HUYA · HUYA Inc.

HUYA Inc. reported FY2025 results showing revenue growth of 7.0% to $6.5 billion from $6.1 billion in FY2024, reflecting the company's ability to expand top-line performance despite macroeconomic headwinds in the live streaming sector. This growth contributed to gross profit increasing 7.7% to $872.1 million, maintaining a gross margin of 13.4%, which underscores ongoing efficiency in core operations.

However, net income deteriorated to a loss of $112.6 million from $48.0 million, with diluted EPS declining to -$0.49 from -$0.21. This widening reflects non-operating pressures beyond the improved operating results. Cash flow dynamics shifted adversely, with net cash used in operating activities reaching $176.2 million compared to $94.3 million provided in 2024, leading to free cash flow of -$344.0 million after $167.8 million in capital expenditures, down from $186.3 million prior year. Historically, principal sources of liquidity have been cash from operating and financing activities, but the 2025 operating cash outflow highlights vulnerability to working capital fluctuations and sustained investments.