JOYY Q4 2025 Earnings: Revenue Grows 5.9% YoY, BIGO Ads Surges 61.5%

On March 11, 2026, Beijing time, JOYY Group (NASDAQ: JOYY, referred to as 'JOYY'/'Group') released its Q4 and full-year 2025 financial report.

In Q4 2025, the group's revenue reached $581.9 million, achieving both year-over-year and quarter-over-quarter growth, with a QoQ increase of 7.7% and a YoY rise of 5.9%, returning to positive YoY revenue growth. The group's live streaming business revenue grew 1.5% QoQ to $394.4 million, marking three consecutive quarters of QoQ growth; BIGO Ads advertising revenue continued to accelerate, growing by 61.5% YoY to $128.1 million, further increasing the share of non-live streaming business.

For the full year 2025, the group's total revenue was $2.12 billion. Of this, live streaming revenue was $1.53 billion; BIGO Ads revenue reached $398.5 million, surging 38.5% YoY, driving the overall share of non-live streaming revenue up to 28%, an increase of 7.9 percentage points compared to 2024.

Under non-GAAP conditions, JOYY's operating profit in Q4 2025 was $40.8 million, with operating cash flow reaching $116 million; for the full year 2025, the group’s operating profit and EBITDA were $150.8 million and $189.8 million respectively, increasing 10.8% and 10.9% YoY. As of December 31, 2025, the group's net cash amounted to $3.26 billion.

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