JOYY Reports Fourth Quarter and FY2025 Financial Results: Q4 Revenue Returns to YoY Growth, BIGO Ads Momentum Continues, Delivering Strong Shareholder Returns

JOYY (NASDAQ: JOYY) reported Q4 2025 revenue of US$581.9M, up 5.9% YoY and 7.7% QoQ, with livestreaming revenue of US$394.4M and BIGO Ads revenue of US$128.1M (up 61.5% YoY).

Rhea-AI Summary

JOYY (NASDAQ: JOYY) reported Q4 2025 revenue of US$581.9M, up 5.9% YoY and 7.7% QoQ, with livestreaming revenue of US$394.4M and BIGO Ads revenue of US$128.1M (up 61.5% YoY). Full‑year 2025 revenue was US$2.12B. Non‑GAAP operating income rose to US$150.8M (+10.8% YoY) and non‑GAAP EBITDA was US$189.8M (+10.9% YoY). Net cash totaled US$3.26B at year‑end. JOYY continued its shareholder return program (~US$900M through 2027), returning ~US$332.0M in 2025 and declaring an additional ~US$20M dividend in Q1 2026.

Positive

• BIGO Ads revenue +61.5% YoY to US$128.1M in Q4
• Non‑GAAP operating income +10.8% YoY to US$150.8M for 2025
• Non‑GAAP EBITDA +10.9% YoY to US$189.8M for 2025
• Net cash position of US$3.26B as of Dec 31, 2025
• Shareholder return program ~US$900M (2025–2027); ~US$332.0M returned in 2025

Negative

• Operating income of US$55.8M for full‑year 2025 remains modest relative to revenue
• Livestreaming still accounts for ~72% of 2025 revenue (US$1.53B of US$2.12B), indicating concentration risk

Argus Mar 11 session

+2.26% close to close Open Argus

Details

News Market Reaction – JOYY

On Mar 11, the first trading day after this news, JOYY closed 2.26% above the previous close.

Data tracked by StockTitan Argus for the Mar 11 session.

Key Figures

Q4 2025 revenue: US$581.9M Livestreaming revenue Q4: US$394.4M BIGO Ads Q4 revenue: US$128.1M +5 more

Q4 2025 revenue

US$581.9M

Net revenues, up 5.9% YoY and 7.7% QoQ

Livestreaming revenue Q4

US$394.4M

Third consecutive quarter of sequential growth, +1.5% QoQ

BIGO Ads Q4 revenue

US$128.1M

Up 61.5% year over year

FY2025 total revenue

US$2.1242B

Full year 2025 net revenues

FY2025 non-GAAP op income

US$150.8M

Up 10.8% from US$136.1M in 2024

FY2025 non-GAAP EBITDA

US$189.8M

Up 10.9% from US$171.2M in 2024

Net cash balance

US$3.26B

Net cash as of December 31, 2025

Shareholder return program

US$900M

Approximate dividends and buybacks planned 2025–2027

Previous Earnings Reports

5 past events · Latest: Nov 19

Same Type 5 events

1. Nov 19

   Q3 2025 earnings

   24h Move

   +6.3%

   Q3 2025 revenue and EBITDA growth with strong advertising momentum.

2. Nov 19

   Q3 2025 earnings

   24h Move

   +6.3%

   Unaudited Q3 2025 results with improving operating income and ad revenue.

3. Aug 26

   Q2 2025 earnings

   24h Move

   +3.9%

   Q2 2025 revenue growth and strong non‑livestreaming and BIGO Ads trends.

4. Aug 26

   Q2 2025 earnings

   24h Move

   +3.9%

   Q2 2025 unaudited results highlighting higher operating income and returns.

5. May 26

   Q1 2025 earnings

   24h Move

   +5.8%

   Q1 2025 revenue growth, stronger non‑GAAP profit and shareholder payouts.

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

Key Terms

non-gaap, ebitda, maus, sdk, +1 more

5 terms

non-gaap financial

"Non-GAAP1 operating income and non-GAAP1 EBITDA were US$150.8 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

ebitda financial

"Non-GAAP1 operating income and non-GAAP1 EBITDA were US$150.8 million..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

maus technical

"Global average mobile MAUs reached 272.1 million, up 2.2% quarter over quarter."

Monthly active users (often abbreviated MAUs) counts the number of distinct people who use a digital product or service at least once during a 30-day period. Investors use it like a foot-traffic counter for an online business: rising MAUs suggest growing reach and potential sales, while falling MAUs can signal weakening engagement and future revenue risk. It helps gauge how well a company attracts and retains real, repeat customers over time.

sdk technical

"Third-party SDK traffic expansion continued, with SDK ad requests growing by 166% year over year..."

An SDK (software development kit) is a bundled set of tools, code samples and instructions that lets outside developers build software that works with a company’s platform or product. Think of it as a toolbox and recipe that makes it faster and easier for others to create compatible apps or services. For investors, an SDK matters because widespread developer use can boost product adoption, create new revenue streams and strengthen customer lock‑in, signaling potential future growth.

llm technical

"By integrating LLM architecture and incorporating multi-modal information into the platform's recommendation systems..."

A large language model (LLM) is an advanced computer system trained on vast amounts of written text to understand and generate human-like language, similar to a very fast, well-read assistant that can summarize documents, draft messages, or answer questions. Investors care because LLMs can speed up research, automate customer support, and reduce costs, while also creating new product opportunities and risks around accuracy, bias, and regulatory oversight that can affect a company’s performance.

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

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SINGAPORE, March 10, 2026 /PRNewswire/ -- JOYY Inc. (NASDAQ: JOYY) ("JOYY" or the "Company"), a global leading technology company, 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$2.12 billion. Livestreaming contributed US$1.53 billion, while BIGO Ads contributed US$398.5 million, up 38.5% year over year, driving total non‑livestreaming 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-GAAP¹ operating income and non-GAAP¹ EBITDA were US$150.8 million and US$189.8 million, up 10.8% and 10.9% year over year, respectively. In the fourth quarter, non‑GAAP¹ operating income stood at US$40.8 million, and operating cash flow for the fourth quarter totaled US$116.0 million. As of December 31, 2025, the Company held US$3.26 billion 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.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "Looking back at the full year of 2025, we made meaningful progress in shaping our strategic framework as a global technology company with multiple, synergistic growth engines. Our livestreaming revenue has returned to sequential growth. BIGO Ads achieved 38.5% year-over-year revenue growth, with our third-party Audience Network ads revenue accelerating to 56.3% year-over-year growth. Non-GAAP operating profit remained robust, up by 10.8% year over year. As we look ahead, with our social entertainment business serving as the cornerstone of profitability and cash flow, and BIGO Ads and e-commerce SaaS business fueling our next stage of growth, we are well-positioned for sustainable and profitable growth. Leveraging our integrated ecosystem, we remain committed to strengthening JOYY's position and delivering long-term value for our shareholders."

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.

Fourth Quarter 2025 Business Highlights

Social Entertainment Business

In the fourth quarter, JOYY's core social entertainment business achieved its third consecutive quarter of sequential growth. Global average mobile MAUs reached 272.1 million, up 2.2% quarter over quarter. Traffic from its instant messenger increased 4.5% quarter over quarter, driven by high user stickiness and user organic growth. Both average user time spent and retention improved year over year. In the fourth quarter, the Company's livestreaming revenue grew 1.5% sequentially to US$394.4 million, while livestreaming revenue in developed countries increased 3.4% quarter over quarter. Backed by localized operational improvements, BIGO's total paying users increased 1.5% sequentially, while ARPPU continued to record modest sequential growth.

Bigo Live refined its streamer incentive structure and integrated AI-driven features across critical stages of the user journey, enhancing content consumption and improving payment experiences. In the fourth quarter, the number of mid-tier quality streamers grew sequentially by 7.8%, with the total streaming hours rising 10.3% quarter over quarter. By integrating LLM architecture and incorporating multi-modal information into the platform's recommendation systems, Bigo Live has improved its ability to understand both livestreaming content and user interests. This continuous optimization of recommendation precision and distribution efficiency led to a 5.6% quarter-over-quarter increase in Bigo Live's users' average viewing time. Bigo Live launched the "Featured" tab in the fourth quarter, improving the content consumption experience for new users, with particularly strong performance in developed markets and among premium user segments. In North America, new users' effective viewing rate increased by 10.3% quarter over quarter, average viewing time per user rose by 3.9%, and 30-day retention improved by 4.8%. Furthermore, user adoption of AI-generated virtual gifts continues to grow. As of January 2026, the consumption of AI interactive gifts on Bigo Live has surpassed 30% of the total virtual gift consumption.

During the quarter, Bigo Live launched its first all‑live reality show in North America, bringing nine top hosts together in Atlanta for an electrifying five-day competition. The new format drove a significant 3% organic DAU spike during showtime. The platform continued to strengthen local community ties through culturally rooted campaigns across the globe. These included Indonesia's Hari Batik Nasional initiative and Latin America's "Orgullo Nacional", which boosted regional engagement and created a space for cultural expression. Additionally, Bigo Live partnered with creators in the United States and Vietnam on community initiatives, supporting Thanksgiving meal assistance and Vietnamese Women's Day outreach for underprivileged women and children. Through these efforts, Bigo Live continues to deliver on its mission to bring positive social value to local communities. 

BIGO Ads Ad Tech Business

In the fourth quarter, BIGO Ads recorded revenue of US$128.1 million, up 61.5% year over year and 23.3% quarter over quarter. Third‑party Audience Network ad revenues grew 82.5% year over year and 27.3% quarter over quarter, with growth accelerating for the third consecutive quarter. BIGO Ads fueled this growth through broader traffic coverage, multi‑vertical advertiser expansion, and ongoing algorithm optimization.

First‑party traffic expanded steadily, supported by higher MAUs and ad fill rates that drove sequential revenue and profit growth. Third-party SDK traffic expansion continued, with SDK ad requests growing by 166% year over year and 23% quarter over quarter.

BIGO Ads continues to expand coverage across diverse verticals. With ongoing data accumulation, model iteration, and bidding strategy optimization, audience targeting accuracy and fulfillment efficiency have further improved, fueling accelerated revenue growth. In the fourth quarter, BIGO ads saw a 20% quarter-over-quarter increase in Web-based demand and 39% in its mobile-based IAA demand sequentially. Overall, the number of key accounts increased by 29%, and total spending from key accounts rose 34% quarter over quarter.

BIGO Ads continued to prioritize key developed markets, with North America revenue up over 21% quarter over quarter and Western Europe revenue up 46% quarter over quarter.

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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SOURCE JOYY Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were JOYY's Q4 2025 revenues and growth rates (NASDAQ: JOYY)?

JOYY reported Q4 2025 revenue of US$581.9M, up 5.9% year‑over‑year. According to the company, revenue rose 7.7% quarter‑over‑quarter with livestreaming at US$394.4M and BIGO Ads at US$128.1M.

How did BIGO Ads perform for JOYY in Q4 2025 and full year 2025?

BIGO Ads revenue reached US$128.1M in Q4 2025, up 61.5% YoY. According to the company, full‑year BIGO Ads revenue was US$398.5M, up 38.5% YoY, driven by audience network and SDK expansion.

What profitability metrics did JOYY report for full‑year 2025 (JOYY)?

JOYY reported full‑year non‑GAAP operating income of US$150.8M (+10.8% YoY) and non‑GAAP EBITDA of US$189.8M (+10.9% YoY). According to the company, these reflect steady profitability and cash‑flow improvements.

How much cash did JOYY hold at year‑end and what is the shareholder return program?

JOYY held US$3.26B in net cash as of Dec 31, 2025. According to the company, it has a ~US$900M shareholder return program (2025–2027) and returned ~US$332.0M in 2025.

What are investor risks from JOYY's revenue mix after the 2025 results?

Livestreaming generated ~72% of 2025 revenue (US$1.53B of US$2.12B), indicating revenue concentration. According to the company, non‑livestreaming growth (ads and others) rose to 28.0% of revenue.