HUYA Inc. reported its unaudited fourth‑quarter and fiscal‑year 2025 results on March 17, 2026. Total net revenues reached RMB6.50 billion (US$929.8 million), up 7.0% year‑over‑year, while fourth‑quarter revenue was RMB1.74 billion (US$248.6 million), a 16.2% increase from the same period in 2024. The company’s game‑related services, advertising and other revenues grew 59.4% to RMB592.5 million, now representing more than 30% of total net revenues.
Gross profit surged 90% to RMB244.7 million (US$35.0 million), lifting the gross margin to 14.1% from 11.4% in Q4 2024. Operating loss for the quarter was RMB64.9 million (US$9.3 million) and non‑GAAP operating loss was RMB36.1 million (US$5.2 million). The company’s fourth‑quarter earnings per share were –$0.04, missing the consensus estimate of $0.20 by 120%. Management attributed the loss to a one‑off accounting provision and an impairment loss on investments, noting that excluding these items the core operating performance improved.
Net loss for the year was RMB117.6 million (US$16.8 million) and non‑GAAP net loss was RMB8.4 million (US$1.2 million). In addition to the earnings, HUYA announced a special cash dividend of US$0.135 per ordinary share or ADS, totaling approximately US$31 million, with a record date of June 17 2026 and a payment date around June 30 2026. The company also disclosed that it repurchased 22.9 million ADSs under its 2023 share‑repurchase program for a total consideration of US$75.5 million, and that the 2023 program was terminated with a new 2026 program authorized for up to US$50 million over 24 months.
"Our fourth quarter results included a one‑off accounting provision, which had a significant impact on our reported operating results and led to an operating loss for the quarter. Excluding the impact of this item, this quarter's results reflected continued improvement in our core operating performance," said Raymond Peng Lei, Acting Co‑Chief Executive Officer and Chief Financial Officer. "In 2025, we made meaningful progress in our evolution into a comprehensive game‑related services provider," added Vincent Yu, CEO.
Investors reacted to the dividend announcement, while the EPS miss raised concerns about the company’s profitability trajectory. The dividend signals management confidence in future cash‑flow generation, whereas the earnings miss highlights ongoing challenges in achieving profitability despite revenue growth and margin expansion.
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