NetEase Gross Margin by Segment

History

Date	Games and Related Value Added Services	Youdao	Innovative Businesses and Other	Cloud and Music
Mar 31, 2026	71.33	43.72	41.55	35.79
Dec 31, 2025	69.71	44.29	40.80	35.69
Sep 30, 2025	68.81	44.90	40.19	35.04
Jun 30, 2025	68.68	47.15	39.07	34.36
Mar 31, 2025	68.59	48.46	37.01	33.34
Dec 31, 2024	68.74	48.85	35.78	33.73
Sep 30, 2024	69.45	49.36	34.80	33.30
Jun 30, 2024	69.49	50.88	32.49	31.92
Mar 31, 2024	68.89	50.68	31.43	30.66
Dec 31, 2023	68.20	51.35	29.68	26.73
Sep 30, 2023	65.68	52.28	28.64	23.30
Jun 30, 2023	64.56	51.74	28.23	19.92
Mar 31, 2023	63.92	51.18	27.34	16.67
Dec 31, 2022	63.44	51.51	26.40	14.38
Sep 30, 2022	63.92	50.77	26.11	11.15
Jun 30, 2022	63.02	51.45	26.44	8.14
Mar 31, 2022	62.57	53.24	26.76	5.82
Dec 31, 2021	62.37	54.28	27.16	2.04

Source: Business metrics provided by Main Street Data and sourced from official company press releases and documents.