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NetEase (NASDAQ: NTES) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 7.9% YoY ¥30.11B
Segments
Games and related value-added services 83.1%
Youdao 4.9%
NetEase Cloud Music 6.6%
Innovative businesses and others 5.4%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 9.7% year over year to RMB25.0B, with Online Games accounting for approximately 97.7% of division revenue. The Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet sustained solid momentum through ongoing content updates, gameplay innovation and vibrant community activities. Youdao revenue increased 3.5%, NetEase Cloud Music revenue was relatively stable at RMB2.0B, and Innovative businesses and others revenue declined 3.5%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 9.7%

Online Games

🟢 Scaling

Key Financial Metrics

Gross Margin 70.50% +5.75 pp YoY
Backlog / Revenue N/A
CapEx Intensity 1.67% 0.01x Revenue

Sources: NetEase Q2 2026 Earnings Release — Company Website, NetEase Form 6-K — Company Website, NetEase 2Q26 Investor Presentation — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

NetEase (NASDAQ: NTES) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q1 2026
Q1 Revenue ↑ 6.1% YoY ¥30.59B
Segments
Games and related value-added services 84.0%
Youdao 4.4%
NetEase Cloud Music 6.5%
Innovative businesses and others 5.1%

Key Earnings Driver

Online Games Games and related value-added services revenue increased 6.9% year over year to RMB25.7B in Q1, with Online Games accounting for approximately 97.5% of segment revenue. Management highlighted strong engagement and revenue performance across established titles, including the Fantasy Westward Journey franchise, Identity V, Eggy Party, Sword of Justice and Where Winds Meet, supported by high-cadence content updates and gameplay innovation. Youdao revenue increased 3.8%, NetEase Cloud Music revenue increased 6.6%, and Innovative businesses and others revenue declined 4.6%.

Key Operating Metrics¹

METRIC

STATUS

Games and related value–added services↑ 6.9%

Online Games

🟢 Scaling

Sources: NetEase Q1 2026 Financial Results — Company Website

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Nebius Group (NASDAQ: NBIS) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations¹

Q2 2026
Q2 Revenue ↑ 454.0% YoY $582.3M
Segments
Nebius AI cloud 98.1%
Avride 0.2%
TripleTen 1.7%

Key Earnings Driver

Nebius AI Cloud Nebius AI cloud revenue increased 514% to $574.9M representing 98% of group revenue. Management attributed revenue growth to capacity added in Q1, higher utilization, and high margin revenue from Token Factory and recent acquisitions.

Key Operating Metrics²

METRIC

STATUS

Nebius AI Cloud↑ 513.6%

Token Factory

🟢 Scaling

Key Financial Metrics

Gross Margin 77.10% +6 pp YoY
Backlog / Revenue N/A
CapEx Intensity 971.56% 9.71x Revenue

Sources: Nebius Q2 2026 Shareholder Letter — Company Website

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Nebius Group (NASDAQ: NBIS) — Q2 2026 Pre Earnings

by
Pre earnings note company quarterly analysis

Operations¹

Q1 2026
Q1 Revenue ↑ 683.9% YoY $399M
Segments
Nebius AI cloud 96.9%
Avride 0.2%
TripleTen 2.9%

Key Earnings Driver

Nebius AI Cloud Nebius AI cloud revenue increased 841% to $389.7M. Management attributed group revenue growth to capacity scaling, supported by pricing and utilization.

Key Operating Metrics²

METRIC

STATUS

Nebius AI Cloud↑ 841.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 74.00% +23 pp YoY
Backlog / Revenue N/A
CapEx Intensity 619.77% 6.19x Revenue

Sources: Nebius Q1 2026 Operating and Financial Review — SEC Filing

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.