JOYY Reports Q4 Adjusted EBITDA of $50.6M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 11 2026
0mins
Should l Buy JOYY?
Reports Q4 adjusted EBITDA $50.6M vs. $55.7M last year. Global average mobile MAUs7 reached 272.1 million in the fourth quarter of 2025, up by 3.4% from 263.1 million in the corresponding period of 2024 and up by 2.2% from 266.2 million in the third quarter of 2025. The Company continued to optimize its marketing strategies to focus on return on investment and high-value users. Ms. Ting Li, CEO, commented, "We closed 2025 on a strong note, with fourth-quarter total revenues of $581.9 million, up by 5.9% year over year and 7.7% quarter over quarter, our first year-over-year revenue growth since the second half of 2024. This signals a pivotal moment in our topline trajectory and our strategic transformation. Our live streaming business delivered its third consecutive quarter of sequential revenue recovery, with revenues showing a 1.5% quarter-over-quarter increase. Meanwhile, our advertising business demonstrated remarkable momentum, with BIGO Ads revenues reaching $128.1 million, representing a 61.5% year-over-year increase and a 23.3% quarter-over-quarter increase. 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. Driven by broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization, BIGO Ads achieved a 38.5% year-over-year revenue growth in 2025, with its third-party advertising revenues, Audience Network, accelerating to 56.3% year-over-year revenue growth. Operating cash flow remained robust, and we returned US$332.0 million to shareholders through share repurchases and dividends throughout 2025. As we look ahead, we believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey. With our social entertainment business serving as the cornerstone of profitability and cash flow, and BIGO Ads and Shopline fueling our next stage of growth, we believe we are well-positioned for sustainable and profitable growth. Leveraging our integrated ecosystem, we remain committed to strengthening JOYY's position and delivering sustainable long-term value for our shareholders."
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Analyst Views on JOYY
Wall Street analysts forecast JOYY stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 56.420
Low
66.00
Averages
68.00
High
70.00
Current: 56.420
Low
66.00
Averages
68.00
High
70.00
About JOYY
JOYY Inc. is a global technology company. The Company operates several social media platforms such as Bigo Live, Likee and Hago that enable users to interact with others in real time. It operates through two segments: BIGO and All other. The BIGO segment primarily consists of several social entertainment platforms, including Bigo Live, Likee, imo, and certain audio live streaming platform, as well as its advertising platform, Bigo Ads. The All other segment primarily consist of Hago, Shopline, certain audio live streaming platforms, and others. Bigo Live enables its users to share their life moments, showcase their talents, socialize, and connect with other users. Likee enables users to easily discover, create and share short-form videos, with all-in-one video creation tools, such as filters and special effects, and AI-backed personalized feed. Hago provides casual games, audio and video multiuser chatrooms and three-dimensional (3D) avatars and 3D interactive scenes.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
JOYY Reports Strong Q4 2025 Earnings with Revenue Growth
- Total Revenue Growth: JOYY reported total revenue of $581.9 million in Q4 2025, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year rise, indicating sustained growth potential in the social entertainment sector and boosting market confidence.
- Surge in Advertising Revenue: BIGO Ads generated $128.1 million in revenue for Q4 2025, marking a significant 61.5% year-over-year increase and a 23.3% quarter-over-quarter rise, demonstrating strong momentum in the advertising segment that will support future profitability.
- Robust Cash Flow: The company maintained an operating cash flow of $115 million in Q4 2025, with net cash reaching $3.26 billion, providing a solid foundation for future investments and shareholder returns, showcasing financial health.
- Commitment to Shareholder Returns: JOYY returned $332 million to shareholders through share repurchases and dividends in 2025, reflecting a strong commitment to enhancing shareholder value while planning to continue buybacks to bolster market confidence.
See More
JOYY Q4 Earnings Report Analysis
- Earnings Performance: JOYY's Q4 non-GAAP EPS of $1.34 missed expectations by $0.04, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: The company reported Q4 revenue of $581.9 million, a 5.9% year-over-year increase, exceeding market expectations by $16.08 million, suggesting a degree of business momentum.
- EBITDA Decline: Non-GAAP EBITDA was $50.6 million, down from $55.7 million in the same period of 2024, with an EBITDA margin of 8.7%, lower than 10.1% last year, reflecting challenges in cost control.
- Cash Flow Status: As of December 31, 2025, the company had net cash of $3.258 billion, a decrease of $15.9 million from 2024, although net cash from operating activities was $116 million, indicating some cash generation capability.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year growth, indicating a recovery in market demand and the stability of the company's operations.
- Livestreaming and Ad Revenue Boost: Livestreaming revenue reached $394.4 million, up 1.5% quarter-over-quarter, while BIGO Ads revenue surged 61.5% year-over-year to $128.1 million, demonstrating significant progress in diversifying revenue streams and enhancing overall profitability.
- Sustained Profitability Improvement: For 2025, JOYY's non-GAAP operating income and EBITDA stood at $150.8 million and $189.8 million, respectively, both showing over 10% year-over-year growth, reflecting successful cost control and operational efficiency, further solidifying its market position.
- Shareholder Return Program Execution: JOYY announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, with $67.4 million in stock repurchases completed in 2025, highlighting the company's commitment to shareholder value and confidence in future growth.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter and 5.9% year-over-year increase, marking a significant recovery in revenue growth and indicating a resurgence in market demand and business stability.
- Sustained Growth in Livestreaming: Livestreaming revenue reached $394.4 million in Q4, up 1.5% sequentially, representing the third consecutive quarter of growth, which underscores the steady recovery of JOYY's core social entertainment business and enhances its competitive position in the market.
- Accelerated Advertising Revenue: BIGO Ads generated $128.1 million in revenue in Q4 2025, a remarkable 61.5% increase year-over-year, showcasing the robust growth of the advertising segment and reflecting the success of the company's expansion and optimization strategies in the ad market.
- Shareholder Return Program: JOYY has announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, having already distributed about $332 million in 2025, demonstrating the company's commitment to shareholder value and effective cash flow management.
See More
JOYY INC Reports 5.9% Year-Over-Year Revenue Growth in Q4 2025, Reaching $581.9 Million
- Revenue Growth: Joyy Inc. reported a year-over-year revenue increase of 5.9% for Q4 2025.
- Total Revenue: The company's total revenue for the quarter reached $581.9 million.
See More
JOYY Reports Q4 2025 Financial Results with Revenue Growth
- Revenue Growth: JOYY's net revenues for Q4 2025 reached $581.9 million, reflecting a 5.9% year-over-year increase and a 7.7% quarter-over-quarter rise, marking the first year-over-year growth since the second half of 2024, indicating a positive market recovery.
- Surge in Advertising Revenue: Advertising revenues soared by 62.4% year-over-year to $145.4 million, and increased by 29.3% quarter-over-quarter, showcasing the strong performance of BIGO Ads and enhanced advertising spend efficiency, further solidifying the company's position in the advertising market.
- User Growth: The global average mobile MAUs reached 272.1 million in Q4 2025, up 3.4% year-over-year and 2.2% quarter-over-quarter, indicating significant success in optimizing marketing strategies and attracting high-value users.
- Strong Cash Flow: As of December 31, 2025, the company reported net cash of $3.258 billion, with net cash from operating activities at $116 million, demonstrating a robust financial foundation for ongoing investments and shareholder returns.
See More
JOYY Reports Strong Q4 2025 Earnings with Revenue Growth
- Total Revenue Growth: JOYY reported total revenue of $581.9 million in Q4 2025, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year rise, indicating sustained growth potential in the social entertainment sector and boosting market confidence.
- Surge in Advertising Revenue: BIGO Ads generated $128.1 million in revenue for Q4 2025, marking a significant 61.5% year-over-year increase and a 23.3% quarter-over-quarter rise, demonstrating strong momentum in the advertising segment that will support future profitability.
- Robust Cash Flow: The company maintained an operating cash flow of $115 million in Q4 2025, with net cash reaching $3.26 billion, providing a solid foundation for future investments and shareholder returns, showcasing financial health.
- Commitment to Shareholder Returns: JOYY returned $332 million to shareholders through share repurchases and dividends in 2025, reflecting a strong commitment to enhancing shareholder value while planning to continue buybacks to bolster market confidence.
See More
JOYY Q4 Earnings Report Analysis
- Earnings Performance: JOYY's Q4 non-GAAP EPS of $1.34 missed expectations by $0.04, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: The company reported Q4 revenue of $581.9 million, a 5.9% year-over-year increase, exceeding market expectations by $16.08 million, suggesting a degree of business momentum.
- EBITDA Decline: Non-GAAP EBITDA was $50.6 million, down from $55.7 million in the same period of 2024, with an EBITDA margin of 8.7%, lower than 10.1% last year, reflecting challenges in cost control.
- Cash Flow Status: As of December 31, 2025, the company had net cash of $3.258 billion, a decrease of $15.9 million from 2024, although net cash from operating activities was $116 million, indicating some cash generation capability.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter increase and a 5.9% year-over-year growth, indicating a recovery in market demand and the stability of the company's operations.
- Livestreaming and Ad Revenue Boost: Livestreaming revenue reached $394.4 million, up 1.5% quarter-over-quarter, while BIGO Ads revenue surged 61.5% year-over-year to $128.1 million, demonstrating significant progress in diversifying revenue streams and enhancing overall profitability.
- Sustained Profitability Improvement: For 2025, JOYY's non-GAAP operating income and EBITDA stood at $150.8 million and $189.8 million, respectively, both showing over 10% year-over-year growth, reflecting successful cost control and operational efficiency, further solidifying its market position.
- Shareholder Return Program Execution: JOYY announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, with $67.4 million in stock repurchases completed in 2025, highlighting the company's commitment to shareholder value and confidence in future growth.
See More
JOYY Reports Significant Revenue Growth in 2025 Financial Results
- Revenue Growth Resurgence: In Q4 2025, JOYY reported total revenue of $581.9 million, reflecting a 7.7% quarter-over-quarter and 5.9% year-over-year increase, marking a significant recovery in revenue growth and indicating a resurgence in market demand and business stability.
- Sustained Growth in Livestreaming: Livestreaming revenue reached $394.4 million in Q4, up 1.5% sequentially, representing the third consecutive quarter of growth, which underscores the steady recovery of JOYY's core social entertainment business and enhances its competitive position in the market.
- Accelerated Advertising Revenue: BIGO Ads generated $128.1 million in revenue in Q4 2025, a remarkable 61.5% increase year-over-year, showcasing the robust growth of the advertising segment and reflecting the success of the company's expansion and optimization strategies in the ad market.
- Shareholder Return Program: JOYY has announced a shareholder return program of approximately $900 million through dividends and share repurchases from 2025 to 2027, having already distributed about $332 million in 2025, demonstrating the company's commitment to shareholder value and effective cash flow management.
See More
JOYY INC Reports 5.9% Year-Over-Year Revenue Growth in Q4 2025, Reaching $581.9 Million
- Revenue Growth: Joyy Inc. reported a year-over-year revenue increase of 5.9% for Q4 2025.
- Total Revenue: The company's total revenue for the quarter reached $581.9 million.
See More
JOYY Reports Q4 2025 Financial Results with Revenue Growth
- Revenue Growth: JOYY's net revenues for Q4 2025 reached $581.9 million, reflecting a 5.9% year-over-year increase and a 7.7% quarter-over-quarter rise, marking the first year-over-year growth since the second half of 2024, indicating a positive market recovery.
- Surge in Advertising Revenue: Advertising revenues soared by 62.4% year-over-year to $145.4 million, and increased by 29.3% quarter-over-quarter, showcasing the strong performance of BIGO Ads and enhanced advertising spend efficiency, further solidifying the company's position in the advertising market.
- User Growth: The global average mobile MAUs reached 272.1 million in Q4 2025, up 3.4% year-over-year and 2.2% quarter-over-quarter, indicating significant success in optimizing marketing strategies and attracting high-value users.
- Strong Cash Flow: As of December 31, 2025, the company reported net cash of $3.258 billion, with net cash from operating activities at $116 million, demonstrating a robust financial foundation for ongoing investments and shareholder returns.
See More
