What is Joyy Inc's earnings per share (EPS)?

Joyy Inc (JOYY) reported diluted earnings per share of $4.87 for fiscal year 2025. This represents a 3846.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Joyy Inc Financials

JOYY

Source SEC Filings (10-K/10-Q) Updated Apr 28, 2026 Currency USD FYE April

This page shows Joyy Inc (JOYY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI JOYY FY2024 2026-04-28

JOYY’s cash engine stayed positive while reported earnings and liquidity weakened, separating operating reality from accounting noise.

In FY2024, operating cash flow of $309M coexisted with a net loss of -$146M. Because gross margin still held near 36.0%, the earnings break looks more like pressure below cost of revenue than a core business that stopped turning sales into cash.

Positive free cash flow did not rebuild the cushion: FY2024 produced $225M of FCF but spent $259M on buybacks before other investing uses. That helps explain why cash fell to $445M and the current ratio slipped below 1.0x; liabilities also declined, so this reads more like a short-term liquidity squeeze than rising leverage.

The business had been showing a margin-shape improvement through FY2023, with gross margin rising from 35.3% to 35.9% while revenue softened. FY2024 broke that pattern: the gross spread stayed stable, but operating margin plunged, which is the signature of costs or charges outside direct service delivery overwhelming an otherwise steady monetization layer.

Financial Health Signals

Financial Profile 49/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Joyy Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Joyy Inc has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 12/100, suggesting thin profitability after operating expenses. This is up from -18.1% the prior year.

Growth

Joyy Inc's revenue declined 11.5% year-over-year, from $2.2B to $2.0B. This contraction results in a growth score of 22/100.

Leverage

Joyy Inc carries a low D/E ratio of 0.58, meaning only $0.58 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 13.43, Joyy Inc holds $13.43 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

Joyy Inc has a free cash flow margin of 10.8%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Joyy Inc generates a 6.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from -3.1% the prior year.

Altman Z-Score Distress

1.80

Joyy Inc scores 1.80, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Joyy Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

0.98x

For every $1 of reported earnings, Joyy Inc generates $0.98 in operating cash flow ($295.6M OCF vs $301.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

66.2x

Joyy Inc earns $66.2 in operating income for every $1 of interest expense ($28.8M vs $435K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0B

YoY-11.5%

5Y CAGR-0.5%

10Y CAGR+8.1%

Joyy Inc generated $2.0B in revenue in fiscal year 2025. This represents a decrease of 11.5% from the prior year.

EBITDA

$148.8M

YoY+147.3%

10Y CAGR-3.3%

Joyy Inc's EBITDA was $148.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 147.3% from the prior year.

Net Income

$301.8M

YoY+306.4%

5Y CAGR-26.1%

10Y CAGR+6.6%

Joyy Inc reported $301.8M in net income in fiscal year 2025. This represents an increase of 306.4% from the prior year.

EPS (Diluted)

$4.87

YoY+3846.2%

5Y CAGR+41.8%

10Y CAGR+43.7%

Joyy Inc earned $4.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3846.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$214.0M

YoY-4.9%

5Y CAGR-9.1%

10Y CAGR-1.4%

Joyy Inc generated $214.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 4.9% from the prior year.

Cash & Debt

$444.8M

YoY+0.0%

5Y CAGR-23.9%

10Y CAGR+12.8%

Joyy Inc held $444.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.99

Joyy Inc paid $0.99 per share in dividends in fiscal year 2025.

Shares Outstanding

673M

Joyy Inc had 673M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

41.1%

YoY+5.0pp

5Y CAGR+14.5pp

10Y CAGR+1.8pp

Joyy Inc's gross margin was 41.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.0 percentage points from the prior year.

Operating Margin

1.5%

YoY+19.6pp

5Y CAGR+21.5pp

10Y CAGR-18.2pp

Joyy Inc's operating margin was 1.5% in fiscal year 2025, reflecting core business profitability. This is up 19.6 percentage points from the prior year.

Net Margin

15.3%

YoY+21.8pp

5Y CAGR-52.5pp

10Y CAGR-2.3pp

Joyy Inc's net profit margin was 15.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 21.8 percentage points from the prior year.

Return on Equity

6.4%

YoY+9.5pp

5Y CAGR-15.6pp

10Y CAGR-25.5pp

Joyy Inc's ROE was 6.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$295.5M

YoY+6.0%

5Y CAGR-0.5%

10Y CAGR+13.3%

Joyy Inc invested $295.5M in research and development in fiscal year 2025. This represents an increase of 6.0% from the prior year.

Share Buybacks

$273.9M

YoY+5.6%

5Y CAGR+20.9%

10Y CAGR+5.5%

Joyy Inc spent $273.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 5.6% from the prior year.

Capital Expenditures

$81.6M

YoY-2.6%

5Y CAGR-11.6%

10Y CAGR+9.2%

Joyy Inc invested $81.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 2.6% from the prior year.

JOYY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.0B-11.5%	$2.2B-1.3%	$2.3B-6.0%	$2.4B-7.9%	$2.6B+29.2%	$2.0B
Cost of Revenue	$1.5B+1.6%	$1.4B-1.6%	$1.5B-6.7%	$1.6B-12.5%	$1.8B+29.2%	$1.4B
Gross Profit	$813.0M+0.8%	$806.2M-0.8%	$813.0M-4.6%	$852.1M+1.7%	$837.9M+55.2%	$540.0M
R&D Expenses	$295.5M+6.0%	$278.7M-5.7%	$295.5M+12.9%	$261.8M-6.4%	$279.8M-7.6%	$302.8M
SG&A Expenses	$122.7M-19.6%	$152.5M+24.3%	$122.7M-13.5%	$141.8M-36.0%	$221.7M+51.2%	$146.7M
Operating Income	$28.8M+107.1%	-$405.6M-1507.7%	$28.8M-43.2%	$50.7M+147.6%	-$106.7M+73.8%	-$406.8M
Interest Expense	$435K-91.0%	$4.8M-53.5%	$10.4M-18.4%	$12.8M-11.8%	$14.5M-80.8%	$75.6M
Income Tax	$18.9M+39.8%	$13.5M-28.5%	$18.9M-45.5%	$34.6M+34.3%	$25.7M-7.5%	$27.8M
Net Income	$301.8M+306.4%	-$146.2M-148.5%	$301.8M+134.2%	$128.9M+260.5%	-$80.3M-105.8%	$1.4B
EPS (Diluted)	$4.87+3846.2%	$-0.13-154.2%	$0.24+200.0%	$0.08+233.3%	$-0.06-107.1%	$0.85

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

JOYY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$7.5B0.0%	$7.5B-11.3%	$8.5B-6.5%	$9.1B-0.5%	$9.1B+12.7%	$8.1B
Current Assets	$2.6B0.0%	$2.6B-37.2%	$4.1B-12.3%	$4.6B-8.4%	$5.1B+30.0%	$3.9B
Cash & Equivalents	$444.8M0.0%	$444.8M-58.2%	$1.1B-12.4%	$1.2B-33.9%	$1.8B+5.4%	$1.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$121.9M0.0%	$121.9M-6.8%	$130.7M+10.8%	$117.9M+3.1%	$114.4M-20.0%	$143.0M
Goodwill	$2.2B0.0%	$2.2B-17.2%	$2.6B0.0%	$2.6B+35.3%	$2.0B+4.6%	$1.9B
Total Liabilities	$2.7B0.0%	$2.7B-13.5%	$3.2B-11.1%	$3.6B+2.2%	$3.5B+96.0%	$1.8B
Current Liabilities	$190.4M-92.9%	$2.7B-13.4%	$3.1B+0.5%	$3.1B+22.3%	$2.5B+166.1%	$944.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.7B0.0%	$4.7B-8.6%	$5.2B-0.4%	$5.2B-6.3%	$5.5B-11.3%	$6.2B
Retained Earnings	$2.8B0.0%	$2.8B-5.1%	$2.9B+9.8%	$2.7B-1.0%	$2.7B-5.9%	$2.9B

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Total Assets	$7.5B-11.3%	$8.5B-6.5%	$9.1B-0.5%	$9.1B+12.7%	$8.1B+7.9%	$7.5B+100.1%	$3.7B+68.6%	$2.2B
Current Assets	$2.6B-37.2%	$4.1B-12.3%	$4.6B-8.4%	$5.1B+30.0%	$3.9B-5.7%	$4.1B+72.5%	$2.4B+54.0%	$1.6B
Cash & Equivalents	$444.8M-58.2%	$1.1B-12.4%	$1.2B-33.9%	$1.8B+5.4%	$1.7B+211.6%	$559.3M-36.0%	$873.3M+117.1%	$402.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$48K
Accounts Receivable	$121.9M-6.8%	$130.7M+10.8%	$117.9M+3.1%	$114.4M-20.0%	$143.0M+30.6%	$109.5M+279.3%	$28.9M+22.0%	$23.7M
Goodwill	$2.2B-17.2%	$2.6B0.0%	$2.6B+35.3%	$2.0B+4.6%	$1.9B+0.9%	$1.9B+108369.3%	$1.7M-5.0%	$1.8M
Total Liabilities	$2.7B-13.5%	$3.2B-11.1%	$3.6B+2.2%	$3.5B+96.0%	$1.8B-6.9%	$1.9B+231.3%	$577.7M+16.7%	$495.0M
Current Liabilities	$2.7B-13.4%	$3.1B+0.5%	$3.1B+22.3%	$2.5B+166.1%	$944.1M-13.9%	$1.1B+95.8%	$560.4M+15.9%	$483.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.7B-8.6%	$5.2B-0.4%	$5.2B-6.3%	$5.5B-11.3%	$6.2B+31.3%	$4.7B+76.3%	$2.7B+65.2%	$1.6B
Retained Earnings	$2.8B-5.1%	$2.9B+9.8%	$2.7B-1.0%	$2.7B-5.9%	$2.9B+95.3%	$1.5B+46.7%	$1.0B+25.4%	$802.0M

JOYY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$295.6M-4.2%	$308.7M+4.4%	$295.6M-6.6%	$316.5M+50.4%	$210.4M-57.5%	$495.1M
Capital Expenditures	$81.6M-2.6%	$83.7M+2.6%	$81.6M+18.2%	$69.0M-2.5%	$70.8M-53.1%	$151.0M
Free Cash Flow	$214.0M-4.9%	$224.9M+5.1%	$214.0M-13.5%	$247.5M+77.3%	$139.6M-59.4%	$344.2M
Investing Cash Flow	$420.4M+299.9%	-$210.2M-150.0%	$420.4M+182.4%	-$510.3M-164.6%	$789.6M+0.9%	$782.5M
Financing Cash Flow	-$841.7M-18.9%	-$707.8M+15.9%	-$841.7M-161.5%	-$321.9M+55.5%	-$723.5M-434.0%	-$135.5M
Dividends Paid	$84.2M	$0-100.0%	$84.2M-42.3%	$145.9M-8.9%	$160.1M+148.1%	$64.6M
Share Buybacks	$273.9M+5.6%	$259.4M-5.3%	$273.9M+98.4%	$138.1M-65.4%	$398.6M+276.0%	$106.0M

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

JOYY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	41.1%+5.0pp	36.0%+0.2pp	35.9%+0.5pp	35.3%+3.3pp	32.0%+5.4pp	26.6%
Operating Margin	1.5%+19.6pp	-18.1%-19.4pp	1.3%-0.8pp	2.1%+6.2pp	-4.1%+16.0pp	-20.1%
Net Margin	15.3%+21.8pp	-6.5%-19.8pp	13.3%+8.0pp	5.3%+8.4pp	-3.1%-70.8pp	67.7%
Return on Equity	6.4%+9.5pp	-3.1%-8.9pp	5.9%+3.4pp	2.5%+3.9pp	-1.5%-23.5pp	22.0%
Return on Assets	4.0%+5.9pp	-1.9%-5.5pp	3.6%+2.1pp	1.4%+2.3pp	-0.9%-17.8pp	17.0%
Current Ratio	13.43+12.5	0.96-0.4	1.32-0.2	1.51-0.5	2.02-2.1	4.13
Debt-to-Equity	0.580.0	0.58-0.0	0.62-0.1	0.69+0.1	0.63+0.3	0.29
FCF Margin	10.8%+0.8pp	10.1%+0.6pp	9.4%-0.8pp	10.3%+4.9pp	5.3%-11.6pp	17.0%

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20	Q3'19	Q3'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.96-0.4	1.32-0.2	1.51-0.5	2.02-2.1	4.13+0.4	3.77-0.5	4.28+1.1	3.22
Debt-to-Equity	0.58-0.0	0.62-0.1	0.69+0.1	0.63+0.3	0.29-0.1	0.40+0.2	0.21-0.1	0.30
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Joyy Inc's annual revenue?

Joyy Inc (JOYY) reported $2.0B in total revenue for fiscal year 2025. This represents a -11.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Joyy Inc's revenue growing?

Joyy Inc (JOYY) revenue declined by 11.5% year-over-year, from $2.2B to $2.0B in fiscal year 2025.

Is Joyy Inc profitable?

Yes, Joyy Inc (JOYY) reported a net income of $301.8M in fiscal year 2025, with a net profit margin of 15.3%.

What is Joyy Inc's EBITDA?

Joyy Inc (JOYY) had EBITDA of $148.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Joyy Inc's gross margin?

Joyy Inc (JOYY) had a gross margin of 41.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Joyy Inc's operating margin?

Joyy Inc (JOYY) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Joyy Inc's net profit margin?

Joyy Inc (JOYY) had a net profit margin of 15.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Joyy Inc pay dividends?

Yes, Joyy Inc (JOYY) paid $0.99 per share in dividends during fiscal year 2025.

What is Joyy Inc's return on equity (ROE)?

Joyy Inc (JOYY) has a return on equity of 6.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Joyy Inc's free cash flow?

Joyy Inc (JOYY) generated $214.0M in free cash flow during fiscal year 2025. This represents a -4.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Joyy Inc's operating cash flow?

Joyy Inc (JOYY) generated $295.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Joyy Inc's total assets?

Joyy Inc (JOYY) had $7.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Joyy Inc's capital expenditures?

Joyy Inc (JOYY) invested $81.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Joyy Inc spend on research and development?

Joyy Inc (JOYY) invested $295.5M in research and development during fiscal year 2025.

Does Joyy Inc buy back shares?

Yes, Joyy Inc (JOYY) spent $273.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Joyy Inc have outstanding?

Joyy Inc (JOYY) had 673M shares outstanding as of fiscal year 2025.

What is Joyy Inc's current ratio?

Joyy Inc (JOYY) had a current ratio of 13.43 as of fiscal year 2025, which is generally considered healthy.

What is Joyy Inc's debt-to-equity ratio?

Joyy Inc (JOYY) had a debt-to-equity ratio of 0.58 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Joyy Inc's return on assets (ROA)?

Joyy Inc (JOYY) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Joyy Inc's Altman Z-Score?

Joyy Inc (JOYY) has an Altman Z-Score of 1.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Joyy Inc's Piotroski F-Score?

Joyy Inc (JOYY) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Joyy Inc's earnings high quality?

Joyy Inc (JOYY) has an earnings quality ratio of 0.98x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Joyy Inc cover its interest payments?

Joyy Inc (JOYY) has an interest coverage ratio of 66.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Joyy Inc?

Joyy Inc (JOYY) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.