JOYY Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JOYY 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,182	1,782	2,293	3,674	2,028	2,619	2,412	2,268	2,238	2,124
Cost of revenue	735	1,080	1,457	657	1,378	1,781	1,559	1,455	1,432	1,362
Gross profit	447	702	836	244	540	838	852	813	806	763
Research and development	97.3	120	173	237	303	280	262	296	279	247
Selling and marketing	55.8	106	167	404	505	468	400	370	333	297
General and administrative	69.5	83.7	128	136	147	222	142	123	153	165
Operating expenses	225	311	469	777	955	970	819	788	1,220	709
Operating income	255	415	384	-515	-407	-107	50.7	28.8	-406	55.8
Interest expense	11.7	4.94	1.25	38.1	75.6	14.5	12.8	10.4	4.85	0.52
Other non-operating income	0	0
Pre-tax income	257	444	369	-94.7	13.7	-77.6	635	288	-228	216
Income tax	40.4	63.9	69.5	-20.1	27.8	25.7	34.6	18.9	13.5	16.4
Income from continuing operations				-64.8	-18.7	-116	129	302	-146	223
Net income to minority interests			-321
Net income	219	383	239	510	1,373	-80.3	129	302	-146	2,098
EBITDA	280	442	406	-475	-329	2	134	75.4	-380	84.9
EPS, basic	0.19	0.32	0.19	0.32	0.85	-0.06	0.08	0.27	-0.13	1.99
EPS, diluted	0.19	0.32	0.18	0.32	0.85	-0.06	0.08	0.24	-0.13	1.97
Shares, basic (weighted)	1,127	1,186	1,281	1,544	1,600	1,562	1,439	1,309	1,158	1,052
Shares, diluted (weighted)	1,216	1,217	1,294	1,544	1,600	1,562	1,645	1,463	1,158	1,065

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	243	402	873	559	1,743	1,837	1,214	1,064	445	374
Short-term investments	540	19.1	142	808	489	947	363	275	289	614
Receivables	24.4	23.7	28.9	109	143	114	118	131	122	154
Inventory	0.33	0.05	0
Other current assets	32.4	34.1	148	139	103	214	236	255	248	256
Total current assets	860	1,557	2,398	4,137	3,901	5,070	4,645	4,073	2,556	1,619
Property, plant and equipment	121	156	189	324	402	365	343	391	500	565
Lease right-of-use assets				39.6	21.6	16.6	33.2	30.2	20.5	21.2
Goodwill	2.06	1.8	1.71	1,856	1,872	1,958	2,649	2,649	2,194	2,194
Intangible assets	8.49	5.76	10.9	457	344	312	398	334	277	222
Long-term investments	132	177	668	339	1,239	1,022	660	545	531	24.1
Other non-current assets	14.7	22.2	32.6	56.6	10.8	4.88	12.6	16.8	19.1	8.07
Total assets	1,409	2,222	3,748	7,499	8,095	9,120	9,072	8,484	7,528	7,552
Accounts payable	19.7	11.7	16.7	17.9	21	18	56	66.8	84	71.6
Accrued liabilities					112	99.7	85.4	82.8	91	89.9
Deferred revenue	62	117	138	193	67.2	60.9	86	73.7	66.8	61.7
Short-term debt		90.4	0	80	113	0	37.3	52.1	34.9	10.7
Total current liabilities	676	483	560	1,097	944	2,512	3,072	3,086	2,674	874
Lease liabilities				23.4	8.12	5.73	21.6	18.4	9.95	12
Other non-current liabilities				1.65	0	7.37	0.44
Total liabilities	680	495	578	1,914	1,781	3,492	3,569	3,172	2,744	950
Paid-in capital	312	821	1,624	3,149	3,457	3,247	3,278	3,283	3,346	3,315
Retained earnings	393	802	1,006	1,475	2,882	2,713	2,685	2,947	2,797	4,699
Treasury stock				-24.1	-140	-527	-655	-914	-1,223	-1,302
Other comprehensive income	13.4	-1.48	48.9	128	18.5	69.2	-162	-197	-248	-208
Shareholders' equity	727	1,631	2,694	4,750	6,235	5,528	5,178	5,157	4,712	6,542
Minority interests	0.87	15.6	416	769	5.5	34.1	233	133	47.8	34.9
Total equity	728	1,647	3,115	5,507	6,241	5,562	5,411	5,290	4,760	6,577
Total liabilities and equity	1,409	2,222	3,748	7,499	8,095	9,120	9,072	8,484	7,528	7,552

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	218	386	308	547	1,380	-94	102	272	-243	2,087
Depreciation and amortization	25	27.2	22	40	77.5	109	83.4	46.6	25.4	29.1
Stock-based compensation	22.7	39.6	94.3	76.4	92.2	33.4	44.1	32	23.2	25.8
Deferred income tax	-1.12	0.6	7.22	-19.7	12.6	-9.81	-1.94	-11.8	-7.98	0.36
Change in receivables	-4.94	2.83	-6.64	-16.5	-55.8	28.1	-20.2	-32.4	-13.7	-45
Change in inventory	0.1	0.22	0.05	0	0
Change in payables	5.31	-6	1.27
Cash from operations	349	572	649	666	495	210	316	296	309	302
Capital expenditures	-23.4	-61.1	-48.6	-124	-151	-70.8	-69	-81.6	-83.7	-143
Acquisitions		-0.95	0	-240	-4.67	7.05	27.9	0	0
Purchases of investments	-1,156	-29.1	-340	-701	-910	-1,970	-419	-658	-370	-410
Sales and maturities of investments	3.26	13.3
Cash from investing	-257	-621	-916	-2,266	783	790	-510	420	-210	-456
Stock issued	0	454	-0.65	0	0	0	0	0.18	0.11	0.09
Share buybacks		0		-24.4	-106	-399	-138	-274	-259	-133
Dividends paid				0	-64.6	-160	-146	-84.2	0	-156
Cash from financing	1.53	214	606	1,375	-136	-724	-322	-842	-708	-288
Exchange rate effect			7.29	2.64	25	38.4	-53.2	0.68	5.79	1.11
Net change in cash		165	340	-225	1,142	276	-516	-126	-609	-442
Free cash flow	325	510	601	542	344	140	247	214	225	159
Interest paid	8.63	6.41	1.36	7.76	14.3	15.5	8.71	7.83	3.02	0.52
Income taxes paid	36.7	62.5	53.2	71.5	67.8	29.9	19.2	22.1	29.1	33.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $79.77 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.9%	Gross profit / revenue.
Operating margin	2.6%	Operating income / revenue.
EBITDA margin	4.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.2%	Pre-tax income / revenue.
Net margin	98.8%	Net income / revenue.
FCF margin	7.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.2%	Cash from operations / revenue.
Effective tax rate	7.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	37.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	27.8%	Net income / average total assets.
Return on invested capital (ROIC)	1.0%	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	11.6%	Research and development expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.7%	Capital expenditures / revenue.
D&A / revenue	1.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.6%	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	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	3.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 3y	-14.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	153.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	190.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	18.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-2.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-13.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	38.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	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	1.0%	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	0.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.9%	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	-1.4%	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	-8.0%	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	-13.5%	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	-7.8%	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	1.85x	Current assets / current liabilities.
Quick ratio	1.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.13x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.6%	Total liabilities / total assets.
Interest coverage	108x	Operating income / interest expense.
Working capital	$745.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.28x	Revenue / average total assets.
Fixed asset turnover	3.99x	Revenue / average property, plant and equipment.
Receivables turnover	15.4x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
FCF conversion	7.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	47.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.97	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	$1.99	Net income per basic share, as reported (split-adjusted).
Revenue per share	$1.99	Revenue / diluted weighted shares.
FCF per share	$0.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.28	Cash from operations / diluted weighted shares.
Book value per share	$6.14	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.87	Tangible book value / shares outstanding.
Cash per share	$0.93	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	97.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	83.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.13B	Share price x shares outstanding.
Enterprise value	$3.14B	Market cap + total debt - cash - short-term investments.
P/E	1.97x	Market cap / net income. Only when net income is positive.
P/S	1.94x	Market cap / revenue.
P/B	0.63x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.00x	Market cap / tangible book value, when positive.
P/FCF	25.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	1.48x	Enterprise value / revenue.
EV/EBIT	56.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	37.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	19.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	50.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.8%	Dividends paid over the period / market cap.
Shareholder yield	7.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.01x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

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

JOYY Inc. reported revenue of $2.12B for fiscal 2025, 5.1% lower than the year before.

Was JOYY Inc. profitable in fiscal 2025?

Yes. Net income was $2.10B, a net margin of 98.8%.

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

Cash from operations of $302.3M minus capital expenditures of $143.1M left free cash flow of $159.2M.

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.

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