JOYY Reports 4Q and FY2025 Financial Results: Q4 Revenue Returns to YoY Growth, BIGO Ads Up 61.5% YoY

SINGAPORE, Mar 11, 2026 - (ACN Newswire) - JOYY Inc. (NASDAQ: JOYY) announced its unaudited financial results for the fourth quarter and full year of 2025. In the fourth quarter of 2025, JOYY's total revenue was US$581.9 million, up 7.7% quarter over quarter and 5.9% year over year, marking a return to year-over-year revenue growth. Livestreaming revenue was US$394.4 million, up 1.5% quarter over quarter, marking the third consecutive quarter of sequential growth. BIGO Ads delivered accelerating revenue growth, up 61.5% year over year to US$128.1 million. For the full year of 2025, total revenue was US$2.12billion. Livestreaming contributed US$1.53billion, while BIGO Ads contributed US$398.5million, up 38.5% year over year, driving total nonlivestreaming revenue, including ad revenue and others, to 28.0% of the Company's revenue, up 7.9 percentage points from 2024.

In 2025, JOYY delivered steady profitability growth. Non-GAAP[1] operating income and non-GAAP[1] EBITDA were US$150.8million and US$189.8million, up 10.8% and 10.9% year over year, respectively. In the fourth quarter, nonGAAP1 operating income stood atUS$40.8million, and operating cash flow for the fourth quarter totaled US$116.0million. As of December31, 2025, the Company held US$3.26billion in net cash.

JOYY previously announced a shareholder return program of approximately US$900 million through dividends and share repurchases from 2025 through 2027. The Company has been actively executing its share repurchase program, with repurchases totaling US$67.4 million in the fourth quarter. In total, JOYY has distributed approximately US$332.0 million in dividends and share repurchases throughout 2025. In light of the double-digit improvements in operational profit in 2025, the Company will distribute an additional cash dividend of approximately US$20 million in the first quarter of 2026.

Fourth Quarter 2025 Financial Highlights

- Net revenues increased by 5.9% to US$581.9 million from US$549.4 million in the corresponding period of 2024 and by 7.7% from US$540.2 million in the third quarter of 2025.

- Livestreaming revenue was US$394.4 million, representing an increase of 1.5% from US$388.5 million in the third quarter of 2025.

- Advertising revenue increased by 62.4% to US$145.4 million from US$89.6 million in the corresponding period of 2024 and by 29.3% from US$112.5 million in the third quarter of 2025.

- Other revenues increased by 12.3% to US$42.1 million from US$37.5 million in the corresponding period of 2024 and by 7.2% from US$39.2 million in the third quarter of 2025.

- Operating income was US$18.3 million.

- Non-GAAP1 operating income was US$40.8 million.

- Net Cash as of December 31, 2025 was US$3.26 billion.

- Net cash from operating activities was US$116.0 million, compared with US$110.5 million in the corresponding period of 2024.

Full Year 2025 Financial Highlights

- Net revenues were US$2,124.2 million.

- Operating income was US$55.8 million.

- Non-GAAP1 operating income was US$150.8 million, up 10.8% from US$136.1 million in 2024.

- Non-GAAP1 EBITDA was US$189.8 million, up 10.9% from US$171.2 million in 2024.

[1]This press release includes certain non-GAAP financial measures as additional clarifying items to aid investors in further understanding the Company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled 'JOYY Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results' issued by the Company on March 11, 2026.

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