JOYY Reports Impressive Fourth Quarter and Full-Year 2025 Financial Results: Growth in Revenue and Shareholder Returns
JOYY Inc. (NASDAQ: JOYY), a prominent global technology company, has reported its financial results for the fourth quarter and the full year of 2025, showcasing a remarkable recovery in revenue. For the fourth quarter, JOYY achieved total revenues of $581.9 million, marking an increase of 7.7% from the previous quarter and 5.9% year over year, indicating a strong return to year-over-year revenue growth. The company’s success was driven significantly by its livestreaming services, which generated $394.4 million, reflecting a 1.5% increase quarter-over-quarter. This marks the third consecutive quarter of sequential growth in this segment. Additionally, BIGO Ads experienced robust performance, with revenues climbing 61.5% year-over-year to $128.1 million.
For the full year of 2025, JOYY’s total revenue totaled $2.12 billion, with livestreaming contributing $1.53 billion and BIGO Ads accounting for $398.5 million—up 38.5% from 2024. This growth resulted in non-livestreaming revenues—including advertising and other services—making up 28.0% of total revenue, a rise of 7.9 percentage points from the prior year. JOYY’s ongoing commitment to improving profitability is evident, with non-GAAP operating income reaching $150.8 million for the year, a 10.8% increase over the previous year. In the fourth quarter alone, the company posted $40.8 million in non-GAAP operating income along with significant operating cash flow of $116.0 million. As of December 31, 2025, JOYY boasted substantial net cash reserves of $3.26 billion.
The company has also launched a substantial shareholder return program, committing approximately $900 million through dividends and share repurchases from 2025 to 2027. In the fourth quarter alone, JOYY executed $67.4 million in share buybacks and issued over $332.0 million in combined dividends and repurchases throughout 2025, aligning with their announced additional cash dividend of approximately $20 million for the first quarter of 2026. This strategic move reflects JOYY’s dedication to enhancing shareholder value amid improving operational profits.
Ms. Ting Li, Chairperson and CEO of JOYY, shared insights, emphasizing meaningful progress in establishing the company's strategic framework and growth engines. She noted that, “with our social entertainment business serving as a cornerstone of profitability and cash flow, and BIGO Ads and e-commerce SaaS fueling the next stage of growth, we are poised for sustainable and profitable advancement.”
The social entertainment segment of JOYY performed exceptionally well in Q4, recording its third consecutive quarter of sequential growth with a global average of mobile MAUs reaching 272.1 million, up 2.2% quarter-over-quarter. Traffic from the instant messenger saw a 4.5% increase, benefitting from heightened user engagement and organic growth. Livestreaming revenue experienced an uptick of 1.5%, with developed regions showing a 3.4% gain from the previous quarter.
Through strategic enhancements, BIGO Live refined its streaming incentive framework while integrating AI features to bolster user experiences. Notably, the company introduced a new 'Featured' tab that facilitated engagement for newcomers. The platform also launched its inaugural all-live reality show in North America, resulting in a significant uptick in daily active users during the event. Furthermore, cultural initiatives in diverse regions aimed to strengthen community ties while fulfilling social responsibilities.
BIGO Ads reported a revenue increase of 61.5% year-over-year, fueled by extraordinary growth across its Audience Network. With steady progress across various verticals and continued algorithmic enhancements, BIGO Ads shows promise for sustained expansion in their advertising sector.
JOYY Inc. confirms its commitment to maintaining robust growth and profitability while seeking opportunities that deliver long-term benefits to its shareholders. With a clear strategic vision in place, the company is well-equipped to navigate the evolving landscape of the technology sector in the upcoming years.
For the full year of 2025, JOYY’s total revenue totaled $2.12 billion, with livestreaming contributing $1.53 billion and BIGO Ads accounting for $398.5 million—up 38.5% from 2024. This growth resulted in non-livestreaming revenues—including advertising and other services—making up 28.0% of total revenue, a rise of 7.9 percentage points from the prior year. JOYY’s ongoing commitment to improving profitability is evident, with non-GAAP operating income reaching $150.8 million for the year, a 10.8% increase over the previous year. In the fourth quarter alone, the company posted $40.8 million in non-GAAP operating income along with significant operating cash flow of $116.0 million. As of December 31, 2025, JOYY boasted substantial net cash reserves of $3.26 billion.
The company has also launched a substantial shareholder return program, committing approximately $900 million through dividends and share repurchases from 2025 to 2027. In the fourth quarter alone, JOYY executed $67.4 million in share buybacks and issued over $332.0 million in combined dividends and repurchases throughout 2025, aligning with their announced additional cash dividend of approximately $20 million for the first quarter of 2026. This strategic move reflects JOYY’s dedication to enhancing shareholder value amid improving operational profits.
Ms. Ting Li, Chairperson and CEO of JOYY, shared insights, emphasizing meaningful progress in establishing the company's strategic framework and growth engines. She noted that, “with our social entertainment business serving as a cornerstone of profitability and cash flow, and BIGO Ads and e-commerce SaaS fueling the next stage of growth, we are poised for sustainable and profitable advancement.”
Fourth Quarter 2025 Financial Highlights
- - Net revenues reached $581.9 million, an increase from $549.4 million in Q4 2024 and $540.2 million in Q3 2025.
- - Livestreaming revenue stood at $394.4 million, up modestly from $388.5 million in Q3 2025.
- - Advertising revenue surged by 62.4% to $145.4 million compared to $89.6 million in Q4 2024.
- - Overall operating income was reported at $18.3 million, with non-GAAP operating income at $40.8 million.
- - Cash from operating activities for the quarter was $116.0 million, compared to $110.5 million during the same period last year.
Full Year 2025 Financial Highlights
- - Total net revenues were recorded at $2.124 billion.
- - Full-year operating income was $55.8 million, with non-GAAP operational figures showing an increase to $150.8 million—a 10.8% rise from 2024.
- - Non-GAAP EBITDA also saw a positive trend, at $189.8 million, reflecting a 10.9% increase over the previous year.
Q4 2025 Business Highlights
The social entertainment segment of JOYY performed exceptionally well in Q4, recording its third consecutive quarter of sequential growth with a global average of mobile MAUs reaching 272.1 million, up 2.2% quarter-over-quarter. Traffic from the instant messenger saw a 4.5% increase, benefitting from heightened user engagement and organic growth. Livestreaming revenue experienced an uptick of 1.5%, with developed regions showing a 3.4% gain from the previous quarter.
Through strategic enhancements, BIGO Live refined its streaming incentive framework while integrating AI features to bolster user experiences. Notably, the company introduced a new 'Featured' tab that facilitated engagement for newcomers. The platform also launched its inaugural all-live reality show in North America, resulting in a significant uptick in daily active users during the event. Furthermore, cultural initiatives in diverse regions aimed to strengthen community ties while fulfilling social responsibilities.
BIGO Ads reported a revenue increase of 61.5% year-over-year, fueled by extraordinary growth across its Audience Network. With steady progress across various verticals and continued algorithmic enhancements, BIGO Ads shows promise for sustained expansion in their advertising sector.
JOYY Inc. confirms its commitment to maintaining robust growth and profitability while seeking opportunities that deliver long-term benefits to its shareholders. With a clear strategic vision in place, the company is well-equipped to navigate the evolving landscape of the technology sector in the upcoming years.
Topics Business Technology）
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