NetEase says 2025 game revenue rose 10%, with Marvel Rivals and Where Winds Meet leading the way

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NetEase says it grew again in 2025, with its gaming business doing most of the heavy lifting. In its 2025 financial results, the company reported overall revenue up 6.9% year over year to RMB 112.6 billion ($16.1 billion), while game revenue climbed 10.1% to RMB 92.1 billion ($13.2 billion).

Online games were basically the whole story, making up 97.3% of NetEase’s gaming segment revenue for the year. NetEase pointed to higher net sales from Fantasy Westward Journey Online, Identity V, Where Winds Meet, and Marvel Rivals.

Looking just at Q4, NetEase reported RMB 22 billion ($3.1 billion) in gaming revenue, up 3.4% year on year. Total company revenue for the quarter hit RMB 27.5 billion ($3.9 billion), a 3% increase. NetEase again credited Fantasy Westward Journey Online, Marvel Rivals, and Everstone Studios’ Where Winds Meet, adding that Where Winds Meet has now passed 80 million cumulative players worldwide.

The company also said Blizzard games in China hit “record-high annual revenue,” though it didn’t break out specific titles or numbers beyond that claim.

One other notable bit: NetEase is leaning harder into AI across development. It says it has “comprehensive integration” of AI tools throughout the full development cycle, including art, design, programming, animation, and QA, with the goal of speeding up production and supporting “AI-native” gameplay features in multiple flagship games. NetEase CEO William Ding also echoed that AI is now a core part of how the company builds and operates games.

Source: Q4 Earnings Report