HUYA Inc. Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and Announces Cash Dividend

Rhea-AI Summary

HUYA (NYSE: HUYA) reported unaudited Q4 2025 and full-year 2025 results and approved a special 2026 cash dividend. Q4 total net revenue was RMB1,738.5M (+16.2% YoY); FY2025 revenue was RMB6,502.4M (+7.0% YoY). Q4 net loss was RMB117.6M; FY net loss was RMB112.6M. Game-related, advertising and other revenues grew sharply: Q4 +59.4%, FY +43.1%. The board approved a US$0.135 per share/ADS special cash dividend (~US$31M), payable ~June 30, 2026. Cash, short- and long-term deposits were RMB3,818.4M at year-end.

Positive

• Q4 total net revenue +16.2% to RMB1,738.5M
• FY2025 total net revenue +7.0% to RMB6,502.4M
• Game-related/advertising revenues +59.4% in Q4
• Board approved US$0.135 per share dividend (~US$31M)
• Share repurchases: 22.9M ADSs for US$75.5M

Negative

• Q4 net loss RMB117.6M; FY net loss RMB112.6M
• RMB66.0M provision related to 2021 broadcaster receivable
• Net cash used in operations RMB176.2M in FY2025
• Impairment loss of investments RMB120.2M for FY2025

News Market Reaction – HUYA

-8.96%

35 alerts

-8.96% Session close to close

+13.4% Peak Tracked

-9.8% Trough Tracked

$823.72M Market Cap

0.7x Rel. Volume

In the Mar 17 session, HUYA declined 8.96%, reflecting a notable negative market reaction. Argus tracked a peak move of +13.4% during that session. Argus tracked a trough of -9.8% from its starting point during tracking. Our momentum scanner triggered 35 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -9.0% in the session following this news. A negative reaction despite revenue growth...

Analysis

The stock moved -9.0% in the session following this news. A negative reaction despite revenue growth and the 2026 cash dividend of US$0.135 per share would fit the pattern seen in prior “dividends,earnings” releases, which averaged a -12.53% move. The market has previously focused on net losses and declining non-GAAP earnings versus 2024, as well as softer live-streaming revenue. Any sharp decline would have raised questions about how much value investors place on cash returns versus underlying profitability trends.

Key Figures

Q4 2025 net revenues: RMB1,738.5M (US$248.6M) Q4 game-related revenues: RMB592.5M (US$84.7M) FY2025 net revenues: RMB6,502.4M (US$929.8M) +5 more

8 metrics

Q4 2025 net revenues RMB1,738.5M (US$248.6M) Fourth quarter 2025 total net revenues, up 16.2% year-over-year

Q4 game-related revenues RMB592.5M (US$84.7M) Fourth quarter 2025 game-related services, advertising and other revenues, up 59.4%

FY2025 net revenues RMB6,502.4M (US$929.8M) Fiscal year 2025 total net revenues, up 7.0% vs 2024

FY2025 non-GAAP net income RMB99.5M (US$14.2M) Fiscal year 2025 non-GAAP net income attributable to HUYA Inc.

2026 cash dividend per share US$0.135 Special cash dividend per ordinary share or ADS for 2026

Total 2026 dividend outlay US$31M Expected total cash distribution for 2026 special cash dividend

Cash and deposits RMB3,818.4M (US$546.0M) Cash, cash equivalents, short-term and long-term deposits at Dec 31, 2025

Average Q4 2025 MAUs 160.0M Average monthly active users across platforms in Q4 2025

Previous Dividends,earnings Reports

2 past events · Latest: Mar 18 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 18	FY2024 earnings, plan	Positive	-18.3%	Mixed FY2024 results plus multi-year dividend plan and AI streaming push.
Mar 19	FY2023 earnings, dividend	Positive	-6.8%	FY2023 results and announcement of a special cash dividend to shareholders.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Past earnings + dividend announcements with this tag saw consistently negative next-day moves despite mixed-to-positive fundamentals (average move -12.53%).

Recent Company History

This announcement follows two prior annual “dividends,earnings” releases on Mar 19, 2024 and Mar 18, 2025, both of which triggered negative one-day moves of -6.78% and -18.28%. Those reports combined improving mix in game-related revenues and dividend commitments, yet the stock sold off. Since late 2025, HUYA has highlighted Goose Goose Duck mobile, esports rights, and top-streamer partnerships, building a broader game-services ecosystem that frames today’s stronger revenue growth and new cash dividend.

Key Terms

non-gaap, american depositary share, ads, impairment loss of investments, +1 more

5 terms

non-gaap financial

"Non-GAAP net loss attributable to HUYA Inc.[1] was RMB8.4 million..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

american depositary share financial

"Basic and diluted net loss per American depositary share ("ADS") were each RMB0.51..."

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

ads financial

"Each ADS represents one Class A ordinary share of the Company."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

impairment loss of investments financial

"Impairment loss of investments was RMB81.5 million (US$11.6 million)..."

An impairment loss of investments is a write-down recorded when the current value of a held investment falls permanently below the amount the company shows on its books. Think of it like lowering the listed price of an item in a store because it can no longer sell for the original amount; it reduces reported profits and the value of assets on the balance sheet, which can signal weaker future cash flows or lower recovery prospects for investors.

open beta technical

"will enter open beta on January 7, 2026..."

An open beta is a public testing stage for a product or service where a wide group of users can try features before the official launch. For investors it matters because user feedback, adoption rates and discovered problems during this phase signal how ready the product is to scale, how quickly it might start generating revenue, and how much risk remains before full market release—like watching a dress rehearsal to judge the likely success of the final performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GUANGZHOU, China, March 17, 2026 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, and a special cash dividend for the year 2026.

Fourth Quarter 2025 Highlights

• Total net revenues increased by 16.2% to RMB1,738.5 million (US$248.6 million) for the fourth quarter of 2025, from RMB1,495.8 million for the same period of 2024.
• Game-related services, advertising and other revenues increased by 59.4% to RMB592.5 million (US$84.7 million) for the fourth quarter of 2025, from RMB371.6 million for the same period of 2024.
• Net loss attributable to HUYA Inc. was RMB117.6 million (US$16.8 million) for the fourth quarter of 2025, compared with RMB172.2 million for the same period of 2024.
• Non-GAAP net loss attributable to HUYA Inc.^[1] was RMB8.4 million (US$1.2 million) for the fourth quarter of 2025, compared with a non-GAAP net income attributable to HUYA Inc. of RMB1.2 million for the same period of 2024.
• Average MAUs^[2] for the fourth quarter of 2025 was 160.0 million.

Fiscal Year 2025 Highlights

• Total net revenues increased by 7.0% to RMB6,502.4 million (US$929.8 million) for fiscal year 2025, from RMB6,079.1 million for 2024.
• Game-related services, advertising and other revenues increased by 43.1% to RMB1,908.4 million (US$272.9 million) for fiscal year 2025, from RMB1,333.9 million for 2024.
• Net loss attributable to HUYA Inc. was RMB112.6 million (US$16.1 million) for fiscal year 2025, compared with RMB48.0 million for 2024.
• Non-GAAP net income attributable to HUYA Inc.^[1] was RMB99.5 million (US$14.2 million) for fiscal year 2025, compared with RMB268.8 million for 2024.

Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "In 2025, we made meaningful progress in our evolution into a comprehensive game-related services provider. Our total net revenues for 2025 rebounded to RMB6.5 billion, up 7.0% year-over-year. Notably, our fourth quarter total net revenues reached RMB1.74 billion, with year-over-year growth accelerating to 16.2%. This performance was primarily driven by our business diversification efforts, as game-related services, advertising, and other revenues surged 59.4% year-over-year and accounted for over 30% of total net revenues, which is now the second quarter since we first hit this milestone."

"Building on this momentum, our expansion into game publishing achieved a key breakthrough with the launch of Goose Goose Duck mobile in the Chinese mainland in January 2026. Since its debut, the title has demonstrated exceptional market appeal, ranking No. 1 on the local Apple App Store free games chart for most of the past two months. More importantly, this success powerfully validates our content-driven publishing strategy and lays the groundwork for us to further deepen our presence across the gaming ecosystem," Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, "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."

Fourth Quarter 2025 Financial Results

Total net revenues increased by 16.2% to RMB1,738.5 million (US$248.6 million) for the fourth quarter of 2025, from RMB1,495.8 million for the same period of 2024.

Live streaming revenues increased by 1.9% to RMB1,146.0 million (US$163.9 million) for the fourth quarter of 2025, from RMB1,124.2 million for the same period of 2024, primarily due to higher average spending per paying user for live streaming services.

Game-related services, advertising and other revenues increased by 59.4% to RMB592.5 million (US$84.7 million) for the fourth quarter of 2025, from RMB371.6 million for the same period of 2024. The increase was primarily driven by higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with game companies.

Cost of revenues increased by 12.7% to RMB1,493.8 million (US$213.6 million) for the fourth quarter of 2025, from RMB1,325.4 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs, as well as increased costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 10.4% year-over-year to RMB1,277.2 million (US$182.6 million) for the fourth quarter of 2025, primarily due to increased revenues.

Gross profit increased by 43.6% to RMB244.7 million (US$35.0 million) for the fourth quarter of 2025, from RMB170.5 million for the same period of 2024. Gross margin was 14.1% for the fourth quarter of 2025, compared with 11.4% for the same period of 2024.

Research and development expenses decreased by 0.2% to RMB123.1 million (US$17.6 million) for the fourth quarter of 2025, from RMB123.3 million for the same period of 2024.

Sales and marketing expenses increased by 24.3% to RMB78.1 million (US$11.2 million) for the fourth quarter of 2025, from RMB62.8 million for the same period of 2024, primarily due to increased marketing and promotional efforts, including pre-launch preparations for Goose Goose Duck mobile, a co-published title that was subsequently launched in January 2026.

General and administrative expenses increased by 55.4% to RMB126.0 million (US$18.0 million) for the fourth quarter of 2025, from RMB81.1 million for the same period of 2024, primarily due to a RMB66.0 million (US$9.4 million) provision related to a receivable arising from a 2021 arrangement with a broadcaster, which was deemed to have a heightened risk of non-recoverability.

Other income was RMB17.5 million (US$2.5 million) for the fourth quarter of 2025, compared with RMB4.0 million for the same period of 2024, primarily due to increased government subsidies.

Operating loss was RMB64.9 million (US$9.3 million) for the fourth quarter of 2025, compared with RMB92.7 million for the same period of 2024.

Non-GAAP operating loss was RMB36.1 million (US$5.2 million) for the fourth quarter of 2025, compared with RMB69.3 million for the same period of 2024.

Interest income was RMB32.1 million (US$4.6 million) for the fourth quarter of 2025, compared with RMB75.2 million for the same period of 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Impairment loss of investments was RMB81.5 million (US$11.6 million) for the fourth quarter of 2025, compared with RMB151.1 million for the same period of 2024, primarily due to the recognition of impairment charges on the Company's investments, attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. was RMB117.6 million (US$16.8 million) for the fourth quarter of 2025, compared with RMB172.2 million for the same period of 2024.

Non-GAAP net loss attributable to HUYA Inc. was RMB8.4 million (US$1.2 million) for the fourth quarter of 2025, compared with a non-GAAP net income attributable to HUYA Inc. of RMB1.2 million for the same period of 2024.

Basic and diluted net loss per American depositary share ("ADS") were each RMB0.51 (US$0.07) for the fourth quarter of 2025. Basic and diluted net loss per ADS were each RMB0.75 for the fourth quarter of 2024. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net loss per ADS were each RMB0.04 (US$0.01) for the fourth quarter of 2025. Non-GAAP basic and diluted net income per ADS were each RMB0.01 for the fourth quarter of 2024.

As of December 31, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,818.4 million (US$546.0 million), compared with RMB3,828.2 million as of September 30, 2025.

Fiscal Year 2025 Financial Results

Total net revenues increased by 7.0% to RMB6,502.4 million (US$929.8 million) for fiscal year 2025, from RMB6,079.1 million for 2024.

Live streaming revenues decreased by 3.2% to RMB4,594.0 million (US$656.9 million) for fiscal year 2025, from RMB4,745.2 million for 2024, primarily due to the continued impact of the macroeconomic and industry environment, partially offset by improved monetization efficiency, as reflected in higher average spending per paying user for live streaming services in the second half of 2025.

Game-related services, advertising and other revenues increased by 43.1% to RMB1,908.4 million (US$272.9 million) for fiscal year 2025, from RMB1,333.9 million for 2024. The increase was primarily driven by higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with game companies.

Cost of revenues increased by 6.8% to RMB5,630.3 million (US$805.1 million) for fiscal year 2025, from RMB5,269.7 million for 2024, primarily due to increased revenue sharing fees and content costs, as well as increased costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 5.5% year-over-year to RMB4,872.3 million (US$696.7 million) for fiscal year 2025, primarily due to increased revenues.

Gross profit increased by 7.7% to RMB872.1 million (US$124.7 million) for fiscal year 2025, from RMB809.5 million for 2024. Gross margin was 13.4% for fiscal year 2025, compared with 13.3% for 2024.

Research and development expenses decreased by 3.1% to RMB496.7 million (US$71.0 million) for fiscal year 2025, from RMB512.6 million for 2024, primarily due to decreased staff costs as a result of enhanced efficiency.

Sales and marketing expenses decreased by 2.7% to RMB266.6 million (US$38.1 million) for fiscal year 2025, from RMB274.0 million for 2024, primarily due to decreased channel promotion fees.

General and administrative expenses increased by 21.2% to RMB308.9 million (US$44.2 million) for fiscal year 2025, from RMB254.8 million for 2024, primarily due to a RMB66.0 million (US$9.4 million) provision related to a receivable arising from a 2021 arrangement with a broadcaster, which was deemed to have a heightened risk of non-recoverability.

Other income was RMB37.5 million (US$5.4 million) for fiscal year 2025, compared with RMB42.5 million for 2024, primarily due to lower government subsidies.

Operating loss was RMB162.5 million (US$23.2 million) for fiscal year 2025, compared with RMB189.6 million for 2024.

Non-GAAP operating loss was RMB65.0 million (US$9.3 million) for fiscal year 2025, compared with RMB101.3 million for 2024.

Interest income was RMB190.8 million (US$27.3 million) for fiscal year 2025, compared with RMB391.4 million for 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Impairment loss of investments was RMB120.2 million (US$17.2 million) for fiscal year 2025, compared with RMB232.5 million for 2024, primarily due to the recognition of impairment charges on the Company's investments, attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. was RMB112.6 million (US$16.1 million) for fiscal year 2025, compared with RMB48.0 million for 2024.

Non-GAAP net income attributable to HUYA Inc. was RMB99.5 million (US$14.2 million) for fiscal year 2025, compared with RMB268.8 million for 2024.

Basic and diluted net loss per ADS were each RMB0.49 (US$0.07) for fiscal year 2025. Basic and diluted net loss per ADS were each RMB0.21 for 2024.

Non-GAAP basic and diluted net income per ADS were each RMB0.43 (US$0.06) for fiscal year 2025. Non-GAAP basic and diluted net income per ADS were RMB1.16 and RMB1.15, respectively, for 2024.

Net cash used in operating activities was RMB176.2 million (US$25.2 million) for fiscal year 2025, compared with net cash provided by operating activities of RMB94.3 million for 2024, primarily due to decreased interest income and increased amounts due from related parties.

Share Repurchase Program

Pursuant to the Company's up-to-US$100 million share repurchase program authorized in August 2023, which has an extended expiration date of March 31, 2026, the Company had repurchased 22.9 million ADSs as of December 31, 2025, with an aggregate consideration of US$75.5 million.

2026 Cash Dividend

To implement its 2025-2027 dividend plan adopted in March 2025, the board of directors of the Company has approved a special cash dividend for the year 2026 (the "2026 Cash Dividend"). The 2026 Cash Dividend will be paid to holders of ordinary shares and holders of ADSs of record as of the close of business on June 17, 2026, in U.S. dollars, in an amount of US$0.135 per ordinary share or US$0.135 per ADS. The total amount of cash to be distributed for the 2026 Cash Dividend is expected to be approximately US$31 million, which will be funded by surplus cash on the Company's balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around June 30, 2026. The dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on March 17, 2026 (6:00 p.m. Beijing/Hong Kong time on March 17, 2026), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

Chinese Mainland[3]:	https://meeting.tencent.com/dw/w1fyNiKOMVT7
International:	https://voovmeeting.com/dw/w1fyNiKOMVT7

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] "Non-GAAP net (loss) income attributable to HUYA Inc." is defined as net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the average total monthly active users who accessed the Company's domestic and overseas platforms and services (primarily the domestic Huya Live platform, its global mobile application service platform, its overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web). Average MAUs for any period is calculated by dividing (i) the sum of total active users for each month during such relevant period, by (ii) the number of months during such relevant period. The Company shifted to total MAU reporting starting from the second quarter of 2025 to provide a more comprehensive view of user activity, in line with its business expansion, cross-platform strategy, and overseas initiatives.

[3] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating (loss) income, non-GAAP net (loss) income attributable to HUYA Inc., non-GAAP net (loss) income attributable to ordinary shareholders, non-GAAP basic and diluted net (loss) income per ordinary share, and non-GAAP basic and diluted net (loss) income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating (loss) income is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net (loss) income attributable to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net (loss) income per ordinary share and per ADS is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain arising from disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain arising from disposal of an equity investment, net of income taxes, and (iv) impairment loss of investments. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net (loss) income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		As of December 31,		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents		1,188,911		692,663		99,049
Restricted cash		17,031		12,031		1,720
Short-term deposits		4,075,048		3,125,760		446,978
Accounts receivable, net		76,044		238,569		34,115
Prepaid assets and amounts due from related      parties, net		207,565		290,747		41,576
Prepayments and other current assets, net		523,674		547,078		78,232
Total current assets		6,088,273		4,906,848		701,670
Non-current assets
Long-term deposits		1,470,000		-		-
Investments		440,790		296,165		42,351
Goodwill		463,796		453,498		64,849
Property and equipment, net		484,008		604,368		86,423
Intangible assets, net		153,190		127,633		18,251
Right-of-use assets, net		339,492		304,017		43,474
Prepayments and other non-current assets		128,262		8,843		1,265
Total non-current assets		3,479,538		1,794,524		256,613
Total assets		9,567,811		6,701,372		958,283
Liabilities and shareholders' equity
Current liabilities
Accounts payable		66,613		237,903		34,020
Advances from customers and deferred revenue		265,628		228,167		32,627
Income taxes payable		54,594		61,479		8,791
Accrued liabilities and other current liabilities		1,360,949		1,032,437		147,637
Amounts due to related parties		161,529		150,166		21,473
Lease liabilities due within one year		28,581		18,982		2,714
Total current liabilities		1,937,894		1,729,134		247,262
Non-current liabilities
Lease liabilities		20,047		1,766		253
Deferred tax liabilities		23,405		18,932		2,707
Deferred revenue		35,786		31,824		4,551
Total non-current liabilities		79,238		52,522		7,511
Total liabilities		2,017,132		1,781,656		254,773

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		As of December 31,		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Shareholders' equity
Class A ordinary shares (US$0.0001 par value;      750,000,000 shares authorized as of December      31, 2024 and December 31, 2025, respectively;      74,845,398 and 73,146,779 shares issued and      outstanding as of December 31, 2024 and       December 31, 2025, respectively)		52		54		8
Class B ordinary shares (US$0.0001 par value;      200,000,000 shares authorized as of December      31, 2024 and December 31, 2025, respectively;      150,386,517 and 150,386,517 shares issued and      outstanding as of December 31, 2024 and      December 31, 2025, respectively)		98		98		14
Treasury shares		(108,101)		(128,056)		(18,312)
Additional paid-in capital		8,866,492		6,466,101		924,640
Statutory reserves		122,429		122,429		17,507
Accumulated deficit		(2,100,291)		(2,219,365)		(317,365)
Accumulated other comprehensive income		770,000		678,455		97,018
Total shareholders' equity		7,550,679		4,919,716		703,510
Total liabilities and shareholders' equity		9,567,811		6,701,372		958,283

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended								Twelve Months Ended
		December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Net revenues
Live streaming		1,124,188		1,156,681		1,145,950		163,869		4,745,195		4,594,014		656,935
Game-related services, advertising and others		371,639		531,570		592,525		84,730		1,333,920		1,908,386		272,896
Total net revenues		1,495,827		1,688,251		1,738,475		248,599		6,079,115		6,502,400		929,831
Cost of revenues(1)		(1,325,364)		(1,461,627)		(1,493,767)		(213,606)		(5,269,661)		(5,630,267)		(805,117)
Gross profit		170,463		226,624		244,708		34,993		809,454		872,133		124,714
Operating expenses(1)
Research and development expenses		(123,313)		(121,942)		(123,054)		(17,596)		(512,637)		(496,677)		(71,024)
Sales and marketing expenses		(62,798)		(70,107)		(78,066)		(11,163)		(274,049)		(266,567)		(38,119)
General and administrative expenses		(81,054)		(57,729)		(125,958)		(18,012)		(254,840)		(308,875)		(44,169)
Total operating expenses		(267,165)		(249,778)		(327,078)		(46,771)		(1,041,526)		(1,072,119)		(153,312)
Other income, net		4,010		8,854		17,516		2,505		42,496		37,481		5,360
Operating loss		(92,692)		(14,300)		(64,854)		(9,273)		(189,576)		(162,505)		(23,238)
Interest income		75,234		34,655		32,144		4,597		391,389		190,789		27,282
Impairment loss of investments		(151,089)		(8,698)		(81,458)		(11,648)		(232,466)		(120,156)		(17,182)
Disposal gain of investments		-		1,500		-		-		-		1,500		214
Foreign currency exchange losses, net		(522)		(2,008)		(2,182)		(312)		(3,802)		(6,718)		(961)
(Loss) income before income tax expenses		(169,069)		11,149		(116,350)		(16,636)		(34,455)		(97,090)		(13,885)
Income tax expenses		(3,134)		(508)		(1,662)		(238)		(13,500)		(12,806)		(1,831)
(Loss) income before (loss) income in equity       method investments, net of income taxes		(172,203)		10,641		(118,012)		(16,874)		(47,955)		(109,896)		(15,716)
(Loss) income in equity method investments,      net of income taxes		-		(1,085)		429		61		-		(2,695)		(385)
Net (loss) income attributable to HUYA Inc.		(172,203)		9,556		(117,583)		(16,813)		(47,955)		(112,591)		(16,101)
Net (loss) income attributable to ordinary      shareholders		(172,203)		9,556		(117,583)		(16,813)		(47,955)		(112,591)		(16,101)

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended															Twelve Months Ended
		December 31, 2024			September 30, 2025				December 31, 2025				December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2025
		RMB			RMB				RMB				US$				RMB				RMB				US$
Net (loss) income per ordinary share
—Basic		(0.75)			0.04				(0.51)				(0.07)				(0.21)				(0.49)				(0.07)
—Diluted		(0.75)			0.04				(0.51)				(0.07)				(0.21)				(0.49)				(0.07)
Net (loss) income per ADS*
—Basic		(0.75)			0.04				(0.51)				(0.07)				(0.21)				(0.49)				(0.07)
—Diluted		(0.75)			0.04				(0.51)				(0.07)				(0.21)				(0.49)				(0.07)
Weighted average number of ADS used in      calculating net (loss) income per ADS
—Basic		230,581,559			229,032,506				229,212,223				229,212,223				231,533,388				228,840,636				228,840,636
—Diluted		230,581,559			231,210,726				229,212,223				229,212,223				231,533,388				228,840,636				228,840,636

*	Each ADS represents one Class A ordinary share.

 

(1)	Share-based compensation was allocated in cost of revenues and operating expenses as follows:

		Three Months Ended								Twelve Months Ended
		December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Cost of revenues		3,268		1,666		3,335		477		15,566		12,091		1,729
Research and development expenses		6,283		4,335		5,561		795		27,269		22,772		3,256
Sales and marketing expenses		164		213		214		31		1,147		1,141		163
General and administrative expenses		7,683		8,435		13,720		1,962		20,538		37,588		5,375

 

HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended								Twelve Months Ended
		December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025		December 31, 2024		December 31, 2025		December 31, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Gross profit		170,463		226,624		244,708		34,993		809,454		872,133		124,714
Share-based compensation expenses allocated      in cost of revenues		3,268		1,666		3,335		477		15,566		12,091		1,729
Non-GAAP gross profit		173,731		228,290		248,043		35,470		825,020		884,224		126,443
Operating loss		(92,692)		(14,300)		(64,854)		(9,273)		(189,576)		(162,505)		(23,238)
Share-based compensation expenses		17,398		14,649		22,830		3,265		64,520		73,592		10,523
Amortization of intangible assets from      business acquisitions		5,964		5,958		5,915		846		23,772		23,874		3,414
Non-GAAP operating (loss) income		(69,330)		6,307		(36,109)		(5,162)		(101,284)		(65,039)		(9,301)
Net (loss) income attributable to HUYA Inc.		(172,203)		9,556		(117,583)		(16,813)		(47,955)		(112,591)		(16,101)
Gain arising from disposal of an equity      investment, net of income taxes		-		(1,500)		-		-		-		(1,500)		(214)
Impairment loss of investments		151,089		8,698		81,458		11,648		232,466		120,156		17,182
Share-based compensation expenses		17,398		14,649		22,830		3,265		64,520		73,592		10,523
Amortization of intangible assets from      business acquisitions, net of income taxes		4,950		4,945		4,910		702		19,731		19,816		2,834
Non-GAAP net income (loss) attributable to      HUYA Inc.		1,234		36,348		(8,385)		(1,198)		268,762		99,473		14,224
Net (loss) income attributable to ordinary      shareholders		(172,203)		9,556		(117,583)		(16,813)		(47,955)		(112,591)		(16,101)
Gain arising from disposal of an equity      investment, net of income taxes		-		(1,500)		-		-		-		(1,500)		(214)
Impairment loss of investments		151,089		8,698		81,458		11,648		232,466		120,156		17,182
Share-based compensation expenses		17,398		14,649		22,830		3,265		64,520		73,592		10,523
Amortization of intangible assets from       business acquisitions, net of income taxes		4,950		4,945		4,910		702		19,731		19,816		2,834
Non-GAAP net income (loss) attributable to      ordinary shareholders		1,234		36,348		(8,385)		(1,198)		268,762		99,473		14,224
Non-GAAP net income (loss) per ordinary      share
—Basic		0.01		0.16		(0.04)		(0.01)		1.16		0.43		0.06
—Diluted		0.01		0.16		(0.04)		(0.01)		1.15		0.43		0.06
Non-GAAP net income (loss) per ADS
—Basic		0.01		0.16		(0.04)		(0.01)		1.16		0.43		0.06
—Diluted		0.01		0.16		(0.04)		(0.01)		1.15		0.43		0.06
Weighted average number of ADS used in      calculating Non-GAAP net income       (loss) per ADS
—Basic		230,581,559		229,032,506		229,212,223		229,212,223		231,533,388		228,840,636		228,840,636
—Diluted		232,217,347		231,210,726		229,212,223		229,212,223		233,875,454		231,442,937		231,442,937

 

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SOURCE HUYA Inc.

FAQ

What did HUYA (HUYA) report for Q4 2025 revenue and net loss?

HUYA reported Q4 2025 total net revenue of RMB1,738.5M and a net loss of RMB117.6M. According to the company, revenue rose 16.2% year-over-year driven by higher game-related and advertising sales and improved monetization.

How much is HUYA's 2026 cash dividend and when will HUYA pay it?

HUYA approved a special 2026 cash dividend of US$0.135 per share or ADS, payable around June 30, 2026. According to the company, the dividend record date is June 17, 2026 and the total distribution is expected to be about US$31 million.

What drove HUYA's strong game-related revenue growth in Q4 2025 (HUYA)?

HUYA's game-related, advertising and other revenues rose 59.4% in Q4 2025 versus 2024. According to the company, the increase was mainly due to deeper cooperation with game companies and expanded game-related services and advertising.

How much cash did HUYA have at December 31, 2025 and how did buybacks progress?

As of December 31, 2025, HUYA held RMB3,818.4M in cash and deposits and repurchased 22.9M ADSs for US$75.5M. According to the company, the repurchase program is authorized up to US$100M through March 31, 2026.

Why did HUYA record an operating loss in Q4 2025 and what was the impact?

HUYA recorded an operating loss in Q4 2025 partly due to a one-off RMB66.0M provision on a receivable, which increased G&A costs. According to the company, excluding this item, core operating performance showed continued improvement.