / tangible book value, when positive.
EV/Sales	0.46x	Enterprise value / revenue.
FCF yield	-9.4%	Free cash flow / market cap.
Earnings yield	-3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	65.6%	Dividends paid over the period / market cap.
Shareholder yield	68.0%	(Dividends paid + share buybacks) / market cap.

What was HUYA Inc.'s revenue in fiscal 2025?

HUYA Inc. reported revenue of $929.8M for fiscal 2025, 11.6% higher than the year before.

Was HUYA Inc. profitable in fiscal 2025?

No. It reported a net loss of $16.1M.

How much free cash flow did HUYA Inc. generate in fiscal 2025?

Cash from operations of $25.2M minus capital expenditures of $24.0M left free cash flow of -$49.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to HUYA Inc.