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

NetEase brought in $16.1B of revenue in fiscal 2025, Block $24.2B in fiscal 2025. Revenue changed by +11.6% at NetEase and +0.3% at Block on the year before, so NetEase grew faster. NetEase kept 30.0% of its revenue as net profit, Block 5.4%. Free cash flow was $7.1B at NetEase and $2.4B at Block.

Side by side, latest fiscal year

NTESXYZ
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$16.1B$24.2B
Revenue growth+11.6%+0.3%
Net income$4.8B$1.3B
Net margin30.0%5.4%
Free cash flow$7.1B$2.4B
Free cash flow margin44.1%10.0%
Earnings per share (diluted)$1.50$2.10
Cash$6.7B$6.6B
Debtn/a$7.3B
Price to earningsn/a35.5
Market value$77.2B$44.8B
Dividend yieldn/an/a
Rank by revenue in sector#46 of 731 · Technology#30 of 731 · Technology

Over the years

Revenue
NTES FY2018: $9.8BNTES FY2019: $8.5BNTES FY2020: $11.3BNTES FY2021: $13.7BNTES FY2022: $14BNTES FY2023: $14.6BNTES FY2024: $14.4BNTES FY2025: $16.1BXYZ FY2018: $3.3BXYZ FY2019: $4.7BXYZ FY2020: $9.5BXYZ FY2021: $17.7BXYZ FY2022: $17.5BXYZ FY2023: $21.9BXYZ FY2024: $24.1BXYZ FY2025: $24.2BFY18FY19FY20FY21FY22FY23FY24FY25
NTES $16.1BXYZ $24.2B
Net income
NTES FY2018: $894.8MNTES FY2019: $3.1BNTES FY2020: $1.8BNTES FY2021: $2.6BNTES FY2022: $2.9BNTES FY2023: $4.1BNTES FY2024: $4.1BNTES FY2025: $4.8BXYZ FY2018: -$38.5MXYZ FY2019: $375.4MXYZ FY2020: $213.1MXYZ FY2021: $166.3MXYZ FY2022: -$540.7MXYZ FY2023: $9.8MXYZ FY2024: $2.9BXYZ FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
NTES $4.8BXYZ $1.3B
Net margin
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%XYZ FY2018: -1.2%XYZ FY2019: 8.0%XYZ FY2020: 2.2%XYZ FY2021: 0.9%XYZ FY2022: -3.1%XYZ FY2023: 0.0%XYZ FY2024: 12.0%XYZ FY2025: 5.4%FY18FY19FY20FY21FY22FY23FY24FY25
NTES 30.0%XYZ 5.4%
Revenue growth
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%XYZ FY2019: +42.9%XYZ FY2020: +101.5%XYZ FY2021: +86.0%XYZ FY2022: -0.7%XYZ FY2023: +25.0%XYZ FY2024: +10.1%XYZ FY2025: +0.3%FY19FY20FY21FY22FY23FY24FY25
NTES +11.6%XYZ +0.3%
Free cash flow
NTES FY2018: $1.6BNTES FY2019: $2.3BNTES FY2020: $3.7BNTES FY2021: $3.7BNTES FY2022: $3.7BNTES FY2023: $4.7BNTES FY2024: $5.3BNTES FY2025: $7.1BXYZ FY2018: $233.9MXYZ FY2019: $265.1MXYZ FY2020: $34.7MXYZ FY2021: $713.5MXYZ FY2022: $5.1MXYZ FY2023: -$50.2MXYZ FY2024: $1.6BXYZ FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
NTES $7.1BXYZ $2.4B

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

Questions about NetEase and Block

Which is bigger by revenue, NetEase or Block?

Block is bigger by revenue: $24.2B in fiscal 2025, against $16.1B for NetEase in fiscal 2025.

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

NetEase had a net margin of 30.0% in fiscal 2025; Block had 5.4% in fiscal 2025.

Which grew revenue faster, NetEase or Block?

In their latest fiscal years revenue changed by +11.6% at NetEase and +0.3% at Block.

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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