Technology
NetEase Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Published
2 years agoon
By
HANGZHOU, China, Feb. 20, 2025 /PRNewswire/ — NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase” or the “Company”), a leading internet and game services provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights
Net revenues were RMB26.7 billion (US$3.7 billion), a decrease of 1.4% compared with the same quarter of 2023.Games and related value-added services net revenues were RMB21.2 billion (US$2.9 billion), an increase of 1.5% compared with the same quarter of 2023.Youdao net revenues were RMB1.3 billion (US$183.6 million), a decrease of 9.5% compared with the same quarter of 2023.NetEase Cloud Music net revenues were RMB1.9 billion (US$257.6 million), a decrease of 5.3% compared with the same quarter of 2023.Innovative businesses and others net revenues were RMB2.3 billion (US$313.1 million), a decrease of 17.0% compared with the same quarter of 2023.Gross profit was RMB16.3 billion (US$2.2 billion), a decrease of 3.3% compared with the same quarter of 2023.Total operating expenses were RMB8.5 billion (US$1.2 billion), a decrease of 15.1% compared with the same quarter of 2023.Net income attributable to the Company’s shareholders was RMB8.8 billion (US$1.2 billion). Non-GAAP net income attributable to the Company’s shareholders was RMB9.7 billion (US$1.3 billion).[1]Basic net income per share was US$0.38 (US$1.89 per ADS). Non-GAAP basic net income per share was US$0.42 (US$2.09 per ADS).[1]
[1] As used in this announcement, non-GAAP net income attributable to the Company’s shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement.
Fourth Quarter 2024 and Early 2025 Operational Highlights
Introduced more new blockbuster games around the globe, reinforcing NetEase’s leadership across diverse genres and growing global momentum.Marvel Rivals topped Steam’s global top sellers chart shortly after its launch on December 6, amassing over 10 million registered users within 72 hours and over 40 million to date. Its Season 1 update in January 2025 sparked another surge, claiming the No. 1 spots on Steam’s top sellers and most-played charts worldwide.Where Winds Meet surpassed 3 million downloads in China within four days of its PC launch and topped the iOS download chart for approximately two weeks following its mobile launch. A successful release of the game’s mobile version drove total players across PC and mobile to over 15 million within two weeks.Justice mobile game topped the iOS download charts in Hong Kong, Macau and Taiwan and reached No. 1 position on the iOS top grossing chart in Taiwan in January 2025.Blizzard titles World of Warcraft and Hearthstone continued to generate strong enthusiasm from the Chinese gaming community, while the return of Overwatch 2 on February 19, 2025 further fueled players’ passion.Established titles maintained their popularity, such as Westward Journey Online 2, Fantasy Westward Journey Online and mobile game, Infinite Borders, Onmyoji, Identity V, Naraka: Bladepoint and Justice franchise, demonstrating NetEase’s prowess in long-term game operations.New game lineup for global markets, including Fragpunk, Destiny: Rising and MARVEL Mystic Mayhem, positioned to further diversify game portfolio.Youdao continued to focus on technology-driven innovation and profitability enhancement, achieving a 10.3% year-over-year increase in operating profit during the fourth quarter and recording first-ever annual operating profit in 2024.NetEase Cloud Music continued to drive quality development across its music-centric ecosystem, remaining committed to nurturing its unique community and enriching its distinctive content offering. It also further improved music-oriented monetization supported by enlarging subscription-based memberships.
“We boldly pushed the boundaries of innovation once again in 2024, delivering groundbreaking gaming experiences that captivated players worldwide,” said Mr. William Ding, Chief Executive Officer and Director of NetEase. “Our new hit titles not only redefined gameplay but also set new industry benchmarks, while our legacy franchises gained fresh momentum through striking enhancements in design, storytelling and immersive content. As our diverse game portfolio expands across more genres and engages an ever-growing global audience, we remain dedicated to fostering creativity and collaborating with top talent and strategic partners to shape the next wave of gaming trends.
“Beyond gaming, Youdao and NetEase Cloud Music maintained healthy development in 2024, led by our focus on meticulously crafted content and exceptional user experiences. Our enduring pursuit of innovation, global expansion and game diversification is fueling lasting value creation across the industries we serve and for our partners and shareholders alike,” Mr. Ding concluded.
Fourth Quarter 2024 Financial Results
Net Revenues
Net revenues for the fourth quarter of 2024 were RMB26.7 billion (US$3.7 billion), compared with RMB26.2 billion and RMB27.1 billion for the preceding quarter and the same quarter of 2023, respectively.
Net revenues from games and related value-added services were RMB21.2 billion (US$2.9 billion) for the fourth quarter of 2024, compared with RMB20.9 billion each for the preceding quarter and the same quarter of 2023. Net revenues from the operation of online games accounted for approximately 96.7% of the segment’s net revenues for the fourth quarter of 2024, compared with 96.8% and 93.4% for the preceding quarter and the same quarter of 2023, respectively. Net revenues from mobile games accounted for approximately 65.3% of net revenues from the operation of online games for the fourth quarter of 2024, compared with 70.8% and 76.7% for the preceding quarter and the same quarter of 2023, respectively. The change in revenue mix was mainly due to the increased net revenues from PC games, including certain licensed titles.
Net revenues from Youdao were RMB1.3 billion (US$183.6 million) for the fourth quarter of 2024, compared with RMB1.6 billion and RMB1.5 billion for the preceding quarter and the same quarter of 2023, respectively.
Net revenues from NetEase Cloud Music were RMB1.9 billion (US$257.6 million) for the fourth quarter of 2024, compared with RMB2.0 billion each for the preceding quarter and the same quarter of 2023.
Net revenues from innovative businesses and others were RMB2.3 billion (US$313.1 million) for the fourth quarter of 2024, compared with RMB1.8 billion and RMB2.8 billion for the preceding quarter and the same quarter of 2023, respectively.
Gross Profit
Gross profit for the fourth quarter of 2024 was RMB16.3 billion (US$2.2 billion), compared with RMB16.5 billion and RMB16.8 billion for the preceding quarter and the same quarter of 2023, respectively.
The quarter-over-quarter and year-over-year decreases in games and related value-added services’ gross profit were primarily due to decreased net revenues from certain mobile games, partially offset by increased net revenues from PC games, including certain licensed titles.
The quarter-over-quarter and year-over-year decreases in Youdao’s gross profit were primarily due to decreased net revenues from its learning services.
The quarter-over-quarter decrease in NetEase Cloud Music’s gross profit was primarily due to decreased net revenues from social entertainment services.
The quarter-over-quarter increase in innovative businesses and others’ gross profit was primarily due to increased gross profit from Yanxuan and advertising services. The year-over-year decrease was primarily due to decreased gross profit from several businesses within the segment including advertising services.
Gross Profit Margin
Gross profit margin for games and related value-added services for the fourth quarter of 2024 was 66.7%, compared with 68.8% and 69.5% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year decreases were mainly attributable to higher revenue contribution from licensed games which have comparatively lower gross profit margins.
Gross profit margin for Youdao for the fourth quarter of 2024 was 47.8%, compared with 50.2% and 49.9% for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year decreases were mainly due to decreased revenue contribution from its learning services.
Gross profit margin for NetEase Cloud Music for the fourth quarter of 2024 was 31.9%, compared with 32.8% and 30.3% for the preceding quarter and the same quarter of 2023, respectively. The year-over-year increase was mainly due to increased net revenues from sales of membership subscriptions and continued improvement in cost control measures.
Gross profit margin for innovative businesses and others for the fourth quarter of 2024 was 37.8%, compared with 37.8% and 34.4% for the preceding quarter and the same quarter of 2023, respectively. The year-over-year increase was mainly due to increased gross profit margins from Yanxuan.
Operating Expenses
Total operating expenses for the fourth quarter of 2024 were RMB8.5 billion (US$1.2 billion), compared with RMB9.3 billion and RMB10.0 billion for the preceding quarter and the same quarter of 2023, respectively. The quarter-over-quarter and year-over-year decreases were mainly due to decreased marketing expenditures related to games and related value-added services.
Other Income/(Expenses)
Other income/(expenses) consisted of investment (losses)/income, interest income, exchange gains/(losses) and others. The quarter-over-quarter and year-over-year increases were mainly due to net exchange gains in the fourth quarter of 2024 compared with net exchange losses recorded in the preceding quarter and the same quarter of 2023.
Income Tax
The Company recorded a net income tax charge of RMB1.4 billion (US$189.7 million) for the fourth quarter of 2024, compared with RMB1.3 billion and RMB1.1 billion for the preceding quarter and the same quarter of 2023, respectively. The effective tax rate for the fourth quarter of 2024 was 13.4%, compared with 16.1% and 13.8% for the preceding quarter and the same quarter of 2023, respectively. The effective tax rate represents certain estimates by the Company as to the tax obligations and benefits applicable to it in each quarter.
Net Income and Non-GAAP Net Income
Net income attributable to the Company’s shareholders totaled RMB8.8 billion (US$1.2 billion) for the fourth quarter of 2024, compared with RMB6.5 billion and RMB6.6 billion for the preceding quarter and the same quarter of 2023, respectively.
Basic net income was US$0.38 per share (US$1.89 per ADS) for the fourth quarter of 2024, compared with US$0.28 per share (US$1.40 per ADS) each for the preceding quarter and the same quarter of 2023, respectively.
Non-GAAP net income attributable to the Company’s shareholders totaled RMB9.7 billion (US$1.3 billion) for the fourth quarter of 2024, compared with RMB7.5 billion and RMB7.4 billion for the preceding quarter and the same quarter of 2023, respectively.
Non-GAAP basic net income was US$0.42 per share (US$2.09 per ADS) for the fourth quarter of 2024, compared with US$0.32 per share (US$1.61 per ADS) and US$0.32 per share (US$1.57 per ADS) for the preceding quarter and the same quarter of 2023, respectively.
Fiscal Year 2024 Financial Results
Net Revenues
Net revenues for fiscal year 2024 were RMB105.3 billion (US$14.4 billion), compared with RMB103.5 billion for fiscal year 2023.
Net revenues from games and related value-added services were RMB83.6 billion (US$11.5 billion) for fiscal year 2024, compared with RMB81.6 billion for fiscal year 2023. Net revenues from the operation of online games accounted for approximately 96.2% of the segment’s total net revenues for fiscal year 2024, compared with 92.9% for fiscal year 2023. Net revenues from mobile games accounted for approximately 72.7% of net revenues from the operation of online games for fiscal year 2024, compared with 75.2% for fiscal year 2023. The change in revenue mix was mainly due to higher net revenues generated by PC games such as Naraka: Bladepoint and licensed titles.
Net revenues from Youdao were RMB5.6 billion (US$770.7 million) for fiscal year 2024, compared with RMB5.4 billion for fiscal year 2023.
Net revenues from NetEase Cloud Music were RMB8.0 billion (US$1.1 billion) for fiscal year 2024, compared with RMB7.9 billion for fiscal year 2023.
Net revenues from innovative businesses and others were RMB8.1 billion (US$1.1 billion) for fiscal year 2024, compared with RMB8.6 billion for fiscal year 2023.
Gross Profit
Gross profit for fiscal year 2024 was RMB65.8 billion (US$9.0 billion), compared with RMB63.1 billion for fiscal year 2023.
The year-over-year increase in games and related value-added services’ gross profit was primarily due to increased net revenues from the operation of online games, such as Identity V and Naraka: Bladepoint PC and mobile games.
The slight year-over-year decrease in Youdao’s gross profit was mainly due to decreased revenue contribution from its learning services, which was partially offset by increased revenue contribution from its online marketing services.
The year-over-year increase in NetEase Cloud Music’s gross profit was primarily attributable to increased net revenues from sales of membership subscriptions and continued improvement in cost control measures.
The year-over-year increase in innovative businesses and others’ gross profit was primarily due to increased gross profits from Yanxuan and several other businesses included within the segment.
Operating Expenses
Total operating expenses for fiscal year 2024 were RMB36.2 billion (US$5.0 billion), compared with RMB35.4 billion for fiscal year 2023. The year-over-year increase was primarily due to higher research and development investments for games and related value-added services.
Other Income/(Expenses)
The year-over-year decrease was mainly due to higher impairment provisions related to certain investments, which was partially offset by higher interest income resulting from the Company’s increased net cash position.
Income Taxes
The Company recorded a net income tax charge of RMB5.5 billion (US$748.2 million) for fiscal year 2024, compared with RMB4.7 billion for fiscal year 2023. The effective tax rate was 15.3% for fiscal year 2024, compared with 13.8% for fiscal year 2023.
Net Income and Non-GAAP Net Income
Net income attributable to the Company’s shareholders for fiscal year 2024 totaled RMB29.7 billion (US$4.1 billion), compared with RMB29.4 billion for fiscal year 2023.
Basic net income was US$1.27 per share (US$6.36 per ADS) for fiscal year 2024, compared with US$1.25 per share (US$6.26 per ADS) for fiscal year 2023.
Non-GAAP net income attributable to the Company’s shareholders for fiscal year 2024 totaled RMB33.5 billion (US$4.6 billion), compared with RMB32.6 billion for fiscal year 2023.
Non-GAAP basic net income was US$1.43 per share (US$7.17 per ADS) for fiscal year 2024, compared with US$1.39 per share (US$6.94 per ADS) for fiscal year 2023.
Other Financial Information
As of December 31, 2024, the Company’s net cash (total cash and cash equivalents, current and non-current time deposits and restricted cash, as well as short-term investments balance, minus short-term and long-term loans) totaled RMB131.5 billion (US$18.0 billion), compared with RMB110.9 billion as of December 31, 2023. Net cash provided by operating activities was RMB39.7 billion (US$5.4 billion) for fiscal year 2024, compared with RMB35.3 billion for fiscal year 2023.
Quarterly Dividend
The board of directors approved a dividend of US$0.24405 per share (US$1.22025 per ADS) for the fourth quarter of 2024 to holders of ordinary shares and holders of ADSs as of the close of business on March 6, 2025, Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong, no later than 4:30 p.m. on March 6, 2025 (Beijing/Hong Kong Time). The payment date is expected to be March 17, 2025, for holders of ordinary shares and on or around March 20, 2025, for holders of ADSs.
NetEase paid a dividend of US$0.0870 per share (US$0.4350 per ADS) for the third quarter of 2024 in December 2024.
Under the Company’s current dividend policy, the determination to make dividend distributions and the amount of such distribution in any particular quarter will be made at the discretion of its board of directors and will be based upon the Company’s operations and earnings, cash flow, financial condition and other relevant factors.
Share Repurchase Program
On November 17, 2022, the Company announced that its board of directors had approved a share repurchase program of up to US$5.0 billion of the Company’s ADSs and ordinary shares in open market transactions. This share repurchase program commenced on January 10, 2023 and will be in effect for a period not to exceed 36 months from such date. As of December 31, 2024, approximately 21.2 million ADSs had been repurchased under this program for a total cost of US$1.9 billion.
The extent to which NetEase repurchases its ADSs and its ordinary shares depends upon a variety of factors, including market conditions. These programs may be suspended or discontinued at any time.
** The United States dollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. The percentages stated are calculated based on RMB.
Conference Call
NetEase’s management team will host a teleconference call with a simultaneous webcast at 7:00 a.m. New York Time on Thursday, February 20, 2025 (Beijing/Hong Kong Time: 8:00 p.m., Thursday, February 20, 2025). NetEase’s management will be on the call to discuss the quarterly results and answer questions.
Interested parties may participate in the conference call by dialing 1-914-202-3258 and providing conference ID: 10044895, 15 minutes prior to the initiation of the call. A replay of the call will be available by dialing 1-855-883-1031 and entering PIN: 10044895. The replay will be available through February 27, 2025.
This call will be webcast live and the replay will be available for 12 months. Both will be available on NetEase’s Investor Relations website at http://ir.netease.com/.
About NetEase, Inc.
NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, “NetEase”) is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest running mobile and PC games available in China and globally.
Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.
Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning company with industry-leading technology, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase’s private label consumer lifestyle brand.
For more information, please visit: http://ir.netease.com/.
Forward Looking Statements
This announcement contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions. In addition, statements that are not historical facts, including statements about NetEase’s strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase’s business and operating strategies and its ability to implement such strategies; NetEase’s ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulation environment in the markets where NetEase operates; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical events; risks related to the expansion of NetEase’s businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase’s business and financial results. Further information regarding these and other risks is included in NetEase’s filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.
Non-GAAP Financial Measures
NetEase considers and uses non-GAAP financial measures, such as non-GAAP net income attributable to the Company’s shareholders and non-GAAP basic and diluted net income per ADS and per share, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
NetEase defines non-GAAP net income attributable to the Company’s shareholders as net income attributable to the Company’s shareholders excluding share-based compensation expenses. Non-GAAP net income attributable to the Company’s shareholders enables NetEase’s management to assess its operating results without considering the impact of share-based compensation expenses. NetEase believes that this non-GAAP financial measure provides useful information to investors in understanding and evaluating the Company’s current operating performance and prospects in the same manner as management does, if they so choose. NetEase also believes that the use of this non-GAAP financial measure facilitates investors’ assessment of its operating performance.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP net income attributable to the Company’s shareholders is that it does not reflect all items of expense/ income that affect our operations. Share-based compensation expenses have been and may continue to be incurred in NetEase’s business and are not reflected in the presentation of non-GAAP net income attributable to the Company’s shareholders. In addition, the non-GAAP financial measures NetEase uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited.
NetEase compensates for these limitations by reconciling non-GAAP net income attributable to the Company’s shareholders to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. See the unaudited reconciliation of GAAP and non-GAAP results at the end of this announcement. NetEase encourages you to review its financial information in its entirety and not rely on a single financial measure.
Contact for Media and Investors:
Email: ir@service.netease.com
Tel: (+86) 571-8985-3378
NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
December 31,
December 31,
2023
2024
2024
RMB
RMB
USD (Note 1)
Assets
Current assets:
Cash and cash equivalents
21,428,902
51,383,310
7,039,485
Time deposits
100,856,034
75,441,355
10,335,423
Restricted cash
2,777,206
3,086,405
422,836
Accounts receivable, net
6,422,417
5,669,027
776,654
Inventories
695,374
571,548
78,302
Prepayments and other current assets, net
6,076,595
6,416,868
879,107
Short-term investments
4,436,057
10,756,143
1,473,586
Total current assets
142,692,585
153,324,656
21,005,393
Non-current assets:
Property, equipment and software, net
8,075,044
8,520,101
1,167,249
Land use rights, net
4,075,143
4,172,465
571,625
Deferred tax assets
1,560,088
1,113,435
152,540
Time deposits
1,050,000
3,025,000
414,423
Restricted cash
550
5,208
713
Other long-term assets
28,471,568
25,830,685
3,538,789
Total non-current assets
43,232,393
42,666,894
5,845,339
Total assets
185,924,978
195,991,550
26,850,732
Liabilities, Redeemable Noncontrolling Interests
and Shareholders’ Equity
Current liabilities:
Accounts payable
881,016
720,549
98,715
Salary and welfare payables
4,857,206
4,683,009
641,570
Taxes payable
2,571,534
2,759,185
378,007
Short-term loans
19,240,163
11,805,051
1,617,285
Contract liabilities
13,362,166
15,299,222
2,095,985
Accrued liabilities and other payables
12,930,399
14,400,641
1,972,879
Total current liabilities
53,842,484
49,667,657
6,804,441
Non-current liabilities:
Deferred tax liabilities
2,299,303
2,173,117
297,716
Long-term loans
427,997
427,997
58,635
Other long-term liabilities
1,271,113
1,228,641
168,323
Total non-current liabilities
3,998,413
3,829,755
524,674
Total liabilities
57,840,897
53,497,412
7,329,115
Redeemable noncontrolling interests
115,759
84,272
11,545
NetEase, Inc.’s shareholders’ equity
124,285,776
138,685,606
18,999,850
Noncontrolling interests
3,682,546
3,724,260
510,222
Total equity
127,968,322
142,409,866
19,510,072
Total liabilities, redeemable noncontrolling
interests and shareholders’ equity
185,924,978
195,991,550
26,850,732
The accompanying notes are an integral part of this announcement.
NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data or per ADS data)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
USD (Note 1)
RMB
RMB
USD (Note 1)
Net revenues
27,140,165
26,209,879
26,747,811
3,664,435
103,468,159
105,295,236
14,425,388
Cost of revenues
(10,315,030)
(9,733,274)
(10,475,470)
(1,435,134)
(40,404,765)
(39,488,152)
(5,409,855)
Gross profit
16,825,135
16,476,605
16,272,341
2,229,301
63,063,394
65,807,084
9,015,533
Operating expenses:
Selling and marketing expenses
(4,225,556)
(3,805,071)
(2,818,645)
(386,153)
(13,969,460)
(14,147,657)
(1,938,221)
General and administrative expenses
(1,251,869)
(1,100,328)
(1,162,381)
(159,246)
(4,899,880)
(4,550,625)
(623,433)
Research and development expenses
(4,479,219)
(4,424,469)
(4,469,868)
(612,369)
(16,484,910)
(17,524,812)
(2,400,889)
Total operating expenses
(9,956,644)
(9,329,868)
(8,450,894)
(1,157,768)
(35,354,250)
(36,223,094)
(4,962,543)
Operating profit
6,868,491
7,146,737
7,821,447
1,071,533
27,709,144
29,583,990
4,052,990
Other income/(expenses):
Investment (losses)/income, net
(8,940)
578,398
(506,077)
(69,332)
1,306,722
355,286
48,674
Interest income, net
1,261,583
1,282,766
1,174,333
160,883
4,120,418
4,920,915
674,163
Exchange (losses)/gains, net
(810,904)
(1,055,518)
1,535,312
210,337
(132,999)
255,430
34,994
Other, net
434,759
43,600
278,952
38,216
1,053,642
602,134
82,492
Income before tax
7,744,989
7,995,983
10,303,967
1,411,637
34,056,927
35,717,755
4,893,313
Income tax
(1,068,657)
(1,289,545)
(1,385,014)
(189,746)
(4,699,704)
(5,461,408)
(748,210)
Net income
6,676,332
6,706,438
8,918,953
1,221,891
29,357,223
30,256,347
4,145,103
Accretion of redeemable noncontrolling
interests
(966)
(962)
(1,039)
(142)
(3,589)
(3,919)
(537)
Net (income)/loss attributable to noncontrolling
interests and redeemable noncontrolling
interests
(93,103)
(167,041)
(151,435)
(20,747)
62,918
(554,819)
(76,010)
Net income attributable to the
Company’s shareholders
6,582,263
6,538,435
8,766,479
1,201,002
29,416,552
29,697,609
4,068,556
Net income per share *
Basic
2.05
2.04
2.76
0.38
9.15
9.28
1.27
Diluted
2.02
2.03
2.73
0.37
9.05
9.19
1.26
Net income per ADS *
Basic
10.25
10.22
13.81
1.89
45.73
46.40
6.36
Diluted
10.12
10.14
13.67
1.87
45.23
45.95
6.29
Weighted average number of ordinary
shares used in calculating net income
per share *
Basic
3,212,328
3,198,646
3,174,113
3,174,113
3,216,475
3,200,453
3,200,453
Diluted
3,253,166
3,224,110
3,206,100
3,206,100
3,252,029
3,230,602
3,230,602
* Each ADS represents five ordinary shares.
The accompanying notes are an integral part of this announcement.
NETEASE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
USD (Note 1)
RMB
RMB
USD (Note 1)
Cash flows from operating activities:
Net income
6,676,332
6,706,438
8,918,953
1,221,891
29,357,223
30,256,347
4,145,103
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization
659,772
520,567
697,447
95,550
3,055,260
2,417,894
331,250
Fair value changes of equity security, other investments
and financial instruments
151,571
(824,608)
358,852
49,163
(535,316)
(841,901)
(115,340)
Impairment losses on investments
140,648
529,668
422,801
57,924
469,159
1,291,627
176,952
Fair value changes of short-term investments
(106,532)
(100,071)
(241,431)
(33,076)
(414,207)
(530,607)
(72,693)
Share-based compensation cost
812,987
978,139
931,444
127,608
3,242,810
3,882,939
531,960
Allowance for expected credit losses
9,500
36,022
12,031
1,648
61,146
68,934
9,444
Losses/(gains) on disposal of property, equipment and software
3,385
(2,920)
(3,644)
(499)
5,676
(4,758)
(652)
Unrealized exchange losses/(gains)
838,056
1,050,644
(1,542,986)
(211,388)
119,935
(719,162)
(98,525)
(Gains)/losses on disposal of long-term investments,
business and subsidiaries
(38,437)
(118,046)
232
32
(63,784)
(272,415)
(37,321)
Deferred income taxes
193,854
711,639
404,109
55,363
131,437
320,726
43,939
Share of results on equity method investees and revaluation
results from previously held equity interest
(88,805)
(28,466)
(19,437)
(2,663)
(473,947)
155,568
21,313
Changes in operating assets and liabilities:
Accounts receivable
53,089
146,758
517,850
70,945
(1,470,374)
716,375
98,143
Inventories
25,054
(39,285)
42,135
5,772
296,764
123,780
16,958
Prepayments and other assets
542,593
(1,234,390)
(432,196)
(59,211)
87,556
(809,590)
(110,913)
Accounts payable
18,443
6,316
218,689
29,960
(559,419)
91,142
12,486
Salary and welfare payables
1,992,931
(670,750)
1,759,382
241,034
(62,917)
(210,918)
(28,896)
Taxes payable
(500,172)
224,015
154,651
21,187
(244,261)
187,788
25,727
Contract liabilities
(847,562)
1,928,060
(209,626)
(28,719)
1,161,861
2,022,196
277,041
Accrued liabilities and other payables
1,271,572
755,882
1,022,944
140,143
1,166,673
1,530,848
209,725
Net cash provided by operating activities
11,808,279
10,575,612
13,012,200
1,782,664
35,331,275
39,676,813
5,435,701
Cash flows from investing activities:
Purchase of property, equipment and software
(484,927)
(379,520)
(311,982)
(42,741)
(2,301,554)
(1,275,400)
(174,729)
Proceeds from sale of property, equipment and software
405
1,072
9,295
1,273
10,302
14,533
1,991
Purchase of intangible assets, content and licensed copyrights
(121,797)
(222,247)
(120,387)
(16,493)
(1,974,323)
(930,988)
(127,545)
Net changes of short-term investments with terms of three
months or less
(690,628)
1,585,395
3,798,989
520,460
(1,777,687)
(408,256)
(55,931)
Purchase of short-term investments with terms over three
months
–
(3,675,000)
(4,560,000)
(624,717)
–
(8,235,000)
(1,128,190)
Proceeds from maturities of short-term investments with terms
over three months
4,897,291
–
2,853,778
390,966
5,378,510
2,853,778
390,966
Investment in long-term investments and acquisition of
subsidiaries
(914,962)
(226,086)
(201,686)
(27,631)
(2,831,686)
(1,103,026)
(151,114)
Proceeds from disposal of long-term investments, businesses,
subsidiaries and other financial instruments
73,855
1,541,338
355,142
48,654
152,564
2,822,585
386,692
Placement/rollover of matured time deposits
(46,666,670)
(36,766,094)
(21,691,769)
(2,971,760)
(124,693,598)
(154,792,305)
(21,206,459)
Proceeds from maturities of time deposits
33,273,393
37,546,192
40,570,700
5,558,163
111,417,969
179,377,113
24,574,564
Change in other long-term assets
(90,635)
(125,911)
(73,553)
(10,077)
(423,928)
(406,632)
(55,708)
Net cash (used in)/provided by investing activities
(10,724,675)
(720,861)
20,628,527
2,826,097
(17,043,431)
17,916,402
2,454,537
Cash flows from financing activities:
Net changes from loans with terms of three months or less
6,179,979
(4,778,301)
606,092
83,034
(13,654,704)
(6,656,988)
(912,004)
Proceeds of loans with terms over three months
2,511,000
5,395,810
457,000
62,609
13,569,160
13,920,080
1,907,043
Payment of loans with terms over three months
(695,000)
(3,100,520)
–
–
(8,219,472)
(14,739,347)
(2,019,282)
Net amounts received/(paid) related to capital contribution from
or repurchase of noncontrolling interests shareholders
28,009
(8,394)
51,614
7,071
86,159
136,006
18,633
Cash paid for repurchase of NetEase’s ADSs/purchase of
subsidiaries’ ADSs and shares
(625,832)
(3,994,212)
(1,595,093)
(218,527)
(5,234,294)
(8,830,115)
(1,209,721)
Dividends paid to NetEase’s shareholders
(2,258,892)
(1,972,928)
(1,982,595)
(271,614)
(8,013,903)
(11,165,338)
(1,529,645)
Net cash provided/(used in) by financing activities
5,139,264
(8,458,545)
(2,462,982)
(337,427)
(21,467,054)
(27,335,702)
(3,744,976)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash held in foreign currencies
(174,276)
(68,136)
113,792
15,589
(202,457)
10,752
1,473
Net increase/(decrease) in cash, cash equivalents and restricted cash
6,048,592
1,328,070
31,291,537
4,286,923
(3,381,667)
30,268,265
4,146,735
Cash, cash equivalents and restricted cash, at the beginning
of the period
18,158,066
21,855,316
23,183,386
3,176,111
27,588,325
24,206,658
3,316,299
Cash, cash equivalents and restricted cash, at end of the period
24,206,658
23,183,386
54,474,923
7,463,034
24,206,658
54,474,923
7,463,034
Supplemental disclosures of cash flow information:
Cash paid for income taxes, net
1,030,932
554,867
603,514
82,681
4,895,752
5,189,585
710,970
Cash paid for interest expenses
71,847
165,881
24,343
3,335
779,872
489,622
67,078
The accompanying notes are an integral part of this announcement.
NETEASE, INC.
UNAUDITED SEGMENT INFORMATION
(in thousands, except percentages)
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
USD (Note 1)
RMB
RMB
USD (Note 1)
Net revenues:
Games and related value-added services
20,921,355
20,864,036
21,242,410
2,910,198
81,565,449
83,622,643
11,456,254
Youdao
1,480,521
1,572,541
1,339,798
183,552
5,389,208
5,625,919
770,748
NetEase Cloud Music
1,985,548
1,999,163
1,880,490
257,626
7,866,992
7,950,146
1,089,166
Innovative businesses and others
2,752,741
1,774,139
2,285,113
313,059
8,646,510
8,096,528
1,109,220
Total net revenues
27,140,165
26,209,879
26,747,811
3,664,435
103,468,159
105,295,236
14,425,388
Cost of revenues:
Games and related value-added services
(6,383,474)
(6,503,146)
(7,075,562)
(969,348)
(25,938,865)
(26,142,623)
(3,581,525)
Youdao
(741,720)
(783,085)
(699,045)
(95,769)
(2,621,746)
(2,877,428)
(394,206)
NetEase Cloud Music
(1,384,537)
(1,343,921)
(1,279,951)
(175,353)
(5,764,322)
(5,268,634)
(721,800)
Innovative businesses and others
(1,805,299)
(1,103,122)
(1,420,912)
(194,664)
(6,079,832)
(5,199,467)
(712,324)
Total cost of revenues
(10,315,030)
(9,733,274)
(10,475,470)
(1,435,134)
(40,404,765)
(39,488,152)
(5,409,855)
Gross profit:
Games and related value-added services
14,537,881
14,360,890
14,166,848
1,940,850
55,626,584
57,480,020
7,874,729
Youdao
738,801
789,456
640,753
87,783
2,767,462
2,748,491
376,542
NetEase Cloud Music
601,011
655,242
600,539
82,273
2,102,670
2,681,512
367,366
Innovative businesses and others
947,442
671,017
864,201
118,395
2,566,678
2,897,061
396,896
Total gross profit
16,825,135
16,476,605
16,272,341
2,229,301
63,063,394
65,807,084
9,015,533
Gross profit margin:
Games and related value-added services
69.5 %
68.8 %
66.7 %
66.7 %
68.2 %
68.7 %
68.7 %
Youdao
49.9 %
50.2 %
47.8 %
47.8 %
51.4 %
48.9 %
48.9 %
NetEase Cloud Music
30.3 %
32.8 %
31.9 %
31.9 %
26.7 %
33.7 %
33.7 %
Innovative businesses and others
34.4 %
37.8 %
37.8 %
37.8 %
29.7 %
35.8 %
35.8 %
The accompanying notes are an integral part of this announcement.
NETEASE, INC.
NOTES TO UNAUDITED FINANCIAL INFORMATION
Note 1: The conversion of Renminbi (RMB) into United States dollars (USD) is based on the noon buying rate of USD1.00 = RMB7.2993 on the last trading day of December 2024 (December 31, 2024) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2024, or at any other certain date.
Note 2: Share-based compensation cost reported in the Company’s unaudited condensed consolidated statements of comprehensive income is set out as follows in RMB and USD (in thousands):
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
USD (Note 1)
RMB
RMB
USD (Note 1)
Share-based compensation cost included in:
Cost of revenues
216,717
306,283
304,687
41,742
823,765
1,185,854
162,461
Operating expenses
Selling and marketing expenses
35,575
36,365
7,435
1,019
132,801
104,534
14,321
General and administrative expenses
262,830
247,440
246,424
33,760
1,119,018
1,069,850
146,569
Research and development expenses
297,865
388,051
372,898
51,087
1,167,226
1,522,701
208,609
The accompanying notes are an integral part of this announcement.
Note 3: The financial information prepared and presented in this announcement might be different from those published and to be published by NetEase’s listed subsidiary to meet the disclosure requirements under different accounting standards requirements.
Note 4: The unaudited reconciliation of GAAP and non-GAAP results is set out as follows in RMB and USD (in thousands, except per share data or per ADS data):
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
December 31,
December 31,
December 31,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
USD (Note 1)
RMB
RMB
USD (Note 1)
Net income attributable to the Company’s shareholders
6,582,263
6,538,435
8,766,479
1,201,002
29,416,552
29,697,609
4,068,556
Add: Share-based compensation
797,194
960,706
915,489
125,421
3,191,753
3,813,032
522,383
Non-GAAP net income attributable to the Company’s shareholders
7,379,457
7,499,141
9,681,968
1,326,423
32,608,305
33,510,641
4,590,939
Non-GAAP net income per share *
Basic
2.30
2.34
3.05
0.42
10.14
10.47
1.43
Diluted
2.27
2.33
3.02
0.41
10.03
10.37
1.42
Non-GAAP net income per ADS *
Basic
11.49
11.72
15.25
2.09
50.69
52.35
7.17
Diluted
11.34
11.63
15.09
2.07
50.14
51.85
7.10
* Each ADS represents five ordinary shares.
The accompanying notes are an integral part of this announcement.
View original content:https://www.prnewswire.com/news-releases/netease-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302381212.html
SOURCE NetEase, Inc.
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Kenda Tire Chosen as OEM Supplier for Slate Auto’s All-New Blank Slate Electric Pickup
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KLEVER S/T EV tires were engineered specifically to support the performance, efficiency and value proposition of Slate’s upcoming electric pickup
AKRON, Ohio, Oct. 28, 2026 /PRNewswire/ — Kenda, a global leader in tire and wheel manufacturing, has been selected by Slate Auto as the official original equipment (OE) tire supplier for the company’s new electric pickup, The Blank Slate. Through the partnership, Kenda will provide its KLEVER S/T EV tire, developed specifically to meet the unique performance, efficiency and durability requirements of Slate’s highly anticipated electric vehicle.
More than a traditional supply agreement, the collaboration brings together engineering teams from both companies to research, develop and manufacture a tire solution tailored to the Slate truck’s weight, torque characteristics, efficiency targets, ride and handling requirements, and anticipated driving conditions. Kenda has also been selected as the supplier for Slate’s accessory tire offerings, helping customers personalize their vehicles while maintaining the performance, safety and quality standards established for the platform.
“As the automotive industry continues to evolve, Kenda remains committed to delivering innovative tire technologies that meet the needs of both manufacturers and its consumers,” said Jimmy Yang, Global President, CEO and Chairman of Kenda Industrial. “Our collaboration with Slate Auto represents an exciting opportunity to support a company that is reimagining electric mobility through accessibility, personalization and practicality. We are proud to contribute our engineering and production expertise with our EV-focused technology to help bring The Blank Slate to market.”
Slate Auto has generated significant attention across the automotive industry for its unique approach to electric vehicle ownership, focusing on affordability, simplicity and personalization. As the company moves toward production, selecting a dedicated OE tire supplier marks an important milestone in establishing a production-ready vehicle and supply chain.
The KLEVER S/T EV tire was engineered specifically for the Slate truck application and incorporated features designed to address the vehicle weight and instant torque associated with EVs. The tire utilizes a low rolling resistance design to help maximize efficiency and driving range, while reinforced construction supports durability, handling performance and tread life. Development of the tire has been supported by Kenda’s American Technical Center in Akron, Ohio, where engineers work closely with automotive manufacturers to create customized solutions for emerging mobility platforms.
“This partnership reflects Kenda’s continued growth in the original equipment automotive market and our ability to develop purpose-built solutions for next-generation vehicles,” said Brandon Stotsenburg, Vice President of Automotive for American Kenda Rubber. “The KLEVER S/T EV was designed to address the specific challenges EVs present, from increased vehicle weight and instant torque to efficiency and ride comfort requirements. Working alongside Slate throughout the development process has allowed us to create a tire solution that complements the vehicle’s performance while supporting its affordability and personalization goals.”
The Kenda KLEVER S/T EV tire will launch as original equipment on The Blank Slate when the vehicle enters production in November 2026, with availability aligned to Slate Auto’s production schedule.
For more information on Kenda, visit www.kendatire.com. To learn more about Slate Auto or to start your customizable preorder, head to www.slate.auto.
About Kenda
Founded in 1962, Kenda is a global leader in tire development and manufacturing. With over 14,000 employees and factories worldwide, Kenda continues to expand product offerings in the automotive, bicycle, powersports, trailer/specialty, and wheelchair markets. Kenda takes pride in operating under the core values of honesty, innovation, quality, and customer service to provide the highest level of products and services to customers across the globe. For more information, please visit www.kendatire.com
About Slate Auto
Slate is a new American company building vehicles that people can afford, personalize, and love. Established in 2022, Slate was founded on a disruptive business model of simplifying the manufacturing process and reindustrializing America. Slates are designed to achieve the highest safety ratings, and will be assembled at a reindustrialized factory in Warsaw, Ind. Slate will invest nearly $400 million into the factory, create 2000+ jobs in Warsaw, and contribute up to $39 billion to Indiana’s economy over 20 years. For more information, visit www.slate.auto.
The Zimmerman Agency
Kenda@Zimmerman.com
View original content:https://www.prnewswire.com/news-releases/kenda-tire-chosen-as-oem-supplier-for-slate-autos-all-new-blank-slate-electric-pickup-302922303.html
SOURCE Kenda Tire
Technology
Doppel Named to Fortune Cyber 60 for Second Consecutive Year
Published
50 minutes agoon
October 28, 2026By
Recognition underscores Doppel’s continued growth and leadership in Social Engineering Defense as AI transforms the threat landscape
SAN FRANCISCO , Oct. 28, 2026 /PRNewswire/ — Doppel, the Frontier AI Social Engineering Defense (SED) platform, today announced it has been named to the 2026 – 2027 Fortune Cyber 60 list for the second year in a row. Produced in partnership with Fortune editors, Lightspeed Venture Partners, and AWS, the annual list recognizes 60 of the most important venture-backed startups shaping the future of cybersecurity. Selection is based on financial performance, business operations, growth, and cybersecurity market research.
The recognition comes as AI makes phishing and other social engineering attacks more sophisticated, personalized, and easier to scale across multiple channels, exposing the limitations of legacy cybersecurity defenses. Doppel was founded as an agentic platform built to address this new environment and protect organizations across the entire social engineering attack chain. Powered by agentic AI, the platform unifies Digital Risk Protection, Human Risk Management, and Email Security to detect and connect attacks across channels, disrupt the infrastructure behind attacks, and strengthen employee resilience against evolving tactics.
“Being named to the Fortune Cyber 60 for the second consecutive year is a significant moment for our team and a reflection of the progress we’ve made as a company,” said Kevin Tian, co-founder and CEO of Doppel. “As we’ve seen in recent weeks, phishing techniques are becoming more sophisticated, and attackers are more capable than ever before. We’re at an inflection point in cybersecurity. As an industry, we have a responsibility to equip defenders with the technology and resources they need to stay ahead of these threats. I’m proud of what we’ve accomplished so far, and we’re only getting started.”
The recognition adds to a year of continued growth and expansion for Doppel. In 2026, the company expanded its global presence in Japan and Toronto, introduced new capabilities across its Social Engineering Defense platform, including Email Security, and officially surpassed 300 employees. Doppel was also named to Fast Company’s 2026 Best Workplaces for Innovators list and won a 2026 SiliconANGLE TechForward Award in the AI-Powered Threat Detection category.
Fortune Cyber 60 Methodology: The Fortune Cyber 60™ list, developed in partnership with Lightspeed Venture Partners and AWS, recognizes 60 of the most important venture-backed cybersecurity startups that have not yet undergone an IPO, acquisition, or other significant exit. Companies are grouped into three categories of 20—Early Stage, Early Growth Stage, and Growth Stage—and listed alphabetically within each category. Selection is based on financial performance, growth, business operations, and cybersecurity market research, with the final list reviewed and validated by Fortune. The full methodology can be found here.
To learn more about Doppel and how its Frontier AI Social Engineering Defense platform helps organizations detect and disrupt social engineering attacks across channels, visit doppel.com.
About the Cyber 60
The Fortune Cyber 60 identifies significant venture-backed cybersecurity startups that have not completed an IPO, acquisition, or other major exit. Companies are grouped by stage rather than ranked, reflecting the distinct opportunities and challenges facing businesses at different points in their development.
About Doppel
Doppel is the Frontier AI platform for Social Engineering Defense (SED), protecting people and brands from AI-powered impersonation, phishing, fraud, and deception through three solutions running on the Doppel Superintelligence Layer. Digital Risk Protection (DRP) sees attacks forming, mapping attacker infrastructure across channels and dismantling it before launch. Email Security defends the inbox, judging every message by the infrastructure behind it and taking that infrastructure down so the campaign can’t retarget. Human Risk Management (HRM) hardens the people attackers target, turning live threats into simulations and training and measuring risk by user and team. Every signal flows through a shared Threat Graph, so a threat seen anywhere strengthens defenses everywhere, and self-healing agents patch every missed detection. Together, they break the social engineering attack chain, advancing Doppel’s mission to protect the world from social engineering attacks every day.
Follow Doppel on X, LinkedIn, YouTube, TikTok, and Instagram.
Media Contacts
Keenan Emery, Doppel
Comms@Doppel.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/doppel-named-to-fortune-cyber-60-for-second-consecutive-year-302921571.html
SOURCE Doppel
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Deloitte is named a Leader in the ISG Provider Lens™: Workday Ecosystem Services 2026 for the fourth time in the US and Europe and the second time in APAC
Published
50 minutes agoon
October 28, 2026By
NEW YORK, Oct. 28, 2026 /PRNewswire/ — Deloitte has been recognized as a Leader in the ISG Provider Lens™: Workday Ecosystem Services 2026 study across the United States, Europe, and Asia Pacific (APAC). Deloitte was recognized across all four quadrants: Transformation Services, Deployment and Integration Services, Performance and Optimization Services, and Innovation on Workday. This is the fourth time Deloitte has been recognized as a Leader in the US and Europe and the second time in APAC (which was added as a reported region in 2025).
The ISG Provider Lens™ study evaluates Workday ecosystem service providers and helps enterprises assess provider capabilities, market presence, and delivery strengths. The research covers services supporting Workday-enabled transformation, implementation, optimization, and innovation initiatives. According to the assessment, Deloitte strengthened its positioning across multiple quadrants compared to the previous year’s study, with notable progress in Deployment and Integration Services in the US and Performance and Optimization Services in Europe. Across many regions, Innovation on Workday emerged as one of Deloitte’s strongest positions in the 2026 study.
The report highlighted how:
“Deloitte focuses on redesigning work, roles and operating models for AI-enabled human-machine teams. Its consultants build outcome-focused roadmaps that address workforce experience, operational efficiency, governance, and adoption before implementation. Deloitte emphasizes aligning technology decisions to measurable business outcomes rather than treating Workday as a standalone system deployment.”
“We are honored to be recognized as a Leader across every Workday services category and region assessed by ISG. This recognition reflects the strength of our global collaboration with Workday, the trust our clients place in us, and the dedication of our people around the world. As AI continues to reshape the future of work, we remain focused on helping clients achieve continuous transformation and lasting business outcomes through our close collaboration with Workday and ongoing investments in innovation, agentic capabilities, and industry solutions,” says Jannine Zucker, Workday Alliance Chief Commercial Officer, Deloitte Consulting LLP.
To learn more, access the ISG Provider Lens™: Workday Ecosystem Services 2026 report and explore Deloitte’s Workday capabilities.
For more information about Deloitte Analyst Relations, please visit our Analyst Relations page.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides leading professional services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets and enable clients to transform and thrive. Building on its 180+-year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s nearly 500,000 people worldwide work together every day to make an impact that matters at www.deloitte.com.
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SOURCE Deloitte Global
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