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Adobe vs NetEase: revenue, profit, margins and growth compared

Adobe brought in $23.8B of revenue in fiscal 2025, NetEase $16.1B in fiscal 2025. Revenue changed by +10.5% at Adobe and +11.6% at NetEase on the year before, so NetEase grew faster. Adobe kept 30.0% of its revenue as net profit, NetEase 30.0%. Free cash flow was $9.9B at Adobe and $7.1B at NetEase.

Side by side, latest fiscal year

ADBENTES
Fiscal year endedFY2025 (November 28, 2025)FY2025 (December 31, 2025)
Revenue$23.8B$16.1B
Revenue growth+10.5%+11.6%
Net income$7.1B$4.8B
Net margin30.0%30.0%
Free cash flow$9.9B$7.1B
Free cash flow margin41.4%44.1%
Earnings per share (diluted)$16.70$1.50
Cash$5.4B$6.7B
Debt$6.2Bn/a
Price to earnings13.8n/a
Market value$91.8B$77.2B
Dividend yieldn/an/a
Rank by revenue in sector#31 of 731 · Technology#46 of 731 · Technology

Over the years

Revenue
ADBE FY2018: $9BADBE FY2019: $11.2BADBE FY2020: $12.9BADBE FY2021: $15.8BADBE FY2022: $17.6BADBE FY2023: $19.4BADBE FY2024: $21.5BADBE FY2025: $23.8BNTES FY2018: $9.8BNTES FY2019: $8.5BNTES FY2020: $11.3BNTES FY2021: $13.7BNTES FY2022: $14BNTES FY2023: $14.6BNTES FY2024: $14.4BNTES FY2025: $16.1BFY18FY19FY20FY21FY22FY23FY24FY25
ADBE $23.8BNTES $16.1B
Net income
ADBE FY2018: $2.6BADBE FY2019: $3BADBE FY2020: $5.3BADBE FY2021: $4.8BADBE FY2022: $4.8BADBE FY2023: $5.4BADBE FY2024: $5.6BADBE FY2025: $7.1BNTES FY2018: $894.8MNTES FY2019: $3.1BNTES FY2020: $1.8BNTES FY2021: $2.6BNTES FY2022: $2.9BNTES FY2023: $4.1BNTES FY2024: $4.1BNTES FY2025: $4.8BFY18FY19FY20FY21FY22FY23FY24FY25
ADBE $7.1BNTES $4.8B
Net margin
ADBE FY2018: 28.7%ADBE FY2019: 26.4%ADBE FY2020: 40.9%ADBE FY2021: 30.5%ADBE FY2022: 27.0%ADBE FY2023: 28.0%ADBE FY2024: 25.9%ADBE FY2025: 30.0%NTES FY2018: 9.2%NTES FY2019: 35.8%NTES FY2020: 16.4%NTES FY2021: 19.2%NTES FY2022: 21.1%NTES FY2023: 28.4%NTES FY2024: 28.2%NTES FY2025: 30.0%FY18FY19FY20FY21FY22FY23FY24FY25
ADBE 30.0%NTES 30.0%
Revenue growth
ADBE FY2019: +23.7%ADBE FY2020: +15.2%ADBE FY2021: +22.7%ADBE FY2022: +11.5%ADBE FY2023: +10.2%ADBE FY2024: +10.8%ADBE FY2025: +10.5%NTES FY2019: -12.9%NTES FY2020: +32.7%NTES FY2021: +21.8%NTES FY2022: +1.8%NTES FY2023: +4.2%NTES FY2024: -1.0%NTES FY2025: +11.6%FY19FY20FY21FY22FY23FY24FY25
ADBE +10.5%NTES +11.6%
Free cash flow
ADBE FY2018: $3.8BADBE FY2019: $4BADBE FY2020: $5.3BADBE FY2021: $6.9BADBE FY2022: $7.4BADBE FY2023: $6.9BADBE FY2024: $7.9BADBE FY2025: $9.9BNTES FY2018: $1.6BNTES FY2019: $2.3BNTES FY2020: $3.7BNTES FY2021: $3.7BNTES FY2022: $3.7BNTES FY2023: $4.7BNTES FY2024: $5.3BNTES FY2025: $7.1BFY18FY19FY20FY21FY22FY23FY24FY25
ADBE $9.9BNTES $7.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Adobe and NetEase

Which is bigger by revenue, Adobe or NetEase?

Adobe is bigger by revenue: $23.8B in fiscal 2025, against $16.1B for NetEase in fiscal 2025.

Which keeps more of its revenue as profit, Adobe or NetEase?

Adobe had a net margin of 30.0% in fiscal 2025; NetEase had 30.0% in fiscal 2025.

Which grew revenue faster, Adobe or NetEase?

In their latest fiscal years revenue changed by +10.5% at Adobe and +11.6% at NetEase.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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